Looking to start a new business?
The United States has over 30 million small businesses across the country. The sheer number of competitors is discouraging, especially when you have no experience. However, it’s all about finding the right niche and industry.
To ensure you get more out of your investment, we prepared a list of profitable small business ideas. These business ventures are easier to manage if you have the right aptitude. Read on and find out more:
Nowadays, the majority of schools and colleges offer online classes. Most parents prefer this method instead of allowing their children to attend classes on campuses. The current health crisis and convenience are huge driving factors.
The tutoring business became especially profitable. It’s one of the best small business ideas around. After all, not all students can understand lessons through remote learning.
It’s why lots of startup tutoring businesses rose. It allowed the industry to meet the rising demand for supplementary education.
When starting your teaching business, your specialization matters. Never spread your resources thin, or you’ll lose focus. Choose one or two between these fields:
- College Essay preparation
- Entrance Tests Preparation
- Foreign Languages
- Management Sciences
- Natural Sciences
You can offer these tutoring services using video software. It’s what makes the startup costs a lot lower compared to its face-to-face counterpart.
Another great factor is that the operating costs are lower. This is because most business components are service-oriented, not product-oriented.
Tutoring has limited fixed costs. It often involves the internet and specialized software fees. It’s scalable for both small and large-scale operations.
Starting a tutoring business can involve as few as one or two people. Depending on your level of education, you can earn up to $56 for each hour. It’s what made the online tutoring industry worth billions.
Gyms and other indoor fitness centers closed because of the health crisis. However, it didn’t stop the industry from growing. It applied even when over half of gym-goers canceled their memberships to avoid health risks.
To do a profitable business out of fitness, host virtual workouts. The public sees it as the perfect alternative to in-location exercises. Put your yoga skills to use and host yoga classes using online platforms.
Most people nowadays subscribe to yoga classes. They find it great for emotional, spiritual, and mental health.
It’s a significant sign that people now focus on these. They see mental and physical fitness on equal terms.
The perfect solution for social distancing is virtual fitness. It’s a trend that won’t go away anytime soon. Even before, many used virtual platforms and attended online classes for workouts.
A lot of major fitness companies didn’t adapt to this business environment change. It’s why they suffered heavy losses, forcing them to close a lot of locations. Use this business opportunity to become a reputable virtual fitness business.
Even before the health crisis changed society, the delivery business was thriving. The only difference is that the demand for delivery services grew exponentially. Lots of restaurants and businesses offer goods delivery to customers.
The unprecedented growth comes from everyone’s desire to stay safe at home. At the same time, they want someone to deliver their purchased items to their doorstep. Even without it, the convenience of getting goods without leaving your home is great.
The sheer demand for delivery made the industry worth billions. However, it’s on a rising wave. Most experts expect that the demand will surge even higher soon.
Some successful food delivery companies report seeing over 200% revenue growth in 2020. Take note, and the competition is high in this industry. Even so, not a lot of businesses offer something that makes them stand out.
Also, the profitability of delivery services is lower than average. You can offset this by offering faster delivery times if customers pay extra. Charge larger packages more than your standard fees too.
4. Digital Marketing
The digital age is well underway. The technological advancements and their global adoption are proof. Digital services like eCommerce, eLearning, and eBanking are mainstream in the United States.
These factors make digital marketing more lucrative. Most customers are shifting to online platforms, and you’ll have more businesses asking for help. It’s what drives them to improve their online presence and let the locals notice them.
Hundreds of new digital marketing startups emerge every year. They thrive because the demand for digital marketing is insatiable. Businesses of every niche need digital marketing agencies to better represent their brand.
The industry’s prospects are promising. It creates more jobs offering a wide variety of services. As a digital marketing agency, you can offer the following services:
- Web design
- Content writing
- Social media marketing
- Social media management
Do you have technical and marketing skills? Digital marketing is your most profitable bet among other small business ideas in 2021. It has high profit margins and never-ending demand.
5. App Development
Most businesses terminated their physical operations due to the health crisis. However, they adapted to the changing landscape. These companies race to increase their online presence to capture customers.
These consumers spend several hours each day on their smartphones. To get their attention, businesses turn to app developers.
The demand for customer apps is on the rise. It means app development is a more lucrative business than before.
App development has no certification or physical office requirements. The competition isn’t as fierce, so the barriers to entry are minimal.
Don’t mind too much about the low initial investment and great profit margins. This should not discourage you even when competing against established agencies.
Various corporations and business owners use many accounting methods. It ensures that their daily operations and tax calculations are accurate and smooth. However, these entities have no in-house accountants.
Instead, they outsource their finance and accounting departments. Depending on their budget, they either get accounting firms or freelance accountants. Regardless, the demand for accounting help is on an upward curve.
Most business owners won’t have the time or skill to do proper accounting. It takes skill, knowledge, and attention to detail. New businesses are viable because other businesses need outsourced accounting services.
Compared to app developers, accountants have higher business barriers. The qualifications and licenses to practice make it difficult. If you want to hit it big, your accounting business must gain renown.
Regardless, you have high profit margins even when working for small businesses. In the long run, it should help bigger companies recognize you. In the meantime, hone your skills to satisfy business accounting needs.
7. Legal Services
Regardless of whether it’s personal or professional, the legal industry remains invaluable. They have the same level of importance as accountants. Law firms have a wide range of services—wider than accountants.
Firms deal with various branches of the law. Depending on your practice, you’ll have a lot of opportunities.
Almost every aspect of American society requires lawyers. It’s what makes them some of the most desirable people in the country.
It’s why individuals, corporations, and institutions have their legal departments. Despite its lucrative nature, the industry’s barriers to entry are extremely high. Attorneys must have an undergraduate degree, graduate law school, and pass a bar exam.
As mentioned above, most lawyers specialize in a specific law field. If you want to start a law firm, you must get various attorneys catering to various customers. Otherwise, a solo practice will limit your clientele.
Are you interested in becoming a bookie instead? If so, check out this pay per head page. This software helps your small business ideas as a bookie become a reality.
8. Stock Photography
If you’re a photographer, stock photography is more profitable than ever. It’s especially when you’re fond of capturing small life events. Register on companies like Shutterstock to start uploading beautiful images.
Some platforms will pay if another person downloads your photo within their platform. When you have more means, start a website instead. Sell your stock images to people without the middleman.
You might ask: why do people need stock photos? It’s simple since buying these images is much cheaper compared to hiring a photographer. They use it to make more engaging advertisements and content.
Extra: Medical Courier
Nowadays, people need medicines more than ever. Recent events made people more aware of their health, prompting them to care more. If you have a vehicle, becoming a medical courier is profitable.
Your work is to deliver prescription medicines to your customers’ doorsteps. Your profit comes from charging them for delivery fees. Some will ask you to transport equipment and specimens from laboratories.
If you want to expand, add more people with vehicles to work for you.
Start Profitable Small Business Ideas Today!
These are some of the most profitable small business ideas around. You can start a business regardless of whether you’re staying home or going out.
Do you need more small business ideas? Read some of our other posts to learn more.