Thinking of starting a profitable small business? Looking to partner with or sell services to other profitable small businesses?
Indeed, profitable small business” isn’t an oxymoron. Entrepreneurs have the chance to start one of the most profitable businesses in their field thanks in part to digital technologies and sound strategic planning.
Of course, starting a business is not the end of the journey; you still need to make sure it grows and stays healthy by making regular investments. Because if you don’t put any money into your business, it will definitely stagnate, and, if you fail to do something about it, you might have to face closing your business.
While it is common knowledge that most successful small businesses start with a great business idea backed by a solid business plan, some businesses and industries have higher profit potential than others. If you are an entrepreneur or investor looking for a new small business opportunity, limiting your choices to the most profitable small businesses listed in this article is one of the best ways to ensure success.
Below, I take a look at some very profitable businesses you can start with very minimal capital in the year 2020.
5 Of The Most Profitable Businesses With Little Startup Costs to Start in 2021.
1. Business Consulting.
Consultants who are most successful tend to embark on the journey later in their careers, have niche expertise, and are incredibly organized and well-connected. Plus, they know how to scale a business and have the keys to keeping clients happy. Just like other types of freelancing, being an independent consultant is a business and requires networking and negotiating.
Businesses of all sizes are willing to invest in consulting services, sometimes spending thousands, and even hundreds of thousands of dollars a year on consulting services. Perhaps you have a skill or were educated in a particular function, maybe even from a previous job. You can use those skills to offer consulting services to other businesses.
2. Property Management
If you live in a more populated area, then there will surely be apartment buildings around that you can manage. Many property owners don’t have the time, or inclination to manage their own properties and seek assistance from others to help them with the day to day management, record keeping, and rent collection.
If you are willing to spend the time and money to get a real estate license in your state, you may be able to start your own company with little additional work.
3. Education services
People are willing to spend a lot of money on their kids’ education. Tutoring, college admissions coaching, and test prep are all in demand. You may need to prove your own educational background to start, but there are few other fixed costs to worry about.
If you want some help getting started, check out VIPKid. They’re a very flexible, online teaching program that helps children in other countries learn English. The application process is somewhat rigorous, but if you have a background in education, you should have no problem working for VIPKid.
4. Logo Design
As a freelancer specializing in logo design, you should initially concentrate on building your portfolio. Every new customer would want to see your previous work. An extensive and high-quality portfolio can be the best marketing tool.
Perhaps you have a skill in the arts? Or some experience using tools like Publisher, or Adobe Creative Suite. If so, then you can do logo, and other graphic design services for other small businesses.
5. Courier Services
Courier services are distinguished from ordinary mail services by features such as speed, security, tracking, signature, specialization, and individualization of express services, and swift delivery times. Delivery doesn’t cost much — other than gas.
Delivering packages is something that you can start on your own, and eventually build into a larger type of business. You, of course, need a website, and vehicle, some polished marketing, and you can pick up and deliver on your own, or even hire drivers to help. Should you decide to focus on a particular area of the city, let’s say the downtown core, you can even offer bicycle courier services.