By The Wyoming LLC Attorney Team
Dec 27, 2023The entrepreneurial spirit is as lively as ever in this age of innovation and technology. Among the most appealing prospects for budding entrepreneurs are low-cost business ideas with high profits. It's about capitalizing on expertise and passion without breaking the bank. The desire for independence, financial flexibility, and personal fulfillment fuels this entrepreneurial pursuit, but the question remains: what are the most profitable businesses to start?
Whether you're a creative, a techie, a culinary master, or a serial entrepreneur, there's a business idea waiting for you. The beauty of the current entrepreneurial landscape is the diversity of opportunities available, all with the potential to turn a tidy profit. From app development to event planning, from HR consulting to personal training, there's an enterprise that suits your skillset and your budget.
Methodology: Our comprehensive guide offers a plethora of low-cost business ideas, each with a unique blend of passion, skill, and potential profitability. The data we used were partly qualitative by asking accountants about their profitable startup clients, as well as quantitative by considering data from salary.com and Linkedin.
We've handpicked 30 promising business avenues, focusing on their earning potential and the skills required to succeed. The aim is to inspire and guide you in starting a business that not only drives high profits but also brings personal satisfaction and success. So, let's dive in and explore these exciting opportunities!
Human Resource (HR) consulting is a flourishing field in the business world. You can run an agency and be a middleman in a highly lucrative business. As an HR consultant agency, your team will offer businesses guidance on their human resources policies, practices, and procedures. This can encompass everything from developing effective hiring processes, advising on employee benefits and compensation, facilitating training and development, to ensuring compliance with labor laws.
$60K–$200K+
To manage such an agency you’d need basic IT skills, an additional short certification in HR, and great communication skills.
Cybersecurity is paramount and the sector is still growing worldwide. As a cybersecurity consulting agency, your role is to connect skilled cybersecurity professionals with businesses needing to fortify their digital defenses. Your consultants will conduct risk assessments, recommend and implement security solutions, and offer training to mitigate cyber threats.
$80K–$200K+
Great sales and networking skills. Knowledge of Cybersecurity Practices, Network Security, Management, Business Development
By employing a team of cybersecurity consultants, you provide comprehensive protection services to businesses, while adding a markup to the cost of these services for profit. This business model allows you to leverage the expertise of professionals in the field, making it a great choice if you have management skills and an understanding of cybersecurity, but aren't a cybersecurity specialist yourself.
It's a business type with high earning potential given the growing demand for cybersecurity in today's digitally-driven business landscape. However, it also requires constant vigilance and continuous learning to stay ahead of evolving cyber threats and security practices. For those with an interest in the intersection of technology and security, a cybersecurity consulting agency can be a profitable and fulfilling venture.
Turn gatherings into unforgettable experiences. As an event planner, you'll coordinate logistics, manage budgets, and orchestrate the fine details of corporate events, weddings, and parties.
$40K–$85K+
Organization, Time Management, Creativity
In the age of tweets and stories, serve as a social media manager. Craft engaging content, manage social accounts, and grow digital audiences for businesses looking to extend their online presence.
$35K–$80K+
Social Media Platforms, Content Creation, Marketing Strategy
Help individuals achieve their fitness and health goals by providing personalized workout routines and dietary advice. As a personal trainer, your personalized fitness plans and motivation can transform lives.
$40K–$100K+
Fitness Assessment, Exercise Planning, Motivational Skills
With words as your tool, as a freelance writer, you can provide a voice for businesses. Write blog posts, articles, scripts, and web content that can engage, inform, and persuade readers.
$30K–$100K+
Writing, Research, SEO
Harness the power of storytelling in marketing. As a content marketer, you'll strategize and create valuable content like blog posts, videos, and infographics, to attract and retain customers.
$50K–$110K+
Content Creation, SEO, Social Media
Restore order to chaos. As a professional organizer, you can help individuals and businesses declutter and organize their spaces for efficiency, productivity, and peace of mind.
