Getting a business off the ground and finding success requires hard work, some creativity, and something that makes it stand out amongst competitors. It also pays to break into the right industry. In this post, we discuss the 15 most profitable small business industries that one can carve their niche in and find success.
Accounting and bookkeeping
Every business in every industry needs good financing and bookkeeping in order to be successful. Getting into this industry requires a keen eye for numbers, great organisation, and management skills. There are few overhead costs to worry about.
Company and enterprise management
Company and enterprise management businesses guide other businesses to make smart management decisions and devise key organisational strategies. Businesses operating in this industry are often found as small and privately owned offices of bank holding companies.
Real estate office management
Real estate depends on the health of the local economy, but the costs to operate a real estate management office is relatively low. Persons only need an agent of brokerage license to get started as a real estate agent..
The legal services industry requires specialized training and certifications. Significant investment is needed for degrees and training in legal matters, but you can charge a premium price for your specialised services.
Small businesses specialising in a wide range of creative services, from interior, industrial, or graphic design, or writing and marketing services, flourish thanks to the Internet. The success and value of a business’ product or services are achieved in large part do to the creative services surrounding them.
Offices of other health practitioners
The need for specialised health practices are always in demand. These can be anything from physical therapists, to psychiatrists, occupational therapists, podiatrists, and more. Investments in technology and supplies to run these practices pay off once a regular stream of clients comes in.
Warehousing and storage
Warehousing and storage businesses are very profitable and in demand as they provide a place for people and companies to store belongings, equipment, and stock.
Land subdivision comprises companies that service land and subdivide properties into lots. As suburbs and neighbourhoods expand, there is great value to be gained by getting into the land subdivision industry.
Nonmetallic mining and quarrying
The success of companies in the nonmetallic mineral mining and quarrying industry coincide with the success of construction and real estate companies. This industry provides plenty of jobs for people, from mining machine operators, to truck drivers, sales workers, and construction supervisors.
Religious organisations operate differently than most in other industries. Like any industry, religious organisations need money, but the money does not go back to the shareholders but instead to their mission.
Commercial and industrial equipment rental
Every now and then, a company needs a specialised piece of equipment that it would not otherwise need. Landscaping equipment, construction equipment, power generators, industrial-level cleaning equipment – you name it, someone needs it. Companies in the commercial and industrial equipment rental industry will always have clients.
Electric power generation, transmission, and distribution
The growing accessibility of technologies in renewable energy sources gives small, privately held electric power companies a seat at the energy market table amongst traditional fossil fuel-sourced power generators.
Automotive equipment rental
The rise of ride-hailing companies like Lyft and Uber may have decreased people’s interest in investing in their own vehicles, but the automobile rental industry is still highly profitable.
The dental industry remains one of the most profitable for small businesses. As with legal and other health practices, overhead costs for dentistry are high, but these offices do well because of regular and new patients.
Offices of physicians
Education costs in this field of work are high, but as with other health-related industries, a respected physician will get clients, new and recurring, consistently coming in. There are relatively few overhead costs.