most profitable businesses of 2020
Suanny Garcia
By: sgarcia
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40 Most Profitable Businesses in the US

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We’ve prepared a complete list of the most profitable businesses that you can start. So yes, your dream of being an entrepreneur can become a reality!

When you find the right idea, though, you will need capital to start and grow your business. Don’t worry. We got you covered.

Get Funding To Start A Business!

 

Table of contents
1. 40 of the most profitable small businesses
2. Most profitable industries by state
3. Other profitable industries
4. Most common business models
5. How to start a business: step-by-step
6. Startup business resources
7. Ready to become a profitable business owner?
8. Frequently asked questions

Top 40 Most Successful Businesses to Start

One simple law rules all small businesses: “It takes money to make money.”

So, once you start your business, keep in mind that you should always plan for inversions, even if these mean getting external funding.

Here we will provide you with a comprehensive list of the most profitable businesses currently thriving in the US.

closeup of one hundred dollar bill

Most Profitable Business Ideas

Check out this list of the most profitable small businesses.

1. Business Consulting

If you’re an expert in your industry and have been working at it for years,  you should consider consulting. It’s one of the most profitable businesses out there.

The most successful consultants have niche expertise and are incredibly organized and well-connected. They also know how to scale a business and have the keys to keeping clients happy.

But, like other types of freelancing, being an independent consultant is a business and requires a lot of networking and negotiating.

Many professionals tend to embark on a consulting journey later in their careers, but that’s not a requisite. You can do it at the beginning of your career.

If you have decided to become a business consultant, what’s the best way to get your first assignment?

Consider offering your services pro bono to start with. Providing free consulting will help you to learn the ropes of the business. It will also give you the confidence to move on to charging your subsequent clients.

2. IT Support, Technology Consulting, and Repair

The world becomes more technologically inclined every single day. That’s why companies in IT support are some of the most profitable businesses.

There’s very high demand in every industry for people who know how to deliver tech support.

These professionals tend to charge high fees for their services. And if you can also offer tech consulting, you’ll get even more clients and may be able to charge more.

If you’re going to be providing IT support, there’s an important issue to consider. When you work on a client’s computer, things could go wrong. For example, the system could crash, or you may inadvertently cause some damage.

The customer may hold you responsible for these problems. To save yourself from paying the client or entering into an expensive legal battle, consider buying the correct type of insurance.

Look for a Technology errors and omissions policy that covers the risks you could face as a tech support provider.

#DidYouKnow
According to the U.S. Bureau of Labor Statistics, the IT industry will have an increase of more than a 100% jobs in 2020-2030 period. That’s 11.9 million jobs.

3. Cleaning Services

Since the COVID-19 pandemic, the increase in demand for cleaning services has skyrocketed.

ZipRecruiter informs that ads for cleaners increased by 75% in March of 2020. And, according to Allied Marketing Research, the compound annual growth rate from 2021 to 2030 will be 6.5%.

You don’t need much to start this business other than the right attitude. All you need is excellent cleaning equipment and products, a vehicle, and a catchy website to attract potential customers.

Bear in mind that the cleaning business is quite competitive.

Having said that, one thing you should never do is to undersell yourself.

Don’t try and be the cheapest in the market. Instead, compete on the quality of work. Do your utmost on every project you undertake. Your reputation will grow, leading to new clients and more business.

And cleaning doesn’t have to stop at houses or offices. You can also offer car wash services and even boat cleaning (both are very lucrative).

4. Accounting and Tax Preparation

Tax preparation has a market size of $11 billion. 130,179 tax preparation businesses employ 301,578 people.

This category also encompasses payroll services and bookkeeping.

Most people would rather pay someone than do it themselves or learn how to do it. So anything from a small accounting firm to a tax accountant will always be in style.

Remember that to carry out tax preparation work, you need to meet the IRS and your state’s requirements. Most commonly, you will need a Preparer tax identification number (PTIN) and a license to prepare tax returns.

5. Auto Repair

Car emergencies happen 24/7: oil needs changing, headlights go out, a flat tire… you name it.

Reportedly, the forecast for the general automotive repair’s revenue for 2024 will be $7.62 billion higher than in 2021. Automotive repair is definitely one of the most profitable businesses.

It’s true that, with the rise of ride-sharing companies like Uber and Lyft, consumers are more hesitant to buy cars.

