31 Low-Cost Business Ideas With High-Profit (2024)
August 1, 2023
Starting a business doesn’t have to break the bank. Many small business owners start low-cost business ideas with high profit and become extraordinarily successful.
We’ve talked to hundreds of small business owners to find out the recipe they used to turn small business ideas into a profitable business model.
My personal favorite interview was with the candle business owner, who’s a phenomenal success story! She lost her job in the pandemic and turned $500 into $150K within 3 months.
We share some of the most successful small business ideas with you. Just click on the category you like to find out more.
Make sure to read them all to find a low-cost business idea you’ll love.
Authors Note
Many businesses that are cheap to start have low average profit margins. This is because people will attempt to start them and not put in the time or money to market them and implement useful business systems. These business owners earn a negative profit margin, which brings down the average profit margin. We rank these businesses based on what business owners make when they dedicate themselves to implementing industry best practices.
7 High-Margin Businesses That Are Cheap to Start
#1. Cleaning business
Average Annual Revenue: $74,880
Average Profit Margins: 6.7%
Startup Costs: $1K-$30K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 1.2%
Best for: system-focused and detail-oriented entrepreneurs with strong customer service skills
A cleaning business is one of the most profitable business ideas that you can start from your home with just a few hundred dollars. All you need is basic equipment like a vacuum, broom, and mop, and standard household cleaners—things that most people already have. While 6.7% doesn’t sound like a lot, many of the costs are items like your salary and home office expenses, which help with your cost of living.
If you have more cash available, you can invest in marketing to grow your customer base faster. That was part of Chris Mondragon’s $5,000 startup budget for Queen Bee Cleaning. Today, his cleaning business averages $1.5 million a year in revenue.
Chris shares his business model and how to get started step-by-step in his 7-figure Cleaning Business Blueprint. He also shares some of those insights in this YouTube interview:
#2. Vending business
Average Annual Revenue: $182,100
Average Profit Margins: 4.3%
Startup Costs: $2K-$10K
Time To Revenue: 3+ months
Annual Market Growth Rate: 0.5%
Best for: organized entrepreneurs with strong sales skills, people with machine repair skills
Vending business operators earned more than $10 billion in revenue in 2022, a market increase of 3.8% compared to 2021. That growth is projected to continue, making it one of the top profitable business ideas for entrepreneurs looking for a flexible schedule and passive income potential.
The cost to start a small business in vending depends on a few factors. The cheapest way to start is by buying a few used machines and finding high-traffic places to put them. If you have a larger budget, you can save yourself some time and work by purchasing an existing route.
While the average profit margin is only 4.3%, you can make up to 30% profit margins. Find out how Adam Hill of Hill Vending built a $60,000-a-month vending business in The Vending Bootcamp. He also talked to UpFlip about how to start such a business the right way in this YouTube interview:
Another nice thing about vending is that it doesn’t require any previous knowledge or a large time commitment. You can make good money in vending with just a few hours invested each week, making it a great low-cost business to start as a side hustle.
#3. Consulting business
Average Annual Revenue: $363,049
Average Profit Margins: 6.4%
Startup Costs: $1K-$3.5M
Time To Revenue: 6-18 months
Annual Market Growth Rate: 2.2%
Best for: excellent communicators with strong problem solving and analytical skills, people with in-demand industry expertise
Consulting can be a very profitable business idea, and you don’t need to invest much to start a successful business. The main thing you need is expertise, either in a specific industry or in key areas like leadership, technology, or business systems and management.
Ryan Gromfin turned his experience managing 5-star restaurants into a $35,000-a-month restaurant consulting business. Hear how he did it here:
The most challenging part of starting your own business as a consultant is building your brand and reputation. Leveraging your professional network can help grow your consulting business faster. You can also build authority online through your social media accounts or by sharing knowledge on a blog, podcast, or YouTube channel.
#4. Event planning business
Average Annual Revenue: $34,380
Average Profit Margins: 12.2%
Startup Costs: $500-$5K
Time To Revenue: 3+ months
Annual Market Growth Rate: 1%
Best for: extroverts and outgoing entrepreneurs, people with strong organization, networking, and creative problem-solving skills
Planning events can be stressful and time-consuming, even when it’s something fun and exciting like a wedding or a kid’s birthday party. That’s why people often pay professionals to do the planning for them, and what makes this a great business idea for skilled planners and multitaskers who can rise to that challenge.
Event planning is a low-overhead business and a cheap business to start from home. The client is the one who pays for the space and supplies, and there’s no need for expensive equipment or complicated licensing to get started.
What you will need are connections, both with other businesses in your area and with people who will book your services. That’s why an event planning business is a good business idea for people with experience in hospitality, tourism, and food service who already have a professional network they can build on. You can still start a profitable business without this background, but it will likely take longer to grow your client base and revenue.
#5. Floor coating business
Average Annual Revenue: $1,291,480
Average Profit Margins: 2.8%
Startup Costs: $100K-$3.5M
Time To Revenue: 6-18 months
Annual Market Growth Rate: -0.1%
Best for: system and detail-oriented entrepreneurs who like working with their hands
Epoxy floor coating is a popular way for businesses and homeowners to protect their floors in spaces like garages, basements, warehouses, or factories.
It’s also a $2.3 billion industry with a projected CAGR of 5.5% through 2030. This growth and revenue potential puts it among the top new business opportunities for entrepreneurs with backgrounds in construction and similar areas.
