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There’s no need to wait for years to turn a profit.
Key points
- There are many reasons why Americans are choosing to be entrepreneurs.
- You don’t always have to wait two plus years to earn a profit.
- Some businesses require little or no start-up costs, making it easier to turn a profit sooner.
Has the entrepreneurial bug bitten you, but you don’t want to wait years before you see a profit? The good news is that there are some businesses that can turn a profit a lot sooner.
Why open a small business?
With nearly half of all small businesses failing within five years, why are so many people starting a small business?
Because they want to be the boss.
A Cox Business survey recently found that 66% of new business owners started a business because they wanted to be the boss. And there’s no shortage of new businesses. In 2021, 5.4 million small businesses were started, up from 4.4 million in 2020 and 3.8 million in 2019. If you’re ready to leave corporate America behind and embark on a new journey as an entrepreneur, you’re definitely not alone.
Aside from the desire to be their own boss, small business owners were motivated to start a new business because they:
- Were dissatisfied with corporate America
- Wanted to pursue their passion
- Were given the opportunity to do so
- Had inspiration for a new business
Whatever your reasons for starting a new business, it can be difficult to earn a profit your first year of operation, with common wisdom stating it usually takes up to two years for a business to become profitable. But, you don’t have to wait that long if you start one of these 10 businesses that can become profitable your first year in operation.
Businesses with minimal start-up costs
One of the easier ways to become quickly profitable is to open a business that requires minimal start-up costs, with some of these first five businesses requiring little more than a fast computer, a smartphone, and some software.
1. Social media management
If you’re a pro at navigating social media sites, social media management may be the business for you. Many fellow small business owners stumble to stay active on sites like Facebook and Twitter and your expertise may be just what they’re looking for.
2. Online courses
Do you consider yourself an expert at something? No matter where your expertise lies, if you have the skills, there are a variety of tools available to help you create and sell online courses. The best way to do this is not to be a jack of all trades, but to stick to a particular niche and target your audience.
3. Graphic design
Consider yourself a pro in Adobe Photoshop or InDesign? If so, becoming a graphic designer may be a profitable endeavor. Whether you’re creating a simple web page or a beautifully illustrated catalog, graphic design skills are in demand and are expected to remain so in the future.
4. Bookkeeping and accounting
Are you a CPA or bookkeeping professional looking to do your own thing? If so, there’s plenty of opportunities out there for you. With revenues for accounting and bookkeeping services expected to reach $203.8 billion by 2024, this can be a profitable business. Bookkeepers can handle standard transactions like invoicing customers and paying bills, while CPAs can take on more advanced tasks such as tax preparation and financial projections.
5. Consulting
Consulting is a great opportunity for those with in-demand knowledge. From recommending the right accounting software for a new business to helping business owners deal with human resource issues, find your niche and start offering your expertise.
Businesses that require more of an investment
These next five businesses require more start-up funds, but can also help you turn a profit in year one.
6. Food truck owner
Food trucks are everywhere. Whether you’re offering tacos or more upscale cuisine, the food truck industry may be right for you. Start-up costs are higher, and you’ll need to consider the cost of a specialty business license and insurance. But if cooking is your passion, a food truck offers flexibility and creativity, at a third of the cost of opening a brick-and-mortar restaurant.
7. Auto repair
If you’re a certified mechanic looking for new opportunities, opening your own repair shop can be profitable. And if you’re interested in more flexibility, consider offering mobile mechanical services to your customers, who are likely willing to pay more for you to come to them.
8. Child care
If you love kids, and you’re an experienced childcare professional or early childhood educator, making the leap to opening a childcare center may be a great fit. The cost to set up an outside childcare facility may be high, and you’ll have to factor in licensing fees, but with the demand for childcare services rising each year, you’re likely to turn a profit before the end of your first year.
9. Car wash and detailing services
With owners keeping their cars longer, the demand for car washing facilities has grown, with the market expected to grow through 2028. But this niche business can become even more profitable if you offer mobile car washing and detailing, since owners will pay more for personalized services.
10. Cleaning service
While the initial investment in a cleaning service is less than some of the others, you’ll still need to purchase clearing suppliers, an industrial vacuum cleaner, and a truck or van to haul them around. Specialize in office or residential cleaning or offer services for both.
Owning a business offers flexibility and the opportunity to be your own boss. Do your homework, find the business that’s right for you, and take the plunge into entrepreneurship.
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