What are the most profitable small businesses? We have 5 potentially lucrative ideas for you to consider in 2019. In this blog, you will go through to 5 Most Profitable Small Business Ideas In 2019.
Indeed, profitable small business is not an oxymoron. Entrepreneurs have the chance to start one of the most profitable businesses in their field in part to digital technologies and sound strategic planning. In this era of the cruel economic situation, profitable small businesses may become a beacon for your economic freedom. But the ideas about the most profitable small businesses can be applicable for your situation and economic condition.
Therefore, we bring to you some of the most profitable small businesses ideas accordingly, so that people with small knowledge and investment can start these businesses and all these businesses fewer risk factors than other small business ideas.
We hope that these five most profitable small business ideas will ease your search for small businesses and give you extra income with fewer efforts and also provide you the ultimate economic freedom.
The most successful small business ideas originate when entrepreneurs hone in on a highly profitable niche. It should come as no surprise that most profitable small businesses are in the skilled service sector. Service providers, especially those without a store-front, do not necessarily need to make significant investments in raw materials and tangible assets.
Because the average entrepreneur cannot afford to put up hundreds of thousands of dollars in startup capital, that is why choosing a profitable industry with low barriers to entry is so important for the fiscal health of your company.
The most profitable small businesses to start can be founded with minimal investment. Rent, payrolls, consulting fees, and other costs used to keep many would-be-owners from trying. Today, the ubiquity of smart devices and online connectivity have lessened overhead costs for many businesses.
Let’s explore these five most profitable small business ideas that have low start-up costs and the potential to yield high-profit margins.
The mobile sector isn’t just about smartphone apps anymore. In fact, this industry refers to a much broader category of businesses that are physically mobile. That is, they arrive at their client’s doorstep to render services rather than having the customer come to them.
Some of the most profitable small business ideas within the mobile business sector can be started on a shoestring budget if you already own a vehicle. A list of the most profitable small businesses includes:
Pet grooming
Food trucks
Tutoring
Junk removal
Personal training
Cleaning services
Photography
These businesses offer a common value proposition to customers, and that is convenience. Today, the average consumer seeks convenience and speed when hiring professional services. If you own a vehicle, you can transport yourself to the customer’s home and render the services there. In doing so, you take a major headache out of the experience for the customer.
Aspiring entrepreneurs should note that some states require mobile vendors to apply for licenses and permits. Even then, these mobile enterprises can become one of the most profitable self-employed businesses you can get involved in.
Most businesses are not a one-person show. However, employees are expensive and payroll taxes can be devastating for small and medium-sized businesses. This is where freelancers offer unique value to businesses.
Skilled freelancers offer a low-cost alternative to full-time employees without long-term commitments. Small businesses that make money often rely on in-demand freelancers to thrive. A few of the most sought-after freelancers in today’s market are:
Graphic designers
Social media managers
Blockchain technology experts
Data scientists
Copywriters
If any of the above niche specialties or skills apply to you, you might want to consider embarking on a lucrative business-to-business (B2B) freelancing career.
An increasing number of aspiring experts are eager to advance their skills by learning from those at the top. For established experts, virtual instruction is one of the most profitable online business ideas you will stumble upon. Many of the most successful small businesses, such as Udemy, are online education companies. They help you develop and manage online courses and it can be a highly profitable small business option.
One of the main perks of an online education business is to offer employees the chance to work from home. Not only is this super convenient for business owners living a fast-paced lifestyle, but it also saves tons of time and money.
The sharing economy is founded on the principle of a rentable business that offers a good or service for a limited time, such as how Uber offers transportation services. The opportunity for growth in the so-called “share economy” is massive thanks to the ubiquity of smartphones and smart technologies, which has created such juggernauts as:
Airbnb
Uber
Lyft
Ola
Careem
Childcare opens the door to plenty of profitable small business ideas. With so many families needing both parents to work full-time, there is both a need and an opportunity for small business owners to cater to and accommodate busy caregivers.
Daycare and similarly focused childcare companies allow adults to provide for their families while knowing that their children are being cared for in a safe environment.
Professional services such as attorneys, real estate agents and bookkeepers are some of the most profitable businesses which you could start in 2019. One of the reasons for this is because these entrepreneurs have often honed their skills in other businesses, affording them plenty of time to sharpen their skills before venturing out on their own.
While there can be significant costs associated with getting a professional services business up and running (especially outpatient care), these businesses offer things people need. The expertise to do them right the first time commands a premium, leaving you, as the business owner, to profit.
Remember, the most profitable small businesses to start are those that can capture high margins. Unlike industries that thrive at scale, the most profitable businesses are those that focus on keeping the share of profits on every sale high (i.e., above 15 percent). By this way, you can support yourself and the business even with modest sales.
In the early days of your venture, do not be afraid to start small and tip-toe into the project on weekends and evenings. In today’s world, many lucrative small businesses do not require a full-time effort. Rather, profitable small businesses are those that capitalize on a niche in the market, or an underserved market, and jump into the action strategically.
Digitization, the sharing economy, and changing demographics offer new avenues to success for tomorrow’s entrepreneurs. The only question is whether you can position your venture for success in an ever-changing economic landscape with new trends and opportunities around every corner.
