In this article, we will take a look at the 30 most profitable businesses you can start in USA. If you want to skip our detailed analysis, you can go directly to 5 Most profitable businesses you can start in USA.
According to a report by the UC Chamber of Commerce, there are almost 33.2 million small businesses in the United States that account for 99.9% of businesses in the country. Moreover, these businesses contributed to 63% of the new jobs created between 1995 to 2021. The report also highlights that 5.4 million new business applications were submitted across the United States in 2021. The startup industry is booming, providing a huge opportunity to business owners across the country. With that, let’s take a look at some of the growing industries in the country.
The Global App Development Industry Expected to Reach $330 Billion by 2032
According to a report by Precedence Research, the global application development software market is expected to grow from $155.64 billion in 2022 to $328.3 billion by 2032 at a compound annual growth rate (CAGR) of 7.8%. According to the report, North America accounted for over 41% of the market’s revenue share in 2022. Among all the segments, the cloud segment is expected to experience the fastest compound annual growth rate (CAGR) of 23.1% during the forecast years. Applications are primarily consumed across the media and entertainment sector with a revenue share of 29.9% in 2022. You can also check out some of the cheapest software stocks to buy.
Microsoft Corporation (NASDAQ:MSFT) is a leading name in the application development software industry. Microsoft Corporation (NASDAQ:MSFT) was a part of 306 hedge fund portfolios at the close of the third quarter of 2023. The total stakes of these hedge funds amounted to $72.19 billion, up from $69.79 billion in the previous quarter with 300 positions. The hedge fund sentiment for the stock is positive. As of September 30, the Bill & Melinda Gates Foundation Trust is the largest shareholder in Microsoft Corporation (NASDAQ:MSFT) and has a position worth $12.40 billion. The stock covers 31.87% of the fund’s portfolio.
Global Accounting Services Industry is Worth $628.4 Billion
According to a report by Allied Market Research, the global accounting services industry was valued at $628.4 billion in 2022. The global accounting services industry is expected to grow to $1.5 trillion by 2030 at a compound annual growth rate (CAGR) of 9.2%. These services are provided by professional accountants and audit firms to commercial and business customers. Primary services include tax preparation and accounting consultancy. According to the report, North America held the highest market share in 2022. The primary reason for such is that accounting service providers in the region are thoroughly engaged in the provision of customized accounting solutions to customers across specified industries. You can also take a look at some of the biggest accounting companies in the world.
H&R Block, Inc. (NYSE:HRB) is a leading tax preparation and bookkeeping company based in Missouri, United States. The company provides its services across the United States, Canada, and Australia. On December 14, H&R Block, Inc. (NYSE:HRB) launched a new artificial intelligence tax assistant. The new technology leverages the company’s existing capabilities to provide consumers with real-time reliable tax filing assistance. The new tool combines expertise across 60,000 tax professionals to provide users with the most accurate results. H&R Block, Inc.’s (NYSE:HRB) new tool assists with tax information, tax preparation, dissemination of tax knowledge, and awareness of tax changes.
The Property Management Market On Track to Grow at 9.4%
According to a report by Vantage Market Research, the global property management market was valued at $18.60 billion in 2022. The global property management market is expected to grow to $38.16 billion by 2030 at a compound annual growth rate (CAGR) of 9.40%. According to the report, North America dominated the market with a share of 39.5% in 2022. Such also explains the growing demand for property management software in the region. Moreover, the Asia Pacific region is expected to grow at the fastest compound annual growth rate (CAGR) over the forecasted period. Prominent countries contributing to the growth include China, India, and Indonesia.
Jones Lang LaSalle Incorporated (NYSE:JLL) is a leading property management company based in Illinois, United States. The global real estate company provides its services to owners, tenants, and investors across the globe. On November 2, Jones Lang LaSalle Incorporated (NYSE:JLL) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $2.01. The company also posted revenue worth $5.11 billion during the quarter, ahead of market consensus by $75.02 million.
With that, let’s take a look at the 30 most profitable businesses you can start in USA.