While the startup expenses are higher for a floor coating business than some on this list, it still deserves a place among low-cost business ideas. You can expect to spend around $5,000-$8,000 for the equipment and initial inventory, plus another $1,000-$2,000 for your license, permits, and insurance.
Once you’re up and running, you can expect to see margins of 38-45% on the revenue you make. You can learn more about starting an epoxy business in this interview with Wise Coatings founder Brandon Vaughn:
#6. Wedding photography business
Average Annual Revenue: $50K
Average Profit Margins: 7.3%
Startup Costs: $1K-$10K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 0.3%
Best for: photographers, videographers, visual artists, and designers with strong communication and customer service skills
Though it took a big hit during the height of the pandemic, the wedding industry has bounced back in a huge way. The number of weddings in the U.S. spiked to 2.47 million in 2022 and is expected to remain above 2 million a year through 2025. That makes this the ideal time to start a profitable small business as a wedding photographer.
If you’re starting from scratch, you will need to budget around $3,000-$5,000 for equipment. The basic supplies you’ll need and their average cost are below:
- Professional camera ($1,000-$2,000)
- Camera lenses ($1,000-$1,500)
- Lights and backdrops ($500-$1,000)
- Memory cards and storage drives ($100-$150)
- Tripod and other accessories ($200-$250)
- Photoshop or other editing software ($20-$25 per month)
If you already have high-quality photography equipment, though, it’s a very low-cost business to start.
Connecting with event planners, caterers, and other small business owners in the wedding industry is the best way to start building your client list as a wedding photographer. It’s also smart to make your own website where you can showcase your past work. You can find more advice on starting a photography business in this how-to post on the UpFlip blog.
#7. House painting business
Average Annual Revenue: $76,857
Average Profit Margins: 7.2%
Startup Costs: $1K-$100K
Time To Revenue: 6-18 months
Annual Market Growth Rate: -2%
Best for: contractors and construction workers, painters and visual artists, detail-oriented entrepreneurs with customer service skills who like working outdoors
Unlike other jobs in the home construction and repair business, you don’t need specialized training or certifications to start a painting business.
In fact, all you really need is basic equipment like a ladder and some brushes. As you grow, you can invest your earnings into more sophisticated equipment like scaffolding or paint sprayers.
You can make even more with a painting business if you have specialized skills like painting murals or using trendy painting techniques and styles. There’s a big demand for basic painting services too, though, in both the residential and commercial sectors.
The variety of customers available is what puts painting among the most lucrative businesses to start. The industry grew at a CAGR of 4.1% from 2018-2021 and is expected to grow another 5.8% through 2030.
You can learn more about how to start a painting business by listening to this interview with Arizona Painting Company owner Doug Caris. He’s grown the business to more than $2 million in monthly revenue since he bought it in 2014:
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#8. Mobile detailing business
Average Annual Revenue: $241,230
Average Profit Margins: 16.1%
Startup Costs: $1K-$100K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 1.8%
Best for: car lovers and cleaning experts, detail-oriented entrepreneurs with good customer service skills
Like other cleaning businesses, a mobile detailing or car wash business has a low barrier to entry. It doesn’t require any specialized knowledge or prior experience. It’s also a low-cost start-up business, and you can get all the tools and supplies you’ll need to start for around $500-$1,000.
You can make good money with a car wash business, too. The industry has fairly high profit margins, especially if you operate as a solopreneur. To give one example, GoDetail averages 60% profit on their $900,000-a-year revenue. Hear how they started in this video:
#9. Personal training business
Average Annual Revenue: $16,867
Average Profit Margins: 10.9%
Startup Costs: $500-$5K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 0.6%
Best for: athletes, fitness experts, strong motivators and communicators
Being a personal trainer is a lucrative business idea for athletes, fitness instructors, and people who love going to the gym. Your knowledge of health and exercise is the main value you bring clients, and it’s an easy start-up business if you already have this expertise.
Just look at how Bedros Keuilian used his passion and expertise in fitness to build several successful franchises and a business coaching company to help motivate others to unlock their true potential.
One reason a personal trainer is a low-investment business is that you don’t need a physical space or your own equipment. You can start off working with clients in gyms, community centers, or their own homes.
Some states do require a personal training business owner to have certification through an organization like NASM or ISSA, which costs between $500 and $2,000 depending on the program. It’s also smart to get liability insurance, which will cost around $200-$300 a year on average.
Those are low costs compared to many profitable business ideas, though, and the ongoing costs of running a personal trainer business are minimal.
#10. Landscaping and lawn care
Average Annual Revenue: $272,790
Average Profit Margins: 8.7%
Startup Costs: $1K-$100K
Time To Revenue: 1-3 months
Annual Market Growth Rate: 8.1%
Best for: entrepreneurs with high physical stamina, attention to detail, and customer service skills
Landscaping is among the best small business ideas for people who love being outside. Lawn care has a low barrier to entry because you don’t need specialized training or equipment to get started, just a lawn mower and a few other basic garden tools you can get at any home improvement store.
The downside of working in lawn care is that it can be a physically demanding job that sometimes means working in unpleasant weather. For some people, though, the chance to work outdoors is a pro, so it all depends on what you want from your employment.
