Are you tired of the traditional 9-to-5 grind? Are you craving for some financial freedom or to have something of your own?
What are the most successful businesses to start? Here is the list of the top 10 most successful businesses to start:
- Online courses
- IT support
- Self publisher
- Website design
- Pet Handling
- Personal Trainer
If you answer yes to any of these, then you are not alone. Owning a successful business requires a lot of discipline, but it’s worth it. As long as you find something that you are passionate about, it will not feel like work.
However, finding what type of business to start can be challenging, but we can direct you in the right direction.
Before we explore the top 10 most successful businesses to start, let’s discuss reasons why you should start a business.
- Why should you start a successful business?
- Top 10 most successful business to get started
- Take Home Message
Why should you start a successful business?
If you are not a morning person, then you will never have to wake up at 6 AM again. The best part about starting a business is the freedom to start work whenever and wherever you want.
If you want to have an office, you can get a co-working space and drive there. However, if you want to work at home, then you can do so because it’s your own business.
Starting a successful business is not a small venture. You will end up working harder than before, and seeing a profit means that you have overcome a challenge.
A successful business can make you a lot of money. For example, the founder of Huffington Post, Arianna Huffington, has a net worth of $100 million. Bill Gates, the founder of Microsoft, is worth over $115 billion.
Once you figure out a strategy and have the right team, you will be able to scale to the point of making a profit without having to do much. After all, money is the significant reason why people start a business.
As a business owner, you can make business deductions, such as travel mileage, memberships, software, and dinner meetings. If you have a coworking space or a home office, you can swipe your business card to get some of that deducted.
In fact, you can write off any losses from the business to help with your tax return.
Also read, How to quit your job and travel with no money?
If you start a business and it thrives successfully, you will definitely need to hire employees. When that day comes, you will end up creating an opportunity for someone else to succeed.
As a business owner, you want to create an excellent culture, and the best way to do that is to motivate your employees and treat them well. You want to make them feel like they are involved in something significant and meaningful.
Innovation is the main factor that drives the economy. It entails thinking outside of the box and not being afraid to make changes or be wrong.
Starting a business is an excellent way to create innovation. If you have a new idea, invention, service, or product, then why not bring it to the light.
If your new idea succeeds and becomes a solution, it can help change a lot of people’s lives by increasing the economy, creating more jobs and opportunities, and much more.
Pass it on to the next generation
If you have a son or daughter, you can pass the business on to the next generation. Teaching your kids about business is a great way to bond and stimulate new passion. If your kids love what you do, they will be more than happy to carry on that legacy.
This is why some college students can get a high-position job right after they graduate because they end up taking over the family business.
Top 10 most successful business to get started
Now that you know why you should start a business, here is a list of successful businesses to consider starting:
1. Online courses
The COVID 19 pandemic has changed the education system. In the past, college and high school entail students crowding in a classroom, but now everything has been pushed towards the internet. This has provided a significant boost to the online learning platform.
For example, Coursera has experienced a 640% increase in enrollment rate during the pandemic.
What does this all mean?
Knowledge is power, so why not make a business out of it. You can run an online course that teaches English to immigrants, provide a course on real estate or the stock market, or create a regular university course like psychology.
Once you get an established base of students, it will lead to a profitable business since overhead does not cost a lot. The most you would dish out is the amount you pay for hosting space, domain name, and digital content.
The best part is that you can choose to teach any subjects that you are passionate about and most experienced in.
If you are a technology expert, you can create a technical online course. Like as a Microsoft MVP, I have created a SharePoint developer training course.
If you are an expert in a certain industry and have been working in it for years, then definitely consider consulting. Consultants usually embark on this business journey later in their career, and they tend to be experts at a particular niche.
Plus, they are highly organized and well connected, so starting this type of business and scaling is often doable.
Keep in mind that this type of business requires constant negotiation and networking, so make sure this is something you want to do.
If this is something you truly can’t stop pondering over, then the best way to get your first assignment is by offering your service for free or pro bono.
Providing free consultation gives you the opportunity to learn what works or doesn’t work, and it gets you a pretty good testimonial that you can showcase on your website.
3. IT support
As technology is constantly advancing, the IT field has become one of the most profitable and successful careers. If you are knowledgeable about providing IT support, then practically every industry will be begging for your service.
Keep in mind that when you are providing tech support, anything can go wrong. For example, you may accidentally cause some damages or there could be a system crash, and the customer will hold you accountable.
In order to save yourself from a hefty legal battle, it’s best to purchase insurance to support you.
4. Self publisher
Everybody goes crazy for high-quality content, such as fitness, parenting, cooking, technology, and nonfiction books. If you love to write stories and e-book, consider starting a self-publishing business.
