What Small Business Should I Start?
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. While starting a business can be a daunting task, it can also be an incredibly rewarding experience if done right.
How do you know what type of small business you should start? Figuring out what your small business will look like is the obvious first step to becoming your own boss. To help with this decision, Insuranks has created this quiz that can help steer you in the right direction, based on your skills and interests.
Once you completed it, you’ll be able to learn more about your result and the business that you should start that suits you and your unique skills, likes, passion and tendencies most.
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, SEO, paid ads, email marketing and other fields of digital marketing you can help businesses manage their social media accounts, create content, and run social and digital marketing campaigns. Social media and digital marketing offer businesses a great way to connect with their customers and grow their social media following and online presence. If you have a talent for online marketing as well as creating content that’s engaging and trendy, while also managing multiple social media and digital marketing platforms, this could be a very profitable small business idea for you to start with good digital marketers making $150,000 a year! Now imagine starting out and the building your own digital marketing empire…… the sky’s the limit!
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. If you are looking for a flexible, cost-effective, scalable, and convenient way to get the help you need, then you should consider starting a small business as a virtual assistant. 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
If you have a knack for writing, you can work as a freelance writer for businesses and publications. You can write articles, blog posts, and more. 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. If you have a background in tech and are a strong writer or editor, this could be a profitable business idea, with 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. By offering a variety of services and staying up-to-date with the latest trends, you can build and grow your graphic design small business into a profitable venture. Good graphic designers make $75,000 a year.
5. Pet Services
Pet services are in high demand, and they can be very profitable. If you love animals and have experience caring for them, starting a business providing pet services can be a great way to make money. 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
If you are in good shape and have experience in fitness, starting a personal training business can be a great way to make money. 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 make around $150,000 a year, you’ll be able to grow and starting hiring personal trainers for your business really fast!
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. Through your business, you can help arrange logistics, make agendas, and drive marketing, among other tasks. 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, many 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. With a commercial and personal cleaning business, you can operate as a sole person with little startup costs, with the option to add team members as you grow. 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 can be relatively low-cost to start and has the potential for high profits, especially if located in a popular area. There’s an anticipated 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. If you have the skills and experience necessary to tutor students or creating online courses, starting a tutoring business can be a great way to make money, especially since the job requires little equipment. 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 have the potential of making a lot more in passive income!
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 a niche that continues to grow, as it’s 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. If you’re without a background in programming, consider taking online courses to build your skill set. The most popular languages for app development include JAVA, Kotlin, Objective-C, Swift, C#, and Python.
| Service | Annual Income |
|---|---|
| Web Design | $70,000 |
| App Dev | $125,000 |
Of course, this is just a general guide. Starting a profitable small business requires careful planning, hard work, and a commitment to delivering exceptional products and services. The best way to figure out which small business is right for you is to do your research and explore your options.
For media inquiries, please contact media@digitalthirdcoast.net.
Fair Use
When using this data and research, please attribute by linking to this study and citing insuranks.com
