Lucrative Small Businesses To Start – Many people turn to entrepreneurship for more freedom and better financial stability. Millions of small businesses pop up in the United States every year. According to the JP Morgan Institute, more than 99% of the 28.7 million businesses in the United States are small businesses. In other words, small businesses are the backbone of the US economy and their numbers continue to grow, with 60% of them making over $100,000 in revenue.
However, not all small business ideas are profitable and easy to implement. While other types of businesses require substantial capital and a long investment period before generating returns, others require less capital with a quick return on investment (although the return on investment may not be the same).
Lucrative Small Businesses To Start
In this guide, we list the ten most profitable small businesses you can start in 2022. Each of these types of businesses have the potential to grow quickly and do not require large amounts of start-up capital.
Most Profitable Small Businesses
Food truck traffic is increasing every year. In 2011, there were approximately 8,677 food truck businesses in the United States. There are over 24,000 active food trucks in the US today. According to Zippia, the food truck industry is growing at an annual average of 12.1%, and the industry is expected to continue this trend.
With the rising cost of rent in big cities, many restaurateurs are finding it increasingly difficult to finance locations in busy downtown areas where their customers are likely to be. Thus, a food truck allows those who want to start a specialty culinary business to pay rent for a space, just like traditional restaurants.
However, some costs are unavoidable. You have to think about getting necessary licenses, equipment, kitchen utensils and many other additional costs. It is estimated that obtaining the necessary permits and any other types of permits to set up a food truck, as well as ongoing legal compliance, will cost you upwards of $28,000.
The average cost to start a food truck business and obtain all the necessary permits is between $50,000 and $60,000. While this is certainly still a large sum, it is an investment of less than $100,000 that can be made. Earn an average income of $250,000 to $500,000. This makes it easy to see that a food truck is one of the most profitable businesses you can start.
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The growth of e-commerce has never been faster than it has been in recent years. In 2020, more than two billion people purchased goods or services online, and in the same year, online retail sales exceeded $4.2 trillion worldwide.
With this boom, the U.S. is expected to need an additional 1 billion square feet of warehouse space by 2025. Having warehouse space that can be rented out can be an exciting business opportunity for e-commerce owners or suppliers. Building a warehouse depends on the type of building you want, the price per square foot, and the size.
The basic cost of steel warehouse construction ranges from $7.50 to $40.00 per square foot. However, building a warehouse costs between $24,000 and $800,000. Once built, you can rent out your warehouse and benefit from the rental income once the business is open.
Another profitable small business you can start in 2022 is opening an e-commerce store. Nowadays, buying goods and services online has become a habit of many people around the world. As of 2020, the total number of digital shoppers in the United States was 256 million.
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By 2025, this number will reach 291.2 million online shoppers. Online sales are increasing every year and reaching record highs. However, the question many ask is how much money you can make from an e-commerce store.
At a rough estimate, the average e-commerce site in the United States generates more than $150,000 in revenue in three months, and a business generates about $330,000 in monthly revenue after a year.
To start an online retail business, you need to prepare for certain expenses such as the cost of your e-commerce website, production, software tools, inventory and logistics, licenses and permits, and other additional costs.
You can start an e-commerce business with as little as $100, the cost of a basic domain and website theme. As an e-commerce business owner, expect expenses to climb to $40,000 in the first year. But if you run the business well, you will get an interesting return on investment for the profit margin.
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It is estimated that after three months an e-commerce store can generate $63,000 in monthly revenue. This income can grow to an average monthly income of $127,000.
A very important expense to consider is the cost of your inventory. Make sure you find a supplier that offers good quality products at reasonable prices.
The COVID-19 crisis has forced many companies and individuals to work online. Moreover, with the growing number of online businesses, digital marketing services are becoming more and more essential. Therefore, to meet the demands of these companies, you can create a digital marketing agency that specializes in providing a specific service.
Anyone with some basic digital marketing experience can build a successful agency. Get experience in the service you want to offer and hire the right people to help you. Alternatively, you can start as a sole proprietor and hire employees down the road as your business grows.
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The housing market has experienced strong growth over the past two years. Despite the health care crisis, 2021 was marked by historically low foreclosure rates and the highest number of home sales in 15 years.
As the number of home buyers increases, so does the demand for home improvement services. For American homeowners, improving the design of their home is one of the most important factors to consider when planning a remodeling project.
The American home improvement industry is more important than it has been in more than a decade and includes interior design, building materials sales, carpentry, plumbing, landscaping, appliances, decorating and other home improvements.
Most of these areas require training and access to equipment or materials. So, if you have special home improvement skills, home improvement services is a profitable small business that you can start in 2022.
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Another profitable small business you can start in 2022 on our list is a delivery service. As a result of the COVID-19 pandemic, many people prefer to stay at home and have their products delivered directly.
This situation has led to an unprecedented boom in the demand for delivery services. You can offer a local courier service to deliver food, medicine, groceries, liquor and other necessary errands.
You can start such a business yourself by first offering your services to your friends and family and then try to reach out to a wider network of people.
Mobile detailing is also one of the most profitable small businesses you can start. This includes car cleaning, repairs and refinishing that goes beyond what a traditional car wash offers.
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Mobile details can be done both inside and outside the car. Many people will pay extra for their mobile car wash service rather than driving across town to access a car wash.
This is especially true for people with high-end cars who want professional and personal service. Mobile car washing and cleaning services offer the car owner the benefit of convenience and avoid expensive expenses and significant start-up costs for the business owner. The most expensive aspects of starting a mobile detailing business are the specific licenses and equipment required.
Opening a mini-grocery store can be a profitable business, especially if you choose the best location for your business. For grocers, it’s often wise to find an area of town with little competition. And if you are just starting out and don’t have much capital, you can consider opening a mini grocery store.
For the expenses of opening your mini grocery store, you will need credit card processing machine, POS system, freezer and refrigerator for perishable items, shelves and display cases for merchandise, cash register with shopping carts for customers, employees. , required licenses and permits, and rental space for your business.
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Estimated start-up costs: Mini grocery store owners can spend between $70,000 and $100,000. Of course, you should be prepared for other additional costs.
More Americans are taking the health of their bodies and minds more seriously. If you are a fitness enthusiast and believe you can change people’s lives by getting more exercise, this business is for you. You don’t need to work in a large corporate gym, nor do you need a large facility to train your clients.
And the health crisis has made it possible to offer remote training and coaching sessions. What makes personal training the most?
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