Are you exploring the idea of starting a new business or expanding yours?
Are you wondering what industry to choose? In other words, what are the most profitable businesses and which can you start with a tight budget?
Of course, starting a business is not the end of the journey; you still need to make sure it grows and stays healthy by making regular investments. Because if you don’t put any money into your business, it will definitely stagnate, and, if you fail to do something about it, you might have to face closing your business.
35 Of the Most Profitable Businesses
All small businesses are ruled by one simple law: “It takes money to make money.”
So, once you start your business, always 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 that are currently thriving in the US. Also, we’ll tell you the best businesses you can start from home and the most profitable ones you can start during the current COVID-19 crisis. Furthermore, we’ll tell you what non-profitable businesses you should steer away from.
1. Online courses
The coronavirus pandemic has pushed all types of learning to the internet, this has given a huge boost to online learning platforms. Take Courser, for example, enrollment grew 640% higher than last year during March and April, this is 8.7 million new enrollments.
It’s a no-brainer. Any form of education is commonly considered as priceless.
Think of running an online course – teaching a second language or even English (particularly for immigrants), news writing, design, SEO techniques… The possibilities are endless, depending, of course, on your area of expertise. You can provide a course on real estate brokering or the stock market, auto mechanics, or any subject a student is interested in learning.
This is a profitable business venture, and once you establish a base of students, it can be one of the most profitable businesses since the overhead expenses are meager.
You could work out special arrangements with other digital content companies that can provide you with tools to help carry out your lessons. The most costs involved in this would be the minimum amount you pay for your domain name and hosting space or the fee a digital content outfit will charge you for featuring your course in their platform.
What’s the best way to choose a subject to teach? Focus on an area you’re familiar with. And remember that it’s a good idea to pick a topic you have experience in.
If you find it difficult to identify a platform on which you can create and sell your online course, here’s a list of 15 platforms that you can consider.
2. Tutoring Center
With the increasingly demanding and competitive lives we’re leading today, students in their formative years are almost always compelled to excel in their studies. Parents are aware of this. They generally don’t mind spending money to help their kids achieve good academic standing–reason enough to make starting a tutoring center a pretty profitable business.
If you are or have been a teacher, this is the type of business that’ll be right down your alley. Some people may simply require a background or some experience of helping someone get through his/her school test requirements. If you’ve got some specialized skills (Math, foreign language, creative graphics, 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 small ads.
A tutoring program for a student running for 8 weeks with 1- 3-hour sessions typically comes with a fee ranging from $500 – $1800. That accounts only for one student: definitely, this is one of the most profitable businesses you can consider.
One of the advantages of this business is that you can even start it from your home. So, both the capital investment as well as the overheads will be minimized.
Pro tip: Make it a practice to keep in touch with the parents of the children you tutor. This will help you to provide references to prove that you’re a competent and capable teacher.
3. Child-Oriented Businesses
Whether it is newborn or post-pregnancy services, enrichment activities, or daycare, babies are everywhere. The beauty of child-related businesses is that if you’re a true fan of children, you won’t work a day in your life. This business is less likely to suffer as there will always be a need for childcare, which makes it one of the most profitable businesses.
One of the best things about a childcare business is that you can also take care of your own children while you’re at work. Once you make a start and your reputation spreads, you’re likely to attract additional customers.
Remember that word-of-mouth publicity is the best kind. Your satisfied clients will speak about your services to their friends, which will help you boost your business income and profits.
One factor to consider before you start is to check the licensing requirements in your state. Make sure you comply with the applicable rules.
4. Business Consulting
If you’re an expert in your industry and have been working at it for years, consider consulting.
Consultants who are most successful tend to embark on the journey later in their careers, have niche expertise, and are incredibly organized and well-connected. Plus, they know how to scale a business and have the keys to keeping clients happy. Just like other types of freelancing, being an independent consultant is a business and requires networking and negotiating.
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.
5. IT Support
As we become increasingly technologically inclined, the IT field is one of the most profitable careers, and an IT support company can be one of the most profitable businesses. Those who know how to deliver IT support are in high demand in every industry and can charge high fees for their services.
According to the U.S. Bureau of Labor Statistics, it is expected that the IT industry will grow by 22% in 2020.
If you’re going to be providing tech support, there’s an important issue to consider. When you work on a client’s computer, things could go wrong. The system could crash, or you may inadvertently cause some damage. The customer may hold you responsible.
To save yourself from having to pay the client or enter into an expensive legal battle, consider buying the right type of insurance. Look for a technology errors and omissions policy covering the risks you could face as a tech support provider.
