Most Profitable Industries #1: Mobile Businesses
While mobile app
development is certainly a huge industry right now, that’s actually not what
we mean here. In this case, we’re talking about businesses that travel to their
customers, offering their products and services wherever the customer happens
to be.
As we all become
more and more used to having everything accessible instantly and at our
convenience, businesses on the move have hit the forefront of the most
profitable industries in 2015 and beyond. Check out these mobile business ideas
to help you take advantage of this emerging trend:
Auto Repair
Taking a car to
the shop for simple repairs can be a challenge. After all, most of us use our
cars to get from place to place! That means taking a car in for repairs often
either involves a long wait at the repair shop, renting a vehicle for the day,
or coordinating a ride with a friend or spouse. Unless…
While some repair
jobs do require the equipment of an auto shop to complete, there are plenty of
maintenance and repair services that need just a few simple tools to complete.
If you’re skilled as a mechanic, consider going mobile with your
services—offering oil changes, fluid refills, battery swaps, headlight repair
and more right in your customer’s driveway or office parking lot.
Food Trucks
The foodie
movement continues to grow in 2016, with more and more styles of cuisine
offered in unique venues. But as rent in major cities increases, it’s becoming
more difficult for up-and-coming specialty food artisans to finance a brick-and-mortar
location in the bustling centers of town—where their customers are most likely
to be.
The answer? Food
trucks! Hit the road and park yourself at local events, farmer’s markets, the
local town square—wherever you’re likely to draw a crowd. The lower overhead
and increased geographic versatility of a food truck means you can turn your
grandma’s famous dumpling recipe or that off-the-wall dessert idea into its own
thriving business.
Keep in mind that
bigger, trendier cities like San Francisco, Portland, and Boston already have a
pretty saturated food truck market—so you might be more successful in a smaller
heartland metropolis. Food trucks also tend to have their own special set of
ordinances and safety compliance standards, so contact your local health
department to find out what will be required.
Car Wash Services
Who wants to drive
across town to get their car washed when you could be on your couch
binge-watching House of Cards? As a mobile car wash and auto detailing service,
you wouldn’t only benefit from the unique value proposition of being mobile,
but you’d also avoid the significant overhead and startup cost of having a
physical location.
Not sure how to
start your own mobile car wash service? Don’t panic! There are a variety of
online wholesalers that offer auto detailing start-up kits as well
as training for those interested in starting their own business in this niche
industry.
Electronics Repair
If you’ve looked
up from your own mobile device lately, you’ve probably noticed that most
Americans these days are more than a little bit obsessed with our electronics.
This widespread tech addiction means that when something goes wrong, people tend
to freak out.
Enter… You! The
solution for every broken iPhone screen, WiFi card, and laptop battery. And if
you’re willing to travel to your customer? You’ve got an instant hit!
(Because who really wants to stand around by a kiosk in the mall?)
While a mobile
electronics repair business involves some overhead in the form of purchasing
supplies, keeping your business mobile saves you from the high overhead cost of
a physical location. That means more profit in your pocket!
IT Support
As you probably
know from hours spent with your grandparents, electronics that don’t seem to be
working are usually actually not in need of repair. Not everyone in the world
is naturally tech savvy, and when things go wrong, often the free customer
phone support provided by manufacturers doesn’t exactly feel supportive.
If technology
comes easily to you—and you’re a relatively patient person—then consider
hitting the road, at least in your neighborhood, with mobile IT support. All
you need is time, transportation, and your own know-how—so this low-overhead
business model is almost pure profit.
Personal Trainers
Turning your love
of fitness into a career doesn’t have to mean working for a big corporate
gym—nor do you need the overhead of have your own location to train clients.
Throw a few weights, bands, and yoga mats into the trunk of your car, and take
your fitness show on the road!
Offer one-on-one
sessions in your clients’ homes or advertise group classes at a local park or
community center. Making fitness more available to your clients might just be
the ticket to helping both of you achieve your goals.
Most Profitable Industries #2: Child-Oriented Businesses
Newborn and Post-Pregnancy Services
With new babies
being born at record rates, the need for post-pregnancy and newborn related
services continues to grow. Doulas and lactation consultants, in particular,
are in demand for new mothers, and both business options have relatively low
overhead requirements beyond education and certification.
Enrichment Activities
While the number
of children in the United States grows, shrinking budgets for education mean
that both traditional academics and enrichment subjects like music, art, and
athletics have taken a significant hit.
As a result, more
parents are turning to private businesses for enrichment activities outside of
school. Business is looking good for gymnastics centers, music schools,
swimming instructors, kids’ yoga teachers, and more. If you have a skill that
could be easily taught to young students, you might already have a profitable
business in the making!