30 Most profitable businesses you can start in USA
Our Methodology
We employed a consensus approach to come up with the 30 most profitable businesses you can start in USA. We first sifted through 6 reports on the internet including Forbes, Camino Financial, 99BusinessIdeas, zenbusiness, Upflip, and PageFly. We then considered businesses mentioned in at least 50% of our sources. This thorough process enabled us to create an initial pool of the 40 most profitable businesses you can start in USA. We then consulted NYU Stern to source the net margins of the parent industry of each business idea. Data from NYU Stern is based on figures for the year ended 2022. We identified the top 30 names based on the net margins of the parent industries. The list of the 30 most profitable businesses you can start in USA is in ascending order of the number of mentions with the net margins of parent industries used as a tiebreaker for two or more businesses with the same number of mentions.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
30 Most profitable businesses you can start in USA
30. Travel Agency
Number of Mentions: 3
Net Margins of Parent Industry (2022): 1.10%
According to our methodology, a travel agency is one of the most profitable businesses you can start in USA. Business owners can provide travel consultation and arrange specialized trips by targeting a specific niche of customers, such as business customers, adventure-seeking customers, or high-end customers.
29. Pet Handling & Services
Number of Mentions: 3
Net Margins of Parent Industry (2022): 1.30%
Starting a pet handling and services business is a growing business domain in the United States. Most pet owners require pet supplies and pet handling services while they are at work. Other than offering pet handling services such as pet walking and pet playing, business owners can also sell pet supplies.
28. Healthcare Services
Number of Mentions: 3
Net Margins of Parent Industry (2022): 2.01%
Business owners can engage in the provision of online healthcare consultation services, therapy sessions, and diagnosis appointments. Moreover, the demand for portable medical units such as medical vans is on the rise, providing an opportunity to business owners to penetrate the market.
27. Auto Repair Business
Number of Mentions: 3
Net Margins of Parent Industry (2022): 2.16%
According to our methodology, starting an auto repair business ranks as one of the most profitable businesses you can start in USA. Business owners may provide repair and maintenance services for electric vehicles or traditional cars. Moreover, on-demand mechanic services may be a great addition to establish a competitive advantage.
26. Tutoring
Number of Mentions: 3
Net Margins of Parent Industry (2022): 2.92%
According to our methodology, starting a tutoring business is one of the most profitable businesses you can start in USA. Business owners can save costs by providing online classes using video conferencing tools such as Zoom and Google Meet.
25. Delivery Service
Number of Mentions: 3
Net Margins of Parent Industry (2022): 4.92%
The demand for specialized delivery service options is increasing rapidly in the United States. Business owners can provide grocery delivery services, restaurant delivery services, or business-to-business raw material delivery services.
24. Catering
Number of Mentions: 3
Net Margins of Parent Industry (2022): 4.92%
Starting a catering or event management business ranks as one of the most profitable businesses you can start in USA. Business owners can develop a competitive advantage with technologically-equipped tools to streamline the event planning and management process. Moreover, targeting a specific niche and socio-economic class may be the best way to go about this business.
23. Personal Training and Wellness Business
Number of Mentions: 3
Net Margins of Parent Industry (2022): 4.92%
Rising health concerns across the country have fueled the demand for healthier lifestyle options. Therefore, starting a personal training and wellness business ranks as one of the most profitable businesses you can start in USA. If training is provided via digital means, business owners may save costs related to equipment and fitness facilities.
22. Handyman and Maintenance Services
Number of Mentions: 3
Net Margins of Parent Industry (2022): 4.92%
According to our methodology, starting a handyman and maintenance business ranks among the best businesses you can start in USA. Handyman and maintenance services can be provided to both commercial and business customers, however, targeting a specific niche may be the best way to go about it.
21. Project Management
Number of Mentions: 3
Net Margins of Parent Industry (2022): 4.92%
Providing project management services ranks among the most profitable businesses you can start in USA. Business owners may provide services to startups in a certain niche. Primary investments may entail several project management tools for instance Asana, Infinity, Calendly, and Google Suite.
20. Appliance Renting Business
Number of Mentions: 3
Net Margins of Parent Industry (2022): 7.31%
According to our methodology, starting an appliance renting business is one of the most profitable businesses in the USA. Business owners must focus on niche customers including short-term rental customers for travel, students living in dorms, or customers currently shifting homes.
19. Food Trucking Business
Number of Mentions: 3
Net Margins of Parent Industry (2022): 9.28%
Starting a food trucking business ranks as one of the most profitable businesses you can start in USA. With rising health concerns in the country, business owners can offer healthy food options to health-conscious consumers. Other options include fast food and ready to eat takeaway items.
