Starting a business involves research, planning, making wise financial decisions and having a dedicated entrepreneurial spirit. It also helps to pick an industry that has a good chance of pulling a profit.
After analyzing Bureau of Labor Statistic (BLS) data, market research and investments firms, small business financial solutions company Fundera found the following five most profitable small business ideas in 2018.
Today’s consumers seek convenience. They want services that come to them, like traveling pet grooming, cleaning services, and food trucks.
As school budgets diminish, parents are searching for other options for their children and spending more money on services like tutoring or kid taxis.
“Sharing Economy” Businesses
Since startup, the Uber and AirBnB models have boomed. Applying their concept to other industries could mean serious profit for your small business.
Online Education Businesses
Creating an online education business requires little overhead costs and the materials can easily be distributed. Providing online education services will earn a profit while concurrently helping others.
Freelance B2B Services
Become an independent contractor. By offering your services as a freelancer, you have more control with unlimited profit potential.
Technology Stock market 10-year gain: 295.88 percent. Best sub-sectors: cloud computing, machine learning/ A.I., big data.
Health Stock market 10-year gain: 185.31 percent. Best sub-sectors: Biotechnology, health data management, personalized health.
Energy Stock market 10-year gain: 9.07 percent. Best sub-sectors: Oil and gas, mining, fracking, sustainable energy.
Media Stock market 10-year gain: 211.77 percent. Best sub-sectors: Gaming, virtual reality, streaming television.
Consumer Retail Stock market 10-year gain: 186.72 percent. Best sub-sectors: E-commerce, pop-up retailers, personalized retail.
Construction Stock market 10-year gain: -11.41 percent. Best sub-sectors: Residential housing, big infrastructure, construction tech.
Hospitality Stock market 10-year gain: 214.23 percent. Best sub-sectors: Hotels, sustainable food providers.
Finance Stock market 10-year gain: 66.49 percent. Best sub-sectors: Fintech, cryptocurrency.
Real estate Stock market 10-year gain: 56.44 percent. Best sub-sectors: Online brokerages, online design services, real estate tech.
Transportation Stock market 10-year gain: 125.82 percent. Best sub-sectors: Autonomous vehicles, electric cars, smart cities.
Prime Minister David Cameron Visits Yorkshire LEEDS, UNITED KINGDOM – JANUARY 23: British Prime Minister David Cameron addresses entrepreneurs and business leaders during a visit to the local central government office in Queen Street, where unused office space will be offered to private enterprise on January 23, 2012 in Leeds, United Kingdom. The prime minister praised enterprising Britons and met young business makers during his visit. (Photo by Christopher Furlong – WPA Pool/Getty Images) Photo: Christopher Furlong / Staff
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