23 Most Profitable Businesses in 2023
Many people enter the entrepreneurship field with a clear goal in mind.
They know the industry they’d like to dominate and what path they’re planning to follow to reach their goal. For many new entrepreneurs, it’s difficult to decide how to start a business and, decide exactly which type or type of company is the most suitable option in which you can invest your capital.
In order to help you begin your journey, we’ve put together an inventory of the most profitable businesses based on factors like growth in the industry and competitiveness, the cost of starting and entry barriers, and the possibility of profitability.
Small businesses that are the most profitable
With a well-crafted business plan with determination, effort and hard work, any good business plan could be a success and profitable.
High-growth industries that have less cost of starting but, in the end, offer higher profitability. Thanks to the rapid growth of technology, for instance, it is likely that you will have greater success in starting your own virtual assistant company rather than opening a store for groceries.
1. Food trucks
While certain of the most successful businesses are online, some require in-person service, as well as some that are an ideal fit for you if you’re an entrepreneur in motion. This is our list of the most profitable small-scale enterprises:
The food truck industry has seen steady growth over the last five years and is predicted to grow -as the market is projected to reach $6.6 billion in 2028, as per the report from 2021 by Grand View Research. It is possible to begin an enterprise in the food industry at less than a quarter of what it will cost to open a brick-and-mortar restaurant. Additionally, you can choose your location, and the potential for huge income and the ability to design a menu completely yours.
Remember that the larger trendy cities, such as San Francisco, Boston, and Washington, D.C., already have a fairly saturated food truck industry (as having stricter rules to start). This might be a more profitable business for a smaller, less developed metropolitan area in the heartland.
Food trucks may also have their own set of regulations as well as business licenses and conformity standards. They also need insurance for businesses that deal in food, So you’ll need to check with the local health department to learn what is required.
2. Car washing services
The increasing cost and the added features in new cars have caused car owners to maintain their vehicles for longer, according to a study conducted by Consumer Reports. In addition, as people maintain their vehicles for longer, companies like car washes that aid people to keep an investment in their car investment will likely keep increasing as well.
As per the International Carwash Association, 66 percent of Americans wash their cars between 1 and 2 times per month, and on average, 13 washings a year. The market for car washing is predicted to grow to $14.7 billion by 2021 and reach $20.7 billion by 2028.
You could make your service for car washing more lucrative by making it a mobile service. Customers might be willing to pay more for a car wash that is delivered to them, particularly when they own a luxurious vehicle and would prefer the convenience of a personalized service. As a mobile car washing and detailing service, you’ll avoid the cost of overhead and costs of starting an office.
3. Repairs to autos
In 2021, the median age for light trucks and cars across the U.S. rose to 12.1 years, which is up by 9.6 months from the year 2002, as per IHS Markit (now part of S&P Global). The average car owner is keeping their vehicle longer than they have ever before, which suggests that there is a huge opportunity in the repair and maintenance industry.
Additionally, car owners are more likely to visit a small business for repairs; according to the Auto Care Association, more than 70% of repair business is captured by independent repair facilities compared with dealerships or manufacturer-authorized repair facilities.
If you’re a skilled mechanic, you could think about a service for auto repair for one of the most lucrative business models. You could offer oil changes and refills of fluid and headlight repairs, battery swaps, and much more. If you’re trying to reduce overhead costs, then you could make it a mobile service that will go to your customers’ homes and make repairs in their parking lot or driveway.
4. Personal trainers
The number of fitness instructors and trainers is predicted to increase by 39% from 2020 to 2030, far higher than the average of all professions, according to the U.S. Bureau of Labor Statistics. If you want to turn your passion for fitness into a profession, it does not require working for a huge corporation or the cost of your own gym to teach clients. Add a few pounds or yoga mats in the car trunk vehicle, and you can take your fitness show in the field.
You could become a personal trainer by providing individual sessions in the homes of your clients or offering classes in the community center or park in your area. Making fitness more accessible to your clients could help both of you to achieve your goals.
5. Post-pregnancy and newborn services
While millennials delay having children for longer than their predecessors, there are still a majority of them who desire to have children. In fact, as per an analysis of data from the government from the Pew Research Center, as of the year 2018, over half of the women in the millennial generation have been blessed with children.
Today, both millennials and Generation Z are considering parenthood, and the need for companies that cater to children is growing in post-pregnancy as well as baby-related services. This is why the report from the year 2018 Research and Markets report expects the maternity market across North America to reach over $3 billion by 2023.
