What Are the Most Successful Small Businesses?
Are you envisioning a flurry of thumbs up emojis from friends and family members when your startup business takes off? You should!
In 2015 the SBA reported 30.2 million small businesses in the United States. Additionally, roughly eighty percent of those businesses have no employees while twenty percent do. When you start a business, you join the ranks of other small business owners that love what they do and are passionate about making a difference in the workplace. You enjoy the freedom of being your own boss and learn how to survive in a competitive world among other goal-oriented entrepreneurs. In addition to measuring success by how much profit you make, you can also pass on a financial legacy to future generations within your family.
get things rolling, this article by Camino Financial about the most profitable
businesses reveals the types of businesses that thrive in the marketplace.
You'll get ideas on which businesses to consider so you can match your skills
to one of these money-making businesses. These industry leaders are profitable
from day one because they require a lower initial investment compared to
potential profits they generate. When you choose an industry that notoriously
makes higher profits than others, there's a greater chance you will too.
Start one of these successful businesses like these entrepreneurs did
In the following examples, entrepreneurs made an informed decision and choose one of these most profitable businesses to realize profits beyond their expectations.
Everyone always comments that Richard has a knack for cleaning. He decided it was time to get paid for what he already enjoys doing. It was time to open his own cleaning business, “Richard Cleans 4U”.
By acquiring the necessary permits and licenses, Richard registered the name of his cleaning business with local and state authorities. He decides to complete work himself without hiring employees. At some point, he may add one or two employees as he takes on more clients. Richard invested about $600 in equipment and organic cleaning products. He budgeted $1,500 for liability and bond insurance and associated costs for a professional printer to make flyers and business cards. His techy relative created a website for him at no charge.
To accommodate a range of clients, he offers hourly, flat, and rates by the square foot. He bases pricing on transportation, replacing consumables, labour, equipment use, and other costs. Richard advertises his business locally, online, and through word of mouth. He offers a discount to new customers and a loyalty discount for clients who continue to use his cleaning services. By visiting local businesses in his hometown, he signed up two companies which provide a steady income. In the future, he plans to add chimney, roof, and gutter cleaning to his business model.
Roar with success with a pet care business
It doesn't matter to Margaret. She enjoys spending time with dogs, cats, gerbils, turtles, and other pets—except boa constrictors. Not only does she like animals, but they like her too. It was only natural that Margaret opened a pet care business.
First, she visited her local city hall to fill out paperwork to get a business license. Friends advised Margaret to get pet sitter insurance should a pet become injured while under her care. Most policies cost a few hundred dollars and provide legal protection if sued. She knows several dog groomers and vets who agreed to include her on their list of recommended pet sitters. Likewise, she met with owners of pet stores who will promote her business. Margaret placed a business advertisement in several newspapers and took out a two-week radio spot to get the word out about Margaret Loves Pets. Her flyers provide contact information and pricing so potential customers know her fees in advance. She created a contract and daily care sheet that all clients must fill out and sign before she provides pet sitting services. She also keeps physical and digital lists of emergency numbers, detailed pet information, addresses, and other pertinent data.
Margaret's pet-sitting business took off slowly but now she has a steady flow of regular clients. She intends to offer obedience training and pick-up-the-poop services to dog parks, boarding kennels, and doggie day care centres.
Don’t sweat it: personal training can be your best bet
Since Diego was a youngster growing up in a Latino community, he's always wanted to help others improve their health. As soon as he realized he could make a profit doing what he loved, he was all in.
From the get-go, his plan was to offer diet and fitness training to individuals and help them set milestones to achieve long-term goals. Because he's a people person, he's comfortable coaching them so they see themselves healthy and fit. Since Diego is already a certified personal trainer, he won't need to pay up to $2,000 to take a certification course. He contacted an insurance company to take out a personal liability policy and a gym to rent space and equipment. Some trainers meet clients at their preferred location but working with clients at the gym saves transportation costs and simplifies scheduling. Rather than operate as a sole proprietor, he contacted a local attorney to create the necessary LLC documents so he's not personally liable should someone sue his business. Then, he opened a business account, bought accounting software, and made sure he had the necessary permits and licenses required by the state, city, or county.
trained a few people before launching his business and got instant referrals
from the gym. Within weeks, he had a solid base of clients that intend to train
with him for the long haul. The gym owner asked Diego if he wants to work with
patients recovering from surgery. By adding this service to his business model,
Diego will create an additional, dependable income stream.
You can run one of these successful businesses too
The business owners you just read about were motivated to start businesses they knew would make money. Maybe they aren't swimming in it, but they pay their bills on time, grow their businesses, and above all do what they love.
These profitable businesses don't require huge startup costs or budgets that eat away at profits. That means you can follow your passion, enjoy your new-found freedom as a business owner, and crank out a sustainable living. Some days for these small business owners are scarier than others when they realize they're in charge of their futures. Even so, entrepreneurs agree they take pride in being able to help other people and make a difference. Research supports what they believe. From 2000 to 2017 the SBA reported that small businesses created 8.4 million new jobs. You can make a difference too.