Write about what you know and offer an ebook or paperback online for passive residual income. High-quality content sells, especially series novels and books on technology, fitness, cooking, parenting, and non-fiction books about business and money.
If you’re convinced 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 on Amazon’s website.
In 2016, 40% of the top-selling ebooks on Amazon were self-published. Now, if the global e-book publishing revenue, during 2019, was of $12.32 billion, you can imagine how much of the market independent authors hold.
7. Marketing & PR Services
Speaking of marketing 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 your 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 within the new avenues that are at the marketer’s disposal.
In 2018, $106 billion were spent just on digital marketing alone. This amount grows every year. That’s why this is one of the most profitable businesses.
Starting a public relations firm can be an excellent idea if you have a high level of interpersonal skills and a strong network to tell your potential clients about your capabilities. You’ll also need above-average writing skills and the ability to collect information and present it in a coherent and well-organized manner. Be prepared to work on press releases, product descriptions, company fact sheets, and blog posts for your clients.
8. Website Design
This falls into the previous category, but it’s worth highlighting. 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. According to a recent survey, 29 percent of small businesses plan to launch their websites this year.
Consider the low cost of starting your own website design service company, since you can run it from home. If you think you need some extra education on technology, you can find a course that suits you on this list.
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.
9. Logo Design
Again, another freelance position worth considering. You need to be a visual type of person and highly creative and be able to show a shining portfolio. Make sure you can come up with unique ideas, and do the homework of researching the potential market: while the demand for logo designers is high, also is the competition.
As a freelancer specializing in logo design, you should initially concentrate on building your portfolio. Every new customer would want to see your previous work. An extensive and high-quality portfolio can be the best marketing tool.
After you have established 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. Here’s a logo design calculator you can use to set your rates.
10. Social Media Consultant
Just so you can have an idea of the industry, according to the Digital 2020 July Global Statshot, there are currently 3.96 billion users of social media, and because of the COVID-19 pandemic, people are spending 42% more time on social websites. There’s no denying that several of the most profitable businesses are in this industry.
Many business owners know that social media contacts drive traffic to their products and services, but they don’t know how to go about making that happen. If you know how to engage an audience to attract hundreds and thousands of viewers, business owners will pay for your services.
It’s crucial to build your portfolio so that you can attract clients. The challenge will be to get your first customer. An approach you could try is to publish content that demonstrates your expertise in social media marketing. This could assure your prospective clients that you have the knowledge to help them.
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 is where somebody with a true talent for language and creative imagination can succeed as a copywriting entrepreneur.
Good copywriters create advertising and marketing materials that a lot of online and offline businesses need. What’s more, you don’t have to have a big, expensive commercial space as most copywriters work from their homes as freelance writers with practically no overhead expenses.
Choose this field if you have excellent spelling and grammar, and know how to write creatively. It’s also useful to have SEO skills. Consider completing some courses on Search Engine Optimization on Google Digital Garage. You’ll pick up the basics, and the training programs are free.
It doesn’t matter what small business you choose, you’ll need to think of making investments to help it grow. Remember to consider what type of funding is right for you.
12. Cleaning Services
Because of the COVID-19 pandemic, this industry has skyrocketed. The increase in demand has also caused an increase in ads for cleaning services: ZipRecruiter informs that ads for cleaners increased by 75% in March.
Other than the right attitude, you don’t need much to start this business. All you need is basically some good cleaning equipment and products, a vehicle, and a catchy website to attract potential customers.
If you already do your own cleaning at your own home and people praise your place for being spotless, why not turning this into one of the most profitable businesses you can find?
Bear in mind that the cleaning business is competitive. So, you have to think of ways of staying ahead of other cleaning companies. 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, and this will lead to new clients and more business.
13. Accounting & Tax Preparation
Tax preparation has a market size of $11 billion. There are 130,179 tax preparation businesses that employ 301,578 people.
Every year, accounting makes it into the list of the most profitable businesses. This category also encompasses payroll services and bookkeeping. Most people would rather pay someone than do it themselves or learn how to do it. Anything from a small accounting firm to a tax accountant will always be in style.
Remember that to carry out tax preparation work, it’s necessary to meet the requirements that the IRS has laid down. You will need a Preparer tax identification number (PTIN). This can be obtained by applying on the IRS website. You may also need a license to prepare tax returns. Check the rules that apply to your state so that you can complete the process and get started.
14. Dental Offices
Smile big — dental offices are high up on the list of the most profitable businesses in 2019. 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). If you got it, flaunt it — whether that’s pearly whites or a successful dental practice.
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.
15. Food Trucks
The foodie movement continues to grow!
