Table of Contents
What if the key to unlocking greater profits lies not in starting something new but in leveraging what you already have? As an entrepreneur, you’ve built a foundation, nurtured a brand, and cultivated a loyal clientele. Now, it’s time to explore how you can elevate your business to new heights by offering services we see from some of the most profitable businesses.
From the digital realm of e-commerce to the expertise-driven world of consulting, there are plenty of opportunities just waiting to be tapped. And the best part? You don’t have to venture out alone. With the right insights, strategies, and support, you can seamlessly integrate these new avenues into your existing business model.
“Unlocking greater profits doesn’t always mean starting from scratch. Often, it’s about recognizing the potential within your existing business and venturing into new, profitable sectors,” said Credibly Founder Ryan Rosett.
In this comprehensive guide, we’ll look into 5 of the most profitable businesses, shedding light on why they’re thriving and how you can integrate their best practices into your business strategy.
Did you know you don’t need to start over to make more money?
As a business owner, you might feel the pull to start a new venture as a way to boost your revenue. But did you know that you don’t need to launch an entirely new business to see a rise in your income? Instead of starting from scratch, consider expanding your current offerings into a fresh sector.
By tapping into your established brand reputation, loyal customer base, and existing operations, you can easily introduce new products and services. This approach not only opens up an additional revenue channel but also helps protect your business against market fluctuations.
If you run a restaurant, you could branch out into catering, or if you have a physical store, you could step into the e-commerce world. Diversifying in this way lets you reach a wider audience and cater to a diverse customer base. Here are some of your most lucrative options.
Tap into new business opportunities with Credibly.
The 5 most profitable businesses
E-commerce is a great opportunity for business owners to tap into new profitability. The world has rapidly shifted online and you now have the opportunity to capitalize on a booming market where consumers are flocking to shop from their homes.
The ease and convenience of online shopping, combined with an array of choices and seamless payment methods, make it a preferred choice for many.
It’s not just the big players reaping the benefits. If you’re a small business owner, getting into e-commerce can open doors to a wider audience without the overhead of a brick-and-mortar store. Adapting your website to accommodate e-commerce shopping has become easier with the numerous resources available online.
This move mirrors the successful strategies seen in other sectors like accounting and real estate, where businesses are evolving to meet their customers’ changing needs.
The beauty of e-commerce is its adaptability. You can swiftly test products, pivot strategies, and cater to niche markets, ensuring you’re always in tune with what your customers want. With advancements like AI-driven product suggestions and augmented reality-powered virtual trials, you can elevate the shopping experience. That means increased sales.
If (“your” or “the”) business is performing at an average level, you should expect a 10% net profit margin, but excellent business performance can have your business sitting at 20%.
If you’re seeking another lucrative opportunity, consulting is a top contender as one of the most profitable small businesses. Leveraging your internal expertise to guide other business owners and individuals has become more valuable than ever.
As industries evolve and the business landscape shifts, many are in dire need of expert advice to navigate challenges and capitalize on opportunities. This is where you come in.
Consulting thrives on offering specialized knowledge. Just as businesses turn to accountants for financial guidance or legal experts for compliance, they seek consultants to provide insights, strategies, and solutions in other areas that are tailored to their unique challenges.
For example, if you are currently offering fitness classes, but also have knowledge or certifications in nutrition, perhaps you can also provide consulting services for healthy eating. Or if you’re currently running a tutoring center, you can start offering academic planning consultations.
Moreover, digital transformation has made it even more accessible for you to offer consulting services. Virtual platforms allow you to connect with clients globally, expanding your reach and potential client base. This digital shift, combined with the increasing complexity of modern business operations, positions consulting as a go-to solution for many.
Depending on the complexity of the service you offer, you could be looking at a profit margin of up to 30%.
What to consider as you look at the most profitable businesses for your next pivot.
3. Teaching business courses
Have you noticed the surge in demand for career-focused online courses? Individuals like you, with valuable business skills are in high demand. Since the onset of the COVID-19 pandemic, there’s also been a significant shift towards online learning.
Imagine sharing your expertise in sought-after areas like bookkeeping, web development, or even resume writing. The market is ripe, and with your skills, you can tap into this profitable venture. So, if you’ve been contemplating where to channel your expertise this year, online business courses offer a promising avenue.
Your profit margin is bound to vary based on how much you charge for your courses. Building an engaged network is one way to build your profits if you take this route.
4. Accounting and bookkeeping
As a business owner, you understand the intricacies of money management, and for many, it’s the most challenging aspect of entrepreneurship. This is where your expertise comes into play.
Whether you’re a certified public accountant or a master at QuickBooks, there’s a vast market waiting for your services. Bookkeeping, accounting, and tax preparation stand out as some of the most lucrative opportunities for professionals like you.
Imagine the value you can bring by processing invoices, managing payroll, or even offering expert tax advice. If you hold a CPA license, the doors open even wider. From generating comprehensive balance sheets to making impactful recommendations, your skills can significantly influence a business’s financial trajectory.
On average, you’re looking at a net profit margin of over 18%, one of the highest profit-margin businesses for using a skill set you’ve already built as a small business owner.
|Learn more about potential business opportunities and financing with these blogs:|
5. Social media marketing
Have you noticed how customers gravitate towards businesses with a robust social media presence? They’re seeking responsiveness, not just visibility. But like many business owners, perhaps you’re grappling with the time and expertise needed to truly shine on platforms like Twitter, Facebook, and LinkedIn.
Here’s the silver lining: your familiarity with these platforms can be your golden ticket. Consider channeling your social media prowess into a thriving venture, offering invaluable support to businesses that are eager for a strong online brand presence. Imagine being the guiding force behind their social media strategies, ensuring they engage effectively with their audience.
The best part? Embarking on this journey requires minimal costs for a pivot. With your laptop, smartphone, and a keen understanding of social media dynamics, you’re already ahead.
Though you’ll likely be pivoting with just yourself at the helm, or maybe one or two other employees, if you grow your business to a full agency, you can expect to make a profit margin between 11% and 20%.
Ready to tap into new opportunities with one of the most profitable businesses?
You’ve explored the most profitable businesses. Now, imagine the potential of expanding your existing business into these lucrative sectors.
But expansion requires capital, and that’s where we come in. At Credibly, we believe in your business and the dreams that drive it.
With our easy online application process and a 100% US-based customer service team, we’re here to guide you every step of the way.
Remember, you’re more than just a bank statement to us. Let’s work together to realize your business’s full potential.
Speak with a financing expert today.