A small business can be defined as any company that employs employees limited up to 500 or fall-beneath an industry-specific.
Well in today’s world it can be seen that most small business are significantly smaller, employing no more than a few dozens of employees at most.
Small businesses can take many shape and sizes. Starting a small business relies on many different factors, from experience to resources available and also a solid business plan.
Before starting a business one should clearly understand about the different types of businesses and also about the most profitable businesses, which provide higher than average net profit margins and stability in the market.
Here is a list of the 4 most profitable businesses:
1. Real Estate Business.
The real estate business is offering a wealth of both luxury and affordable housing options worldwide. This is because today’s generation is focusing more on renting then purchasing a property.
While purchasing homes are not at the levels of past generations, buying and selling of real estate has not lost its potential, as sooner or later people will buy commercial property or homes for profit purposes.
While renting properties is booming in today’s world, real estate remains as one of the most profitable businesses in today’s world. No specific background or degrees required.
2. Fitness instructors and Personal trainers.
The demand for fitness instructors has grown over the past few years. Gyms and athletic centers now
play a major role in metro area.
As a result, personal trainers and fitness instructors can find a job as a trainer in a large gym or have one’s own gym.
Besides, getting started in a personal training business can be really simple as well; help desired individuals to get fit.
However, a little knowledge is required for those working as an instructor like knowledge about gym machines, diet charts and also which types of exercises are suited for different individuals.
3. Cleaning services.
Cleaning services is also really popular business in today’s world, for there are both commercial and residential properties which require cleaning on a daily or monthly basis.
They can work as home based support one or more times per week. Average rates are between $20 to $40 per hour, depending on the size and area of the property.
A cleaning services business is somewhat different compared to others, hence no physical office is required. Besides, costs of the equipment are really low, hours of operation are flexible, no education is required, labor cost is very low… It is one of the most affordable businesses and a very low-investment business one can start.
4. Accounting services.
Accounting services are high in demand as every working individual and corporation requires an individual or group of individuals who can manage and handle their accounts of their corporation.
These fields have significant potential as there are different accounting services which can be offered like business outsourcing, book keeping, tax preparation, personal financial planning and so on.
Successful accountants have a high level of education and those with a more advanced skill can demand higher rates for their services.
These small businesses require less capital investments, inexpensive equipment, low labour cost and they have many other benefits. All that’s required is a solid business plan and a good skill set to put that plan into action and make it successful.
As in today’s world filled with loads of problems, I request the readers to share this article as it will provide wholesome knowledge to young upcoming entrepreneurs about the benefits of starting a small business.
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- Ken Colwell PhD MBA
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