What Are Some of the Most Profitable Industries for Small Businesses?

Profitable Industries for Small Businesses

From selling office equipment at flea markets to investing in AI, there are a variety of financial opportunities for small business owners. If you do a bit of research and enter an industry with a high annual growth rate, you’ll have a better chance of succeeding.

You don’t even have to have an advanced degree (or degree at all) for many of these industries. Forbes.com explains “no degree, no problem” for small business owners.

Here are a few profitable industries up-and-coming entrepreneurs may want to look into in 2017:

Organic beauty products – You can either sell as an affiliate for organic cosmetic and wellness companies or learn how to make your own. Organic cosmetics, soaps, lotions, etc… are all really popular these days – especially among women who are looking for more natural anti-aging and beauty solutions. If you can get enough people interested, it might be in your best interest to launch your own line.

Financial services industry – Accounting services in particular are in high demand. The sector has a variety of opportunities for entrepreneurs. However, it’s not just typical accounting and bookkeeping services that companies will be requiring in the future. According to Accounting Today, it will be services that “involve advisory, consulting, wealth management” as well as CFO-type duties that will offer the most opportunities for the accounting industry in the coming decade. If you want to get involved, be sure to focus on these areas.

Internet/Data services – The growth in IT and mobile technology will continue to fuel the need for data services and analytics sales. Companies are becoming more and more desperate to learn as much information as possible about their potential customers. Service-related opportunities in the internet/big data industry are going to account for a huge chunk of revenue, followed by software.

Home health care services – There is always a high demand for professionals in the healthcare industry. However, employment in specialized home health care services is expected to grow very fast – more so than ever before. The number of baby boomers turning 65 is steadily increasing, and many of them are requesting health care in the home. These services tend to fall into two categories: non-medical related home care and skilled health care. There’s never been a better time for entrepreneurs to start a home care business.

Artificial intelligence – AI technology is becoming HUGE. From self-driving cars to automated processes, there are plenty of opportunities for small businesses and investors. Artificial Intelligence revenue is expected to “reach $36.8 billion worldwide by 2025”. Even if you just focus on developing chatbots or automated testing applications, the AI industry is worth getting involved in.

Electronics repair – While a lot of small businesses focus on computer repair, what about the other electronics? What about mobile phone repair? What about companies that buy used printers and need help setting them up? An electronics repair business has a lot of possibilities – especially if you can encourage customer to bring their electronics to you instead of having to spend gas money driving around all over the place.

Flea market business – Many consumers still prefer good ole’ flea market shopping. There are a number of ways you can get involved in the multi-billion dollar industry. You can either sell yourself or be an organizer, depending on your location. If you own a large commercial area, you could create your own flea market and rent booths out. If you simply want to sell, “dollar store” items and office equipment are two popular, profitable ideas. Use social media to reach out to local businesses and consumers who would be interested in the items you wish to sell. In order to succeed at the flea market business, you must.. well.. treat it like a business, and market accordingly.

If you are interested in buying and selling office equipment, or simply investing in it for your own small business needs, JJ Bender is a great place to start.

For some more small business ideas, Yahoo Finance recently published a post about the 15 “most profitable small business industries.”