The Executive Headlines

The 10 Most Profitable Small Businesses in 2021

Startup Insights

The Executive Headlines
2021-04-15 12:05:28

Some people venture into entrepreneurship knowing what industry they want to conquer and what type of business they want to start. However, for many new entrepreneurs, it can be difficult to figure out how to start a business and exactly what kind of business is the best choice. It’s tough to find that perfect idea. According to the U.S. Small Business Administration (SBA), approximately 550,000 new small businesses are established every month in the U.S., creating two out of every three new jobs. Over half of Americans own or are employed by a small business. 1. Accounting, Tax Preparation, Bookkeeping, and Financial Planning Accounting/bookkeeping, tax preparation, and financial planning are required activities for almost all businesses and individuals, guaranteeing a strong demand now and in the future for qualified service providers. 2. Real Estate Leasing The profits associated with real estate remain high and if you want to enter this industry one of the most cost-effective ways to do so is to set up a real estate brokering firm. Real estate brokers act as an intermediary between sellers and buyers and all you need to get started is a brokerage license. That said, finding your own clients can be challenging, given the number of real estate brokers there are. 3. Legal Services As with accounting and tax preparation, almost every business and individual will eventually require the services of a lawyer. Examples of legal services for business include: • Incorporation • Corporate/commercial law • Employment law • Litigation • Technology and intellectual property law • Bankruptcy law • Legal services for individuals include areas such as: • Family law • Criminal law • Personal injury litigation • Wills and trusts 4. Outpatient Clinics Outpatient clinics provide non-overnight medical services including diagnostic testing, treatments, surgical procedures, counseling, etc. 5. Property Managers and Appraisers For the same reasons that real estate leasing is booming, associated services such as property management and appraisals are high on the list of profitable small businesses. 6. Dental Practices According to the U.S. Bureau of Labor Statistics, the demand for dentists is expected to grow by 19% through 2026, much faster than most other occupations. 7. IT Support Although two-thirds of Americans think they are tech-savvy, the truth is that they often need to rely on tech support. Some even make their computers or other devices vulnerable to hackers and identity theft. Unfortunately, when things go wrong, often the free customer phone support provided by manufacturers doesn’t feel supportive or fails to solve the problem. If technology comes easily to you—and you’re a relatively patient person—then the most profitable business for you might be hitting the road, at least in your neighborhood, with mobile IT support. All you need is time, transportation, and your own know-how—so this low-overhead business model is almost pure profit. 8. Management, Scientific and Technical Consulting Services Management, Scientific and Technical Consulting businesses provide specialized services in a variety of disciplines to businesses and governments, including: • Management consulting • Human Resources consulting • Marketing • Finance • Corporate Strategy • Environmental compliance • Workplace safety • Information Technology 9. Warehousing and Storage Warehousing and storage facilities are always in demand from both residential and commercial customers. Many businesses do not have on-site space for storing equipment or inventory, and home owners often have more possessions than space in the home. 10. Other Health Care Practioners The "Other Health Care Practitioners" category includes service providers such as: • Optometrists • Chiropractors • Physical, Occupational, Speech Therapists • Audiologists • Podiatrists • Mental Health Practitioners (except Physicians)