$40K–$90K+
Organization, Space Planning, Time Management
Navigate through the complex world of properties and investments. As a real estate consultant, advise clients on property transactions, investments, and market conditions.
$50K–$120K+
Property Evaluation, Market Analysis, Negotiation
In the world of buying and selling online, run your own e-commerce store. Sell goods directly to consumers, from handmade crafts to drop-shipped items.
Varies greatly depending on the success of the store.
Website Management, Marketing, Customer Service
Enrich minds and guide learners to success. As a tutor, provide personalized instruction to students in a one-on-one setting, helping them to improve their understanding of subjects they find challenging.
$30K–$85K+
Expertise in a specific subject, Teaching, Patience
Delight palates with culinary creations. As a caterer, you'll plan and provide food for events, such as weddings, corporate functions, and parties.
$30K–$80K+
Cooking, Event Planning, Customer Service
Offer remote administrative services as a virtual assistant. Manage tasks like answering emails, scheduling appointments, and handling social media, allowing businesses to focus on growth.
$25K–$65K+
Organization, Time Management, Communication
Promote products and earn a commission on every sale made through your referral. As an affiliate marketer, build an audience and drive traffic to product sellers, making money from conversions.
$20K–$100K+, significantly variable
Marketing, Content Creation, SEO
Help bridge language barriers. As a translator, provide services to individuals and businesses to translate documents, websites, and other content from one language to another.
$30K–$90K+
Fluency in at least two languages, Writing, Cultural Knowledge
Constructs the online face of businesses. As a web developer, you'll build and maintain websites and web applications, ensuring smooth user experiences.
$50K–$110K+
HTML, CSS, JavaScript, Responsive Design
In the era of smartphones, build applications that simplify life. As an app developer, you'll create, test, and program apps for computers, mobile phones, and other devices.
$60K–$130K+
Java, Swift, C#, Objective-C, UI/UX Design
Capture moments, emotions, and stories. As a photographer, offer services for events, portraits, and product photography, or sell your high-quality images to stock photo websites.
$30K–$75K+, varies greatly
Camera Skills, Photo Editing, Creativity
Guide people to personal growth and happiness. As a life coach, work with clients to help them achieve their personal and professional goals and overcome obstacles.
$30K–$100K+
Active Listening, Empathy, Goal-setting
Sell products without the need for inventory. In a dropshipping business, you market and sell a supplier's product, then the supplier fulfills the order directly to the customer.
Varies greatly, from $25K to $150K+
E-commerce, Customer Service, Marketing
Visual storytelling has the power to move people. As a video producer, you'll create, shoot, and edit video content for businesses, events, or films.
$45K–$110K+
Filmmaking, Video Editing, Storyboarding
Share your thoughts, ideas, or experiences with the world. As a blogger, you write and publish content on a website, earning money from ads, sponsored posts, or products.
$0–$150K+, highly variable
Writing, SEO, Social Media
Revitalize spaces with style and functionality. As an interior designer, you'll plan and design spaces in homes and businesses, creating an aesthetic that reflects your client's desires.
$35K–$100K+
Design Theory, CAD, Customer Service
Use the power of voice to inform or entertain. As a podcaster, you'll create and host audio episodes on a topic you're passionate about, making money from sponsorships, crowdfunding, or product sales.
Varies greatly, potentially lucrative with a large audience
Public Speaking, Audio Editing, and Content Creation
Help businesses soar online. A digital marketing agency provides a range of services like SEO, content marketing, social media management, and email marketing to improve a business's online presence and reach.
$50K–$150K+
SEO, Content Creation, Social Media, Google Analytics
Share knowledge, skills, or hobbies. As an online course creator, design and sell online courses on platforms like Udemy or Coursera, or your own website.
