There is always some sort of news about a small business either succeeding or failing. The term small business is very vague because it covers a lot of territories. Technically, everything from local diners to accounting offices to gas stations to a chiropractor’s office qualifies as a small business. The big question is what is the best type of small business to start and which one is most profitable. The following are just a few of the most profitable small businesses.
No business is as profitable as a CPA (certified public accountant). The reason that a CPA office is so successful is because of its pricing power. People will always need accounting services no matter what the economy is like. Another reason is that accounting is a low overhead business because the same office space and supplies can generally be used for many clients at a similar cost, and repeat customers are almost guaranteed. The only downside is that accounting requires years of training and special expertise.
There is no mystery as to why chiropractors can turn a high profit: back pain is the most common and painful ailment in the United States. Many people will go to the chiropractor to try less invasive treatments to end back pain before opting for surgery.
A dentist’s office is yet another profitable business to run because of the fact that a dentist’s office can help several patients at the same time. The only setbacks are that dental equipment and dentistry school is not cheap. But the main benefit of dentistry is that many customers pay for dental work out of pocket because most do not have dental insurance.
Self Storage Units
It is rather easy to see why self-storage units are successful. There is no fancy office space needed, high utility bills, HR teams, a big team of employees or need for in-house lawyers. This helps the overhead cost go way down. The only major costs usually associated with a self storage unit is the mortgage. That leaves a lot of profit left over to pocket.