Mobile Apps and Entertainment
If your interests
lie closer to tech or entertainment, consider gearing your technology toward
the youngest of consumers. Research shows that regardless of expert
recommendations, demand for tablets, apps, and mobile entertainment for
children is on the rise.
Do you have an
idea for an educational app for children or parents? If so, now’s the time to
move forward on your bright idea for the next generation.
Most Profitable Industries #3: “The Sharing Economy”
We want and need
to own less stuff.
That’s the basic
message that brought about our so-called sharing economy. Whether because of
environmental concerns, economic necessity, or simply a desire for more human
connection, the idea of sharing resources as a small business opportunity has hit it big in the
last few years. And while the opportunity for growth in the large-scale sharing
economy is still huge, there are also more and more opportunities left
available at the local small-business level.
Maybe you have the
big idea that will make you the next Uber, DogVacay,
or AirBnB.
Or maybe you’ll make the sharing economy work for you on a smaller scale.
Whatever you have in mind, here are a few examples to get you thinking about
how to make the new sharing economy work for you:
Accessories and Attire
Sites like Rent
the Runway and Gwynnie Bee
have banked on the sharing economy by offering borrowed or rented clothing and
accessories at a fraction of their purchase prices. And because the same piece
of inventory can generate revenue multiple times, the profitability of these
ventures is pretty significant.
Do you have an eye
for fashion and a sense of style not currently offered by other rental
services? Maybe you’re ready to be the next big thing!
But even if you’re
not prepared to launch a multi-million dollar fashion startup, you can just as
easily profit from shared fashionability at the local level. Gather some
favorite accessories or clothing picks and host a borrowing party for high
school girls before the next formal dance. If you’re in a college town, greek
life formals are another great opportunity to profit from shared economy
fashion. And because you’re taking shipping costs out of the equation, you have
the potential for an even better profit margin than the larger startups enjoy!
Home Improvement Equipment
Are you the go-to
guy or gal in your neighborhood for every lawn, garden, and home-repair tool
under the sun? Why not turn those favors into a profitable business by
advertising your available equipment beyond your immediate friend group?
You might even
decide to invest in more specific and higher-cost equipment that would be
useful to those around you. And if a customer doesn’t know how to use a
specific tool, combine your equipment rental with a mobile handyman service for
even more cash in the bank!
Vacation Rentals
Sites like AirBnB
or VRBO have made it easier than ever to profit from your unused vacation
property—or even your extra bedroom. If you live in a highly desirable tourist
destination, you can make a pretty penny renting space in your home to
travelers, and make a few friends in the process!
Most Profitable Industries #4: Online Education
What industry are
you an expert in? What knowledge do you have to share with the world? Online
business owners are making big bucks offering courses through various platforms
or independently through their own websites.
The overhead
requirements of developing an online course are pretty minimal. You need a
platform (think Udemy or Rainmaker), some content, and an audience. It might
take some significant time to develop your course and marketing dollars to find
and attract your audience—but once you’ve completed those steps, there is zero
cost per unit sold and no limit to how many participants you can have.
If you like the
idea of helping others and making money through an online course, but you’re
not sure where to start, consider whether one of these niche topics may be the
right fit:
Academics
When most of us
think about education, our minds immediately jump to traditional academics. And
while academics is certainly not the only subject that fits well with online
courses, it is a viable option!
Especially as more
and more American schools struggle to prepare students for both standardized
testing and life outside the classroom, there’s ample opportunity for teachers
and subject matter experts to earn income through online courses.
Offer supplemental
instruction in grade-level reading math, science, or history, or even
standardized test preparation. You could even create a review course for
parents helping teens with their algebra homework! If you’re creative, the
possibilities are truly endless.
And academic
courses don’t have to end at the high school or even college level! Share your
love of political history, Buddhist theology, or rocket science. If you’re
interested in a particular subject, chances are high that someone else is, too!
Business or Marketing
The sad reality is
that while liberal arts degrees might develop critical thinkers, many college
graduates don’t come away with marketable skills that make them successful in business.
Your ability to fill in those gaps with your own expertise could provide you
with an incredible income opportunity at very little startup cost.
What skills and
lessons have you learned the hard way in your own business or career? Share
your expertise with fellow entrepreneurs through a B2B-oriented online course.
Popular course topics include bookkeeping, QuickBooks accounting, WordPress web
development, graphic design, how to develop a great client proposal, or even
how to write a great cover letter or resume.
Personal Wellness
Are you a
therapist or counselor, a yoga instructor, a life-coach, or a long-time
meditator? If you have a deep passion for personal wellness, you might be able
to help others find their own zen… While also earning a significant income. All
you have to do is share what you know!