As far as what you can make, a landscaping or lawn care business owner can easily earn $10,000 or more a month. Trevor Kokenge started Plan-It Vision with $300 out of his apartment, and now he makes around $22,000 a month with 30% margins. Hear his story in this interview:
#11. Pet sitting business
Average Annual Revenue: $34,380
Average Profit Margins: 16%
Startup Costs: $500-$5K
Time To Revenue: 3+ months
Annual Market Growth Rate: 1.7%
Best for: animal owners and experts who are flexible, patient, empathetic, and strong communicators
Similar to dog walking, a pet sitting business is among the best small business ideas for animal lovers to start with little money. The only expenses to start your own business as a pet sitter are the license and branding materials like your own website or listings on sites like Craigslist and Yelp.
Being able to care for a range of different animal species expands your potential for pet sitting clients. While dogs and cats are the most common, you can charge a premium to watch exotic pets like birds, reptiles, or tropical fish that have unique, specific care requirements.
#12. Pressure washing business
Average Annual Revenue: $64K
Average Profit Margins: 8.8%
Startup Costs: $200-$5K
Time To Revenue: 3+ months
Annual Market Growth Rate: 0.9%
Best for: people with a sharp eye for details and strong customer service skills
Pressure washing is another top option for people who like physical work seeking low-cost business ideas to start. Just invest a few hundred dollars into a professional power washer, and you can start cleaning people’s homes, sidewalks, and driveways.
Chase Lilie started his power washing business, Wizard Wash, with $3,000 as a teenager. In his first year, he grew to $12,000 a month with margins up to 60%—and that’s just the beginning. Hear how Chase did it in this interview:
#13. T-Shirt printing business
Average Annual Revenue: $147K
Average Profit Margins: 3.2%
Startup Costs: $1K-$200K, depending on size
Time To Revenue: 30-90 days
Annual Market Growth Rate: 3.3%
Best for: graphic designers and creative entrepreneurs, people with strong customer service and marketing skills
Custom apparel is a huge market. It’s already a $3.2 billion industry, and it’s expected to grow by another $1.8 billion by 2027. That’s because lots of people need these services, from individuals and community groups to sports teams, small businesses, and corporate clients creating marketing and branding promotions.
You can start a custom apparel business for just a few hundred dollars if you do it as a print-on-demand online store. A brick-and-mortar location has higher start-up costs but also opens up the potential for more revenue, so it all depends on your growth goals and budget.
Sanford Booth makes around $500,000 a year with his t-shirt printing business, and that’s a very achievable revenue in this industry. Hear how he got started in this interview:
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#14. Affiliate marketing business
Average Annual Revenue: $60K-$160K
Average Profit Margins: 8%
Startup Costs: $100-$2K
Time To Revenue: 1-3 months
Annual Market Growth Rate: 10.5%
Best for: influencers, bloggers, entrepreneurs with a large online presence and digital marketing skills
Affiliate marketing is among the top low-cost business ideas with high profit and the potential to earn passive income. As an affiliate marketer, you promote other people’s products and services, earning a commission whenever a customer buys through you.
Being an affiliate marketer is a great way to earn money working anywhere, anytime. That makes it ideal for travelers and digital nomads, and it has low ongoing costs since you don’t need to worry about inventory, shipping, or other costs associated with eCommerce businesses.
It’s also a profitable online business for people who are active on social media platforms or otherwise have a large online presence. Matt Diggity earns around $400,000 a month from affiliate marketing. Listen to this podcast interview to hear his advice on how to succeed in this space:
#15. Social media marketing or digital marketing business
Average Annual Revenue: $817K
Average Profit Margins: 6.9%
Startup Costs: $100-$10K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 1.3%
Best for: advertising, branding, and marketing experts, creative problem-solvers and content creators
Social media marketing is the best way for small business owners to engage with customers. Not every business owner has the time or skills to get the full value out of their social media accounts, though.
That’s what makes being a social media manager such a lucrative business idea. With a digital marketing firm, you can earn money from your knowledge of social media platforms while helping other businesses expand their brand and business.
Not only is there a high demand for social media management services, and the potential for high profit margins, but a digital marketing firm is among the best low-investment business ideas. You can run it easily from home and don’t need any specialized tools or equipment. All you need is to attract clients and you can start making money online from your skills.
Jason from Socialistics shared his advice on how to start a social media marketing firm in an interview with UpFlip. Check out his interview if you want to learn how he makes $500,000 a year from providing social media management services:
#16. Dropshipping business
Average Annual Revenue: $36K-$50K
Average Profit Margins: 5%
Startup Costs: $150-$500
Time To Revenue: 1-3 months
Annual Market Growth Rate: 25%
Best for: systems- and strategy-oriented entrepreneurs; people seeking flexibility and passive income; people with strong sales and marketing skills
If you’re looking for the best business to start with little money, dropshipping is a great choice. All you need to start is to set up an online store—no need to worry about inventory, shipping, or the other expenses and hassles of selling products.
Building a customer base is often the most challenging part of starting a dropshipping business. The most lucrative businesses in this niche are run by people who excel at digital marketing, though you can also learn those skills as you grow if you don’t have them from the start.
