dollarbreedersSome people venture out on their own to learn what industry they want to conquer and what type of business they want to start. However, for many new entrepreneurs, it can be difficult to figure out how to start a business and exactly what kind of business venture is the best choice. So, what exactly are the best business ventures with small investments but steady income?
We have compiled a list of the most profitable small business ventures. Each of these business types is growing rapidly and can provide you with good opportunities. Better yet, none of them require a lot of capital to get started. With the right combination of hard work, determination, and resourcefulness, you can start one of these most profitable projects.
The most profitable low-cost business ventures
1. Auto Repair
Taking your car to the store for simple repairs can be a challenge. After all, most of us use our cars to get from one place to another – which means taking a car in for repairs usually involves a long wait at the repair store. These options are both expensive and inconvenient.
The good news is that while some repairs do require auto shop equipment to complete, there are many maintenance and repair services that can be done with just a few simple tools. If you are mechanically savvy, you may see mobile auto repair services as one of the most lucrative business ideas. You can provide oil changes, fluid refills, battery replacements, headlight repairs and more in a customer’s driveway or office parking lot.
2. Electronic Repair
It is indisputable to say that people are addicted to electronics nowadays. People spend most of their waking hours staring at some sort of screen. This pervasive technology addiction means that when something goes wrong, people seek help as soon as possible.
As a result, there is no doubt that mobile electronics repair services are popular and easily one of the most profitable small businesses. With this service, you can develop a solution for every broken iPhone screen, WiFi card and laptop battery. Plus, if you’re willing to travel, you’ll be more successful. Apple stores and other electronics retailers have come under fire recently for long customer wait times, which could benefit mobile providers.
3. Information technology support
Although two-thirds of people think they are tech-savvy, the truth is that they often need to rely on technical support. Some even make their computers or other devices vulnerable to hackers and identity theft. Unfortunately, when problems arise, the free customer phone support usually provided by the manufacturer is not supportive or does not solve the problem.
If technology is easy for you – and you’re a relatively patient person – then the most profitable business for you may be on its way, at least in your neighborhood, with mobile IT support. All you need is time, transportation and your own expertise – so this low-overhead business model is almost pure profit.
4. Personal trainers
Turning your love of fitness into a career doesn’t have to mean working at a large gym – nor do you need the overhead of owning your own place to train clients. Put some weights, straps and yoga mats in the trunk of your car and perform fitness routines on the road.
You can become a personal trainer by offering one-on-one classes in your clients’ homes or by promoting group classes at a local park or community center. Making fitness more accessible to your clients may just be the ticket to help you achieve your goals. As people begin to eat healthier and exercise more, fitness and wellness businesses are growing in popularity and becoming some of the most profitable businesses.
5. Newborn and postpartum services
Although Millennials are delaying childbearing longer than previous generations, they ultimately want children-in fact, 1.2 million Millennials became mothers for the first time in 2016. As a result, demand for child-oriented businesses is growing, starting with post-conception and newborn-related services.
In particular, new moms are seeing an increase in demand for midwives and lactation consultants, and both of these business options require relatively low overhead beyond education and certification – meaning these careers are easily one of the most lucrative businesses you can start.
6. Share home improvement equipment
Are you the go-to person for every lawn, garden and home repair in your neighborhood when the sun is shining? Why not turn these benefits into a lucrative business by advertising your available equipment outside of your immediate group of friends?
You may even decide to invest in more specific, higher-cost equipment that will be useful to those around you. If a customer doesn’t know how to use a specific tool, combine your equipment rental with a mobile handyman service to get more cash. With more and more people investing in upper level housing and needing tools and advice, this could be a huge opportunity as one of the most lucrative business ideas.
7. Business or marketing courses
The sad reality is that while a liberal arts degree may produce critical thinkers, many college graduates don’t acquire the marketable skills that will make them successful in business. Your ability to fill these gaps with your own expertise may be one of the best small business ideas that you can start with little initial cost.
What skills and courses have you learned the hard way in your own business or career? Share your expertise with other entrepreneurs through B2B-oriented online courses. Popular course topics include bookkeeping, QuickBooks accounting software, WordPress website development, graphic design, developing great client proposals, and even how to write great cover letters or resumes.
8. Graphic Design
As the number of brands competing for consumer attention continues to grow, a sleek and beautiful image becomes more important than ever for small businesses. Whether they can afford a large advertising or marketing agency or not, almost every small business will need some graphic design work from time to time.
Do you know your way around Photoshop, Illustrator and InDesign? Have you taken some design courses and do you have an interest in good branding? Turn your skills into your own graphic designer business. You’ll have little to no overhead and can charge high hourly rates to do what small business owners can’t do for themselves – create great marketing designs.
