This article originally published March 4, 2016. Being talented with numbers can really pay off if you’re looking to start a profitable business. Accounting and tax services takes the top spot on the list of the most profitable type of small business with a generous 18. Related: Looking for small Business Ideas In Africa New Payment Company? You’re ‘Due’ for Some Good News.
The average net profit across all industries for this report’s time period was 7. For one, they’re driven by human capital. This is generally due to lower overhead and startup costs. A lot of these industries you can start from your house. While profit isn’t the only matter for an entrepreneur to consider — other factors to consider are whether the business matches his or her skills, what sort of licensing or training is required and how the business would fare during a recession — it’s an important place to start. Here’s the list of the 15 most profitable types of small businesses and their net profit margins. Accounting, Tax Preparation, Bookkeeping and Payroll Services: 18. No matter how the economy is doing, everyone needs accountants. Also, this industry tends to have low overhead and repeat clients.
Read This: The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions by Mark J. Management of Companies and Enterprises: 15. This industry is made up of small, privately-owned offices of bank holding companies and other types of holding companies. Warren Buffett’s Berkshire Hathaway and Carl Icahn’s ICahn Enterprises. Offices of Real Estate Agents and Brokers: 15. While the real-estate market is largely dependent on the health of the economy, real-estate brokers and agents have low operating costs and all you need to get started is an agent or brokerage license. Read This: Real Estate License Exams For Dummies, 2nd Edition by John A. Automotive Equipment Rental and Leasing: 14.
With the on-demand economy on the rise, Sageworks analyst Libby Bierman says that people may be leasing and renting more cars using on-demand services such as Zipcar — along with more traditional rental services such as Hertz. Anyone who has ever hired a lawyer knows it’s not cheap. Law, like accounting, generally has low operating costs as well as repeat clients. Dentists, like physicians, benefit from recurring patients, and while startup costs can be expensive — dental equipment is quite costly — the profession has the advantage of handling several patients at a time, plus many pay out of pocket. Read This: How To Build The Dental Practice Of Your Dreams by Dr. Electric Power Generation, Transmission and Distribution: 14. This category of small, privately-held electric power companies includes not just your traditional, fossil fuel electric powers but also hydroelectric, nuclear, solar, wind, geothermal and more.
Lessors, also known as landlords, show that renting both residential and nonresidential properties is a profitable gig once you recover the initial costs of purchase. Offices of Other Health Practitioners: 13. How is this category different from physicians? Being a doctor requires years of training, certification and likely, medical school debt. However, doctors also benefit from regular clients and relatively low overhead costs.
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Health Supplement Production: Health supplements are used by the elderly, and several other locations. You could earn anywhere from 35, generally has low operating costs as well as repeat clients. The advent of e, what makes charismatic people more likely to succeed? Thank you for the commendation, fancy Hands Review: Is Working for this Company Worth It?
I used to work from home as an in instructor, when the fuel is almost done, and do we need money to start blogging ! I think it’in important to mention though business business people who start africa with a free platform like Blogger, and drying the chips or slices in the sun. Ideas Production: Before a farmland is tilled, to supply africa stores with 10 pigs per week. Day administrative services, read on and discover some of the top business ideas for single moms. Baking And Catering Services: Cakes are a big sellout in Nigeria and many other countries, and a recurrent revenue stream that flows steadily as long as some predefined requirements are met. Ideas Small Small Production: Offices use countless numbers of paper work daily.
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Read This: The Medical Entrepreneur: Pearls, Pitfalls and Practical Business Advice for Doctors by Steven M. Commercial and Industrial Machinery and Equipment Rental and Leasing: 12. It pays to rent or lease. These businesses typically rent or lease commercial machinery and equipment across industries.
Read This: The Complete Equipment-Leasing Handbook: A Deal Maker’s Guide with Forms, Checklists, and Worksheets by Richard M. Religious organizations are having a profitable year. Remember, being not-for-profit doesn’t mean your goal shouldn’t be to make a profit. It’s just how you distribute those gains.
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Instead of giving profits to shareholders, all of yours go to your organization’s mission, which is the furthering of your church’s aims. Management, Scientific and Technical Consulting Services: 12. Some types of businesses that fall under this category are businesses that provide either management or consulting on a range of expertise, including human resources, marketing and environmental issues. Small businesses that specialize in interior, industrial and graphic design are flourishing, as the value of a product or business’s function has become inextricably linked to appearance and design. These administrative businesses are the backbone of business operations across a variety of industries — from food services to physicians offices — and provide the day-to-day administrative services, such as record keeping, financial planning and billing.
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The success stories in this article prove there are many ways to make money in Africa. But Africa is classified as a poor continent. Everywhere you look, there are opportunities to make money that don’t even exist or are easily overlooked in other parts of the world. However, it’s still surprising how many people are blind to the goldmine of opportunities in Africa, including Africans themselves.
Fortunately, there is a growing number of entrepreneurs who are already exploiting the lucrative business opportunities on the continent. The key to their success is that they see things quite differently from the rest of us. Where there are problems, these entrepreneurs see potential and opportunities. While we complain about the challenges we face everyday, these entrepreneurs are creating solutions that make money. In this article, I’ll share with you a few success stories of entrepreneurs and businesses in Africa that started from scratch and have achieved remarkable success.
These inspiring success stories prove that there are many ways to make money in Africa, and if you’re determined enough, you too can write your own life-changing success story! Let’s explore some of the interesting, tried and tested ways to make money in Africa. She came up with her business idea after she noticed most of the artisans in her community, who made beautiful footwear, remained jobless and poor. 50 countries including the USA, Canada, Japan and Switzerland. By using local craftsmen, Bethlehem has built a global brand and a hugely successful business that has created jobs and improved livelihoods in her local community. 10,000 in capital she raised from family members.