10 small business ideas that can turn a profit in the first year

Image Source: Getty Images

You don’t have to wait years to turn a profit.

Key Point

• There are many reasons why Americans choose to become entrepreneurs.
• You don’t always have to wait 2+ years to get your profit.
• Some businesses require little or no upfront costs, making it easier for them to become profitable sooner.

Are you obsessed with entrepreneurship but don’t want to wait years to turn a profit? The good news is that there are some businesses that can turn a profit much faster.

Why open a small business?

Nearly half of small businesses go bankrupt within five years, so why are so many people starting small businesses?

Because they want to be bosses.

A recent study by Cox Business found that 66% of new business owners started their business because they wanted to be the boss. And there is no shortage of new businesses. In 2021, he will have 5.4 million small businesses, up from his 4.4 million in 2020 and his 3.8 million in 2019. If you’re ready to leave corporate America behind and embark on a new journey as an entrepreneur, you’re definitely not alone.

Aside from the desire to be their own boss, small business owners were motivated to start new businesses for the following reasons.

• dissatisfied with corporate America
• wanted to pursue their passion
• given the opportunity to do so
• Inspired for new business

Whatever your reason for starting a new business, turning a profit in the first year can be difficult. It is said that it usually takes up to two years for a business to become profitable. However, if you can start one of these 10 businesses and make money in your first year, you don’t have to wait too long.

A business with minimal upfront costs

One easy way to make a profit quickly is to start a business with minimal upfront costs.

1. Social media management

If you’re a pro navigating social media sites, social media management could be your business. Many small business owners looking to stay active on sites like Facebook and Twitter may be looking to you for your expertise.

2. Online course

Would you consider yourself an expert in something? No matter where your expertise lies, your skills have access to a variety of tools to help you create and sell your online courses. The best way to do this is to stick to a specific niche and target your audience instead of being a jack of all trades.

3. Graphic design

Think you’re an Adobe Photoshop or InDesign pro? If so, becoming a graphic designer could be a profitable endeavor. Whether you’re creating a simple web page or creating a catalog of beautiful illustrations. , graphic design skills are in demand, and this trend is expected to continue.

4. Bookkeeping and Accounting

Are you a CPA or bookkeeping professional wanting to do your own thing? If so, there are plenty of opportunities for you. With revenue from accounting and bookkeeping services expected to reach $203.8 billion by 2024, this could be a profitable business. Bookkeepers can handle standard transactions such as invoicing customers and paying bills, while CPAs can undertake more advanced tasks such as tax preparation and financial forecasting.

5. Consulting

Consulting is a great opportunity for those with in-demand knowledge. From recommending the right accounting software for new businesses to helping business owners deal with HR issues, find a niche and start offering your expertise.

A business that needs more investment

These next five businesses require more start-up capital, but can also help you turn a profit in year one.

6. Food truck owner

Food trucks are everywhere. Whether you’re serving tacos or more upscale cuisine, the food truck industry might be right for you. Initial costs are high and the cost of professional business licenses and insurance must be considered. But if cooking is your passion, food trucks offer flexibility and creativity and are a third of the cost of opening a brick-and-mortar restaurant.

7. Auto repair

If you are a certified mechanic looking for new opportunities you can benefit from opening your own repair shop. If you want more flexibility consider offering mobile mechanical services to your customers please.

8. Parenting

If you love children and you are an experienced childcare professional or early childhood educator, taking the leap to opening a childcare center might be a good fit. and license fees must be taken into account, but the demand for childcare services is increasing year by year, so it is likely to be profitable by the end of the first year. .

9. Car Wash and Detailing Service

The market is expected to grow through 2028 as the demand for car wash equipment increases as owners keep their cars longer. service.

10. Cleaning Service

The initial investment for cleaning services is less than other services, but you need to buy a cleaning company, an industrial vacuum cleaner and a truck or van to transport them. We specialize in office or residential cleaning, or offer both services.

Owning a business gives you flexibility and the opportunity to be your own boss. Do your homework, find the right business for you, and dive into entrepreneurship.