Heather Johnson started her online business as a dropshipper as a side hustle when her hours were cut during the pandemic. She quickly grew it into her full-time business. Find out how she did it in this interview:
#17. Offer online tutoring services
Average Annual Revenue: $18,170
Average Profit Margins: 13.10%
Startup Costs: $100-$1K
Time To Revenue: 1-3 months
Annual Market Growth Rate: 8.5%
Best for: educators, teachers, tutors, people with in-demand skills or knowledge who are effective communicators
If you’re skilled at explaining complex concepts and are looking for low-cost start-up businesses, a tutoring business can be a great choice. While the average rate for an online tutor is around $20 an hour, that includes student and part-time tutors. Those who have expertise in advanced subject areas can earn $50 or more per hour for their time and knowledge.
Not only is being a tutor a low-cost business idea, but it’s also incredibly easy to get started. You don’t even need to create your own website to run with this successful business idea. Just set up a profile on one of the tutoring websites that already exists. Some of the most popular include:
- Preply – For teaching academic subjects and exam prep
- Wyzant – For subject matter experts in a range of topics
- TutorMe – For those with a college degree in their speciality area
- TakeLessons – For teaching either academic subjects or creative skills
#18. Online course business
Average Annual Revenue: $30K-$50K
Average Profit Margins: 13.10%
Startup Costs: $100-$1K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 8.5%
Best for: teachers, writers, people with in-demand or niche skill sets, those seeking flexibility and passive income
Making and selling online courses can be a successful business idea on its own. It’s also an excellent way to add an extra income stream to another business model, like a podcast, YouTube channel, or other online business.
If you make the online course yourself, the startup costs are minimal. Course hosting platforms like Teachable and Coursify.me have free plan options and make it easy to upload and sell your online courses to students.
The flip side of this is that making an online course can be a big time investment. Once it’s finished and uploaded, though, it’s mostly passive, save whatever time you put into marketing and promoting it.
Jacques Hopkins is living proof that online courses are a lucrative business idea. He makes an average revenue of $40,000 a month with 50% profit margins from his online course business. Hear how he did it in this interview:
#19. Search engine optimization (SEO) consulting business
Average Annual Revenue: $415,840
Average Profit Margins: 7.3%
Startup Costs: $500-$5K
Time To Revenue: 1-3 months
Annual Market Growth Rate: 4.6%
Best for: content writers, digital marketing experts, people with strong data analysis and critical thinking skills
Experienced SEO consultants charge an average rate of $100-$150 per hour. That’s $200,000-$300,000 a year if you work full-time as a solo entrepreneur, and the profit potential jumps up even more if you start an agency.
What really makes being a search engine optimization consultant one of the best online business ideas is the high demand for these services. SEO services were a $46.7 billion industry in 2021 and are expected to grow at a CAGR of 17.6% through 2030.
You don’t need deep pockets to start this kind of business, either. You can start off using free tools and expand your systems as you grow. All told, that puts an SEO agency among the top low-cost business ideas with high profit potential.
#20. Start your own online store
Average Annual Revenue: $60K-$120K
Average Profit Margins: 5-15%
Startup Costs: $100-$10K
Time To Revenue: 30-90 days
Annual Market Growth Rate: -9.3%
Best for: creative and crafty entrepreneurs, people with strong sales, marketing, and customer service skills
Opening your own online store is among the best online businesses because of the variety of people who can thrive with this business model.
You can sell pretty much anything in an online store, from hand-crafted goods like jewelry or home decor to collectibles and vintage clothes you buy in thrift stores.
Regardless of what you sell, your costs will be much lower with an online store than with a brick-and-mortar retail space. You’ll also enjoy the flexibility of working when and how much you choose, and you can earn money faster since you can start selling as soon as you have your initial inventory.
The exact startup costs for an online store depend on what you sell. Vlad Kuksenko only spent about $500 to start TagPup. Two years later, he was earning $60,000 a month with 50% margins. Hear his advice in this interview:
#21. Start an SaaS software business
Average Annual Revenue: $400K-$1M+
Average Profit Margins: 14.5%
Startup Costs: $100-$50K, depending on size and scope
Time To Revenue: 3 months to 2 years
Annual Market Growth Rate: 3.1%
Best for: programmers and developers with communication, customer service, and digital marketing skills
Helping people solve a problem is always a great way to earn money with a business. Starting a software-as-a-service (SaaS) company lets you do that on a global scale. It’s also one of the top businesses with low startup costs if you have the developer skills to build the software yourself.
The average revenue of publicly-traded SaaS companies is $190,000-$210,000 per employee per year, so there’s certainly high potential for profit in this sector.
Workello founder Nick Jordan is living proof of how profitable an SaaS company can be. He pivoted his content agency into an SaaS business model in 2022 and is now bringing in a revenue of over $70,000 a month. Find out how he grew his business in this podcast interview:
#22. Website design or development
Average Annual Revenue: $239K+
Average Profit Margins: 5.3%
Startup Costs: $100-$1K
Time To Revenue: 1-3 months
Annual Market Growth Rate: 1.4%
Best for: graphic designers, programmers and developers, SEO and digital marketing pros
In this day and age, a website is a must-have for small businesses and entrepreneurs in just about every industry. Not all of them have the skills or time to create and maintain their own online presence, though. If you do have those skills, you can start a very profitable business designing websites for them.
Web design is an easy business to run from home as a solo entrepreneur and ideal for people who want to work on their own schedule. It also doesn’t cost much to start. In fact, you can start for free as a freelancer by creating a profile on a marketplace like Upwork or Toptal.
Having a portfolio of work to show potential clients will help you land those crucial first clients and start growing your business. Making your own website is a good start, or you can talk to friends and family who need a website (or an upgrade to their current one) to flesh out your portfolio with more examples of your work.
