10 Profitable Small Businesses Models that are Booming

According to the Small Business Administration, about 90% of new businesses fail within the first five years due to lack of planning and funding. But if you’re willing to be resourceful and put in the hard work now, you can set yourself up for success by following these steps and starting a business that will stand the test of time and succeed in any economy. Here are 10 profitable small business models to get you started!

1) Delivery services

People will always need things delivered, especially when they live in a big city. If you start a business delivering local items, you’ll be able to make some money while also getting some exercise. Because of that, it’s a win-win! And with these newfangled self-driving cars on the horizon, you might not even have to hire an employee!

2) Pet Care and Animal Services

People have always loved their pets, but it’s only recently that people have seen them as more than just a furry family member. If you love animals and are looking for a profitable business idea, consider opening a pet-care or animal-service business. These industries tend to be low risk with high profit margins, making them attractive for entrepreneurs of all experience levels.

3) Fitness, Wellness, and Gym Services

As fitness, wellness, and gym services take off in popularity, many entrepreneurs are jumping on board. From gym memberships to nutrition counseling, these new businesses can be operated from home or set up at a storefront. Depending on how big you want your business to be, you may not need any licenses—or even an official address. You will want to research certifications or training programs (such as CPR), but there’s no need for expensive equipment in order to start making money through these services.

4) Environmental Consulting

As climate change and pollution continue to make headlines, more companies are turning to environmental consulting agencies. These professionals can help clients reduce their carbon footprint, which helps them comply with local, state and federal regulations. Small business owners looking for a new venture should consider an environmentally friendly line of work. The job opportunities are growing as more businesses recognize they need help keeping up with regulations.

5) Senior Care (Home Health Aide/Nursing/Medical)

The health care industry has grown significantly in recent years, so much so that some economists now think it will replace manufacturing as America’s biggest economic sector. In 2022, 1 out of every 8 people in America will be 65 or older. With an aging population, there is significant demand for senior care and medical providers. Consider learning how to become a home health aide or nursing assistant; both professions are in high demand, but with very little supply.

6) Insurance Services

If you’re good with numbers and want a career that revolves around helping people, consider being an insurance agent. It can be a side hustle business that works part-time while you go to school or work full-time, and unlike real estate, there are no startup costs. Insurance companies need lots of bodies in new places all over America and they aren’t picky about any experience you might have: just some sales know-how and a convincing personality.

7) Property Management

Companies like Airbnb and VRBO have made it possible for people all over America to rent out their properties on a short-term basis. By renting out rooms in your home, you can generate some extra income on nights or weekends when you’re away from home.

8) Transportation and Distribution of Goods

In 2017, Uber made $37.3 billion, a 14 percent increase over 2016. And according to The New York Times, it’s not just that Uber and Lyft are adding millions of rides every quarter — it’s also that those riders are adding more trips every year.

9) Personal Concierge Services (Personal Assistant/Babysitting/Elderly Care etc.)

If you have a natural caring streak and possess excellent time management skills, consider starting a personal concierge business. Personal Concierge Service (PCS) businesses have been growing rapidly in recent years, as our lives get busier and families are spread farther apart. PCs cater to today’s fast-paced world by helping clients manage everyday tasks such as shopping, laundry, cleaning, running errands and picking up dry cleaning.

10) Education (Elementary school, Tutoring, etc.)

If you have teaching experience, or love working with kids in any capacity, then starting a tutoring business could be an option for you. Depending on your area and clientele, there are opportunities for both part-time work and full-time work (with more income). To do well here, it’s helpful if you have a subject matter expertise.

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