Most Profitable Businesses: Successful Ideas & Startup Costs

9 min read

Are you searching for ideas of successful small businesses in 2022 that can profit quickly while starting with limited funds and knowledge? Some of the most profitable business ideas only require you to develop a simple business plan and invest a little bit of your money and elbow grease.

Successful Businesses

Below you’ll find our list of the most profitable small businesses to start in 2022. Many of these are low-cost business ideas that require a minimal investment beyond your time and energy.

  1. Social Media Manager
  2. Business Consultant
  3. Cleaning Services
  4. Real Estate Consultant
  5. Online Courses
  6. Personal Wellness
  7. IT Support
  8. Bookkeeping
  9. Food Trucks
  10. Car Detailing Services

Social Media Management

Social Media Management
Social Media Management

In the current small business landscape, one of the most profitable small business ideas is too simple to help other business owners promote their ideas. According to this Polaris Market Research report, social media marketing services are expected to be a $62.5 billion industry by 2028 with a GACR of 23.4%.

Many small business owners simply don’t have the time to learn how to attract people to their social media pages. If you thrive on Facebook, speak Twitter, know your Instagram or Pinterest hashtag by heart, or find getting job interviews on LinkedIn easy, you definitely have the skills many other people are looking for.

Typical requirements are knowing the secrets to building up a social following, inspiring social sharing, or maximizing ROI on social media advertising campaigns. If you can further engage and manage customer service issues, or complete out manage their a company’s social media accounts, you can charge an even higher rate.

If you’re just starting, try specializing in social media platforms where you feel you can get the best results in the shortest amount of time. With startup costs simply being your computer, laptop, or smartphone, you might already have all you need to get started.

Business Consulting

Business Consultant
Business Consultant

Independent consultants are among the most successful and abundant activities that one might take on. Becoming an independent business consultant means sharing your know-how and accumulated specialized knowledge within a specific industry.

Not only is it a great opportunity, but BLS data estimates that the need for consulting services in management analysis has been increasing these days, especially for small companies with activities in precise niches. From 2020 to 2030, they estimate that the request for marketing analysts will grow by 14%. This is much more than the majority of other occupations.

The actual activity of a business consultant is to speak at events or conferences, be part of a board of advisors for current decision-making, and participate in shaping the business strategy. Everything is performed based on a one-time project or an extended contract agreement.

Cleaning Services

Cleaning Services
Cleaning Services

When starting your own business in the cleaning industry, you’ll only need to buy the products you need to clean to take on your first job. While you can start off doing simple housecleaning or small office jobs, specializing in niches like carpet or boat cleaning, can help you quickly become a highly profitable business.

While this is a very competitive industry, the demand for a sterile work environment has a 75% increase in ZipRecruiter ads for cleaners. This Allied Marketing Research report shows an expected compound annual growth rate of 6.5% from 2021 to 2030.

To separate yourself from competitors, try to focus on work quality to increase your reputation and provide before and after photos for clients to share with other business owners they know.

If you don’t know how to clean or what to specialize in, try checking out Mellisa Maker’s Clean My Space YouTube channel, which has over 500 cleaning tutorials, or buy her book.

Real Estate Consultant

Real Estate Consultant
Real Estate Consultant

According to this Mordor Intelligence report the real estate services market in the United States has a forecasted compound annual growth rate of 7% from 2022 to 2027. If you’re one of those people with an extensive social network or have the ability to meet and make new contacts, this might be the right industry for you.

The profit margins in real estate are quite high, which also makes it highly competitive. If you’re the one who can draw in buyers or sellers through your own network, you will be in high demand.

In the beginning, you might want to sacrifice some of your commissions just to get some deals closed. Then as your good reputation grows you can add slight increases to reach higher profit margins.

Online Courses

The specialists in the professional education field, cited by Forbes, agree that the future of the professional field resides exclusively in online learning. Numerous companies have already started to grant coverage or reimbursement if you finish an online training or course. Many more are to join during the following years for this type of virtual professional learning in all industries.

These days creating an online course has become an accessible and easy activity. The only requirement is expertise in some niche. The starting costs are low, and you will find numerous online platforms that allow you to upload your online courses. Among the most sought-after courses are graphic design, bookkeeping, WordPress web development, how-to’s, etc.