However, this doesn’t necessarily affect the auto repair services industry since older cards need more maintenance than brand-new automobiles.

Did you know that car mechanics can make between $30,000 and $50,000 a year?

If you start a one-person auto repair business, you could expect to earn that much if you have the right equipment and knowledge.

6. Real Estate

If you have an extensive network, this business is especially for you. Real estate has a lot to offer, with an average net profit margin of 17.4% for leasing and 14.8% in sales.

Apart from setting your schedule and working on your own time as a realtor, you can also acquire a broker license and establish a brokerage firm. Real estate brokers act as an intermediary between sellers and buyers.

It’s a competitive field, so breaking into it could require careful planning. But if you have the right approach, it’s possible to succeed.

When starting, don’t aim for high commissions. Instead, focus on getting deals closed. Once you’ve got that under your belt, it will be far easier to convince clients to work with you.

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Most Profitable Online Businesses

These are some of the most successful small business ideas you can start online.

7. Online courses

The coronavirus pandemic gave a massive boost to online learning platforms and made them one of the most profitable businesses. That hype has not died down.

Take Coursera, for example; enrollment had year-over-year growth of 640% during March and April 2020. That’s a whopping 8.7 million new enrollments.

There are many online courses you can teach:

  • Academic courses
  • Teaching a second language (or even English for immigrants)
  • News writing
  • Business or marketing courses
  • Design
  • SEO techniques
  • Courses in other hobbies
  • Real estate brokerage
  • The stock market
  • Auto mechanics

The possibilities are endless, depending, of course, on your area of expertise or any subject students show interest in.

eLearning is a highly profitable industry. Once you establish a base of students, you’ll have no problem making profits.

You could work out special arrangements with other digital content companies to provide you with tools to help carry out your lessons.

The most costs involved would be the amount you pay for your domain name or the fee that online course platforms charge.

8. Marketing and PR Services

Every brand has a story, but not every business owner knows how to tell it.

Here is where marketing gurus enter.

Marketing & PR professionals have the skill-set and tools to tell a brand’s story and make sure the right audience hears it. It is an ever-changing field with the rise of influencers and the decline of print media, but lucrative nonetheless.

In 2022, Wette.de expects America’s digital ad spending to be more than $200 billion, which will grow the year after. So, as you can see, this is one of the most successful small businesses you can start.

Starting a marketing and public relations firm can be an excellent idea if you have high interpersonal skills and a strong network.

You’ll also need above-average writing skills and the ability to collect information and present it in a coherent and well-organized manner.

And why not go the extra mile and offer video production as part of your marketing services?

9. Website Design

This falls into the marketing category, but it’s worth highlighting because, on its own, it’s pretty lucrative.

Provided you are technology savvy and creative, this could be an excellent choice to run one of the most profitable businesses.

Every single company, big or small, has its own website, and the demand for a good website designer is only increasing.

#DidYouKnow
According to a recent survey, 29% of small businesses plan to launch their websites this year. 

Because you can run it from home, a website design service company is a low-cost business idea. However, if you think you need some extra education on technology, you can find a course that suits you on this list of online business courses.

How much can you earn as a web designer?

If you learn the essential skills needed for the work, you can earn about $75 per hour. Designing a business website could make you between $5,000 and $10,000. And there’s plenty of business out there.

10. Logo and Graphic Design Services

Again, another marketing-related and very profitable business idea worth considering. If you’re a visual type of person and highly creative, this might be right for you.

But, while the demand for logo and graphic designers is high, also is the competition. You’ll need something to set you apart. As a logo designer, you should initially concentrate on building your portfolio.

Every new customer would want to see your previous work. Therefore, an extensive and high-quality portfolio can be the best marketing tool.

After establishing your reputation, you’re likely to start getting more business. At this stage, it’s crucial to quote for new jobs correctly.

Quote too high, and you could lose business. But citing a low figure could lead to leaving money on the table.

11. Social Media Consultant or Manager

According to the Digital 2021 October Global Statshot Report, there are currently 4.5 billion social media users.

Many business owners know that social media drives traffic to their products and services, but they don’t know how to make it happen.

Tons of business owners will pay for someone that knows how to attract thousands of viewers and convert them into paying customers.

Of course, it’s crucial to build your portfolio to showcase what you can do.

