It’s never too late to start or invest in a small business. What is considered a “small business”? Either having fewer than 500 employees or falling beneath an annual receipt cap pertaining to their given industry. While some industries are easier to get into than others, we decided to compile the 12 ideas we think will be most likely to turn a profit.
Legal Services/Law Firms
No matter what, there will always be a need for lawyers and paralegals across all practices. This is true for individuals and businesses seeking legal assistance, as statistically, they will at some point in their lives. We all know the value of a great lawyer, don’t we?
These are the practices we think are most valuable:
- Trusts and Estates
- Elder Law
- Criminal Law
- Personal Injury
- Intellectual Property
- Business Law
- Employment Law
- Intellectual Property Law
- Constitutional Law
- Family Law
Real Estate and Leasing
Following the housing crisis of 2008, the real estate market has shown us a new life. We’re seeing a large influx of rentals, with millennials disproportionately owning their homes. A constant and steady income is never a bad idea! With that said, homes are still going at a solid rate and economists expect homeownership in millennials to increase in years to come.
All in all, real estate offers stability within an industry that will never go away.
Digital Marketing Services
With more being done online (both via phones and full computers), business is inevitably following. Between increasing exposure on search engines, digital advertising, social media marketing, web design and development, public relations, and content creation, there is ample opportunity for selling useful and profitable services for businesses of all sizes and industries.
Like with law firms… everyone needs ones (only more so). We’re seeing more urgent care centers opening up, making accessibility easier for people. As with most business models, more accessibility leads to more opportunities. With generally high-profit margins, doctors’ offices are always solid options for entrepreneurs.
Regardless of the economy, cleaning services are an essential service for both commercial and residential properties. Despite misconceptions, the services aren’t particularly cheap, producing average rates of upwards of $35/hr.
People have always and will always die. As morbid as that sounds, it’s the truth, making funeral homes an industry that will boom consistency for as long as mankind exists. This is also part of the American culture… to give the dead a peaceful departure.
The obstacle is getting started… you’ll need a large house with an office, wide-open rooms for wakes and a large basement for prep work. Then the overhead of cremation, which most outsource. With all that considered, the average American funeral costs between $7000-10,000.
Landscaping and Gardening
Landscaping services can be unexpectedly profitable when their clientele is right. Residential homes, businesses, office blocks, golf courses, and so many areas can serve as gold mines for organized landscaping crews.
You’ll need a crew, trucks, and of course, equipment that should cost you around $25,000 to get started. After months of hard work, you can be in the black.
If you’re capable of motivating and managing crews of people, then you should be able to retain clients and generate large profits over time.
Dentists are important and there’s a reason why there’s been a recent influx of them. Many Americans visit the dentist at least twice per year, so there’s plenty of business not even considering people that need actual work done.
Having a trustworthy accounting service is imperative for businesses and even more so for those on the larger side. Their services are wide and with an average net profit nearing 20%, the project itself is somewhat of a no brainer. The trick is assembling a high-quality team. This, largely because of the high level of competition.
Personal Training and Fitness Instructors
Fitness is full of fun fads and trends and people will pay top dollar for proper guidance. Take CrossFit for example. The demand for personal trainers and fitness locations will never diminish and the variety of practices (CrossFit, weights, yoga boutiques, etc.) should explain just how valuable this industry is.