In today’s fast-changing business world, successful ventures often make much more money than a regular job brings. This exciting possibility inspires many people to think about starting their own businesses to achieve financial growth and independence. However, the lack of previous business experience can make it challenging to find a profitable business idea. Unfortunately, there’s no one-size-fits-all answer to this.
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on which jurisdiction is best for
your business, preferred tax regime,
company structure.
on which jurisdiction is best for your business, preferred tax regime, company structure.
To decide what business may be the most profitable in your particular case, follow these important steps:
- Take a close look at the opportunities and resources you have.
- Do thorough research to find a niche with less competition.
- Be honest with yourself about your skills and experience.
Even with careful planning, there’s still a risk you can make a wrong decision.
Success in a small business depends on smart planning and implementing your ideas well. You can succeed in many industries, but it’s vital to understand the situation and your abilities. So, what are the ways to identify the most profitable small businesses in 2023?
Important points to consider:
- The article uses reliable data from trustworthy sources like Salary, Payscale, and Zippia.
- How profitable a small business may be varies a lot depending on the specific country.
- Remember that the article doesn’t give a step-by-step guide for immediate action.
- Being successful in a highly profitable business requires a lot of dedication and commitment.
- Effectively distributing profits is crucial if you want to achieve good results.
- The Q Wealth expert team is ready to help you start a profitable business, offering services like company registration, visa support, and corporate bank account opening.
- Though the article is mostly about the USA, the information provided applies to other jurisdictions as well.
- For more details and personalized service options, feel free to schedule a consultation with Q Wealth experts.
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Option #1: Website and web application development
With Internet technologies, you have a great opportunity to make money with little investment. This industry keeps growing and getting more connected to different businesses. Hence, website and software development have the potential to remain in high demand in the future. It’s expected that by the year 2029, there will be 22% more job openings in this area.
To start a successful business and earn a steady income, special knowledge and experience are a must. If you don’t have the necessary qualifications or feel like your skills are not enough, special courses are available, and many of them are free. Although your initial earnings may not be as high as you hope, the project will eventually become profitable.
Basic project info:
| Estimated business profit, thousand USD | 60 to 100 |
| Critical skills and abilities (without them, the profit will be low) | HTML, CSS, Javascript, Kotlin, Objective-C, Swift, C#, jQuery, PHP, Git, API, and Python |
| License | Business license |
| Documents | 2 agreements: Web development agreement and website maintenance agreement |
| Requirements for starting a profitable business | Code editor, Chrome Developer Tools, GitHub, computer, internet connection, and collaborative design and development software |
| US states boasting max profits in website and web application development | Washington, Wyoming, Oregon, North Dakota, and Montana |
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Option #2: Financial consulting services
If you have lots of knowledge and want to make money from it, there’s a great and promising opportunity. An external accountant or financial consultant can assist you with offering valuable services to potential clients, which will help you start a profitable business with little initial investment.
A third-party accountant or financial consultant is a great asset for any business as they offer exactly what potential customers are looking for. With their services, you will start a profitable business with little initial investment.
Basic project info:
| Estimated business profit, thousand USD | 40 to 130 |
| Critical skills and abilities (without them, the profit will be low) | Financial planning, investment management, mathematics, and trend analysis |
| License | (for the US) |
| Documents | Consulting agreement |
| Requirements for starting a profitable business | Specialized software for financial management, client communication, and planning |
| US states boasting max profits in financial consulting services | New York, Maine, Massachusetts, and Vermont |
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Option #3: Online business consulting
Business owners are usually very busy, and they don’t have much free time. So, online consulting can be the most profitable business to start.
Here are some common situations when businesses need outside help:
- managing social media accounts
- taking care of the content on their website
- dealing with a decrease in profits
- getting assistance with company finances
- cutting down on internal expenses
- making the most of available resources.
Both big companies and small startups benefit from third-party consulting services. That’s why your business will enjoy high demand.
