When venturing into business, some people have a good idea of the kind of business industry to conquer. For new entrepreneurs, however, it can be tough figuring out the best and most profitable business idea and industry to venture into.
What are the most profitable business in the world? Here is the list of the top 19 most profitable business in the world to start:
- Food Truck Business
- Auto Repair business
- Accounting & Tax Preparation
- Language Courses Translator Business
- Vacation Rentals
- Personal training and fitness instructors
- Enrichment Activities for Children
- Mobile Apps and Entertainment for Children
- Shared Home Improvement Equipment
- Personal Wellness
- Graphic Design
- Social Media Marketing and Management
- Virtual Assistant Services
- Delivery services
- Warehouse and Storage
- Pet Handling Service
- Real Estate and Real Estate Brokering
- Cleaning Services
Most profitable business in the world
Compiled below is a list of the most profitable businesses in the world, each with a great potential to grow and provide you with good living standards.
With determination and hard work, these businesses are bound to make you more profit than losses.
1. Food Truck Business
Setting up a brick and mortar location for food artisans is becoming difficult with rent increasing in major cities. The food truck movement is therefore growing exponentially in the bustling areas where customers are most likely to be.
With the geographic versatility of a food truck, parking it at the local farmers market, local events or the town square is likely to draw a large crowd.
You could easily use your secret mouth-watering recipe to establish a thriving food truck business.
Besides the street vending business, you could extend your services to catering for parties, weddings and other events.
Ensure to contact your local health department and inquire about the required permits that include business licenses and set safety standards.
2. Auto Repair business
For a skilled mechanic, the auto repair business is one of the most profitable businesses to consider.
Taking a car to the shop for maintenance and simple repairs could mean spending a long wait or having to look for alternative means to navigate the day which is both inconvenient and expensive.
While some repairs require a well-equipped auto shop, some only need a few tools to complete. Services like oil changes, headlight repair, fluid refills and battery swaps are some that a skilled mechanic can perform even from the customers parking lot or driveway.
3. Accounting & Tax Preparation
While accounting and bookkeeping is an unavoidable part of owning a business, most entrepreneurs find it the most taxing and would rather pay someone to do it than do it themselves.
With a good background in accounting, one could easily establish a business and keep your fellow entrepreneurs business and personal finance books in order.
As a bookkeeper, compiling expense reports, processing payrolls and invoices are some of the services you can offer.
With a CPA license, you can help file tax returns and generate accounting documents and balance sheets for your clients.
Small accounting firms and tax preparation services have and continue to be one of the most profitable businesses with a net profit margin of 19.8%.
4. Language Courses Translator Business
For multilingual people, language translation and tutoring sessions could be one of the most profitable businesses to invest in.
Translating website pages, blogs, and other documents can be done from the comfort of your home, and with the help of platforms like Upwork and Fiverr, one can connect to clientele looking for this skill.
As borders continue to blue across the world, people are seeking to learn new languages and this is where the language-based tutoring sessions come in with expertise in the most-in-demand languages like Spanish, Arabic, and Swahili, you could take your services online and connect with someone willing to pay to learn from you.
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5. Vacation Rentals
Vacation rentals are another way to make great profits and their demand has grown greatly in recent times. You could start making extra income from renting out a spare room or a vacation home for a certain rate per day.
Sites like VRBO and Airbnb have made it easier for this kind of business to thrive by connecting travelers to your property hence earning you profits.
If you have an unused property especially in a desirable tourist destination, consider this business idea.
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6. Personal training and fitness instructors
For fitness enthusiasts, personal training is a great way to turn your love for fitness into a thriving career.
Without the overhead of having a location to train clients, personal training sessions can be done from the comfort of your clients home, community centre or local park.
With more people becoming conscious of their health and wellness, personal training and is becoming more popular.
Making this service more available to clients is a great way to enter one of the most profitable businesses in the world right now.
7. Enrichment Activities for Children
Athletics, art and music are but some of the enrichment subjects that have taken a great hit with the growing number of children and reduced budget for education in the States.
Most people are therefore turning to private business offering these enrichment activities.
For people with skills that can easily be taught to children, businesses like teaching Yoga, swimming instructor, music school and gymnastics centre are some of the most lucrative businesses to consider.
8. Mobile Apps and Entertainment for Children
With an increase in technology use, demand for apps, mobile entertainment, and tablets has been on the rise. If your interests lie in entertainment or technology, now is the time to turn that into a potentially profitable business.
You could create a child-friendly app to entertain and educate children or parents from the comfort of their living rooms and make a living out of it.
if you happen to be the contact person for home repair and improvement tools in your neighbourhood, this could be a business idea you are sitting on.
Advertising your tools and equipment beyond your neighbourhood and friend group could turn into a lucrative business for you.
With the business running, you could invest in higher-cost equipment for rent and even include a handyman to offer services at a higher cost.
Renting home improvement equipment could be a big business opportunity for people investing in upper-fixer houses who need tools and advice.