Try to publish content that demonstrates your expertise in social media marketing. This could assure your prospective clients that you can help them.

12. Copywriting

For the past couple of decades, the increasing number of hours people spend on the internet has raised the demand for quality web content. This made copywriting one of the most profitable businesses.

Somebody with a true talent for language and creative imagination can succeed as a copywriter.

Good copywriters create advertising and marketing materials that a lot of businesses need.

What’s more, you don’t have to have an ample, expensive commercial space. Most copywriters work from their homes with practically no overhead expenses.

Choose this field if you have excellent spelling and grammar, and know how to write creatively.

It’s also helpful to have SEO skills. Consider completing some courses on Search Engine Optimization on Google Digital Garage.

13. Virtual assistant services

Virtual assistance services are one of the most profitable business ideas.

These services are helpful for small businesses that have a lot to do but not enough employees to run specific tasks (or can’t pay a full-time salary). These outsourced tasks can include:

  • scheduling appointments
  • making sales calls
  • editing medical records
  • researching products
  • conducting market research

It’s easy to start a virtual assistant services business. You just need the right know-how, a computer with a strong Wi-Fi connection, and the right attitude.

Once you gain enough reputation, you can charge up to $100 per hour!

Get Funding For Your Profitable Business!

piggybank with yellow background

Most Profitable Business to Start with a Low Investment

When thinking about low-cost business ideas with high profit, these businesses will definitely do the trick.

14. Tutoring Center

Students thrive to excel in their studies. Most parents even encourage excellence.

As a result, parents generally don’t mind spending money to help their kids achieve good academic standing. That’s reason enough to start a tutoring center: one of the most profitable businesses.

If you are or have been a teacher, this is the type of idea that’ll be right down your alley. And, if you’ve got some specialized skills (math, foreign languages, chemistry, etc.), it’ll help promote your business and start getting students right away.

It’ll be good to locate your tutoring center in the vicinity of a big school where you can hand out fliers and install posters or place ads online.

A tutoring program for a student running for eight weeks with 1- 3-hour sessions typically comes with a fee ranging from $500 to $1800.

One of the advantages of this business is that you can even start it from your home. So, you will minimize both the capital investment and the overheads.

#CaminoTip
Make it a practice to keep in touch with the parents. That way you’ll have references to prove that you’re a competent and capable tutor.

15. Catering services

You don’t need significant investment to start your own catering business. You can operate from home if you have a suitable kitchen, equipment, and a recipe book worth sharing.

If you are well organized and can count on a pair of extra hands to help you (and suitable transportation), this is an excellent way to set foot in the most profitable business in the food industry.

Customers are willing to pay quite well for catering if you maintain a high standard in your food and customer service.

16. Gardening & Landscaping

If you live in warmer weather states, gardening can be a lucrative business. Take it a step further and go for landscaping—homeowners, hotels, and larger business that love the beautiful outdoors will hire you.

You won’t need any commercial space outside of storage. So, it’s possible to start a landscaping business with a modest investment of up to $15,000 for landscaping equipment.

There are even some specific niches that you can target. For example, a segment with high potential is homeowners who have put their homes on the market. They may want you to work on the landscaping to attract buyers.

Approaching builders of residential properties could also be a good idea.

17. Delivery Services and Drivers

Consider these ideas if you have a vehicle and a lot of time on your hands.

You don’t need a large budget to start a profitable business as a self-employed delivery person. You can even approach restaurants or other local businesses that want to offer delivery services to their customers.

However, make sure you research the demand in your area. And, of course, make sure that your vehicle is in excellent condition and up to date.

Alternatively, you could work as a private driver, taxi driver, or even offer a chauffeur service. Depending on which one you choose, you might need the right car, which can be very costly.

But if you already have the right vehicle for the job, why not?

homeoffice business setup

Most Profitable Businesses To Start From Home

18. Freelancing

Freelancing can be one of the most profitable businesses in the world when done right. Plus, it adapts to your expertise: graphic design, writing, social media… the sky’s the limit!

You should know that more and more people are turning to freelance. According to Forbes, about one-third of US workers are part of the gig economy; that’s about 57 million individuals.

Working for yourself and taking up several small assignments can be an excellent way to boost your income. However, it can also develop into a full-time occupation if you find long-term clients or a steady stream of new customers.

