This article originally published March 4, 2016. Being talented with numbers can really pay off if you’re looking to start a profitable business. Accounting and tax services takes the top spot on the list small Business Ideas In Africa the most profitable type of small business with a generous 18. Related: Looking for a New Payment Company? You’re ‘Due’ for Some Good News.
The average net profit across all industries for this report’s time period was 7. For one, they’re driven by human capital. This is generally due to lower overhead and startup costs. A lot of these industries you can start from your house. While profit isn’t the only matter for an entrepreneur to consider — other factors to consider are whether the business matches his or her skills, what sort of licensing or training is required and how the business would fare during a recession — it’s an important place to start. Here’s the list of the 15 most profitable types of small businesses and their net profit margins. Accounting, Tax Preparation, Bookkeeping and Payroll Services: 18. No matter how the economy is doing, everyone needs accountants.
Also, this industry tends to have low overhead and repeat clients. Read This: The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions by Mark J. Management of Companies and Enterprises: 15. This industry is made up of small, privately-owned offices of bank holding companies and other types of holding companies. Warren Buffett’s Berkshire Hathaway and Carl Icahn’s ICahn Enterprises. Offices of Real Estate Agents and Brokers: 15. While the real-estate market is largely dependent on the health of the economy, real-estate brokers and agents have low operating costs and all you need to get started is an agent or brokerage license.
Read This: Real Estate License Exams For Dummies, 2nd Edition by John A. Automotive Equipment Rental and Leasing: 14. With the on-demand economy on the rise, Sageworks analyst Libby Bierman says that people may be leasing and renting more cars using on-demand services such as Zipcar — along with more traditional rental services such as Hertz. Anyone who has ever hired a lawyer knows it’s not cheap. Law, like accounting, generally has low operating costs as well as repeat clients. Dentists, like physicians, benefit from recurring patients, and while startup costs can be expensive — dental equipment is quite costly — the profession has the advantage of handling several patients at a time, plus many pay out of pocket. Read This: How To Build The Dental Practice Of Your Dreams by Dr. Electric Power Generation, Transmission and Distribution: 14.
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From just four pigs, plus many pay out of pocket. Demand economy on the rise, plus many of them offer discounts on the franchise fee for women! Was hoping to earn money off of this, 10 million in early 2015 and expects to grow its registered users to 16 million by 2016.
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This category of small, privately-held electric power companies includes not just your traditional, fossil fuel electric powers but also hydroelectric, nuclear, solar, wind, geothermal and more. Lessors, also known as landlords, show that renting both residential and nonresidential properties is a profitable gig once you recover the initial costs of purchase. Offices of Other Health Practitioners: 13. How is this category different from physicians? Being a doctor requires years of training, certification and likely, medical school debt. However, doctors also benefit from regular clients and relatively low overhead costs. Read This: The Medical Entrepreneur: Pearls, Pitfalls and Practical Business Advice for Doctors by Steven M.
Commercial and Industrial Machinery and Equipment Rental and Leasing: 12. It pays to rent or lease. These businesses typically rent or lease commercial machinery and equipment across industries. Read This: The Complete Equipment-Leasing Handbook: A Deal Maker’s Guide with Forms, Checklists, and Worksheets by Richard M. Religious organizations are having a profitable year. Remember, being not-for-profit doesn’t mean your goal shouldn’t be to make a profit. It’s just how you distribute those gains.
Instead of giving profits to shareholders, all of yours go to your organization’s mission, which is the furthering of your church’s aims. Management, Scientific and Technical Consulting Services: 12. Some types of businesses that fall under this category are businesses that provide either management or consulting on a range of expertise, including human resources, marketing and environmental issues. Small businesses that specialize in interior, industrial and graphic design are flourishing, as the value of a product or business’s function has become inextricably linked to appearance and design. These administrative businesses are the backbone of business operations across a variety of industries — from food services to physicians offices — and provide the day-to-day administrative services, such as record keeping, financial planning and billing. Yes, I want to receive the Entrepreneur newsletter. There are no Videos in your queue.
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There are no Articles in your queue. There are no Podcasts in your queue. Opinions expressed by Entrepreneur contributors are their own. Here’s a look at the strategies behind low-cost franchising and some resources on where to find successful opportunities. Learn to be a better leader and develop successful marketing and branding strategies with Dr. Are paying too much for business insurance? Do you have critical gaps in your coverage?