18. Online Courses
Number of Mentions: 4
Average Net Margins of Parent Industry (2022): 2.92%
According to our methodology, providing online courses is one of the most profitable businesses you can start in USA. Skill-based courses are increasingly demanded across the country, especially in the technology, artificial intelligence, and machine learning domains. Business owners may have to invest in course-making software such as Prezi.
17. Copywriting
Number of Mentions: 4
Average Net Margins of Parent Industry (2022): 3.31%
The rising demand for copywriting stems from the widespread integration of websites by most businesses. Copywriting services may be provided via a freelance platform to cut down on costs, however, having a website domain may add to the credibility and authenticity of the business.
16. Blogging
Number of Mentions: 4
Net Margins of Parent Industry (2022): 3.79%
With social media at the center of marketing activities, blogging and influencer marketing have taken a dramatic shift. Business owners are not only able to blog on dedicated websites, but they are also able to use low-cost social media channels. However, a traditional blogging business may require owners to invest in publishing platforms such as WordPress. Business owners can also gather commercial and business clients to provide them with customized blogs.
15. Marketing and PR Services
Number of Mentions: 4
Net Margins of Parent Industry (2022): 3.79%
According to our methodology, starting a marketing and PR services business ranks as one of the best businesses you can start in USA. A business owner must invest in email marketing tools, client management tools, and SEO tools to name a few. Business owners can also establish an online marketing consultant business.
14. Day Care Services
Number of Mentions: 4
Net Margins of Parent Industry (2022): 4.92%
As more and more women step into the workforce, the need for equipped daycare service centers is on the rise. Business owners can also set up specialized daycare centers such as sports daycare centers, Montessori daycare centers, or language daycare centers.
13. Cleaning Services
Number of Mentions: 4
Net Margins of Parent Industry (2022): 4.92%
Offering cleaning and decluttering services to commercial and business customers ranks among the most profitable businesses you can start in USA. Business owners can not only offer cleaning and decluttering services but they can also provide interior design and home consulting. Consulting can also be provided via digital meetings.
12. Jewelry Making
Number of Mentions: 4
Net Margins of Parent Industry (2022): 5.07%
Starting a jewelry making business and selling those items on Etsy or other marketplaces ranks as one of the most profitable businesses you can start in the USA. Rings and handmade jewelry are particularly gaining a lot of traction in the United States. The apparel industry had a net margin of 5.07% in 2022.
11. Dropshipping
Number of Mentions: 5
Net Margins of Parent Industry (2022): 0.64%
Starting a dropshipping business or online selling business ranks among the most profitable businesses you can start in USA. While the online retail business may be highly saturated, focusing on the provision of niche products may be the best way to go about it. These include home and garden products, appliances, home decor items, handmade items, fashion accessories, and athleisure.
10. Virtual Assistant Services
Number of Mentions: 5
Net Margins of Parent Industry (2022): 4.92%
Providing virtual assistant services ranks among the most profitable businesses you can start in USA. Virtual assistant services can be provided via freelance platforms, however, setting up a domain and website adds to its credibility and authenticity. Virtual assistants provide help with administrative tasks for commercial and business clients from the comfort of their homes.
9. Business Consulting
Number of Mentions: 5
Net Margins of Parent Industry (2022): 4.92%
According to our methodology, business consulting is one of the best businesses you can start in USA. Business owners can target startups and penetrate a certain niche as there is an increasing demand for mentorship among small businesses in the United States.
8. IT Support Services
Number of Mentions: 5
Average Net Margins of Parent Industry (2022): 9.58%
Starting an IT support services business ranks as one of the most profitable businesses you can start in USA. Business owners can offer cloud management support services, managed IT services, cybersecurity services, IT consulting, and data management services.
7. Freelancing
Number of Mentions: 5
Average Net Margins of Parent Industry (2022): 9.58%
Offering freelance services, especially in the domain of writing, editing, proofreading, and designing, are some of the best businesses to start in USA. Prominent freelance networks include Upwork, Freelancer, and Fiverr. Business owners may have to invest in tools such as Grammarly, Adobe Photoshop, and Illustrator.
6. Chatbot Development
Number of Mentions: 5
Net Margins of Parent Industry (2022): 14.61%
According to our methodology, chatbot development ranks among the most profitable businesses you can start in USA. Starting a chatbot development business may require owners to invest in extensive development tools. To save costs, however, business owners can offer their services on freelance platforms.
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Disclosure: None. 30 Most profitable businesses you can start in USA is originally published on Insider Monkey.