With Amazon’s kindle direct publishing, you can publish paperbacks or e-books for free. The great part about Amazon is that you can have access to millions of potentially interested readers. In fact, in 2016, self- publishers made up 40% of top-selling e-books on Amazon.
Every brand has a story to tell, but not every CEO knows how to tell it. Fortunately, with marketing experts, they can bring any brand to life. If this is your passion and skill set, then consider creating a marketing business.
With the decline in print media and rise in influencers, this can be a very lucrative and successful business endeavor. In fact, digital marketing alone accounts for $106 billion in 2018.
6. Website design
If you are creative and text savvy, website design would be a profitable business. Practically every company needs a website for their products and services, so it’s obvious that this field is in high demand.
The cost of starting a website design company is very low. You can even start one at the comfort of your home. If you want some extra knowledge about web design, there are free and affordable online courses that you can take, like Coursera or Udemy.
With web design, you can earn an average of $75 per hour. If you become very skillful, designing a business website can earn you approximately $5000-$10,000, and there’s plenty of companies who are desperate to pay a skillful web designer to create a masterpiece for them.
Since people are spending most of the time on the internet, the demand for quality content has increased. This is where it becomes profitable for a creative and skillful copywriting entrepreneur.
An experienced copywriter creates marketing and advertising materials that businesses will need to use both online or offline. The best part is that it does not require anything expensive but a creative imagination. Usually, copywriters work from home as a freelancer with barely any overhead expenses.
If you have impeccable spelling and grammar, along with a beautiful imagination, then the sky is the limit when it comes to owning a copywriting business.
If you want to go above and beyond to make your business more attractive, then learning some search engine optimization (SEO) to complement your copywriting endeavor.
SEO involves topic and keyword research to help a website rank to the top of the search engine. If you combine that with excellent copywriting, you will be standing on a successful business.
Also, read, Why Entrepreneurship is Better in the United States.
Accounting and tax preparation plays a big part in everyone’s life. Around the month of April, everyone is constantly searching for an available accountant. If you are good with numbers, then this can be a very profitable business.
This type of business involves bookkeeping and payroll services. It can be very tricky and time-consuming, and one erroneous calculation can lead to an audit or loss of revenue. This is why most people would rather pay someone to do the math rather than doing it themselves.
Before starting an accounting business, it’s essential to understand the IRS requirements. You will also need a preparer tax identification number or PTIN, which can be obtained through the IRS website. You will need a license to prepare taxes and knowledge about the state laws.
Also, check out, How to Become an Entrepreneur with No Money.
9. Pet Handling
Practically everyone treats their pets like children, and you will definitely not want to leave your child home alone. That is why many pet owners will pay money for a pet sitter or walker to look after their pets.
Pet handling can be pretty lucrative if you have a place to keep the animals. You can earn a pretty good profit depending on how long they stay. Your services could also include training, grooming, and walking.
However, some start-up capital will be needed to cover the cost, but because of the high demand for a pet handling service, you can quickly profit enough money to cover the initial investment.
10. Personal Trainer
If you are passionate about helping people look and feel good, then consider becoming a personal trainer. This is a booming industry because people are more aware of the complications of diabetes, high cholesterol, and high blood pressure, so they become more interested in getting fit and healthy.
Keep in mind that this field entails a lot of networking and sharing ideas on helping others live a healthy lifestyle, so if you are an introvert, then it may not be a good fit.
The best place to start is to chat with your local gym. If you are able to get a contract, then you can get paid for each gym member who requests a personal training session with you. Even though you will have to pay a commission to the gym, but it’s still an excellent way to get clients.
You may also like the following articles:
- Entrepreneurship activities for every step of your entrepreneurial journey
- How Does Google Support Entrepreneurship in the USA?
- 18 Important ways of Bootstrapping to Achieve your Entrepreneurship Goals
- How to Be an Entrepreneur without an Idea
- How to Overcome Entrepreneurship Failure
Take Home Message
One of the biggest mistakes that people make is thinking that they will create a successful business on the first day. Unfortunately, starting a successful business requires a lot of time and energy. You won’t even see profit in the first few years, which is why it’s imperative to love what you do, so you are having fun working rather than worrying about the results.
If you are crazy about your business, everything you do will not feel like work. The results of success or failure won’t matter because you are too focus on enjoying your business. In fact, successful CEOs, such as Jeff Bezos, Mark Zuckerberg, or Elon Musk, did extremely well with their companies because they build their foundation with passion rather than greed.
With that in mind, consider the top 10 most successful businesses to start as a stepping stone to finding what you truly love and turning that into a reality.