Outsourcing services continue to make a difference in the way companies interact with their employees. This means more opportunities for freelancers to take on projects.

#CaminoTip
Websites like UpWork and Creative Circle make it much easier for freelancers to find work.

19. Language Translator

You can translate blog posts, website pages, and other documents into a language you speak fluently. The best part is that you can do it without leaving your home.

#CaminoTip
The demand for translators is high. Make sure you don’t undersell your abilities.

Check out platforms like Fiverr and Upwork to connect with clientele looking for your skills.

Which languages have the highest demand for translators?

If you’re fluent in Spanish, Mandarin, or German, it shouldn’t be too hard to find work.

20. Self-Publishing Author

In 2016, 40% of the top-selling ebooks on Amazon were self-published. Now, if the global ebook publishing revenue during 2019 was $12.32 billion, you can imagine how much of the market independent authors hold.

High-quality content sells, especially series novels and books on:

  • technology
  • fitness
  • cooking
  • parenting
  • business and money

Write about what you know and offer an ebook or paperback online for passive residual income.

If you know that your story will sell, you owe it to yourself to take the plunge and write a book.

Don’t worry if you don’t know the first thing about self-publishing. Amazon’s Kindle Direct Publishing allows you to self-publish eBooks and paperbacks for free. By using this platform, you can access millions of potential readers.

21. Start a blog

Blogging can be a highly profitable business. And who doesn’t want to earn money just by talking about something they love?

If you can consistently post quality and interesting content, blogging has the potential to be very profitable.

Many bloggers have been able to quit their day jobs and write full-time due to the popularity of their sites. Just know that if that’s your goal, it might take you some time (and a lot of work) to get there.

Anyone with an internet connection has access to this opportunity. And there are many different ways to make money from a blog, like ads, affiliate marketing, and sponsored posts.

22. App development

Did you know that mobile apps will generate over $935 billion in revenue by 2023?

One of the most profitable business ideas is starting an app development business. As people spend more time on their devices using apps, there is a high demand for individuals to design and program them.

All you need is a great idea, coding language knowledge, and a great computer.

#CaminoTip: How to make my home business very profitable?
Making your home business profitable will require you to choose the right industry, but mostly it will demand effort and dedication.
Profitable businesses are not profitable because they are part of a certain industry, but because the person who started them always seeks to innovate and always increase their knowledge.

table with different types of food

Most Profitable Food Businesses

The foodie movement continues to grow! So why not choose one of the most profitable businesses in the restaurant industry?

23. Food Trucks

A few years back, consumers were hesitant to buy food from a truck in a parking lot. Now, there are food truck festivals for foodies who can’t get enough of them.

If you have a mouthwatering recipe and want to do a business out of it, the days of brick-and-mortar are over.

You can pick a truck, paint it your favorite color, and get to ridin’ and cookin’.

Before considering a food truck business, head to your local health department to inquire about the required permits.

In addition to being a street food vendor, you can offer your services to cook for weddings, barbeques, festivals, and other celebrations.

Learn how much it costs to start a food truck.

24. Health Food Kitchen or Personal Chef

As people become increasingly busier, the time to cook becomes slimmer and slimmer. However, now more than ever, everyone is also aware of the importance of eating healthy.

That’s why individuals are always looking for healthy food options that don’t require any effort on their part. That’s where you come in.

Setting up a service that caters to health-conscious individuals, vegan or vegetarians (niche markets), or even people that don’t have time to cook can be profitable if you know how to market the services.

You might find this article useful: How to start a vending machine business

Start Your Profitable Business!
map with a camera

Most Profitable Tourism Businesses

25. Travel Agency

A travel agency is a great business opportunity because everyone loves traveling. You’ll help people get their plane tickets or arrange for other transportation options, hotel reservations, tours, and much more.

You could open up a home-based travel agency by tying up with a host agency.

But, first, you should obtain your IATA (International Air Transport Association) and your ARC (Airlines Reporting Corporation) numbers. These numbers allow you to issue air tickets while earning a commission.

#CaminoTip
Don’t forget to get the necessary certifications.

Or, if setting up an agency seems too cumbersome, you can just set up a travel planning business. Think of a travel planner as an assistant that helps people plan the perfect holidays.

You won’t be able to offer all the services people need (like buying their plane tickets), but it’s certainly a great business model.