The demand for lactation consultants, specifically the latter, is increasing among new mothers. Both business options are relatively low-cost demands that extend beyond education and accreditation.
6. Enrichment activities for children
As Americans are still raising children, the shrinking budgets for education mean that both traditional academics and enrichment courses such as art, music, and athletics are usually hit hard.
An effective business idea to begin could be one that provides enrichment activities for youngsters. According to a recent U.S. Census Bureau report, children are as engaged in extracurricular activities as they were just 15 years ago. A few studies show that more than 50% of American parents are spending more than $1,000 per year on their kids’ activities.
You can start a gym as well as a music academy, work as an instructor in swimming or a kid’s yoga teacher, or concentrate on other activity that is geared towards children. If you are skilled, which can be taught to children or even adults, you could have a successful business idea that is in the process of being created.
7. Mobile applications and games for kids
If you’re interested in engineering or development, You might want to consider directing your tech towards children users. Studies show that consumers are in high demand for tablets, smartphones, apps, and tablets for children, particularly if the products are geared towards education.
According to a Learning First Alliance report on mobile devices and early childhood education developed by the research company Grunwald Associates, more than 60% of parents who were surveyed think that apps and mobiles offer advantages in teaching children abilities in math, reading sciences, and world languages.
Are you thinking of a learning app for your child or parent? If yes, it’s a moment to take action on your idea for the future generation and make this profitable venture a reality.
8. Accessories and clothes shared
Websites such as Rent the Runway and Gwynnie Bee have been based on the concept of a sharing economy, where we would like and require to own less stuff, and so instead, we share our resources.
The companies provide a range of borrowed or rental clothes and accessories at less than their original price of purchase. And since the same item produces multiple incomes, the profit margins of these ventures could be substantial. According to a study in 2021 by the selling platform Mercari, the market for secondhand clothing is expected to triple in 2030.
Do you have a flair for style and fashion that isn’t provided by other rental companies? Perhaps you’re looking to become the next thing to be noticed.
If you’re not ready to start an enterprise that is worth millions of dollars, you can effortlessly profit from sharing fashion on a local scale. Take a few of your most-loved clothes or accessories and organize a borrowing event that allows customers to borrow or buy things from your wardrobe for high school students prior to the formal dance.
If you’re a student in a city, Greek life formals are another excellent way to make money from the shared economy style. Because you’re taking the cost of shipping out, you’ve got the chance to become more profitable.
9. Equipment for home improvement shared
Are you the person to call in your community for any lawn or garden equipment? What better way to turn your tools into a company than by advertising your tools beyond your immediate friends’ group?
It is possible to purchase more specific and expensive equipment that could be beneficial to the people who are around you. If a client does not know how to use a particular tool, pair the rental of the equipment with your mobile service to earn additional cash in your bank.
The amount of money spent on home improvement has risen since the beginning of the COVID-19 epidemic. U.S. households spent an average of $8,305 for improvement projects alone in 2020 in a study by Home Advisor. As more homeowners look to fixer-upper homes and remodel the interior of their homes, it’s a huge chance.
10. Vacation rentals
If you reside in a popular tourist spot, you could earn money by renting out the space of your home to visitors. Websites such as Airbnb or VRBO make it easier to make money from your vacation rental or the spare bedroom you have. According to Airbnb, on average in the U.S., a host makes over $13,000 a year.
It’s not that complicated for anyone to be an Airbnb host, and the need for these kinds of rental homes has increased over the past few years. The year 2021 saw 356.9 million nights had been booked through Airbnb, up from 251.1 million night nights in 2020. Some cities do have rules and regulations governing Airbnb or other similar rental services, and it’s best to ensure you’ve read the regulations in your area prior to starting.
11. Electronics Repair
According to the Pew Research Center, by 2021, more than 85 percent of Americans will be using smartphones as well and more than 75 percent of U.S. adults will own a laptop or desktop computer. With more workers working from home, there’s increased reliance on various electronic devices.
This means that when something goes wrong, people need help to fix it immediately. This makes repairs to electronics an attractive business opportunity. According to a report from 2022 by Business Research Company Business Research Company, the global repair and maintenance of electronics market is projected to grow from around eight billion by 2021 and reach $9.6 billion by 2026.
Through this service, you can be the answer to any broken iPhone screen or laptop battery. You could be more successful if you’re willing to go to your customers. Apple stores and other electronic retailers have been criticized recently due to long waiting times. This could be a benefit for mobile companies.
