Many people want to start a business, and if you’re reading this, you’re likely one of them. However, not many people have the huge capital to launch a company, build a team, and take care of other business operations. Many people look for small profitable business ideas they can start with a minimal investment.
If you’re looking for something like that, I’ve picked eight such ideas for you. Anyone can start these businesses, though some of them may require specific skills. That said, let’s get started
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Starting any kind of food business can be profitable and requires minimal investment. People love to eat, and they’ll continue to do so. So, you can sell any food item and be profitable.
The two best picks are a bakery and a quick-service restaurant. You can start a small bakery and sell cakes, pastries, patties, buns, burgers, hotdogs, and related food items. Or, you can start a quick-service restaurant (QSR).
QSRs can be generic (sell a wide range of food items) or niched (healthy, Italian, Mexican, etc.). You don’t need to be a cook to start a food business; you can easily hire chefs.
Hair and Makeup Salon: Small Profitable Business Ideas
A hair and makeup salon is another easy and profitable business idea, though it demands slightly more investment than a bakery. You’ll need to invest in an aesthetically appealing salon that attracts visitors.
It’s great if you know how to do hair and makeup. If not, you can hire stylists to get the job done for you. Overall, starting a small salon is easy and doesn’t require much investment and oversight.
Many women entrepreneurs have launched their fashion boutiques and achieved great success. That said, a fashion boutique is not a women-only business, and both men and women can run it successfully. A fashion boutique can be of two types: generic and niched. A generic boutique stitches and sells all types of clothes. Niched boutiques cater to a specific gender or age group.
A fashion boutique is one of those business ideas that require almost no skills. As long as you know how to sell to people, you’re good to go. Small boutique owners can manage everything alone, whereas owners of large boutiques may need a few helpers.
Departmental Store: Small Profitable Business Ideas
A departmental store is a retail outlet that sells an array of consumer goods, from groceries to packaged items and more. It is also one of the most profitable small business ideas in today’s age that will never go out of demand. People go to departmental stores all the time.
The best thing about starting a departmental store is there are no set standards for it. You can have a store as small as a bedroom or as large as a two-story bungalow. You can sell only a handful of packaged items or everything from groceries to grooming products to food products. The choice is yours.
Electronics Repairing and Refurbishing
An electronics repairing and refurbishing shop is one of the most cost-effective business ideas. Nowadays, everyone uses gadgets, like smartphones, laptops, headphones, etc., and they run into problems all the time. Starting an electronics repair shop is, therefore, a profitable business idea.
Again, you can either make repairs by yourself or hire an electrician to do it. You can take this business idea to the next level by selling refurbished electronics. Many people have gadgets that are almost impossible to repair or would cost a lot. You can purchase them for cheap, repair them, and sell them as refurbished products.
If you know a thing or two about repairing automobiles, setting up a car garage is one of the best small business ideas for you. Even if you don’t know how to repair vehicles, you still start a car garage by hiring mechanics. You’ll need to make a small initial investment for buying equipment, but that’s it. Since a garage is a type of service business, your operational costs will be minimal, and profit percentages will be high.
Service Delivery: Small Profitable Business Ideas
Service delivery includes all business ideas that involve selling services. These could be gardening, home renovation, AC repair, plumbing, and the list goes on. Like garage and electronics repairing, service delivery is a business that requires a certain skill set. However, you can run this business by hiring skilled professionals and managing them.
With the internet taking over the entire world, there are business opportunities online as well. One of the best online business ideas is dropshipping. It refers to selling someone else’s product online and earning a commission on every sale. In a nutshell, dropshipping is all about buying products from a merchant at a wholesale price and selling them at a price of your choice. The price difference is your profit.
However, unlike other options on the list, dropshipping requires some skills. You need to create a website, list products, promote your store, and drive conversions. Of course, you can outsource these tasks, but it’s better to learn some of these skills before getting started. On the positive side, dropshipping is a fully online business, so operational expenses are almost zero.
Let’s end this list with a business idea that requires zero dollars to set up, and profit margins are 100%. However, you need specialized skills to become a freelancer. The good thing is that you can offer any skills you have. These include writing, designing, web development, app development, virtual assistance, etc.
You can find freelance gigs on platforms like Freelancer.com, Upwork.com, and Fiverr.com. All these platforms are free to use, though you can upgrade your membership to enjoy additional benefits.
Conclusion: Small Profitable Business Ideas
There are endless opportunities to start a business in today’s age, both online and offline. However, it’s essential to find a business that interests you. If you are interested in cars, opening a garage would be great. If gadgets are your thing, opt for an electronics shop. And if you are an internet freak, try drop shipping or freelancing.
So, which one of the small profitable business ideas did you like the most and why?