26. Vacation Rentals

You can make some extra cash by renting out a spare room.

According to Statista, the projected revenue for 2022 in this industry will be $17,660 million. And that will keep growing and growing, making it one of the most profitable businesses.

Many rent out their space to Airbnb users to make a living. But it can be as simple as renting out a bedroom once a month for extra income.

To recoup costs for advertising, cleaning, and supplies, you need to decide how many days to rent the property and for how much.

business with an open sign

Other Lucrative Business Ideas

27. Child-Oriented Businesses

Whether pre and post-pregnancy services, enrichment activities, or daycare, parents will always need child-related services. This industry will always be trendy.

Remember that word-of-mouth publicity is the best kind. Once you start and your reputation spreads, you’re likely to attract additional customers.

Your satisfied clients will speak about your services to their friends, which will help you boost your business income and profits.

#CaminoTip
Check the licensing requirements in your state and comply with all applicable rules.

Here are just some businesses you can start in this segment:

  • Childcare/daycare
  • Enrichment activities for children
  • Mobile apps and entertainment for children
  • Newborn and post-pregnancy services

28. Health care services

Health care service is a multibillion-dollar industry and one of the most profitable business ideas.

A health care business can be so profitable because most people are willing to spend a lot of money on their health.

This will be a bit trickier to start, as you’ll need a substantial initial investment to rent or buy the space and all the required equipment (and let’s not forget you’ll need to hire qualified staff).

But, once you get up and running, its potential to become a lucrative business is huge.

29. Financial services

If you have a background in finances, you can start one of the most profitable businesses with high demand in the market.

Financial institutions earn most of their revenue from transaction and brokerage fees.

Did you know that in 2019, the financial investment activities industry reached $7.8 billion in revenue?

Some financial services businesses you can start are:

  • Stocks brokerage
  • Planning firms
  • Financial advisor
  • CPA firms

30. Dental Offices

Dental offices are high up on our list of the most profitable businesses. Yes, the overhead costs to set up this type of business are high, but with returning patients and excellent referrals, the practice will pay for itself.

Additionally, there’s the added benefit of cosmetic tooth bleaching being a booming business (a $3.2 billion industry, to be exact).

You don’t need to be a dentist yourself. Instead, you can set up the office and rent it out.

When you set up your dental practice, it’s essential to have the best resources at your disposal. Here’s a list of the people you should approach:

  • A CPA who already has several dental clients.
  • A financial institution that specializes in providing funds for dental practices.
  • A building contractor who has worked on similar projects.
  • A reputed dental equipment supplier.

31. Personal Training and Wellness

If you have a passion for helping others feel like their best self, either personal training or personal wellness is the route for you.

If you love training, are a therapist, sports or yoga instructor, or a life coach, this industry is the right fit for you.

Although it is a booming field, it’s also not one for those who are shy or not willing to get out there. It’s all about networking and sharing your passion.

Helping others look and feel better is not a simple task, so be proud of your work, get out there, and train hard.

32. Warehouse and Storage

Time and space tend to be some of the factors most people lack. When people have to move or go through a life change, they need extra space for storage. This industry solves the space problem. There will always be a need for storage!

The 10-year estimated job growth for the industry, according to the Bureau of Labor and Statistics, is 6.32%.

Want to learn how the storage business works?

The Self Storage Association has details on its website. You can even consider becoming a Certified Self Storage Manager by completing an online course.

icon of a small business

33. Handyman and Maintenance

You might not think this one would be one of the most profitable businesses, but it is.

There is, and there will always be, a demand for people who can repair lighting, fix plumbing problems, clean gutters and pools, paint fences, replace doors and carpets, you name it.

While the hourly rate for property maintenance is not high, you can have your own business if you live in an area where apartment complexes and rentals abound.

How much can you expect to earn if you work in property maintenance?

According to the US Bureau of Labor Statistics, general maintenance and repair worker salaries can average $18.79 per hour. That’s $39,080 every year.

Handypersons are usually paid by the hour and can have multiple clients at once.

You can also partner with larger handypersons companies as an employee or franchisee partner, meaning they will take a percentage of your pay but give you loads of work in return, generally.

Here are some tips to get you started as a handyperson:

  • Estimate how much money you’ll need to start. Budget for about $2,000 to $5,000.
  • Check out the websites of businesses that provide handyman services. You can offer to do similar work. You’ll also get an idea about the rates to charge.
  • Consider creating a website. It can be the best way to get new customers. A website also helps to establish your credibility.