Basic project info:
| Estimated business profit, thousand USD | 70 to 120 |
| Critical skills and abilities (without them, the profit will be low) | Management of projects and operations, data analysis, analytics, and creating budget proposals. |
| License | – |
| Documents | Consulting agreement as well as PMP and CMA certificates |
| Requirements for starting a profitable business | Tools for comparative analysis and project timeline management, as well as a balanced scorecard |
| US states boasting max profits in online business consulting | Alaska, Washington, New Jersey, and Oregon |
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Option #4: Information security
As economies worldwide become more digital and e-commerce technology grows in popularity, risks related to online security are on the rise. From time to time, even successful businesses face cyber threats that might make their websites unavailable, disrupt online sales, or lead to information leaks.
To stay safe from these risks, all companies require help with online security to protect their websites. This creates a great opportunity for successful businesses in this field to earn a steady income.
Basic project info:
| Estimated business profit, thousand USD | 95 to 115 |
| Critical skills and abilities (without them, the profit will be low) | Cloud computing, information architecture, network security, full-stack web development, and data mining |
| License | – |
| Documents | – |
| Requirements for starting a profitable business | Network analyzer tools, encryption tools, firewall systems, penetration testing tools, and corporate antivirus software, as well as utilities for detecting network intrusions and security monitoring |
| US states boasting max profits in the information security sector | Delaware, New Jersey, New York, and Rhode Island |
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Option #5: Digital marketing
A profitable business can be built on one-off orders without the need to build a customer base. The key to success lies in optimizing website content. Digital marketing doesn’t solely generate profits or replace traditional promotional methods but works alongside them, broadening the pool of potential customers. These in-demand services offer a realistic opportunity to launch a profitable business for years to come.
Basic project info:
| Estimated business profit, thousand USD | 47 to 93 |
| Critical skills and abilities (without them, the profit will be low) | Budgeting, sales organization, search engine optimization (SEO), video marketing, search engine marketing (SEM), content marketing, Google Analytics, social media marketing, and/or user interface (UI) / user experience (UX) design |
| License | Services in particular domains are licensed |
| Documents | Independent contractor agreement, AMA, Google, and HubSpot certificates |
| Requirements for starting a profitable business | Project management software, design tools, data collection tools, SEO and PPC tools, collaboration platforms, and cloud-based solutions |
| US states boasting max profits in digital marketing | Washington, New Jersey, Minnesota, Rhode Island, and Oregon |
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According to experts, this segment holds significant promise and is experiencing rapid growth. Although the initial profits from commercial activities may be modest, a well-crafted business development strategy can lead to quick and substantial improvements. The business will start attracting new clients keen to establish their presence on popular platforms like Instagram, TikTok, or Pinterest.
Basic project info:
| Estimated business profit, thousand USD | 50 to 89 |
| Critical skills and abilities (without them, the profit will be low) | Copywriting, graphic design, community interaction, and viral marketing |
| License | – |
| Documents | – (Social media platform-issued certificates will come in useful) |
| Requirements for starting a profitable business | Design tools, social media analytics tools, cloud storage software, post scheduling tools, project management system, and computer |
| US states boasting max profits in social media marketing | California, Connecticut, Washington, Rhode Island, and Oregon |
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Unleash your writing talent by starting a profitable business focused on creating articles for company websites. This exciting opportunity is perfect for people with diverse vocabulary and a keen sense of language. You can start by making interesting social media posts or managing a blog, and then slowly take on more tasks to increase your chances for success.
Basic project info:
| Estimated business profit, thousand USD | 33 to 84 |
| Critical skills and abilities (without them, the profit will be low) | Spelling, grammar, coherent expression of ideas, and digital publishing |
| License | – |
| Documents | It is essential to rely upon both author’s rights and related rights, as well as compensation contracts |
| Requirements for starting a profitable business | Computer, proficiency in writing, text editor, and plagiarism detection tools |
| US states boasting max profits in commercial writing and authorship | District of Columbia, Delaware, Nevada, Rhode Island, and Connecticut |
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Option #8: Creative graphic design
Using your ability to visualize thoughts and emotions can lead to a profitable business. The possibilities are extensive, ranging from industrial design, fashion, 3D modeling, animation, and infographics to creating captivating and eye-catching social media posts. All you need to start is a powerful computer and specialized software. As your profits grow, you can opt to invest in upgrading your tools for even greater success.
