7 Most Profitable Small Businesses Worth Investing in Today
Are you thinking of investing your money into a small business to turn a profit? If so, here are the 7 most profitable businesses worth investing in today.
There are more than 30 million small businesses in the United States. That might lead you to believe that there isn’t enough room for more.
But if you’re looking to take some money you’ve saved up and turn it into a much bigger nest egg, starting a small business might be the best approach to take. If you open up the right kind of small business, you could end up giving yourself more than enough money to live on when you retire.
So, what are the most profitable businesses? Let’s take a look at some of the best options to invest in when starting a small business.
1. Accounting Service
The city or town that you live in is probably jampacked with tons of accountants already. There are, after all, about 1.2 million accountants working throughout the country at the moment.
There will always be a big need for more accountants though. Everyone from individuals to large corporations needs to call on accountants from time to time for their services.
You will need to come up with a clear business plan regarding who you’re going to serve with your accounting services. Determine if you’re going to focus on homeowners with tax breaks or help businesses that outsource their accounting needs.
As long as you figure out which services you’re going to provide and don’t stretch yourself too thin, you can generate incredible profits through an accounting service. The more skilled and experienced you are, the more money you could stand to make over time.
2. Investment Company
Studies have shown that two out of every three Americans believe they’re going to outlive the retirement savings. There are many people who aren’t saving enough money for retirement.
Do you want to help those in your community change that? You can do it by starting up an investment company that’s designed to help people save more money over the long haul. You can teach them about buying and selling stocks and other aspects of investing.
This is a highly regulated industry, so you’ll need to make sure you know the ins and outs of it before you dive into it. You’ll also need to stay up to date with all the latest financial trends by reading everything from Forbes to Keith Fitz-Gerald Reviews on a regular basis.
As long as you’re up for the challenge, you could make a ton of money for yourself while helping others invest their money.
3. Funeral Home
This might sound morbid but stick with us here. Getting into the funeral home industry could be one of the best financial decisions you could make right now.
The funeral home industry is already one of the only real recession-proof industries out there. No matter how strong or weak the economy might be, there are more than 2.5 million deaths in the U.S. every year. It results in a consistent need for funeral services.
But the industry could experience an even bigger uptick in business over the next 50 years or so. The country’s elderly population is expected to more than double from 46 million today up to 98 million by 2060.
That will keep the funeral home industry humming along for the foreseeable future.
4. Law Firm
If you think there are a lot of accountants in the U.S., you should check out how many lawyers there are. As of right now, there are more than 1.3 million of them and that number continues to grow every year.
Yet, you can still make a lot of money by opening up a law firm and providing the right services. The thing about being a lawyer is that there are so many areas of expertise. You can be a:
- Business lawyer
- Criminal lawyer
- Estate lawyer
- Family lawyer
- Personal injury lawyer
- Employment lawyer
- And more
Find a niche that needs filling in your community and fill it! It’s the easiest way to open up one of the most profitable businesses around.
5. Personal Training Company
Only the rich and famous used to be able to afford personal trainers, but these days, more Americans are turning to them for help.
In fact, there are going to be more than 330,000 personal training jobs by the time 2026 rolls around. It’s clear that people have fallen in love with the idea of whipping themselves into shape by using personal trainers.
You can open up a personal training facility without putting up a ton of money upfront. Many personal trainers actually get their start by meeting up with clients at their homes, at parks, and even at gyms where they have memberships.
This makes starting a personal training company a lucrative operation. You can make others feel good about themselves while beefing up your own bank account.
6. Real Estate Agency
A decade ago, the idea of opening up a real estate agency would have been laughable. The housing market was in such a bad place that people wouldn’t have dreamed of doing it.
Today, the housing market has rebounded nicely. While many millennials choose not to invest in real estate, there is still a need for reputable and experienced real estate agencies across the country.
You shouldn’t start a real estate agency without first working with a broker and building up a list of clients. Over time, you can put yourself into a position to start a real estate agency and reap the rewards that come along with doing it.
7. Self-Storage Company
The self-storage industry has turned into one of the biggest industries around in recent years. It’s now worth about $38 billion annually and includes about 50,000 self-storage facilities nationwide.
Getting into the industry will take a pretty large investment on your part. You’ll need to put up money to buy property so that you can build self-storage units.
If you’re able to do that, it can generate a lot of money every month and be well worth your time and money.
Use This List of the Most Profitable Businesses to Your Advantage
Why let your money sit in the bank when you could use it to start one of the most profitable businesses around?
As you can see, there are a bunch of small businesses that could help you turn the money you have now into much larger profits. It might be worth thinking about opening up a small business of your own and allowing it to serve as a great investment opportunity.
Read our blog for more tips on investing your money wisely.