Is a startup loan what you need to help your business grow?

Apply now!

34. Property Management

Property management is a lucrative but arduous business that requires time, effort, and resources.

It’s tricky to start up your own property management company. However, it’s possible to join the ranks of successful business owners.

A property management company is responsible for taking care of and managing a rented or leased property. Just to name a few things, they must:

  • collect rent
  • handle maintenance issues
  • hire contractors
  • ensure a tenant receives their security deposit after their lease expires

35. Courier Services

A courier service is a service that allows someone to send a parcel or consignment from one location to another.

People distinguish courier services from ordinary mail services by speed, security, tracking, signature, specialization, individualization of express services, and swift delivery times.

In addition, delivery doesn’t cost much—other than gas.

However, getting contracted by a large firm, such as Amazon, can be profitable for couriers.

You can even go fully independent if you have established the right connections of people who will use your services, especially if your fees are more affordable than the fees at larger companies.

36. Funeral Homes

They say there are two things you can’t escape from, death and taxes. But, as morbid as it may sound, we’re all going out to pass someday, and funeral services will always be a booming market.

Funeral homes generally see a steady stream of customers, providing a largely recession-proof business model for business owners who don’t want to experience economic downturns.

However, do the research beforehand because you’ll need at least a Bachelor’s degree if you’re going to get started.

37. Pet Handling Service

Most people regard their dogs, cats, and other pets as family members. That’s why most pet owners won’t mind spending big bucks, making this industry one of the most profitable businesses.

Your services could include dog walking, training, and grooming. You will need some startup capital to cover the costs of setting up a website, getting a mobile pickup, and stocking up on grooming materials.

Along with this, your business can offer a place to keep pets. You could earn some good money depending on the duration of their stay.

icon of a dollar bill

38. Dash Cam Business

People use dashcams in vehicles to capture driving and parking accidents, record a road trip, or take videos of sunsets.

All you will need is to set up an eCommerce and buy inventory (and have a place to store the stock, of course).

You can set up a website and post dashcam videos to garner interest from potential customers.

39. Florist

If people need to travel 30 minutes or more to purchase flowers, a florist shop in your community will draw customers into your store. Just like you, they

Everyone celebrates weddings, birthdays, Valentine’s Day, Christmas, Easter, and other holidays by buying bouquets and arrangements.

As a florist, it’s essential to make attractive floral arrangements. Mastering this skill will help your business to succeed.

However, arranging flowers isn’t the only area where you must gain expertise. You should also focus on your marketing efforts.

An initiative you could consider is offering a free planter creation class. This will help build customer loyalty and will likely lead to an increase in sales.

40. Party Services

Party planning is a $5 billion industry. From 2015 to the beginning of 2020, this industry had an average industry growth of 2.6%.

We all love a good party and, even better, a good party planner.

Party services are pretty flexible and versatile, covering planning, catering, bartending, and serving, among other functions. Moreover, since you can use contractors for most of these services, the overhead costs can be as low as you negotiate them.

Wondering if you’re cut out for this work? You should be able to remain calm under pressure and have a good eye for detail.

An excellent way to find your feet in the business is to start small. For example, get hands-on experience by volunteering to organize your office party. Or you could help friends or relatives with their birthday parties or other events.

map with money falling

Most Profitable Industries in the US by State

Want a small business ideas list for your state?

Here are the 5 states with the highest GDP (Gross Domestic Product), according to the US Bureau of Economic Analysis. This means these states generate the most money in the country. We’ll list the most profitable businesses in each one.

Keep in mind that these profitable businesses can be great business ideas, but you’ll also have many competitors.