Basic project info:
| Estimated business profit, thousand USD | 37 to 68 |
| Critical skills and abilities (without them, the profit will be low) | Illustration, image retouching, typography, branding, formatting, and web design |
| License | – |
| Documents | Design contract, copyright contract, and work-for-hire agreement |
| Requirements for starting a profitable business | Adobe Creative Cloud, Figma, Canva, Procreate, high-power computer, and graphic tablet |
| US states boasting max profits in creative graphic design | Washington, Massachusetts, the District of Columbia, Rhode Island, and New York |
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Option #9: Transcription services
With the increasing importance of the Internet in the business world, there is a rising need for services that convert audio and video content into written text. Although it can be quite challenging to establish a profitable and sustainable business in this sector, you can start with transcription, which is an enticing and promising option. One of its key benefits is the minimum initial investment it requires.
Basic project info:
| Estimated business profit, thousand USD | 18 to 81 |
| Critical skills and abilities (without them, the profit will be low) | Fast typing, proofreading, attention to detail, and good listening skills |
| License | – |
| Documents | NDA a.k.a. Non-Disclosure Agreement |
| Requirements for starting a profitable business | Computer, Internet connection, headphones, text processing software, and time tracking software |
| US states boasting max profits in the transcription service sector | South Dakota, New Hampshire, West Virginia, Illinois, and Nebraska |
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Option #10: Professional translation services
The ability to speak and write in multiple languages is a valuable advantage when it comes to running a profitable business. You can create a successful and thriving company with this skill. There are various opportunities to explore, including simultaneous, literary, and legal translation, as well as localizing products and creating user instructions. With proficiency in several languages, you can significantly expand your potential customer base, making the business even more profitable.
Basic project info:
| Estimated business profit, thousand USD | 27 to 100 |
| Critical skills and abilities (without them, the profit will be low) | Proficiency in 2+ languages, general literacy, knowledge of cultural nuances, sharp listening skills, and strong communication skills |
| License | – (only ATA, CCHI, or medical translation certification is required) |
| Documents | NDA |
| Requirements for starting a profitable business | Computer-Assisted Translation (CAT) tools and electronic dictionaries |
| US states boasting max profits in the translation service sector | District of Columbia, Oregon, Virginia, Montana, and New York |
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Option #11: Tattoo artistry and body design
The demand for these services is not very high but it remains steady. The lack of skilled professionals with developed artistic taste in this industry creates a great opportunity for a profitable business. You might need to start as an employee first to gain experience and practical knowledge.
Basic project info:
| Estimated business profit, thousand USD | 27 to 100 |
| Critical skills and abilities (without them, the profit will be low) | Artistic drawing, tattooing, communication skills, refined artistic taste, and creative thinking |
| License | + |
| Documents | CPR (cardiopulmonary resuscitation) and BBP (bloodborne pathogens) certification |
| Requirements for starting a profitable business | Needles, ink, a tattoo machine, gloves, hazardous waste containers, tubes, tips, stencils, and a properly sanitized workspace |
| US states boasting max profits in tattoo artistry and body design | New York, New Hampshire, Indiana, Wisconsin, and California |
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Option #12: Wedding and event planning
Creating a vibrant and unforgettable event is a rare and highly sought-after skill. The most challenging part is to plan carefully, consider every detail, and collaborate with suppliers to discover unique solutions that will delight the couple and their guests. Though it’s a daunting task, completing it successfully ensures profitability. While competition is fierce in this small business sector, it is quite possible to earn a strong reputation. Once that’s established, your business will undoubtedly become profitable.