10. Personal Wellness
Passion for wellness can also be converted into a highly profitable business. For a person with counseling expertise, a life coach or yoga instructor significant income can be made from just sharing what you know.
The desire to know yourself better is common to us all and online courses that aid this are a great idea.
Besides online courses, you could have one-on-one paid sessions with clients and easily make money by using your knowledge to better other people’s lives.
If you have vast experience in a certain field or have expertise in a certain industry, people may be hungry for your expertise and knowledge. You could easily convert that into a thriving independent consultant career.
You could serve on an advisory board of a struggling business, speak at conferences or offer your expertise to help businesses strategize at a fee.
Starting a consulting business is a great way to use your skillset to earn you the income of your dreams as you work on your terms.
12. Graphic Design
Graphic design work for small businesses is always needed to maintain a polished and slick image for its customers.
With most people not being able to afford large-scale advertising, your knowledge of graphics could be the answer to their problem.
With a good eye for design and branding, turning your skill into business as a freelance graphic designer could earn you huge profits.
You could charge a significant rate hourly and create great marketing graphics for small businesses that cannot do it for themselves.
13. Social Media Marketing and Management
Social media has become a force to reckon with and entrepreneurs have adopted taking their businesses online.
For a business to thrive on social media, however, a strong social media presence and good customer service are inevitable.
Few business owners have the necessary expertise and tie to manage all their social media accounts. If you are great with Twitter, Facebook, Instagram and have bagged jobs from LinkedIn, consider turning this expertise into a business.
You could start a social media consulting agency and support business owners struggling with managing their brands on social media and earn profits from it.
14. Virtual Assistant Services
Another profitable business is the virtual assistant services business. Every entrepreneur, executive or manager has full schedules and workload they may not be able to handle on their own, making an assistant very necessary.
With most not able or willing to pay for a full-time assistant, a virtual assistant fills in the gap. As a virtual assistant, one chooses their client and can create their work schedule.
All a virtual assistant needs to start up this highly profitable business is a good internet connection and a laptop.
15. Delivery services
The delivery services industry has grown tremendously over time and is expected to continue growing.
You could easily offer your courier services to work with business owners and deliver products to their consumers at a fee. Depending on the distance and nature of goods, you could charge an extra fee and earn profits from using your automobile.
16. Warehouse and Storage
When people go through a life change or need to move, they may require extra space and the warehouse industry solves this problem. By charging a fee for storage for a particular period, this business could be very profitable.
17. Pet Handling Service
Most pet owners regard their pets as family members and are very cautious about who to trust them with, especially when traveling away for a long or short time. They require a trusted person who they can trust to look at the welfare of their pets.
Establishing a business to offer a place for pets to be kept could earn you good profits depending on the duration they stay. You could also offer services like pet walking, grooming, and training aside from this.
18. Real Estate and Real Estate Brokering
The real estate and real estate brokering business is an extremely lucrative business to venture into if you are a person with good networks.
As a realtor, you are able to create your work schedule and can easily get a broker license to set up a brokerage firm. The business is competitive but with proper planning, it could be your most profitable business to engage.
Real estate has a lot to offer, with a 14.8% profit margin in sales and 17.4% for leasing.
19. Cleaning Services
Cleanliness is part and parcel of our everyday lives, be it at home or in the office, a clean environment is essential.
With the covid-19 pandemic, cleaning services have increased in demand and despite the industry being competitive, there can never be too many cleaning companies.
If you are good with cleaning and always get commended for keeping your home spotless, consider the lucrative cleaning business.
It does not require much to start as you basically need a vehicle for mobility, good cleaning equipment, and products, and a catchy website to attract clients.
Steps to start a profitable business
Let us see the steps to start a profitable business.
Research your idea
The first step to starting a profitable business is having a good idea. This is not enough however as adequate research is essential in ensuring the concept succeeds.
Research on the financial feasibility, market status and competitors before setting up.
Create a business plan
After doing your due diligence on your business idea, the next step is to create a well-laid out business plan. With all the logistics in place proceed with officiating your business.
This includes registering your business name, getting the necessary business permits and licenses for your business to open.
Every business requires capital to grow. If you struggle to qualify for a traditional business loan as a startup, consider funding the initial growth with a business credit card that will eventually qualify you for the loan.
It also develops your business credit history that earns you rewards as you spend.
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Many factors come to play when starting up a profitable business. While considering your business idea, remember hard work, determination, and resilience are key in running not only a successful but a highly profitable business. With the steps above in place, remember to have a unique factor to your business to ensure you stay relevant in the market and keep coming in.
Bijay is an entrepreneur and start-up founder having more than 14 years of IT industry experience. He is the co-founder of TSInfo Technologies, a SharePoint development company.
A dedicated professional and very passionate about public speaking and also wrote thousands of technical blogs in various technologies. He also wrote a lots of blogs on entrepreneurship, investment, startup, business, manage money tips, etc.