Usually, the online courses focus on developing professional skills and acquiring specific know-how. Yet, you could still design an interesting course around hobbies and other less lucrative topics. There’s a large audience ready to pay good money in exchange for learning details about their subject of interest.

For example, on the Udemy online learning platform, courses are purchased for $150 apiece. There are online courses that teach you how to create online courses and make good money from them. You can also market these courses to other businesses by offering them to pay via a Net 30 account.

Personal Wellness

This is a field that includes a vast number of therapeutic activities like a personal counselor, yoga instructor, life coach, alternative therapist, etc. These online courses focus on helping others with their daily lives, finding personal solutions to specific issues, or even overcoming a major personal life crisis. It is an activity which brings you big amounts of money.

The costs involved in such a personal wellness activity are relatively low. In general, you need to have good knowledge in a useful field, then create a website and an intense social media activity.

Allied Market Research published a report which shows that the yoga market at a worldwide level is assessed to grow by around $66.2 billion by 2027. In the case of the US, this sector is expected to grow each year by 11%, until 2025. The average amount expected to be spent by an American for yoga classes is around $30 per class, shows a recent Eventbrite poll. The same report also shows the constant growth in the number of people involved in online wellness activities.

Coach Foundation statistics show that the life coach market is currently at $15 billion, whereas the annual growth rate is 6.4%. Among Fortune 500 companies, 25% to 40% are shown to use executive personal coaching in their continuous leadership training, with satisfying results in their overall business results.

IT Support

For decades now, the IT industry is one of the most profitable business activities around. Starting an online IT Support business doesn’t involve big expenses. You only need a strong know-how and transportation means. According to the Bureau of Labor Statistics, the employment of specialists in the IT sector is expected to grow by 13% by 2030.

With this type of online support business, you will help your clients solve issues connected to the internet connection or computer software, install various programs, to make network updates, etc.

You need technical know-how and some patience, and the monetary gains are very good, at least at a local market level. Your private service usually is more accessible and familiar than the services provided by distant, and cold technology production companies, which operate on stiff protocols and leave a lot of dilemmas among users.

Bookkeeping and Accounting

Money and tax management is a sensitive and delicate matter that usually requires a good accountant to get it right. Many small business owners and even solopreneurs outsource tracking business transactions and payroll taxes, which creates a potentially large market size.

You can specialize in various areas, like certified accounting, QuickBooks wizard, CPA, profit margin, tax preparation, process invoicing, payroll services, expense reports, tax filing, managing balance sheets, and all types of accounting documentation, and other niches. The small startup costs make this one of the most profitable businesses for work-from-home entrepreneurs.

Food Trucks

The food truck business has been growing for the past five years, according to a Grand View Research report. It is expected to continue growing by 2028 up to $6.6 billion.

Starting a food truck business is a third time cheaper than opening a classic restaurant. The increased mobility is also a plus, giving you access to a wider variety of customers.

In this field, success usually comes with creating a unique personalized menu. Yet, this market has already reached its saturation point in some major areas like Washington D.C., San Francisco, and Boston. Usually, most large metropolis cities have an abundance of food trucks, which makes smaller heartlands better places to start a successful business quickly.

Opening such a business is cheaper, yet, there are numerous bureaucratic obligations before you can begin. Food trucks can require special ordinances, licenses, insurance, and safety standards. The rules you must comply with and the certifications you need to acquire can also differ from state to state. So be to research the legal requirements before registering a business.

Car Detailing

Request for car maintenance services has been growing lately since people tend to keep their vehicles longer. The average times an American washes their car per year is 13, and 1 or 2 times per month, shows a study drafted by the International Carwash Association. New business owners should also be encouraged by the booming car wash industry which is expected to grow from $14.7 billion to $20.7 billion by 2028.

To increase their profits, some car wash business owners turn their activity into a mobile one. This way they can cash even bigger fees, especially among luxury vehicle owners that prefer having the comfort of receiving services at home. The mobile car wash also cuts off some of your business expenses, like startup costs, space rental, etc.