Are you exploring the idea of starting a new business or expanding yours? Sometimes it’s useful to see what businesses are thriving to get some guidance on where to go next. There are certain small business industries that see higher profits than others. Accounting, for example, is always among the most profitable small business industries. Others, like the food truck industry, are up and coming, and we wouldn’t be surprised to see an increase in its profits as years go by.
Are you struggling to decide on what would be the best business for you? Below are some of the most profitable business and industries in 2017.
Most Profitable Small Business Industries in 2017
Accounting & Tax Preparation
Every year, Accounting makes the list as one of the most profitable small business industries. 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.
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 2017. On the other hand, with the rise of ride-sharing companies like Uber and Lyft, consumers are more hesitant to buy cars. Although it was down by 2.4% net profit, the automotive industry still made the Entrepreneurs 2017 list.
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.
Smile big — dental offices are high up on the list of most profitable small businesses industries in 2017. Yes, the overhead costs to set up this type of business are high, but with returning patients and good 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 dollar industry to be exact). If you got it, flaunt it — whether that’s pearly whites or a successful dental practice.
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!
Whether 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.
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 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.
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.
We hope this gave you an insight of the most profitable small business industries currently out there. Did this give you some ideas? Maybe you found the inspiration you were looking for, but now you’re asking yourself what’s the real cost to start a business. To get your answers, continue reading here.