While a mobile electronic repair business has expenses in the form of buying supplies and equipment, it is also free from the expenses associated with an actual site.
12. Academics courses
Online entrepreneurs can provide classes through platforms for education or by establishing their own sites. The U.S. E-learning market has experienced rapid growth since the outbreak of the COVID-19 epidemic and is expected to grow by $21.6 billion by 2024, as per the report from 2020 by Technavio.
It is possible to start your own business by offering courses in traditional academics. You can also provide online instruction for grade-level reading, math, and science, as well as the preparation for standardized tests. You can even design the perfect review course for parents to help students with their homework in algebra. If you’re inventive, your possibilities are infinite.
Academic courses don’t need to stop at high school or college or even college. You can design an online course that demonstrates your passion for political history, Buddhist theology, or rocket science. If you’re passionate about a certain topic, there’s a good chance that there are others who are, too.
13. Language classes
Today, one-fifth of U.S. families speak one different language in addition to English, as per statistics obtained from the Census Bureau. As more languages are used across the country, demand for online language courses is rising. The market is expected to expand by $5.7 billion between 2021 and 2026, According to the report for 2022 from Technavio.
It doesn’t matter if you enter the world of online education with proficiency in English or your proficiency in Swahili. There’s probably someone in the world who would like to learn a new language from you.
If you are fluent in some of the top popular languages like Mandarin, Spanish or Arabic and you are interested in online-based courses for learning languages, then language courses could be among the most lucrative business opportunities.
14. Courses in marketing or business
Since the start of the COVID-19 outbreak, enrollment in online courses for career-related training has grown dramatically, particularly since more people are seeking to move jobs or work at home. For example, LinkedIn saw a 53 percent increase in hours of learning between 2020 and 2021.
Companies have increased or introduced new tuition reimbursement programs during the last few weeks, ensuring that people have money to invest in these kinds of classes. According to the 2022 Harris Poll performed on behalf of Fortune, 14 percent of workers stated that their employers provided some kind of reimbursement or coverage for online training courses in the last six months, 10% of employees said their employers had expanded or introduced new coverage for these kinds of opportunities for training.
If you have professional skills that you would like to share, you could begin creating online courses at a low cost. The most popular topics for courses include bookkeeping, QuickBooks Accounting software, WordPress web development graphic design, and even how to write a killer CV or cover letter.
15. Personal health
Have you been a counselor, yoga instructor, Life coach, or meditator for a long time? If you’ve got a great desire to improve your health, it is possible that you can help others and earn a substantial income.
In 2017, for instance in the year of 2017, in 2017, the U.S. accounted for nearly 50 percent of the global yoga market, as per the report released in 2019 by Allied Market Research. The report also predicts that the U.S. yoga market will grow at a compound annual rate (CAGR) of 11% through 2025. Americans who take part in yoga are spending approximately $90 per month on the practice, as per an annual survey conducted by OnePoll as well as Eventbrite. In addition, the number of people who participate in fitness activities online has increased dramatically. Yoga was the most-loved ClassPass digital workout in 2020, registering an increase of 25% in bookings over the year before.
Like many of the choices we have listed, as long as you’ve got the right information, the costs for starting a personal health business aren’t too expensive.
Every person wants to improve themselves, which is what online classes can help you with. If you’ve got the knowledge and want to pass it on, you can transform your knowledge into a lucrative business.
16. The courses are based on hobbies or interests
While many courses are created to enhance your education and career advancement or to help promote important life changes, you can make an online course around your passion or hobby.
Do you have a love for calligraphy or craft making? Are you proficient in a particular video game? You’ll be amazed at the amount of people willing to pay for education about subjects they’re interested in. Some of the most popular classes on the renowned educational platform Udemy are web design, ethical hacking, Photoshop, cryptocurrency, and drawing — and are available at up to $150 for each course.
Are you unsure of where to begin making an online class of your own? There are online courses to help you create the course of your choice online. You can choose any of them to launch your online course company.
17. Accounting and bookkeeping
Bookkeeping and accounting are the unavoidable obligations of owning a business. However, for many entrepreneurs, managing money is among the most challenging aspects of running a business, which is the reason why some business owners decide to outsource these jobs.
If you’re a public accountant certified or a QuickBooks master, you may be the perfect person to start your own bookkeeping company. With an average Net profit margin of 18.4 percent (according to the 2017 Sageworks report), accounting, bookkeeping taxes, and payroll services have been for a long time some lucrative business for entrepreneurs.
