By Maja Mirosavljevic
Are you tired of tedious, repetitive tasks that make you stay in your comfort zone, without the possibility to learn new skills? Would you like to have more free time to spend with your family and friends? Are you dreaming of becoming your own boss, choosing your working hours, clients you want to work with, and projects that can make a positive impact on others’ lives?
Is so, then you should consider launching your own small business. However, how to start?
The first step should be choosing the right industry that is aligned with your ideas and needs. Look for an industry that is profitable. Keep in mind that by “profitable” we don’t mean you are going to make tons of money: we mean that the profits are very high compared with the initial investment.
Here are some examples that will give you a hint and light up the entrepreneurial spark.
Accounting & Tax Preparation
Accounting and tax preparation is at the top of the list of the most profitable small businesses. It’s not surprising that people would rather pay somebody to deal with all the calculations and figures than dealing with them by themselves.
If you’re considering starting a business in this field, Leticia’s story will give you some useful insights.
Leticia Michel launched JD&C, a tax preparation practice, in 2003. This was the only way to earn a living while taking care of her young children. She converted a rented old flower shop into a tax preparation services practice. In the beginning, she leveraged the existing flower business to sell flowers and thus support her practice financially.
Later on, Leticia realized that she needed to provide better services to her clients during the busy tax season. She used a business loan to hire more people, and now she has over 2,000 satisfied clients and one of the most important tax services practices in her area.
Health Food Kitchen
Nowadays, people have become aware of how their food choices affect their overall health and everyday energy level. For that reason, healthy food has become very popular. It’s no wonder why health food services belong to the group of the most profitable small businesses.
If you’re thinking of launching a business in the food industry, Rhys’s example will definitely inspire you.
Rhy Powell, a former Wall Street Trader, was disappointed with the finance industry and wanted to make a difference in his community. He got a business idea from a friend who was struggling to provide healthy meals for his kid.
That’s how he founded Red Rabbit, a company focused on providing nutritious meals for children. At first, Rhys’s idea was to sell healthy meals to parents whose kids attended private schools, but working with public schools turned out better. After receiving an investment, he started offering low-cost nutritious food to public school programs.
Now Red Rabbit serves 100,000 meals weekly in approximately 150 pre-schools.
Cleaning Services
One of the reasons why cleaning services is a profitable small business is that it doesn’t require a large investment to start. Basically, all you need is proper cleaning equipment, a vehicle, and a good website to offer your services and find new clients.
If you’re considering starting a cleaning business, Arlete’s success story will encourage you to take the first step.
Arlete Turturro worked in marketing at a real estate company, and one of her duties was to manage cleaning companies for the firm’s building. That’s how she got the idea to earn more money to support her children as a single mother. Arlete realized that cleaning services don’t require a significant amount of initial capital, so she founded Night Owl Cleaning Services.
She worked on her own for three years before hiring her first employee. In 2014, Westchester Business Journal awarded Arlete Woman of the Year. Nowadays, she’s still running a successful business.
Need more information to start your own journey as an entrepreneur like Leticia, Rhys, and Arlete successfully did? For more ideas and useful insights into the most profitable small businesses nowadays, check out this complete list with the 30 Most Profitable Small Businesses.
