A list of the most profitable businesses in 2022
Entrepreneurs often have a clear vision: They know what industry they want to conquer and how they will get there. For many new entrepreneurs, it can be challenging to determine exactly what type of profitable business.
The most profitable small businesses
Almost any successful and profitable business idea can be brought to life with a solid business plan, hard work, and determination.
Businesses in high-growth industries may, however, have greater profitability potential. As technology advances, you’re more likely to succeed in starting a virtual assistant business than opening a grocery store.
Although some of the most profitable businesses are online, others offer in-person services, and some are ideal for entrepreneurs on the go. Our list of the most profitable small businesses is as follows:
1-Mobile food trucks
Over the last five years, food truck sales have grown steadily, with Grand View Research projecting that the market will reach $6.6 billion by 2028. Opening a food truck business costs less than one-third of what opening a brick-and-mortar restaurant costs; plus, you have geographic flexibility, the potential for high revenue returns, and the ability to create your own menu.
Keeping in mind that bigger, trendier cities like San Francisco, Boston, and Washington, D.C. already have a pretty saturated food truck market (as well as tougher regulations to get started) – this might prove more successful in a smaller heartland metropolis.
Additionally, food trucks have their own set of ordinances, business licenses, and safety compliance standards. It is also necessary to obtain food business insurance, so contact your local health department to learn more.
2-Services for car washing
Increasing prices and enhanced features of new cars are causing car owners to keep their cars longer, according to a Consumer Reports study from 2020. Businesses like car washes that help people maintain the value of their cars will continue to grow as drivers keep their cars longer.
Approximately 66% of Americans wash their vehicles between one and two times per month, on average 13 times a year, according to the International Carwash Association. It is projected that the car wash market will increase from $14.7 billion in 2021 to $20.7 billion by 2028.
You might be able to make a car wash business even more profitable by turning it into a mobile service. If the customer has a luxury car and prefers personalized service, they may pay more for a car wash that comes to them. Having a mobile car wash and detailing service means no overhead and startup costs.
According to IHS Markit (now part of S&P Global), the average age of cars and light trucks in the U.S. rose to 12.2 years in 2021 from 9.6 years in 2002. Increasingly, people are keeping their cars for longer periods of time, suggesting that there is significant opportunity in the maintenance and repair industry.
In addition, car owners are more likely to go to a small business for repairs; according to the Auto Care Association, independent repair shops capture more than 70% of repair businesses compared with dealerships or manufacturer-authorized shops.
As a mechanic, operating an auto repair service is a profitable business idea. You can offer oil changes, fluid refills, battery swaps, headlight repairs, and more. To save on overhead costs, you can make it a mobile service and travel to your customer’s driveways or parking lots to perform repairs.
Fitness trainers and instructors are projected to grow 39% between 2020 and 2030, faster than average for all occupations. Turning your passion for fitness into a career doesn’t mean working for a big corporate gym – nor do you need your facility to train clients. Put a few weights, bands, and yoga mats in the trunk of your car and take your fitness show on the road.
You can become a personal trainer by offering one-on-one sessions in your client’s homes or by advertising group classes at a local park or community center. Your clients might benefit from your making fitness more accessible to them.
Mobile Business Ideas For Entrepreneurs
Post-pregnancy and newborn services
Many millennials eventually want to have children despite delaying parenthood longer than previous generations. As of 2018, more than half of millennial women have had children, according to Pew Research Center analysis of government data.
As millennials and Generation Z consider parenthood, the demand for child-oriented businesses is increasing, starting with post-pregnancy and newborn services. As millennials and Generation Z consider parenting, the need for child-oriented businesses is growing, beginning with post-pregnancy and developing assistance.
Read More about commercial loan truerate services.
Among new mothers, the demand for lactation consultants and doulas has increased, and both businesses require relatively low overhead beyond education and certification.