The Small Business Administration (SBA) defines a small business as any business that employs fewer than 500 employees or that does not exceed a specific annual revenue limit. Most small businesses in the United States are much smaller, with the average small business employing 1 to 19 people. Home improvement services can include anything from interior design, carpentry, contracting, plumbing, or gardening. Most of these areas require training and access to equipment or materials, so the initial costs are not the cheapest.
This type of business may also be more popular in certain geographic areas than in others (i.e. wherever people buy homes most easily). Covered gyms and fitness centers were largely affected by mandatory COVID-19 closures, but the fitness industry has proven to be adaptable and resilient. Both fitness instructors and customers have opted for online and outdoor classes to stay healthy and active.
The shift to remote work and quarantine have also created a need to exercise like never before. Demand for larger, more dispersed spaces during the COVID-19 pandemic has created a housing shortage and prices are expected to soar. Thanks to remote work, more and more people are leaving cities and looking for properties in suburban areas. Healthcare workers are vital to keeping our communities safe and healthy.
Not only has the COVID-19 pandemic created a high demand for trained medical professionals, but searches for specialized medical care increased by 78% in the past year. Lightspeed is a cloud-based commerce platform that powers small and medium-sized businesses in more than 100 countries around the world. With intelligent, scalable and reliable point of sale systems, it is a comprehensive solution that helps restaurants and retailers sell across channels, manage operations, interact with consumers, accept payments and grow their business. Lucky for you, we've researched and compiled a list of 20 companies that are expected to succeed in the coming years.
So, if you're looking for profitable small business ideas or just a list of booming industries, keep reading for inspiration. The Bureau of Labor Statistics (BLS) expects employment in this industry to increase by 1.1 million jobs over the next decade. And while healthcare experience is an advantage, it's not required. Many personal care assistants help patients with activities of daily living, such as bathing, brushing their hair, running errands, and doing laundry.
According to the Centers for Disease Control and Prevention (CDC), more than 61 million American adults live with a disability that limits their ability to participate in daily activities. For many of these people, physical therapy is an essential part of regaining their independence. So, if you're looking for a cost-effective idea for a small business, starting a physical therapy practice could be a great option. In selecting this list, we turned to the Bureau of Labor Statistics to determine which industries are expected to experience the most growth over the next decade.
Then, we focused on those with low start-up costs and low barriers to entry. The result? A list of the 20 most profitable companies. If you're looking for a profitable idea for a small business, one of these 20 options could be a great option. Many of them are inexpensive to start with, meaning you need very little money (if any) to get started.
In short, now is the best time to consider planning profitable small business ideas. Here are 10 of the most profitable: personal training; cleaning services; home improvement services; healthcare services; physical therapy; language courses; social media management; childcare services; online language courses; and business credit cards. When brainstorming for a small business, it's important to consider the ones that tend to be most successful. Doing so can help narrow down the best ideas and perhaps reveal invisible gaps in the market.
Personal training is another great idea for small businesses that requires few initial resources with a high potential for success. All it requires is some equipment, perhaps a gym membership with a guest pass, and considerable knowledge about personal health, fitness and nutrition. Becoming a trainer doesn't require any degree or certification but rather customer satisfaction and consistent results as well as strong personal branding and social media skills. Starting a cleaning service is also a lucrative idea for small businesses as residences and businesses almost always require cleaning.
This need means that there will be a constant flow of customers and revenue. In addition, a cleaning service is a great business to start from home and expands over time. The fact that large companies operate on a larger scale does not mean that small businesses cannot benefit from the use of similar systems such as toll-free numbers interactive voice response (IVR) systems website automation etc. Around 67% of small businesses use social media for digital marketing and this number is expected to increase as more businesses move online.
They have stay-at-home parents who care for them full time making providing child care services another profitable business idea with high potential for success. Yes having one of the most profitable businesses means knowing how to manage it investing constantly and growing as an entrepreneur every day. Here you will find several resources that will help you transform your idea into one of the most profitable businesses. These ideas for profitable businesses span various industries involve different time commitments and start-up costs.
And if you speak one of the most popular languages such as Mandarin Spanish or Arabic online language courses could be one of your most profitable business ideas. With a business credit card you can get benefits rewards for your expenses as well as start building your business credit history. Keep in mind that these profitable businesses can be great business ideas but you'll also have plenty of competitors. If you're fluent in Twitter live your life on Facebook and have landed all your jobs through LinkedIn you might consider turning your social media experience into your own independent venture offering support to business owners who need help managing their brands' social media platforms.
Business credit cards are also short-term funding options especially for everyday business purchases.