#23. Sell stock photography
Average Annual Revenue: $50K
Average Profit Margins: 7.3%
Startup Costs: $1K-$10K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 0.3%
Best for: photographers and visual artists looking for a flexible schedule and passive income stream
The only expense to start a business selling stock images is the camera you’ll use to take the photos. If you already have that, you can start making money right away for no extra investment.
It’s also incredibly easy to start a stock photography business. Just take the pictures, upload them to a stock photo platform, and let the revenue start coming in. Each time someone buys one of your images, you’ll get royalties that can range from 15–50% depending on the site and image.
Many stock photo platforms also don’t require exclusive rights to images, meaning you can have them on multiple platforms at the same time to maximize your earning potential.
Here are some of the top platforms for selling stock photos:
- iStockPhoto – 15-45% royalties depending on image popularity
- Alamy – 50% royalties for each image
- Shutterstock – up to 30% royalties
- Dreamstime – 25-45% royalties for non-exclusive images
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#24. Car wrapping business
Average Annual Revenue: $241,230
Average Profit Margins: 16.1%
Startup Costs: $1K-$100K
Time To Revenue: 1-6 months
Annual Market Growth Rate: 1.8%
Best for: gearheads and car lovers, visual artists and graphic designers
There are a few reasons someone might get their car wrapped. For people who own luxury cars, it’s a way to protect their paint or quickly add graphics like racing stripes. Business owners and corporate clients often instead use car wrapping as a form of branding and marketing.
That diversity of potential customers is what makes car wrapping a profitable business idea. You can expand your revenue streams if you also throw services like ceramic coating or detailing into the mix.
Learning to wrap a car can take a bit of practice, but the tools are easily accessible and affordable, and you don’t need training or a specialized license to run this kind of business.
While most new car wrapping businesses have an initial budget of around $2,000-$5,000, you can start one for less if you need to. Fred Roman spent about a hundred bucks to start WrapCo, and he’s grown it to a revenue of around $70,000 a month. Find out how he did it in this interview:
#25. Test prep business
Average Annual Revenue: $389,500
Average Profit Margins: 8.3%
Startup Costs: $500-$5K
Time To Revenue: 1-3 months
Annual Market Growth Rate: 2.0%
Best for: teachers, tutors, excellent motivators and communicators
A test prep business is similar to working as a tutor but with a more specific focus: helping students prepare for tests like the SAT, ACT, GED, or similar standardized exams.
The consistent demand for these services is what puts it among the best low-overhead business ideas for educators. More than 1.7 million high schoolers took the SAT in 2022, for instance, many of whom used test prep services to get ready for their test.
High school-level standardized tests aren’t the only exams students need to prepare for, either. If you have the right knowledge and skills, you can also help people prepare for college-level exams, like the GRE or LSAT.
Experienced test prep tutors can charge anywhere from $30-$100 per hour depending on the test and where they’re located, so there’s definitely a high profit potential in this industry.
#26. Handyman business
Average Annual Revenue: $204,700
Average Profit Margins: 5.4%
Startup Costs: $500-$5K
Time To Revenue: 3+ months
Annual Market Growth Rate: 0.7%
Best for: builders, makers, construction workers, mechanics, and repair experts
Homeowners know that a good handyman is hard to find. There’s a consistent demand for reliable, qualified handymen across the United States, and the market is growing. Handyman salaries have gone up 11% over the last 5 years and the industry’s expected to grow at a CAGR of 6% through 2028.
Best of all, the revenue you earn as a handyman is mostly profit. You get paid for the time you spend on the job and can bill the client for any required parts or supplies.
Caleb Ingraham makes around $1,000 a day as a handyman—and he could make more if he had a team. He’s consistently booked up about 6 weeks in advance. See how he built his business in this interview:
#27. Life coaching business
Average Annual Revenue: $63,400
Average Profit Margins: 10.5%
Startup Costs: $500-$5K
Time To Revenue: 1-3 months
Annual Market Growth Rate: 1.5%
Best for: empathetic entrepreneurs with strong motivation and communication skills
If you’re the person your friends and family always turn to for advice, then being a life coach is among the top low-cost business ideas with high profit potential.
The average life coach makes between $500 and $1,500 per client per month, and the overhead costs are minimal, especially if you meet with clients in their home or via online appointments.
Like with other kinds of consulting, the challenge with starting a life coaching business is convincing clients that you’re worth the investment. Getting certified as a life coach can go a long way toward building this trust. Some of the top programs include the following:
- Institute for Professional Excellence in Coaching – Comprehensive 7-9 month program, total cost of $13,395
- Certified Life Coach Institute – Online accreditation in 3 days for $995
- Integrative Wellness Academy – Earn an advanced master certification in 6 months for $2,499
#28. Candle making business
Average Annual Revenue: $60K-$120K
Average Profit Margins: 5-15%
Startup Costs: $100-$10K
Time To Revenue: 30-90 days
Annual Market Growth Rate: -9.3%
Best for: makers, artists, and crafty entrepreneurs
Candles are a consumable product, which means customers will keep coming back for more if they like what you do. They’re also very affordable and easy to make right in your home.
