You never know where your next business idea will come from. Inspiration has a way of striking when you least expect it — but no matter how much passion you pump into your latest venture, you still need to pause and consider the profitability that it might yield.
Not all small business ideas are created equal, of course. You need to assess the marketplace and decide for yourself if you have enough passion for your idea to commit to building it into a successful Limited Liability Company (LLC).
It’s up to you to identify which ideas you have the skillset and interest to seriously pursue. Before you do, be sure to take stock of market conditions and know which industries are populated by profitable small businesses. To get you started on your path, here is a quick guide to some of the best business ideas in today’s business landscape.
- Accounting and related services: All businesses need to keep their figures straight. So it’s no surprise that accounting, bookkeeping, tax preparation and payroll consistently rank among the most profitable small businesses. This is one area you can count on to stay strong, and it doesn’t require a ton of operating expenses.
- Automotive equipment rental/leasing: Though the automotive industry has traditionally taken a hit when the economy falters, professionals in the rental and related equipment space see a steady profit. People still need to get around — and don’t forget how ridesharing giants like Uber and Lyft have buoyed the market.
- Copywriting: We live in a world where marketing is almost entirely driven by content. Whether a business connects with customers via social media, blogs, emails, podcasts or viral videos, they need copywriters who can generate content to get their message out there. Writers will always find a place in the business world.
- Death care services: Are you noticing a trend here? Industries that serve an inherent and unavoidable need in society can always be trusted to turn a profit. Funeral homes and other businesses that serve those who have recently passed and their loved ones tend to be safeguarded from any downturns.
- Dentists’ offices: You might not think the dental industry would wind up among the most profitable options due to the high overhead costs for equipment. But people routinely need their teeth cleaned, and this makes for a solid business model that bucks expectations as a reliable field.
- Fitness instructors and trainers: This might seem like a luxury industry, but people are becoming more and more health-conscious — and nothing beats the accountability of an in-person workout. Whether you work for a large gym as a contractor or own your own establishment, you’ll find lots of opportunities to whip your customers into shape and earn a nice living in the process.
- Food trucks: Traditional restaurants may suffer when times are tough, but food trucks — with their low-cost, informal alternative approach to dining — have really gone mainstream in the past few years. The fact that you don’t have to deal with leasing or purchasing any real estate certainly helps. If you have the urge to get into the restaurant business, here’s a much cheaper way to get started.
- Landscaping and cleaning services: Even though your average consumers might not have the budget to afford professionals to tend to their yards or clean their homes, there are more opportunities for these services than meets the eye. Consider that commercial properties need maintenance even more than residential ones, as they depend on attracting business, and you’ll understand why this is such a promising field.
- Legal services: Due to the specialized nature of the industry, you’ll need years of training to qualify for a high-profile role. Nonetheless, selling your expert legal services can often make for a very profitable career, offsetting the time and financial investment you put in to make it this far.
- Management consulting: If you have experience in a specific field, you may very well be able to leverage that knowledge as a consultant to some high-paying clients in the industry. Because your expertise is the product, there’s no real overhead involved. You simply get to trade on your advice as you lead management teams on a journey to their own growth.
- Medical/diagnostic labs: This is another recession-proof niche. People still need to get blood tests done and tend to what ails them. Medical labs neatly support the larger healthcare industry, while creating a separate business opportunity.
- Real estate sales and leasing: Of all the entries on this list, real estate is perhaps the easiest business to get into. That may make it more competitive, but the payoff potential is much higher than in other industries. Even leasing out a property you own can be a strong moneymaker.
- Real estate services: Any role that works in tandem with real estate sales and leasing can be just as profitable. Appraisers, construction workers or general contractors can leverage their specialized skill sets in service of the current stable and growing real estate market.
- Tutoring and schools: Education is another industry that will always be needed, whether you focus on children or adults hoping to pick up a new trade. Some students require additional attention outside the classroom, and parents are willing to pay for a knowledgeable tutor to supplement their schooling. Self-improvement for adults has also become more prominent in recent years as well.
- Warehousing/storage: Look around your city and you’ll probably notice how many storage facilities have popped up. That’s because there is a very real need for these businesses, as consumers and professionals alike require a space to safely tuck away their business equipment and personal items. After the initial investment, you essentially act as a landlord, enjoying all the profitability that comes with it.
Once you've decided which small business ideas suit you best, that’s when the real work begins. You'll want to consider incorporating your business and getting all legal and regulatory requirements met as soon as possible. For many up-and-coming business owners, this can be a stressful time.
But that’s precisely why Incfile is here. We guide business owners like yourself to set their companies up for success from day one. We provide the knowledge and tools you need to conquer the challenges that await you. With our extensive resources on your side, you’ll be better equipped to build your business and manage your company as it grows.