Thinking about starting a small business and need some ideas on the most successful small business ideas? Here are the five top leading money makers of small business start-ups.
Software is a great small business to start. The profit-making potential is there as it is the leading start-up venture that turns a profit the fastest. What type of software company you decide to start? The software business is very strong. It has an annual revenue of $238 billion according to IBISWorld. The growth rate is 3.9 percent annually. There are the typical start-up costs from registering your business, incorporating, and any other legalities to create your entity and make it legal. Once you have done these steps, there are other considerations in starting a software company. Data storage and programmers are something to consider when thinking about start-up costs. Also, any patents on your software will cost.
The next biggest money maker is in the insurance industry. Selling insurance is a very lucrative small business to start. Research your region by doing a business analysis. This will give you an idea of what type of insurance is needed in your region and how many potential customers reside in your region. Take the normal steps in getting your business legally registered, such as declaring your business status as a sole proprietorship, a corporation or an LLC. Get your EIN number and your insurance license. Choose which carrier you want to sell and begin selling insurance. I make it sound easier than it is, but it is a lucrative business to start with much profit potential.
Healthcare is the third leading profitable start-up small business. This can be a clinic, a nursing home, or a private practice. Unless you are a doctor, then a private practice will not be a consideration. When starting a clinic or a nursing home, you need to keep several things in mind. Remember, you need staff to run both. For a clinic, you will need a doctor, student doctors, nurse practitioners, nurses and RNs and medical staff. You will need to offer your employees insurance and other benefits, even as a start-up. Getting the necessary funding for this type of start-up can be difficult as the costs are high right from the beginning. Once you get everything together, the immediate profit potential is there.
Legal services are the fifth most profitable small business. If you are an attorney, you may want to consider starting your own practice. An attorney can start an online legal service if they are legal to practice across several states. The online model would allow them to practice in every state in which they are registered to practice. There are other profitable types of legal services, depending on which state you reside in. In the state of Florida, paralegals can start their own document services.
Bookkeeping and accounting are the fifth most profitable small business start-ups. If you are an accountant, you may want to consider starting your own business. This type of start-up doesn’t cost that much to start. You go through the normal routine of deciding if you want to incorporate, registering your business, getting your business licenses and insurance, creating a web presence and advertising to get new clients. The profit potential makes it worth more to an accountant to run an accounting business over working for a company.
Not everyone will be qualified to start these top five most profitable small business ideas, but you can work towards getting the qualifications you need with education. Getting an insurance license is much easier than a doctorate or a law degree and is accessible to anyone. If you are already in one of these positions working for another company, then you are a good candidate to start your own small profitable business.