If you want to run a small business but haven’t decided on a niche, you may be overwhelmed by the options. One way to narrow down the list is to look at the most profitable business types.
Take a look at the profitable businesses mentioned below and perhaps you’ll be inspired.
1. Food Trucks
Food trucks continue to get more popular annually. Rents across the United States are rising with inflation. So it’s more challenging for small restaurants and grocers to afford a traditional location.
But a food truck is a profitable, efficient solution. You can start a food truck business easily – just hit the road and park close to farmers markets, music events, baseball games, etc.
Food trucks are great because they cost little to run and you aren’t committed to one location. For example, perhaps you’re based in Columbus, Ohio. But you know there’s a big music event next week in Cleveland. You can head up there for the week and make bank, then head back home.
If you decide to run a food truck, remember to keep your refrigerator or freezer in good repair with regular maintenance and parts.
2. Property Manager
Property values are soaring in the United States, and more people than ever are looking to buy or rent homes and apartments.
Take advantage of the booming real estate market by becoming a property manager. There are many landlords who have properties that they don’t have time to manage.
Property management is a low-overhead business that you can run from your home. Most areas don’t require you to have your real estate license (but this can help you offer other profitable services to clients).
You can charge the landlord or property owner about 10% of the monthly rent for each property you manage. Once you have a good tenant in the property, you usually don’t have to do much, other than handling occasional repairs and maintenance.
3. Personal Training
Do you love to go for 10-mile runs or is hot yoga and weightlifting more your style? You may want to look into personal training.
Don’t think you need to work for a giant corporate gym, such as Lifetime Fitness. And you don’t need to have your own gym to train your clients, either. All you need to get started is a few sets of weights, yoga mats, and bands. So put them in the trunk, and hit the road!
You might offer one-on-one sessions in people’s homes. Or, think about advertising classes that you hold in a local park.
Running your own fitness business can make money and keep you in great shape. This is also a good option because more Americans want to stay fit, and you can bring the gym to them!
4. Home Improvement Equipment
Do your neighbors frequently turn to you for a snowblower, powerwasher, or 12-foot ladder? Of course, everyone wants to help the neighbors, but why not turn favors into a small business?
You can advertise on social media and nearby neighborhoods to rent your equipment. And if someone doesn’t know how to use the power washer, you can do the work for them and make more money.
5. Business Consulting
Are you an expert in your business and have been doing it for 10 years or more? Then you may want to try business consulting.
Many of the best business consultants often start in the field later in their careers. If you have niche expertise and are organized and network often, this could be a fantastic second career.
How do you get your first few clients? First, consider doing one or two jobs for free to get your name out there. And doing work for free at first will help you get the hang of your new business.
Any of the businesses above are a good choice for making plenty of money, so give one a try today.