As an accountant, you’ll be able to manage payroll and invoices invoicing, prepare expense reports, and much more. If you hold a CPA license, then you can assist business owners with filing tax returns, preparing balance sheets and other financial documents, and offering professional suggestions regarding the bottom line of your client.
18. Consulting
If you’ve been working in the business world for a while, some people would be eager for your experience and knowledge in your field. Why not put all the knowledge you have gained into a new job by becoming an independent expert?
As per the Bureau of Labor Statistics, the need for the field of consultancy services is predicted to rise, especially among small-sized companies dealing with specialization in business or other functions. Management analysts’ employment, which includes consultants from various industries, is expected to increase by 14% between 2020 and 2030, which is higher than the typical for all professions.
If you are an individual consultant, you may be compensated to address trade shows or other events, serve on a committee of advisors for a new company, or provide your expertise in shaping the business strategy of an established business on an hourly basis.
Whatever your skills, starting a consulting business can be a fantastic opportunity to earn the money of your dreams while being at your own pace.
19. Support for IT
The reliance we place on technology means that IT support is as lucrative a concept for business as repair of electronics and other tech-related businesses, particularly considering that the employment of IT professionals is expected to increase by 9% from 2020 until 2030, as per the Bureau of Labor Statistics. If you run an IT-related business, you will be able to help clients who are experiencing issues with their internet connection or computer software and also install security software and updates to network security.
If technology is a breeze to you and you’re a tolerant person, then the best venture for you could be taking to the road, at least within your area, that includes the convenience of mobile IT support. You could offer a solution to the phone or chat support usually provided by technology companies that often have lengthy wait times and leave customers without answers.
All you require is time, transport, and your own knowledge. This low-cost business strategy can yield almost no income.
20. Graphic design
As the number of companies trying to grab the attention of consumers increases, having a clean and polished image is more essential than ever before for small-scale businesses. Adobe’s research shows that 73% of the companies who are investing in design are doing it to differentiate themselves from competitors.
Although, as per the Bureau of Labor Statistics, the demand for graphic designers is projected to rise by 3% between 2020 and 2030, there are plenty of opportunities available, particularly for graphic designers who are freelance — which is what 90 percent of graphic designers employ according to a report on 2021 from IBIS World.
Are you familiar with your way through Adobe Photoshop, Illustrator, and InDesign? Have you attended a few classes in design, or do you possess a keen eye for branding? Use your talents to start your own business by becoming a freelance graphic designer. You’ll pay almost nothing in overhead and will be able to help small-scale business owners design amazing marketing materials.
21. Management of social media
Nowadays, customers expect businesses to have an active presence on social media and respond quickly to issues with customer service on social media.
Though many small-business owners realize they should be involved in marketing via social media, few have the skills or time to manage all their social media profiles.
If you’re skilled on Twitter or you live your life using Facebook and have secured all the jobs you’ve held via LinkedIn, it’s worth using your knowledge of social media in a business that provides assistance to business owners who require assistance managing their brand’s social media channels.
If you’ve got your own laptop, smartphone, and social media profiles, there are no expenses to get started, and the growth of jobs in the field is predicted to grow by 11% between 2020 and 2030 — higher than the average for all other occupations.
22. Copywriter for marketing
If you’re exceptionally adept at words, then you can utilize your skills to write copy for different companies’ marketing strategies.
Based on the data provided by LinkedIn, the hiring process for digital marketing professionals increased by 33 percent over the course of 2020. It also grew 49% over the same period for creators of content (including jobs like bloggers, writers with creativity, and editors).
If you’re coming up with an appealing slogan or writing a detailed description of the company’s services, if you’re working by yourself as an independent contractor, you’ll incur a few initial expenses. When you’ve started and begun to establish relationships with customers, then you’ll be able to make an income from your services.
23. Virtual assistant services
With more workers working from home and teams spread across multiple areas and time zones, companies can benefit from having an assistant that is the same as theirs. There’s no need to see a client each day at the office. You can now become an assistant from New York when your client lives in Florida.
According to ZipRecruiter, the typical remote virtual assistant working within the U.S. makes $63,500 a year.
As virtual assistants, you can be a virtual assistant. You are able to select your clients and set your own schedule, manage email, schedule meetings, make reservations for travel, and perform other essential tasks that will help your clients’ lives and businesses run more efficiently.
In addition, all you need is a computer and an internet connection to begin this venture.
