There are a lot of things to take care when starting a new business. It is better to opt for small industries that need less capital as startup cost. Read on to find out some of the profitable business industries as identified by experts.
Accounting and Payroll
The accounting industry usually tops the list as accountants are always in high demand. There are no overhead charges involved when you start the business and there are no repeated clients.
Company and Enterprise Management
This industry comprises of offices of companies that are small and privately owned. The job includes the management work of these companies for successful operations.
Real Estate Industry
You can become real estate brokers and agents with very less cash and a brokerage license in hand. The industry is always a profitable one given the health of the economy.
Renting Automotive Equipment
According to studies, people today prefer renting and leasing cars rather than owning one. They use on-demand services that have good reputation. While there are many services already existing, there is no harm starting one.
Hiring a lawyer is not cheap. This industry has no repeat clients and very less operational costs. There is a need for the services of lawyers, settlement officers, notaries etc.
Offices of Dentists
Like physicians, dentists also have to deal with repeat patients on a regular basis. Although the initial set up is costly, it will get covered with the large number of patients to be treated.
Generation and Distribution of Electric Power
The electric power companies are privately owned. It includes fossil fuel, hydroelectric, wind, nuclear, solar and geothermal electric powers.
Landlords of Real Estate
Renting buildings is considered to be a profitable business. Being landlords, you can rent living spaces or nonresidential buildings to recover the cost of purchase.
Offices of Health Practitioners
This industry is about health practitioners other than physicians. This includes mental-health practitioners, chiropractors, podiatrists, optometrists and many others. The number of patients for these practitioners has increased recently.
Offices of Physicians
Being a doctor requires a lot of hard work and training and finally a valid certification. But, you have the advantage of regular patients and less initial costs.
Machinery and Equipment Rental
As seen in case of cars, there is a huge market for rental businesses. This industry includes renting of commercial equipments and machinery to other industries.
Today, it is profitable to open scientific, management and technical consulting services. This way, you can provide consulting on various areas like marketing, human resources and environmental issues.
This business is mainly for creative people. Since more people now give importance to beauty and appearance, experts who can do industrial, interior and graphic design can make a lot of money.
Office Administrative Services
The people who do administrative services span across various industries like food, healthcare etc. They help provide the daily administrative services to enable better business processes. Their job includes financial planning, record keeping and billing.
Starting a business in these small industries is easier when compared to the big industries. First, you may find out your area of expertise. It is wise to choose an area you are good at rather than experimenting with new things which could make you lose a lot of time and money.