Starting a small business can be a great way to become your own boss, earn a living doing what you love, and have control over your work-life balance.
How do you know what type of small business you should start? To help with this decision, Insuranks has created this content that can help steer you in the right direction, based on your skills and interests.
11 Most Profitable Small Businesses
1. Social Media Management & Digital Marketing
If you are good at using social media or have any experience with social media marketing then you have a great chance to be successful.
You can start your business by helping businesses with;SEO, paid ads, email marketing,manage their social media accounts, create content, and run social and digital marketing campaigns.
If you have a talent for online marketing as well as creating content that’s engaging and trendy, this could be a very profitable small business idea for you. Good digital marketers are making $150,000 a year.
2. Virtual Assistant
Virtual assistants provide administrative and technical support to businesses and individuals. This can include tasks such as scheduling appointments, managing email, and creating presentations.
This is a job that can offer flexibility, as virtual assistants can work from anywhere in the world. It’s also cost-effective, as this role can save businesses money on office space and equipment.
Really great virtual assistants can make $70,000 a year. Just imagine starting small and building your own army of virtual assistants for hire..
3. Freelance Writer/Editor
With the rise of digital content, there is a growing demand for freelance writers and editors. According to the U.S. Bureau of Labor Statistics, one area especially with projected job growth by 2031 is the field of tech writing.
Good writers earning around $100,000 a year, just start here and grow your own content writing agency to reach great heights.
4. Graphic Design
If you are creative and have a good eye for design, you can start a graphic design business. You can help businesses create logos, websites, marketing materials, and other visual content.
you can build and grow your graphic design small business into a profitable venture. Graphic designers make $75,000 a year.
5. Pet Services
Pet services are in high demand, and they can be very profitable.Services you can provide include pet grooming, dog walking, and/or pet sitting.
If you have experience training animals, you can also include pet training services. There’s an estimated job growth of 30% for animal care and service workers by 2031, according to the U.S. Bureau of Labor Statistics.
| Pet Service | Annual Income |
| Pet Grooming | $70,000 |
| Dog Walking | $240,000 |
| Pet Sitting | $70,000 |
| Pet Training | $115,000 |
6. Personal Trainers/Fitness Coaching
As interest in health and wellness grows, personal trainers and fitness coaches are in high demand.
The U.S. Bureau of Labor Statistics estimates job growth for trainers to jump 19% by 2031. Your small business could include offering one-on-one coaching, group fitness classes, or virtual coaching sessions.
And with good personal trainers making around $150,000 a year, you’ll be able to grow and start hiring personal trainers for your business.
7. Virtual Event Planning
Virtual event planning is a growing industry as more and more businesses are turning to virtual events for conferences, training sessions, and more.
If you have experience in event planning, you can help businesses plan and execute virtual events, whether for one day or longer.
There is also an anticipated 18% employment growth in this field by 2031, according to the U.S. Bureau of Labor Statistics. And making $100,000 a year if you are good at it won’t be so difficult.
8. Cleaning Services
Cleaning services are in high demand, and they can be very profitable. With busy and hectic lives, most people are willing to pay for a professional cleaning service to keep their homes clean. Your cleaning service doesn’t have to be restricted to just homes though, you can offer your cleaning services commercially.
According to the U.S. Bureau of Labor Statistics, employment growth for cleaning workers is expected to rise 12% by 2031, while solid cleaning businesses make about $100,000 a year on average.
9. Food Trucks/Mobile Catering
The popularity of food trucks and mobile catering has exploded in recent years, as consumers crave new and unique food experiences.
Food trucks especially are a popular choice for entrepreneurs who want to start their own business. This business anticipates a job growth of 14% by 2031 in the job market for food preparation and serving-related workers.
| Food Business | Annual Income |
| Mobile Catering | $250,000 |
| Food Truck | $375,000 |
10. Online Courses & Tutoring
With more students than ever learning online, there is a growing demand for online tutoring services. According to BLS data, tutoring occupations are expected to grow about 15% by 2031.
Some common online tutoring subjects include preparing for college entrance exams, teaching a foreign language, and helping with math at all levels.
Solid online tutoring and course businesses make about $150,000 a year and with good marketing and business skills.
11. Web Design/App Development
If you have experience in web design, you can help businesses create and maintain their websites. You can also help them with SEO and other online marketing strategies. The outlook for software developers looks promising, with an expected growth of 22% by 2029.
App development is projected that there will be four billion-plus mobile device users by 2023. Launch your business to help build and update apps for clients big and small.
| Service | Annual Income |
| Web Design | $70,000 |
| App Dev | $125,000 |
Importance of Insurance for Small Businesses
For small businesses, insurance is one of the essential tools at their disposal as it mitigates unforeseen risks and losses. Here are the major insurance policies that small enterprises need to take into consideration.
Liability Insurance: Provides protection to other people against the complaint of carelessness or in the case of injury to customers or employees. Property Insurance: Pays for the loss or damage to business assets and buildings from their equipment.
Workers’ Compensation Insurance: Is required in a number of states and covers employees who become injured while at work.
Business Interruption Insurance: Makes up for a business’s lost income in the event it is required to suspend operations for a limited period of time.
Cyber Insurance: Businesses that store confidential information need this type of insurance as it affects cyber crimes and information theft.
How Insurance Supports Digital PR Efforts
By the acquisition of insurance policies, a business has a guarantee that it will survive through rough patches which can indirectly support Digital PR initiatives. Some of the ways insurance promotes Digital PR are as follows:
Risk Management: Through the acquisition of insurance policies, the financial risks are reduced and as such the company can work on establishing the image and reputation of their brand without the fear of any such occurrences.
Crisis Management: When a crisis does strike, appropriate insurance covers can aid to cushion the business against the monetary destruction and allow the company to continue to maintain a positive public image.
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