Jazmin Richards started making candles as a hobby. When she decided to turn it into a business, she spent around $100 on Instagram ads and quickly grew a following, making more than $300,000 in revenue in her first 18 months. She explains how she built her business in this interview:
As far as where to sell your candles, you don’t need your own retail space. You can open an online store, get booths at farmers markets and art festivals, or talk to local stores about carrying your candles on their shelves.
#29. Tax preparation services
Average Annual Revenue: $1.57M
Average Profit Margins: 18%
Startup Costs: $500-$5K
Time To Revenue: 1-3 months (not including time training as a CPA)
Annual Market Growth Rate: 1.7%
Best for: accountants, finance and legal experts and professionals, people with strong math skills and a sharp eye for details
Lots of people feel instant stress and anxiety at the thought of filing taxes. That’s why Americans spend more than $14 billion on tax preparation in an average year. A good portion of that is for simple returns with a 1040 that anyone can learn to file without needing special training.
While you do need to be certified to become a tax preparation professional, it’s a very simple process. You can get a preparer tax identification number (PTIN) online for about $30, and most people can complete the application in about 15 minutes.
If you want to file more complicated taxes for self-employed people or businesses, the IRS offers virtual tax workshops that can give you the skills and knowledge you need.
#30. Offer mobile notary services
Average Annual Revenue: $552,900
Average Profit Margins: 9.4%
Startup Costs: $500-$5K
Time To Revenue: 1-3 months
Annual Market Growth Rate: -0.5%
Best for: legal and administrative professionals, people with strong customer service skills and a sharp eye for detail
A notary public’s role is to make oaths, contracts, and other legal documents official by confirming the identity of the signers. You may be surprised by how much you can earn as a notary. Roughly 66% of full-time mobile notaries earn $4,000 or more a month, and the overhead costs are minimal.
Each state has its own process for becoming a notary public. Normally, it involves attending a few hours of classes and paying a small licensing fee. This can often be done online, making the process of getting started even easier.
#31. Childcare business
Average Annual Revenue: $143,110
Average Profit Margins: 9.3%-51.7%
Startup Costs: $0-$1K
Time To Revenue: 1-3 months
Annual Market Growth Rate: .9%
Best for: parents, teachers, nurses, and healthcare pros; empathetic and organized entrepreneurs who are strong multitaskers
During the pandemic, 19.6% of working-age adults had to leave the workforce because they couldn’t find child care. While schools have since reopened, this illustrated the need for childcare services in the United States.
That’s part of the reason for the childcare industry’s recent growth. The industry is valued at over $60 billion in 2022, and that’s expected to grow at a CAGR of 4.18% through 2030.
The cost to start a daycare, nanny service, or other childcare business varies, but they tend to be cheap businesses to start, especially if you start it from your home. Combine that with most of the revenue is your own personal salary and business expenses related to your home,
Home-based daycare centers also often don’t need to obtain the same licenses and certifications as other childcare businesses. Check your state’s laws and requirements to see what’s required to legally operate in your region.
Author
Brandon Boushy
Related articles
You want your time to be used wisely when you start your own business. That means you should know the most profitable businesses to start with the time, education, resources, and connections you currently have.
What’s considered “profitable” is always changing, of course, and that’s why we continually update our rankings. Every year the most profitable businesses will change slightly as our economy evolves, products become obsolete, and technology advances.
What follows is a freshly updated ranking of the most profitable small businesses, plus the info and resources you need to get started.
[su_note note_color="#dbeafc"]You’ll want to check out the following businesses. Click on any of the links below to jump to the one that interests you.
- Industries With the Most Profitable Business Ideas
- What Small Business is Good to Start?
- 1. Cupcake Business
- 2. Sports Memorabilia Shop
- 3. Bridal Gowns and Accessories
- 4. Consignment Shop
- 5. Food Truck
- 6. Bed and Breakfast (B&B)
- 7. Party Rental Business
- 8. Sewing and Alterations Shop
- 9. Gently Used Maternity Clothing Shop
- 10. Cleaning Service
- 11. Virtual Assistant
- 12. Social Media Management
- 13. Accounting and Bookkeeping
- 14. Consulting
- Least Profitable Industries
- Frequently Asked Questions (FAQs)
- So What Are the Most Profitable Businesses to Start?[/su_note]
Industries With the Most Profitable Business Ideas
First, some context. We took a look at financial reports from early 2024 to ensure relatively recent data. When you consider industries with the most profitable businesses in demand, you’ll find:
- Financials: The monetary sector leads the most profitable companies, with over 30% net income and gross profits for banks nearing 100%.
- Oil & Gas: The oil and gas energy still has high net profits with 28.26% and a gross profit of 58.75%
- Tobacco Companies: Selling addictive products pays off with a 27.52 net profit and 61.25% gross profit. If you could start growing and selling your own tobacco, you’d probably make a killing!
- Transportation Companies: Railroads aren’t making as much as previous years, but they still have a 23.52% average net profit. Ship makers also have been making a great living.
- Real Estate Investment Trusts (REITs): Real estate investment trusts are a big winner this year. They moved up from ninth place last year. Players in this industry can expect to earn 23.32% net profit and nearly 78% gross margins.
- Software: Entertainment and system applications software companies are doing well with 20% net margins. Entertainment software has gross margins of 63%, while systems and applications have around 72% gross margins.
- Investments and Asset Management: Managing other people’s money is an easy startup business. People with the right qualifications can tap into 19.82% net income and 67% gross margins.
