Those big guys – the enterprise companies like Amazon, Microsoft, and Wal-Mart – might generate most of the revenue in the United States, but according to a recent JP Morgan Chase Institute study, more than 99 percent of America’s 28.7 million firms are small businesses. The vast majority (88 percent) of employer firms have fewer than 20 employees, and nearly 40 percent of all enterprises have under $100k in revenue. 20 percent of small businesses are employer businesses and 80 percent are nonemployer businesses.
Small businesses are an anchor of the US economy. Even so, business-financing website fundera reports that according to data from the Bureau of Labor Statistics: about 20% fail in their first year, and about 50% of small businesses fail in their fifth year. Making a profit is the key to staying in business. So, which small businesses are most profitable?
Small but Profitable
G2 is a business-centric organization that provides education and software services to small and medium sized businesses. They recently released an overview of the 21 most profitable businesses in 2019.
- Handyman – pay yourself a salary of about $40,000 a year.
- Online education – be a virtual tutor.
- Tutoring – your student might also be an adult.
- Real estate agency – pay yourself a salary of about %52,000 a year.
- Childcare – most of today’s parents both work
- Dental offices – you have to be qualified, of course, but pay yourself a salary of $137,000 a year.
- Landscaping and gardening – a satisfying job if you like being outdoors.
- Information technology (IT) – more companies are outsourcing this function.
- Consulting – monetize your expertise and pay yourself a salary of about $79,000 a year.
- Website and logo design – if you’ve got the technical chops, you’ll find freelance clients.
- Party planner – When we’re not glued to our smartphone screens, we still love to socialize, but we appreciate a professional touch.
- Accounting and tax services – pay yourself a salary of about $56,000 a year.
- Personal trainers – turn your love for physical fitness into a consultancy business.
- Food trucks – they’re a national rage.
- Vehicle maintenance – mechanics who specialize can make good money.
- Marketing services – many small businesses are too busy for this, and they need your help.
- Copywriting – it’s a specialized offshoot of general marketing, and even more important today because of search engine marketing.
- Legal services – you can’t practice law without a license, but there are plenty of peripheral services.
- Storage rental services – 65 percent of Americans who rent them have already filled up their garages and basements at home!
- Delivery services – the gig economy makes it easy to become an instant business this way.
- Pet services – whether you groom them or watch them while their owners are away, this is a growing industry.
Setting Up Shop
Not all of these small business ideas require a storefront or a physical location, but many of the most profitable ones do. It can be an expensive proposition, which is why a growing number of small business owners look for cost-efficient ways to set up shop.
Metal and steel prefabricated DIY building kits are a perfect solution. Check out our gallery of buildings put up by Miracle Truss® building owners. Then fill out this form. We’ll send you free building information.