While browsing through Forbes.com, I came across this interesting article on Money-making businesses to start. I know we all go through phases where we would like to start our own business, well below are some of the most and least profitable businesses to start. Maybe this can give you an idea on where to start.
10 Most…
1) Accounting Services
This industry includes services like bookkeeping, designing accounting systems, payroll billing and preparing financial statements and tax returns. A bit boring at first until the profits start to pile up.
BIG reason: Pricing power (everybody needs accountants, no matter how the economy is doing.
2) Legal Services
Lawyers.
3) Dental Services
Dentists can handle several patients at once–depending on the number of “chairs” in the office, dentists can run through multiple patients in one hour. Some of the equipment is expensive, but hygienists don’t cost much to employ. Besides a lot of customers pay out of pocket.
4) Specialized Design Services
This includes interior designers, industrial designers (not architects) and graphic designers.
5) “Other” Health Practitioners
This includes Chiropractors, optometrists, podiatrists, physical therapists, speech therapists and mental health professionals.
6) Outpatient Care Centers
Spas, family planning centers, outpatient mental health centers, rehab centers, HMO medical centers, kidney dialysis centers and freestanding surgical and emergency centers fall under this category.
7) Insurance Brokers
Included here are insurance agents and those that provide other services, like claims adjustments.
8) Physicians’ Offices
Doctors are always needed, no matter what the economy is doing, there are always sick people to treat.
Lawyers.
Dentists can handle several patients at once–depending on the number of “chairs” in the office, dentists can run through multiple patients in one hour. Some of the equipment is expensive, but hygienists don’t cost much to employ. Besides a lot of customers pay out of pocket.
This includes interior designers, industrial designers (not architects) and graphic designers.
This includes Chiropractors, optometrists, podiatrists, physical therapists, speech therapists and mental health professionals.
Spas, family planning centers, outpatient mental health centers, rehab centers, HMO medical centers, kidney dialysis centers and freestanding surgical and emergency centers fall under this category.
Included here are insurance agents and those that provide other services, like claims adjustments.
Doctors are always needed, no matter what the economy is doing, there are always sick people to treat.
9) Medical And Diagnostic Labs
10) Depository Credit Intermediation
This group includes small banks, credit unions (lenders with cooperative ownership structures, such as the General Motors Credit Union) and other institutions that take deposits.
10 Least…
1) Community Care Facilities
This sector includes residential care facilities that also offer nursing assistance or other health services. There’s a shortage of nurses worldwide, pushing up wages. Pricing power is limited too: In the United States, these facilities get paid by Medicare and Medicaid, a relatively stingy twosome.
2) “Other Support” Services
These struggling outfits do everything from organizing trade shows and conferences to labeling and wrapping gifts.
3) Beverage Manufacturing
This bucket includes wineries, brewing companies, bottlers, distilleries, soft-drink makers, ice makers and water purifiers.
4) Real Estate Related Services
Included here are appraisers and property managers. Appraising is a relationship business, with low barriers to entry; volume is the name of the game.
5) Bakeries And Tortilla Manufacturing
6) Amusement and Recreation Services
Think golf clubs, ski resorts, marinas, fitness centers and bowling alleys. Greens fees and lift tickets may seem pricey enough, but staffing and maintenance costs chew up those revenues pretty fast.
7) Motor Vehicle Parts Manufacturing
8) Specialty Retailers
With Wal-Mart and other big-box retailers dotting the landscape, it’s hard even for niche retailers–of sporting goods, musical instruments or hobby supplies–to make money.
9) Beer, Wine And Liquor Retailers
10) Travelers’ Accommodations
This sector includes residential care facilities that also offer nursing assistance or other health services. There’s a shortage of nurses worldwide, pushing up wages. Pricing power is limited too: In the United States, these facilities get paid by Medicare and Medicaid, a relatively stingy twosome.
These struggling outfits do everything from organizing trade shows and conferences to labeling and wrapping gifts.
This bucket includes wineries, brewing companies, bottlers, distilleries, soft-drink makers, ice makers and water purifiers.
Included here are appraisers and property managers. Appraising is a relationship business, with low barriers to entry; volume is the name of the game.
Think golf clubs, ski resorts, marinas, fitness centers and bowling alleys. Greens fees and lift tickets may seem pricey enough, but staffing and maintenance costs chew up those revenues pretty fast.
With Wal-Mart and other big-box retailers dotting the landscape, it’s hard even for niche retailers–of sporting goods, musical instruments or hobby supplies–to make money.