Basic project info:
| Estimated business profit, thousand USD | 27 to 68 |
| Critical skills and abilities (without them, the profit will be low) | Refined taste, excellent communication skills, strong planning abilities, and proficient design skills |
| License | – |
| Documents | CWP a.k.a. Certified wedding planner |
| Requirements for starting a profitable business | Specialized software and connections in the HoReCa and service industry |
| US states boasting max profits in wedding and event planning | New York, Massachusetts, Connecticut, New Jersey, and New Hampshire |
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Option #13: Personal fitness training
Wealthy people like to hire experts who can handle specific tasks well. If someone starting a business is good at something, they can establish and grow a profitable and promising company. There are various domains to explore, including fitness training, yoga, business consultancy, psychological support, e-sports, and more.
Basic project info:
| Estimated business profit, thousand USD | 29 to 100 |
| Critical skills and abilities (without them, the profit will be low) | Patience, well-developed communication skills, and a high level of knowledge and expertise in one or more areas |
| License | – |
| Documents | Liability waiver, consent form, as well as iPEC and PCC certificates |
| Requirements for starting a profitable business | Certificate or document validating the trainer’s level of knowledge or expertise |
| US states boasting max profits in personal fitness training | Connecticut, Texas, Wyoming, Pennsylvania, and Oregon |
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Option #14: Virtual event management and planning
In the wake of the COVID-19 pandemic, meetings and online communication have surged in popularity. Surprisingly, this format has shown its effectiveness even beyond quarantine restrictions. Creating a profitable business that focuses on organizing online events is a viable venture, and one of its key advantages is the minimum initial investment needed.
Basic project info:
| Estimated business profit, thousand USD | 33 to 83 |
| Critical skills and abilities (without them, the profit will be low) | Communication skills, organizational abilities, articulate speech, negotiation proficiency, and the capacity to coordinate and manage others, with a good grasp of Internet technologies |
| License | – |
| Documents | Client contract, Non-Disclosure Agreement (NDA), and certifications in planning (CPE – Certified Planning Engineer) and special events (CSEP – Certified Special Events Professional) |
| Requirements for starting a profitable business | Computer with Internet access |
| US states boasting max profits in virtual event management and planning | New York, Massachusetts, Connecticut, and New Jersey |
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Option #15: Catering and food hospitality
You don’t need a Michelin star to be successful or start a profitable business in catering. There are plenty of options to make money here, like offering personal chef services, catering for special events with a food focus, delivering food to specific places, and catering for offices. While the profits may not be huge at first, the business will grow stronger over time, attract loyal customers, and expand.
Basic project info:
| Estimated business profit, thousand USD | 50 to 76 |
| Critical skills and abilities (without them, the profit will be low) | Cooking proficiency, resilience to stress, hospitality, hotel management skills, and expertise in organizing off-site events |
| License | Food Service License |
| Documents | Privacy Policy, NDA, Refund Policy, and Sales Tax Requirements |
| Requirements for starting a profitable business | Computer with Internet access, specialized software, advanced culinary skills, and a refined taste |
| US states boasting max profits in catering and food hospitality | New York, Maryland, California, Pennsylvania, and Virginia |
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It is perfectly realistic to create a successful small business. The important things to focus on are understanding what you need to do, planning well, prioritizing your customers, and staying positive.
Here’s what you typically need to do to start your small business:
- incorporate your business officially or start it as a sole proprietor
- open a bank account
- register with the tax authorities.
- get any required licenses or permits
- show your professional or specialized knowledge, if necessary.
At Q Wealth, we will handle all administrative tasks on your behalf. Our clients have the flexibility to choose the most suitable collaboration format. We work with various popular jurisdictions and offer comprehensive turnkey services. Our track record proves that we will successfully execute any project, no matter how complex it may be.
If you are interested in small business issues, take a look at the articles below:
- Top 5 Widespread Reasons Why Small Businesses Fail
- 5 Strategies to Help Companies Survive in the Economic Crisis
- 5 Keys to Business Success and How to Use Them to Achieve Your Goals
- Challenges That Small Business Faces and How to Overcome Them
If you need to contact any of the Q Wealth experts, simply message us at in**@***********rt.com and we will be in touch with you shortly.
21 July 2023 