5 Most Profitable Small Businesses
To become a strong economy in this capitalistic world, the most important thing that nation need are a very healthy number of small businesses operating and manufacturing within the country. Small businesses are defined by a very simple rule in USA, that is, the total running cost of that business should not be more than $1 million. Having small business is like a win win situation for all the concerning parties and stakeholders. Tax collection is far more for the bunch of small businesses compared to the very large company. Small businesses promote healthy competition in the industries, and almost all the local needs can be fulfilled through those small business ventures.
So it obviously sounds to be a very amazing idea to start your own small scale business. A big thanks to PR and accounting consultancy firm, named Sageworks has complied and collected the data of more than hundreds small scale business which have been most profitable in the past 10 years.
The list of the most profitable small businesses goes below:
Most Profitable Small Businesses
5. Sales Financing
The sales financing is the businesses that in layman’s term id just the business of credit but for the goods that are being produces and they are being manufactured solely on the credit of the financiers. This business has been booming for quite a time now. The pretax profit margin for this business in the last decade is around 14.9% which is a very healthy profit ratio.
4. Tax Preparation Services
No body like to do their taxes, so this niche needed to filled and it was fiiled way back in time, but it is now seeing a steep increase in the profit number of the business. The pretax profit margin of the business stands at the tall 15.1%.
3. Office of Dentists
Probably they are most profitable form of the MDs in the medical industry, due to the fact that they are not always bound by the hospital for a job, they open their own clinics which most of the times turn in very handsome profits. The pretax profit margin that the dentists enjoy is around 15.4%.
2. Accounting Services
The niche of the accounting services has quite a few different types of niches under its belt. The most common of them are, PR, tax preparation services, business counseling, financing guides, etc. As more people are getting into the field of business, the need for the accounting services has been increased. So it means their profits are getting very high. Accounting services firms are seeing up to 15.8% of pretax profit margins for the last 10 year.
1. Offices of Chiropractors
Most doctors are offended when chiropractors are labeled as “Doctors”. But nonetheless they often have more profit ratios than the normal doctors. They have benefited in the likes of that they do not need very expensive instruments and more often than not they are paid in cash. Their average pretax profit margin goes to up to 16.2%.
The list above is created just to give you some good solid comparable numbers, so you can easily compare it with your business, or if you want to get into any business.