Starting a business from scratch may make it challenging to decide which field you will develop your business in. This applies to many other novice entrepreneurs. You will have many questions, such as the optimal business or area where you would like to invest your money and energy to achieve the desired results as quickly as possible.
Most profitable business ideas
In this article, we describe a short list of those business ideas that will help you realize your potential with a high probability.
1. Mobile restaurant
According to «Grand View Research,» from 2016 to 2021, registered food trucks increased. Grand View Research claims that by 2028, the global market will have an annual turnover of $6.6 billion. That is why we can call this business idea one of the most profitable. This type of restaurant business will cost an entrepreneur about a third cheaper than a regular restaurant.
Another advantage of the food truck is its mobility. You can change the location of the restaurant at your request. However, you should consider the fact that this type of restaurant business is prevalent in large cities in America, such as New York or San Francisco. We recommend opening such a van in less populated towns because this approach will help reduce competition significantly. As a result, you can increase your profits.
Note that several safety standards, business licenses, and regulations exist for a traditional restaurant and a restaurant on wheels. In addition, you should contact the State Department of Health because this business area will require you to insure the food industry.
2. Car repair
According to IHS Markit, the average life of road transport in the United States has increased by more than ten years compared to 2002. This fact indicates an increase in demand in the car maintenance market.
In addition, the US Car Service Association has registered that more than 70% of consumers of car services prefer small businesses, unlike large repair shops or dealerships.
If you’re an experienced auto mechanic, consider the car service as one of the profitable business ideas. In addition, this business will allow you to increase your income and reduce costs by mobilizing business. In other words, you can perform various car repair services by going to the client’s home or office parking.
It is the most profitable business for those people who want to avoid investing large amounts in its start. The fact is that it is hosting. You can become a hoster if you have accommodation in an attractive tourist location. So, you will earn by renting premises to tourists for temporary rent. According to the Airbnb company, the average hoster in the US earns over $14,300 a year in the US.
To become a hoster, you do not need any diploma or certificate of training, so all you need is a free living space. You can also rent separate rooms in your apartment. Airbnb statistics confirm that it is one of the most profitable business ideas. In 2022, more than 356.9 million nights were booked by tourists.
4. Fitness coach
If you like sports and want to share your skills with others, we advise you to pay attention to such a profitable business idea as a fitness instructor. The US Bureau of Labor Statistics forecasts that the demand for fitness coaches will increase by 39% between 2020 and 2030. To have a stable income in this area, you do not need private premises or rent them from other owners. You should use several dumbbells, bandages, and yoga mats in the trunk of your car and go to a fitness show in a travel format.
You can hold fitness classes in a local park or community center, depending on your preferences, customers’ wishes, or weather conditions.