It is tough to succeed in business without a good idea. Above all, this concerns small companies. They usually have limited funds, human resources and infrastructure. However, such startups can be immensely profitable. What are the most profitable small businesses? Here are some business ideas that will have the greatest potential in the coming years. Read on.
Most profitable small businesses – table of contents:
- 3D printing
- Renewable energy
- Social media consulting
- Mobile apps
- Sustainable consulting
3D printing is becoming one of the most profitable businesses in the world. It is growing rapidly in Asia and North America. Back in 2020, the 3D printing market was valued at 13.7 billion dollars globally, but it might grow to as much as 63.46 billion dollars by 2026. Why does it have such potential?
First of all, supply chains are becoming increasingly digitized, and the COVID-19 pandemic has even accelerated this process. Secondly, there has been an increasing focus on sustainability, which is associated with production optimization.
Also, personalization is becoming more and more important (especially in healthcare). Therefore, companies offer products tailored to meet specific customer needs. What is more, innovation is moving faster than ever. The answer to all these issues is 3D printing. It’s easier to store files than finished products, so you can print them as needed, customize them for specific audiences and optimize logistics in the process.
In 2019, Fortune, the American prestigious business magazine predicted that the healthcare industry would start growing rapidly in the coming years. Those predictions were quite accurate. The demand for modern services in healthcare grew fast even during the COVID-19 pandemic.
People need not only new drugs and medications, but also solutions that will facilitate diagnosis and contact with medical staff. This makes the healthcare business ideas one of the best ones. Even a small company can successfully prepare solutions and services that will add value to the healthcare industry and improve its quality.
The renewable energy industry seems like a dream for small and medium-sized businesses. The shift to energy produced from the sun, wind or water is a trend that has been growing for several years, and is now culminating. The average annual net increase in RES capacity worldwide is now 276 GW, or 45% per year.
Solar PV development is growing the fastest globally, and it will continue to break records. Therefore, the renewable energy market has a lot of potential. Small businesses will easily find their way in the industry, e.g., installing modern solar collectors, providing consulting services, as well as offering training in the field of renewable energy.
Social media consulting
One of the fastest growing industries in recent years is social media consulting. In fact, almost every company has a business profile on Facebook, Instagram and TikTok. However, the mere presence there is not enough to achieve success when communicating with existing or potential customers. Therefore, the social media industry gives small businesses a lot of room to act. With the right knowledge of social networking sites, they can become extremely profitable.
Many people today can’t imagine their daily lives without various mobile apps, including business apps. It’s a huge market that grew by 20.45% in 2021 alone, and could be worth 643.91 billion dollars by 2025. In recent years, courier, fashion, drug delivery, health-related, and food apps have proven to be the most profitable. Any company can enter this market, regardless of its size. What counts is a harmonious team and a good business idea.
Going green is becoming more and more attractive as a business strategy. This is due to several reasons. First of all, there is a lot of social pressure on companies to protect the environment. Secondly, environmental laws and regulations are becoming increasingly stricter.Thirdly, electricity prices are going up, and companies are searching for ways to optimize them. Sustainable consulting is the answer to all these problems. By hiring the right experts, small businesses can successfully provide advice to the largest companies on how to be environmentally friendly at a lower cost.
Although small businesses have some limitations, especially when it comes to the scale of operations and hiring new employees, they can be successful in various industries and business sectors. Nowadays, a good idea and a marketable solution are often enough to sign a lucrative contract and establish presence on the market.
You’ve just read about the top 6 most profitable small businesses. Check out our other articles: Generation gap in the workplace.
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