- Water Utilities: Providing water to municipalities can earn a sweet 19.34% net margin and 56% gross margin.
- Semiconductors: Producing parts for electronic equipment can earn 17.94% net profits.
- Computers: Computer and peripherals companies have a slightly less profitable business than the semiconductor companies that provide much of their technology, but they still have 17.47% profits.
Many of the most profitable businesses aren’t practical for people who want successful small business ideas for business owners.
Most of us don’t have access to venture capitalists or the ability to run a business for 10 years before it starts making money. So, we’re constraining our list to the most profitable and best small businesses to start.
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What Small Business is Good to Start?
A good small business to start will normally have high growth opportunities and low barriers of entry, work well as a home-based business, and provide great profit margins. We’ve handpicked some of the most profitable small business ideas for you. Check out our picks for best profitable businesses 2024 below.
1. Cupcake Business
• Average Annual Revenue: $1.95M
• Average Profit Margins: 5.4%
• Startup Costs: $100-$3M
• Time To Revenue: 1-6 months
• Annual Market Growth Rate: 1.1%
• Best For: Cooks, chefs, bakers, or foodies with customer service, leadership, and marketing skills
Does your baking prowess receive rave reviews?
Consider exploring that talent! The cake industry is anticipated to see 3.3% growth, bringing it to $94.7 billion globally in 2028. Small specialty shops are poised to reap the majority of the profits.
A cupcake business emerges as a feasible option for individuals with limited resources. Launching this potential home-based venture requires only an oven and basic baking supplies.
As sales pick up, there's room for expansion to larger formats. Initially, you might sell cupcakes in a display case at a local shop, progress to a food truck, and eventually establish a standalone brick-and-mortar store.
Before diving in, thoroughly research the laws in your state governing the licenses, permits, and standards applicable to your budding bakery business.
Find out how Mignon Francois started the Cupcake Collection with just $5 and built a $10 million cupcake empire.
2. Sports Memorabilia Shop
• Average Annual Revenue: $453,257
• Average Profit Margins: 6.7%
• Startup Costs: $100K-$3.5M
• Time To Revenue: 6-18 months
• Annual Market Growth Rate: 1.5%
• Best For: Sports and pop culture experts, customer- and community-focused entrepreneurs, collectors
The current valuation of the sports memorabilia market is $26.1 billion—and it’s expected to grow to $227.2 billion by 2032 according to a report by Market Decipher.
This projection suggests significant annual profits for brick-and-mortar sports memorabilia shops. The essence of this small business concept lies in acquiring genuine or replica memorabilia and reselling it at a markup.
Procure memorabilia through various channels, including wholesalers, auctions, estate sales, advertisements, and online platforms like eBay. Make sure to confirm the authenticity of any signed memorabilia by autograph authenticators.
As you become proficient in authenticating pieces, you can generate additional income by authenticating memorabilia brought to your shop by customers.
Find out how Jim Sears makes $750K a year selling sports cards.
3. Bridal Gowns and Accessories
• Average Annual Revenue: $114K+
• Average Profit Margins: 10.3%
• Startup Costs: $500-$250K
• Time To Revenue: 3+ months
• Annual Market Growth Rate: 2.0%
• Best For: Designers, artists, and fashion experts with strong marketing and customer service skills
The bridal industry is expected to grow to $79.8 billion by 2027, which is a compound annual growth rate of 4.4%. According to BusinessWire, nearly 85% of bridal shopping is still done in retail stores.
Pro Tip: Note that bridal shops may cost $250,000 or more to get started because of all the gowns, veils, and accessories you’ll have to stock for your customers.
4. Consignment Shop
• Average Annual Revenue: $60K-$120K
• Average Profit Margins: 5-15%
• Startup Costs: $100-$10K
• Time To Revenue: 30-90 days
• Annual Market Growth Rate: -9.3%
• Best For: Fashion and style experts who are excellent negotiators and communicators
The projected growth of the secondhand market in the U.S. is astonishing. According to GlobalData and thredUP, the resale clothing market is expected to more than double its current value. With a growth rate that’s 16x faster than the overall retail clothing market, the resale clothing industry will reach a value of $82 billion by 2026.
A consignment shop is the ideal business model for entrepreneurs with limited funds. Entrepreneurs can participate in the profits without purchasing inventory by showcasing other people’s used products, including clothing, antiques, collectibles, and memorabilia.
Additionally, selling items on online marketplaces like Poshmark, Mercari, and eBay creates additional profitable opportunities by expanding to a national or even global market.
Primary consignment shop expenses are:
- Business formation as an LLC
- Storefront rental
- Licenses and insurance
- Inventory
- Point-of-sale (POS) system
- Hiring (if needed)
Overall, the growth in the secondhand market presents a promising opportunity for entrepreneurs interested in the consignment business model.
5. Food Truck
• Average Annual Revenue: $41K+
• Average Profit Margins: 6.4%
• Startup Cost: $1K-$100K
• Time to Revenue: 3+ months
• Annual Market Growth Rate: 1.2%
• Best For: Foodies, chefs, cooks, bakers, and other food service veterans
Many people start food trucks because they are more profitable than owning a restaurant. You can save money by:
- Holding off on hiring employees
- Avoiding the costs associated with a building
- Offering a more focused menu
Kyle Gourlie, the owner of Vet Chef, told us:
[su_quote]To get started, it cost me around $41,200. Today, I am making $417K a year and aim to keep my food costs under 35%.[/su_quote]
Check out our interview with him below to learn how to start a profitable food truck business.
