10 Most Profitable Small Businesses

Planning to start a business? If you’ve read the first part of our startup life series and are stuck on the first step to a successful startup – the idea generation, let us inspire you with the following compilation of the 11 most lucrative, trending and profitable small business ventures, that are currently on the rise. These ideas for small business are not just money-making but also captivating at the same time. Some of these ideas may be more profitable while others may give you a stable earning. There are business ideas that are potentially much more profitable than they seem to be.

If you’re considering buying a small business, we recommend reading our upcoming article.

1. Accounting, Tax Preparation, Bookkeeping and Payroll Services

This industry is constantly a top performer on the most profitable list. Everyone needs an accountant or related services. Accounting agencies also have repeat and long-lasting clients so it’s kind of a “sure thing” if you choose this path. Be careful tough, there are a LOT of accountants already.

2. Management, Scientific and Technical Consulting Services

Some types of businesses that fall under this category are businesses that provide either management or consulting on a range of expertise, including human resources, MVP development, marketing and environmental issues. 

To enhance your proficiency in this domain, it may be beneficial to enroll in courses specializing in human resources.

Don’t overlook the importance of using a consulting invoice template when billing for your consulting services. It’s a crucial tool to ensure accurate and professional invoicing. Read the article on what a professional consulting invoice looks like.

3. Automotive Equipment Rental and Leasing

On-demand economy is currently on the rise, people may, therefore, lease or rent more cars. Be on the look-out for on-demand services that people really need or want, maybe you’ll get lucky.

4. Children’s App Designing

Children are our future. Or at least the future of your customer-base. So start to work for them right now. Children are starting to use smartphones and tablets at much younger age, so aiming your ideas and development towards them can really pay off.

5. Software Training

With modern technology penetrating more and more of our everyday lives, people who know how to work software are highly in demand. As are those who TEACH software skills. So try to start a small software teaching company. Tutorials and workshops for individuals or whole groups(a lot of companies offer their employees further education this way).

6. Food Trucks

For cooking experts, this is a great opportunity. All you need is a small truck with a functional kitchen, a good recipe and a safe driver. The failure rate for a food truck is 40% less than restaurants. This mobile restaurant can drive your way to success within months.

7. Freelancing

Now, we know that freelancing isn’t a specific business opportunity. We are not saying you should become a freelancer, rather start a whole agency, which OFFERS freelancers to other companies. More and more companies are shifting to contract workers for content writing, data entry, web marketing, social media marketing and many others.

Emerging trends clearly indicate that content writing has evolved into a promising business opportunity with the potential for substantial financial returns. As digital marketing and online platforms continue to grow in importance, the demand for high-quality written content is skyrocketing. This increased need offers a lucrative chance for those looking to venture into the content writing industry, either as freelance writers or by establishing content writing agencies. With the right skills and marketing strategies, you can capitalize on this trend to achieve significant profitability.

8. Translator

Those having expertise in linguistics can start their small business as translators. As the global market has expanded throughout the world the need for cross-cultural communication has increased. For instance, aspiring translators can use platforms like Busuu to enhance their skills. They even offer one free Spanish lesson, which could be a great starting point for those interested in Spanish translation.

According to research the rate of hiring interpreters and translators can grow up to 46% within ten years. This rate is much higher than average growth rate of any other occupation.

9. Livestock feed supply

Livestock feed supply is an important field that caters to the ever-growing need for dairy products. This business makes the list because of simple reason – its intense need in public. If you have the basic knowledge of feed supply, this business can be the perfect thing for you.

10. App Testing Business

Although on the bottom of the list, this one belongs to the top. Almost every company or business has its own app or website and these need testing. It is often neglected, which leads to negative customer feedback. An app tester is in high demand these days as the competition among business groups is becoming tougher.

Has something caught your eye and got those creative juices flowing with a spark of inspiration? Do not wait. Do not hesitate nor doubt yourself and what you can achieve with the right set of mind. Step out of your comfort zone and accomplish something. Maybe start with calculating profitability ratios for your business. You have as much of a chance to succeed than anyone.

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