A few years back, consumers were hesitant to buy food from a truck parked in a parking lot. Now, there are actually food truck festivals for foodies who can’t get enough.
If you have a mouthwatering recipe and want to make 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 you begin 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 here how to expand your food truck business
16. Catering services
Like the previous one, you don’t need a large investment to start your own catering business. If you have a suitable kitchen, equipment, and a recipe book worth-sharing, you can operate your service from home.
If you are extremely well organized and can count on a pair of extra hands to help you (as well as suitable transportation), this is a good way to set foot on the food industry.
Think that those requesting catering are willing to pay well for this type of service since it serves in celebrations, important events, or meetings. If you are willing to maintain a high standard not only in your food but also in your customer service and every single small detail, this could be one of the most successful and most profitable businesses for you.
Learn here the 5 steps you need to take to start your own catering business.
17. Health Food Kitchen & Delivery
As we become increasingly busier, the time to cook becomes slimmer and slimmer, yet we become bigger and bigger if we don’t make sure to feed our bodies the right nutrients. That said, individuals are always looking for healthy food options that are already prepared.
Setting up a service that caters to health-conscious individuals, or perhaps vegan or vegetarians (niche markets), can be profitable if you know how to market the services.
Keep reading: How to Start a Food Business from Home
18. Auto Repair and Auto Leasing
Car emergencies happen 24/7: oil needs changing, headlights go out, you get a flat tire, you name it. Reportedly, auto repair companies made big bucks in 2019, according to National Business Capital & Services.
On the other hand, with the rise of ride-sharing companies like Uber and Lyft, consumers are more hesitant to buy cars. This doesn’t necessarily affect the auto repair services industry in a negative way since older cards in households need more maintenance and repairs than brand-new automobiles.
Did you know that mechanics 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. Of course, as you expand operations, you can expect to make more. If that’s not one of the most profitable businesses, I don’t know what is.
This can go many routes: graphic design, freelance writers, and social media gurus.
The outsourcing services are continuing to make a difference in the way companies interact with their employees. Which means more opportunities for freelancers to take on projects. Websites such as UpWork and Creative Circle make it much easier for freelancers to become visible.
You should know that more and more people are turning to freelancing. 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. It can also develop into a full-time occupation if you can find long-term clients or a steady stream of new customers.
20. Language Translator
Without leaving your home, you can translate blogs, website pages, and other documents into a language you speak fluently. Check out platforms like Fiverr and Upwork to connect with clientele looking for your skills. Because the demand for translators is high, make sure you don’t undersell your abilities.
Which languages are in high demand for translators?
If you’re fluent in Spanish, Mandarin, or German, it shouldn’t be too hard to find work.
21. Personal Training
If you have a passion for helping others feel like their best self, personal training is the route for you. This is last on the list because although it is a booming small business field, it’s also not a field for those who are shy or not willing to get out there. It’s all about networking and sharing your passion. Helping others look better is not a simple task, so be proud of your work, get out there, and train hard.
22. Warehouse and Storage
Time and space tend to be some of the factors most people lack. When people have to move, or when they go through a life change, they need the extra space for storage. This industry solves that problem of space. There will always be a need for storage!
23. Property Maintenance
Are you a handyman (or woman!)?
If you can multitask and are willing to get your hands dirty, this could be a good choice for you. 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, this can turn into one of the most profitable businesses 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 U.S. Bureau of Labor Statistics, general maintenance and repair workers can average $18.79 per hour. That’s $39,080 every year.
You’d be surprised at the number of individuals who don’t know how to change a light bulb — or simply don’t have the time!
If you’re an expert at building and know your way around a well-manned home, this is the job for you. Handymen are usually paid by the hour and can have multiple clients at once. You can also partner with larger handymen 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 handyman:
- 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 your own website. It can be the best way to get new customers. A website also helps to establish your credibility.
Is a small business loan what you need to help your business grow?
Here are the perks of getting a small business loan.
25. Delivery Services
Some restaurants or other local businesses in your area may provide a delivery service to customers. If you go this route to start a profitable business as a self-employed delivery person, other than a reliable vehicle, you don’t need a large budget.
However, make sure you research the demand in your area. And of course, that your vehicle (car or motorcycle) is in excellent condition and up to date regarding inspections.
26. Courier Services
A courier service is a service that allows someone to send a parcel or consignment from one location to another.
Courier services are distinguished from ordinary mail services by features such as speed, security, tracking, signature, specialization, and individualization of express services, and swift delivery times. Delivery doesn’t cost much — other than gas.
However, getting contracted by a large firm, such as Amazon, can prove to 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.
