It is well known that most successful small businesses start with a great business idea backed by a solid business plan, but some companies and industries have higher profit potential than others. If you are an entrepreneur or investor looking for a new small business opportunity, focusing on the most profitable small businesses listed in this article is one of the best ways to ensure success, as they combine high profit margins with strong demand.
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Here are 6 of the most profitable small businesses:
Accounting, tax preparation, bookkeeping and financial planning
Accounting, bookkeeping, tax preparation, and financial planning are activities required by almost all businesses and individuals, making them very thriving fields. The general expenses of starting this project vary according to the space and equipment of the work, and there is the possibility of working from home at the lowest cost. The average profit margin for this project is 18.4%
Real estate rental
Rental agents can operate from almost anywhere, so the overhead is mostly limited to advertising, vehicle maintenance, telephone, etc. Some states require a rental agent license, others require a real estate agent license to start this business. Average profit margin is 17.9%
Property managers and appraisers
Real estate leasing-related services such as property management and appraisals rank high on the list of profitable small businesses. This project requires minimal capital investment as it is a home based business. The property manager must hold a real estate license. You will have to participate in some training courses in addition to obtaining some experience in the field. Average profit margin is 14.9%
Real estate agents and brokers offices
Some of the overheads to start this business include getting the office, car, telephone, internet, license fees as well as proper professional attire. Licensing requirements vary from country to country, and the average profit margin is 14.3% [1]
Administrative, scientific and technical consulting services
Management, scientific and technical consulting firms provide specialized services in a variety of disciplines to businesses and governments, including:
Management Consulting
HR Consulting
Marketing
Finance
Safety in the workplace
Information Technology
Firms range in size from individual consulting firms to large firms that provide services in a variety of areas. Startup costs are minimal and you can only work from your home. The average profit margin for this project is 12.1%
Storage
Storage facilities are always in demand by both residential and commercial clients. Many businesses do not have enough space to store equipment and inventory, and homeowners often have more property than they have in the home. Purchasing or building a warehouse or storage space requires a significant capital investment. But you do not need any training or evidence to start this project. The average profit margin for this warehousing project is 11.6%