$0–$300K+, highly variable
Subject Matter Expertise, Instructional Design, Video Production
Bring your culinary creations to the streets. With a mobile food truck, you have the flexibility to take your kitchen anywhere, serving up delicious food at festivals, events, or popular locations.
$50K–$100K+
Cooking, Business Management, Customer Service
Put your writing skills to work without seeking the limelight. As a ghostwriter, write books, articles, or content for clients who then publish under their own name.
$30K–$100K+
Writing, Research, Adaptability
Lend your voice to bring scripts to life. As a voiceover artist, provide your vocal talents for audiobooks, animations, commercials, and more.
$20K–$80K+
Voice Control, Acting, Audio Recording
Use culinary skills to create personalized dining experiences. As a personal chef, you'll prepare meals in clients' homes based on their preferences and dietary requirements.
$40K–$100K+
Cooking, Menu Planning, Customer Service
Starting a business only due to its earning potential is not always advised. As the saying goes, "Every coin has two sides." This adage rings especially true when considering different business types. While it's enticing to focus solely on the potential profitability and the allure of being your own boss, it's equally crucial to weigh the pros and cons of your chosen enterprise.
Each business type comes with its unique set of advantages (pros) and challenges (cons). Understanding these aspects is fundamental to making an informed decision about starting a business. Pros typically include aspects like potential profitability, personal passion for the work, flexibility, and the possibility of growth. On the flip side, cons might encompass factors like initial costs, time investment, market competition, and regulatory challenges.
When you deeply understand the pros and cons, you'll be better equipped to devise a robust business strategy, mitigate risks, and maximize the potential for success.
Certain business models, particularly those centered on personal services such as personal training, life coaching, or personal chef services, may pose unique complexities when it comes to transitioning ownership. This is primarily because the success of these businesses is often closely intertwined with the individual delivering the service. Clients may establish a personal bond with the proprietor, which can make it challenging for a successor to sustain the same quality of service and rapport. Consequently, these businesses could prove more difficult to sell and may not command as high a price as the most profitable businesses where the owner's role is less personalized.
If you are comfortable with the concept of delegation, then starting a business that leverages the agency business model will yield the highest success. This is a fantastic approach that offers scalability, flexibility, and potentially high returns. The agency model operates on the principle of hiring professionals, often on a per-contract basis or hourly rate, to deliver specialized services to your clients. Whether it's a digital marketing agency, a cybersecurity consulting agency, an HR consulting firm, or a design studio, the possibilities are endless.
One of the significant advantages of this model is that it allows you to leverage the skills and expertise of others. You don't have to be an expert in every field; instead, you can focus on building a team of professionals who are masters in their respective areas.
Moreover, with a solid team and a capable manager in place, the business can run with minimal involvement from the owner. This factor can prove advantageous when it comes time to sell the business. A company demonstrating steady growth, operational independence, and a strong management team is highly attractive to potential buyers.
It allows you to demonstrate that the business's success is not solely tied to the owner, making it a more appealing (and potentially more profitable) prospect for potential buyers. So, for those entrepreneurs with an eye on building a business that can be sold for a high price in the future, an agency model could be the best route to take. It allows for rapid scaling, robust profit margins, and an exit strategy that could result in a lucrative payoff.
It is clear from the above that when starting your business, it's worth considering your long-term plans, including potential exit strategies. Recognize that some business models may have more substantial barriers to exit than others due to the personal nature of the services provided.
A comprehensive grasp of the advantages and disadvantages of various business types, including the potential difficulties when disposing of them, forms the bedrock of wise entrepreneurial choices. This insight becomes especially critical when considering the most profitable businesses. Achieving long-term success isn't just about pursuing your passion, it also requires understanding the nuances of the business landscape and acknowledging the profitability of different ventures.
When you are ready to establish your company, consider partnering with Wyoming LLC Attorney for a smooth and efficient business formation process. Have questions? Fill out our contact form or call us at +1 (307) 683-0983 to chat with one of our knowledgeable paralegals.