27. Funeral Homes
They say there are two things you can’t escape from, death and your taxes. 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. Do the research beforehand because getting started requires at least a Bachelor’s degree and be prepared for a high overhead cost.
28. Pet Handling Service
Most people regard their dogs, cats, and other pets as family members. They’re not a big fan of leaving their pets alone without anybody looking after them. Many pet owners, on many occasions, go away for short or long periods and need to have someone to look after their pets’ welfare.
If your business can offer a place to keep the pets, you could earn some good money depending on the duration of their stay. Along with this, your services could include dog walking, training, and grooming. Some start-up capital will be needed to cover the costs of setting up a website, getting a mobile pickup, and stocking up on grooming materials.
29. Dash Cam Business
People use dashcams in vehicles to capture driving and parking accidents, to record a road trip or take videos of sunsets. You can set up a website and post dashcam videos to garner interest from potential customers. Instead of allocating space for inventory, the manufacturer can drop ship orders via your purchase orders.
30. Gardening & Landscaping
Calling all Southerners and Californians — we love our gardens! If you live in warmer weather states, gardening can be a lucrative business. Take it a step further and go for landscaping — you’ll not only be contracted by homeowners but also by hotels and larger businesses who love a beautiful outdoors.
Because no commercial space is required outside of storage space, it’s possible to start a landscaping business with a modest investment of up to $15,000 for landscaping equipment.
After you start, you’ll be looking for ways to drum up more business. There are some specific niches that you can target. A segment that could have 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.
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 celebrate weddings, birthdays, Valentine’s Day, Christmas, Easter, and other holidays by buying bouquets and arrangements.
As a florist, it’s essential to learn how to make attractive floral arrangements. Mastering this skill will help your business to succeed. However, arranging flowers isn’t the only area in which 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 to build customer loyalty and will likely lead to an increase in sales.
32. Real Estate and Real Estate Brokering
If you have an extensive network, this business is especially for you.
Apart from setting your own schedule and working on your own time as a realtor, you can also acquire a broker license and establish a brokerage firm. Brokers act as an intermediary between sellers and buyers. With an average net profit margin of 17.4% for leasing and 14.8% in sales, real estate has a lot to offer, and once you have acquired experience, it can turn to be one of the most profitable businesses.
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 you’re starting, don’t aim for high commissions. Instead, focus on getting your first deal. Once you’ve got that under your belt, it will be far easier to convince clients to deal with you.
The problem is that this industry is expected to slow down because of the impact of the COVID pandemic. During August in Manhattan, the number of empty apartments reached a record high.
33. Travel Agency
This is probably one of the easiest industries to get into. Not a lot of investment is required.
It’s a great business opportunity to help people get their plane tickets or arrange for other transportation options, hotel reservations, tours, and much more. By tying up with a host agency, you could open up a home-based travel agency. 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.
With tourism on the upswing in most parts of the world, getting into this travel business should prove to be one of the most profitable businesses.
It’s true that the short-term prospects in this business aren’t too good. COVID-19 has derailed the travel plans of most people. But it could be an excellent time to learn about the business and gain the necessary certifications for when things go back to normal.
34. Vacation Rentals
You don’t need to have all your ducks in a row to put together a business. You can make some extra cash by renting out a spare room.
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.
35. Party Services
We all love a good party, and even better — a good party planner. Even in times of economic despair, weddings and birthday celebration still happen. Party services can be flexible and versatile, covering planning, catering, bartending, and serving, among other functions. 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?
If you’re going to be a good party planner, it’s essential to have a specific skillset. You should be able to remain calm under pressure. Additionally, it would help if you had a good eye for detail. An excellent way to find your feet in the business is to start small. 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.
Party planning is a $5 billion industry. From 2015 to the beginning of 2020, this industry had an average industry growth of 2.6%. But because of the 2020 pandemic, this growth is going to drop.
Keep reading: Profit Margin by Industry
Other profitable industries
But success and profits are not the same for everyone, sometimes it depends on your age, your preferences, or where you want to work from. And of course, not all industries are equally profitable, some you should steer away from.
Other times, starting a business might seem like a bad idea. One such moment is a pandemic, which can affect the bottom line of millions of American citizens.
Learn a bit more about what profitable businesses are out there:
- The Most Profitable Home Businesses
- Top 15 Business Ideas for Young Entrepreneurs
- Business Ideas for Mompreneurs
- Best businesses for a solopreneur
- What’s the Best Franchise to Own with a Small Budget?