If you’re
skeptical about the combination of personal wellness and online courses, look
no further than Oprah. She’s the personal wellness queen, and has been
an early advocate of online courses—including author Brene Brown’s CourageWorks
on the power of vulnerability.
Every person has a
desire to better themselves, and that’s exactly what online courses are all
about. What expertise do you have to share?
Other Hobbies
While many courses
are designed to further an education or career prospects, or to promote major
life change, you can just as easily design an online course around any hobby or
interest. Do you have a passion for calligraphy or craft brewing? Have you
mastered a certain video game? You’d be surprised at the number of people
willing to pay to learn about topics they’re interested in.
Not sure how to
start designing your own online course? Well, there’s even an
online course about how to launch an online course! So now you
really have no excuses.
As the economy
continues to bounce back from the great recession, more and more small business
owners find themselves in need of assistance to run the day-to-day of their
business—but with the memory of massive layoffs fresh in their minds, many
seasoned entrepreneurs are hesitant to take on the overhead and responsibility
of hiring full-time employees again.
For many, hiring
freelance contractors is the perfect middle ground to get the work they need
while avoiding additional salaries or a long-term commitment. If you have the
skills small business owners could use, you’ve got a highly profitable
opportunity in front of you. In fact, Entrepreneur recently listed various B2B services as
4 of its 15 most profitable industries for small businesses!
Consider whether
one of these common freelance fields may be a good fit for you:
Bookkeeping and Accounting
Accounting and bookkeeping
are an unavoidable reality of business ownership. But for many entrepreneurs,
money management is the very worst part of owning a business. Whether you’re a
licensed CPA or just a QuickBooks wizard, you might be the perfect candidate to
launch your own business by keeping your fellow entrepreneurs’ personal and
small business finances in order. With a net profit margin of
19.8%, bookkeeping, accounting, tax preparation, and payroll
services have long been some of the most profitable businesses for
entrepeneurs.
As a bookkeeper,
you can process invoices and payroll, compile expense reports, and more. If you
have a CPA license, you can help business owners file taxes, generate balance
sheets and other accounting documents, and make your professional
recommendations about your client’s bottom line.
Consulting
If you’ve been in
the business world for a long time, folks may be clamoring for your knowledge
and expertise within your industry. Why not turn all that know-how into a new
career as an independent consultant? You can be paid to speak at industry
conferences or events, serve on a board of advisors for a fledgling business,
or lend your expertise to shape the strategy of an existing business on a
contract basis. Whatever your skill set, starting your own consulting firm is a
great way to make the income of your dreams while working on your own terms.
Graphic Design
As the number of
brands vying for consumers’ attention grows, a slick and polished image has
become more important than ever for small businesses. Regardless of whether
they can afford a large-scale advertising or marketing agency, almost every
small business will need some amount of graphic design work now and again.
Do you know your
way around Photoshop, Illustrator, and InDesign? Have you taken a few design
classes, and do you have an eye for good branding? Turn your skills into a
business as a freelance graphic designer. You’ll have almost no overhead and
can charge significant hourly rates to do what small business owners can’t do
for themselves—create awesome marketing graphics!
Social Media Management
Most millennials
were born and raised on social media. As customers, they expect a business to
have a strong social media presence and to be responsive in social customer
service.
However, while
most fellow small business owners know that they need a social media presence,
few have the necessary time or expertise to “do social media” well.
If you’re fluent
in Twitter, live your life on Facebook, and have gotten every job you’ve ever
had on LinkedIn, consider turning your social media expertise into your own
solopreneur business venture, offering support to business owners who need help
managing their brand’s social media platforms.
Virtual Assistant Services
When the
pre-recession economy was at its peak, every entrepreneur, manager, or
executive worth their salt had a personal or executive assistant. Years later,
many still have the workload and full schedules that make having an assistant
useful (if not necessary), but many still can’t or don’t want to pay for a
full-time helping hand.
To fill the gap,
virtual assistants have become the quintessential hybrid of the sharing economy
and freelance B2B services. As a VA, you can choose your clients and create
your own schedule managing emails, scheduling meetings, booking travel, and
completing other basic tasks to make your customers’ lives run more smoothly.
All you need is a laptop and an internet connection!
***
While industries
like healthcare technology, finance, and product manufacturing might dominate the stock
market and the Fortune 500 level economy, those same industries
aren’t necessarily the most profitable or accessible options for small business
entrepreneurs.
Take advantage of
these profitable industries that are better suited to small business, and
you’ll quickly reap the benefits of a successful business venture in 2017.
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