When starting a small business it is important to be passionate about the industry and the product or service. At the same time, another aspect that may influence your choice of industry could be its profitability. Here are five of the most profitable small business industries:
Accounting/Tax
Financial services will always be needed regardless of the state of the economy, and this industry requires little overhead cost. Additionally, you will experience repeat customers making growth easier.
Real Estate
Although real estate does depend on the economy of the time, breaking into the industry is relatively cheap and only requires a license.
Automotive Rental Companies
Nowadays, many people are opting to rent instead of buy cars. There are already major players in the space who started off as small business, such as Zipcar.
Legal Services
Although it takes much training to reach lawyer status, you can offer your services at a very expensive rate. This field, similar to accounting, has repeat clients and low overhead costs.
Management or Technical Consulting
Starting a consulting company will allow you to work on a variety of projects and bill out your time at a considerably high rate. These projects will often be interesting and can specialize in your personal field of knowledge or study.
Be sure to consider a few of these industries if you are thinking about starting a small business!
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