Most Profitable Small Businesses in California

Some of the most profitable small businesses to start in California are:

  1. Finance
  2. Insurance
  3. Real estate, rental, and leasing
  4. Professional services
  5. Information
  6. Manufacturing

Most Profitable Small Businesses in Texas

If you live in Texas and need profitable business ideas, check these industries out:

  1. Trade, transportation, and utilities
  2. Business services
  3. Education and health
  4. Hospitality and leisure
  5. Manufacturing
  6. Financial services
  7. Construction
  8. Energy
  9. Information and technology

Most Profitable Businesses in New York

The most profitable businesses in New York are:

  1. Financial services
  2. Health care
  3. Professional and technical services
  4. Retail trade
  5. Manufacturing
  6. Educational services

 

Most Profitable Businesses in Florida

These are the most profitable businesses in Florida:

  1. Tourism
  2. Agriculture
  3. International Trade
  4. Aviation and aerospace
  5. Life sciences
  6. Financial services

Most Profitable Businesses in Illinois

Here are the top 5 most successful businesses to start in Illinois:

  1. Finance
  2. Insurance
  3. Real estate, rental, and leasing
  4. Professional and business services
  5. Manufacturing

a smiling female business owner

What’s the average profit margin by industry?

Even More Profitable Business Ideas

Sometimes how much profits you make depends on your age, your preferences, or where you want to work from.

Learn a bit more about other types of profitable businesses:

Most Common Business Models to Make a Profit

If you want to start one of the best small business ideas we mentioned, you should know which business models will help you increase your profit margins. Here are some ideas:

  • Direct sales ¡model
  • Retailer model
  • Manufacturer model
  • Ecommerce model
  • Distribution model
  • Product-to-service model
  • Subscription model
  • Tiered pricing models
  • Revenue from advertisers model
  • Franchise model
  • Crowdsourcing model
  • Freemium model
  • Peer-to-peer model
  • Affiliate marketing model
  • Dropshipping model
Get Funding For Your Profitable Business!

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How to Start a Profitable Business: 5 steps

Starting is not an easy feat; there are many things you need to do to start your business. Here’s a quick rundown of the steps you need to follow.

Find the perfect idea and research

A business is only as good as its product or service.

You must spend some time brainstorming to develop a great product that isn’t readily available in the marketplace but that people are willing to buy.

Plan the business

You should write a business plan that includes all of your research and ideas on how to turn your product into a profitable venture.

Your plan will help you justify the risk associated with such an endeavor.

Secure startup financing

Once you have figured out the costs of making, marketing, and selling your product, figure out what it will cost to get started.

Don’t forget to include startup costs of inventory, equipment, and rent/mortgage payments on your business space. Then, if you don’t have the capital, apply for a business loan.

Comply with legal requirements

Once you have gotten your startup financing, now is the time to make sure you comply with all laws and regulations for your business.

This means setting up a business structure. Depending on your locality, you will also need insurance policies, licenses, and other specialized permits.

Open your business

Congratulations! It’s time to open your doors and start selling.

Identify your target customers and create a sales plan to reach them using social media, ads, promotions, etc.

Here’s a more comprehensive guide on how to start a business

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Startup Business Resources

Here you’ll find several resources to help you transform your idea into one of the most profitable businesses.

Taxes

  • How to File Taxes for the First Time as a Business Owner. The most profitable businesses always file their taxes on time. Learn how to file taxes for the first time; it doesn’t matter what type of legal entity you have or if you’re an immigrant.
  • When to File Taxes: Tax Deadlines. Tax season can be stressful, even for the most profitable businesses, especially if you don’t know when to file taxes. But, don’t worry, here you can find the tax deadlines.

Finances

Apply For A Business Loan!

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Resources for immigrants

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Are You Ready to Become a Successful Business Owner?

We hope this gave you insight into the most profitable businesses out there.

And just remember, at Camino Financial, we can help you with your investment needs.

Our mission is to help all small businesses thrive, no matter their industry. So, when you’re ready, we can become your financial partners. Together, we’ll help your small business grow beyond your wildest dreams.

Get Approved For A Loan Today

 

FAQs On Most Profitable Small Businesses

What is the most profitable business?

There is not one business that is the most profitable.

Significant profits depend on many factors: your state, the economy, changes in consumer behavior, etc. But it also depends on you.

Yes, having one of the most profitable businesses means knowing how to manage it, constantly investing, and growing as a business owner every single day.

What online businesses are most profitable?

There are many ideas for top money-making businesses online, but the current small business landscape shows that eLearning services, freelancing, and IT services have the highest profit margins.

What kind of businesses make the most money?

The 5 most profitable businesses are:

  1. Software
  2. Insurance
  3. Healthcare
  4. Legal services
  5. Accounting

What business has the highest profit margin?

According to Ibis World, the industry with the highest profit margin (12.3%) is coffin and casket manufacturing.

 

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