- What Is the Best Business for You to Start? A Sneak Peek into the Future of Business
- The Most Profitable Businesses During a Pandemic
- 10 of the Least Profitable Small Businesses
How to Start a Business
Now that you know what industry you want to open a business in, you need to actually start your business.
We can help you with this process. Imagine this as your business startup toolkit that has everything you need to know when starting a business.
Here you’ll find several resources, like management ideas, help with the legal formation of your business, financial advice, and information about banks and your credit score. This can help you transform your idea into one of the most profitable businesses.
What do you need to start one of the most profitable businesses? We have selected for you the best resources, links, tips, and techniques to start a business with a small budget. [Keep reading…]
Are you tempted by the flexibility and the freedom a home business could provide? Learn everything you need to start and manage one of the most profitable businesses. [Keep reading…]
When you start your small business, you’ll need to make sure that you have all the licenses and permits you need to comply with the law. [Keep reading…]
Like many legal documents, licenses and registrations need to be renewed. While this process might seem daunting, it’s not that complicated. [Keep reading…]
DBA stands for “Doing Business As” and it’s used to list a company’s name and show who is actually behind it. There are many legal reasons to register your company as a DBA. [Keep reading…]
If you are a small business owner, chances are you need both a DBA and a business license. But what are the differences between them? Learn it here. [Keep reading…]
When starting your company, you’ll need to choose the type of legal formation you want. What’she difference between DBA, Sole Proprietorship, LLC, and Corporation. [Keep reading…]
When starting a small business, should you form a sole proprietorship or a partnership? Learn here the differences and the positives and downsides of each one. [Keep reading…]
Learns the pros and cons of setting up a sole proprietorship, LLC, or corporation. The three most important factors are risk, complexity, and taxation. [Keep reading…]
Learn here how to set up an LLC: the 5 steps you need to take and the benefits you can get with this business structure. [Keep reading…]
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. [Keep reading…]
Tax season can be stressful, even for the most profitable businesses, especially if you don’t know when to file taxes. Don’t worry, here you can find the tax deadlines. [Keep reading…]
Whether you are a startup, an established company, or one of the most profitable businesses, knowing the true cost to own your business will help you plan properly and save money. [Keep reading…]
Do you have a big business idea, and lots of enthusiasm, but empty pockets? Learn here how to start a business with no money. [Keep reading…]
Banking and credit score
Do you know how to choose a bank for your small business? After all, it is a very important decision. We’ll help you decide what bank works best for you! [Keep reading…]
Did you know that you can easily open a bank account online even if you have no money? We’ll tell you how to open one and start using it ASAP. [Keep reading…]
The most profitable businesses know that having a strong credit score is crucial. But how can you achieve a good score? How to keep tabs on this number? Here’s everything you need to know. [Keep reading…]
Are you looking for a way to pay for your business expenses? In this article, we’ll look at the benefits of using a business credit card. [Keep reading…]
Having a business credit card is more important than you realize. Learn how to apply for a credit card so that you can take your business to the next level. [Keep reading…]
Not sure about how to choose a credit card for your business? Start by asking yourself these questions. [Keep reading…]
Credit cards offer a lot of benefits. But when you acquire a card, you need to choose between two broad categories—secured vs unsecured credit cards. [Keep reading…]
Resources for immigrants
Are you an immigrant and want to start a business in the United States? Even if it sounds like it, it’s not an impossible task. You can have one of the most profitable businesses. [Keep reading…]
When are you required to get a Tax Number for your business and what are its benefits? Navigate the process of getting it. We’ll also clarify some other related terms like EIN and ITIN. [Keep reading…]
Do you need to open a bank account but don’t have an SSN? Don’t worry, you still have several options to start creating your financial future. [Keep reading…]
If you’re an immigrant you probably can’t apply for an ITIN. And if you need to file taxes, you need an ITIN. Learn how to apply for an ITIN. [Keep reading…]
Are You Ready to Become a Successful Business Owner?
We hope this gave you an insight into what are the most profitable businesses and also the least successful small businesses currently out there.
Did this give you some ideas?
Maybe you found the inspiration you were looking for, but if you need more useful information, learn here how much it costs to start a business and the resources you need to start yours. This info will help guide you in determining where to invest your hard-earned money.
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 what their goal is. So, when you’re ready, we can be your financial partners, and, together, we’ll help your small business grow beyond your wildest dreams.
*For this compilation of the most profitable businesses
we have used the following sources, among others:
the annual report made by the University of Arkansas,
the Small Business Administration,
the Small Business Administration Office of Advocacy,
National Business Capital & Services,
and Passive Airbnb.
For the ranking, we have used the data provided by BizStats.com
for sole proprietorships with $400,000 in annual sales.