Keep reading for more of our top small business ideas that will make for the most profitable, best businesses in 2024.
6. Bed and Breakfast (B&B)
• Average Annual Revenue: $263K+
• Average Profit Margins: 10.1%
• Startup Cost: $100K-$3.5M
• Time to Revenue: 6-18 months
• Annual Market Growth Rate: 1.3%
• Best For: Property owners who are service industry pros with a passion for entertaining and hosting
If you happen to own a charming, rustic, or historically significant home, a bed and breakfast could serve as an excellent starter business.
According to the Bureau of Labor Statistics, the U.S. bed and breakfast (B&B) industry is presently valued at $2 billion. While it faced a slowdown during the COVID-19 pandemic, its typical growth rate stands at 3.8% annually.
One notable advantage is you’ll live in the business, which cuts down the costs of accommodations. Customers normally expect:
- Personalized customer service
- Unique travel experience
- Home-cooked meals
- Grocery stores nearby
- Personal advice about local attractions
Pro Tip: It's important to invest in home insurance, a food handling permit, and potentially a license to sell alcohol, if applicable. Additionally, if you plan to convert a traditional home into a B&B business, collaborating with your local planning commission may be necessary.
7. Party Rental Business
• Average Annual Revenue: $444K+
• Average Profit Margins: 35-40%
• Startup Cost: $100-$3.5M
• Time to Revenue: 6-18 months
• Annual Market Growth Rate: -0.8%
• Best For: People who own rentable assets, collectors, great networkers
The party rental industry boasts a valuation of $5.9 billion and is experiencing a steady annual growth of 4.3% as indicated by Research and Markets.
A business in party rentals involves leasing various products for events, including tables, tents, caterers, sound equipment, and stages. The venture holds significant profit potential, and your business could cater to a range of events, from nonprofit fundraisers to upscale galas.
While the potential earnings are promising, it's crucial to make a substantial upfront investment in equipment before expecting to see profits. The strategy involves recovering these costs through repeated equipment rentals.
When setting up your business's inventory, you can consider the option of renting a storage facility to potentially save costs. Then maximize community awareness of your offerings by engaging in robust marketing efforts. Establish a physical location as early as possible to build brand credibility and reap long-term savings.
8. Sewing and Alterations Shop
• Average Annual Revenue: $27K+
• Average Profit Margins: 8.3%
• Startup Cost: $500-$250K
• Time to Revenue: 3+ months
• Annual Market Growth Rate: 1.6%
• Best For: Detail-focused entrepreneurs, fashion and clothing experts who excel at listening and communication
Tailoring and alterations earn $9.4 billion, and the industry is anticipated to experience 4.7% year-over-year growth according to a report by Polaris Market Research.
The beauty of venturing into this type of business lies in its scalability, plus it will help you expand your skill set. Tasks like sewing simple hems and replacing buttons might evolve into dressmaking and design as your knowledge and experience grow.
I actually have an acquaintance who designed costumes for Cirque de Soleil before opening her own small business. With that experience in altering and customizing high-end garments, she opened a brick-and-mortar shop and gets asked to design work for businesses and live performances throughout the country.
During the initial stages, it is entirely respectable to launch your operation in a clean, smoke- and pet-free space within your home.
Pro Tip: Begin by making gradual investments in a commercial-grade sewing machine, a variety of fabrics, backup equipment, and a point-of-sale (POS) system. The costs can range from $150 for an entry-level sewing machine to $10,000 or more for a top-of-the-line model.
9. Gently Used Maternity Clothing Shop
• Average Annual Revenue: $60K-$120K
• Average Profit Margins: 5-15%
• Startup Costs: $100-$10K
• Time To Revenue: 30-90 days
• Annual Market Growth Rate: -9.3%
• Best For: Fashion and style experts who are excellent negotiators and communicators
In 2021, the maternity wear industry held a valuation of $12.2 billion, and projections from Research and Markets indicate a growth to $16.5 billion by 2028, featuring a 4.4% year-over-year increase.
The demand for formal business women's maternity attire is notably driven by the nearly 57% female composition of the U.S. workforce, as per the Bureau of Labor Statistics.
Following their pregnancies, many women opt to pass their maternity clothing on to others in need. You can play a role in facilitating this by establishing a shop specializing in gently used maternity attire and other pregnancy supplies.
Start your used maternity clothing venture by selecting and legally formalizing your business structure.
Then, get a seller's permit and source inventory from social media, consignment shops, and thrift stores. Promote your business within the community, expressing your interest in purchasing used maternity clothing. Finally, ensure profitability by selling the clothing at prices that exceed your purchase cost.
10. Cleaning Service
• Average Annual Revenue: $74K+
• Average Profit Margins: 6.7%
• Startup Costs: $1K-$30K
• Time to Revenue: 1-6 months
• Annual Market Growth Rate: 1.2%
• Best For: Self-motivated, independent, and detail-oriented entrepreneurs
Cleaning businesses are virtually gold mines. They’re easy to start, and they have high success rates. Our friend Chris Mondragon pulls in over $125K monthly with his company, Queen Bee Cleaning! In his words:
[su_quote]As you start out, your margins are 40-50%.[/su_quote]
Forty to fifty percent! Seasoned business owners and aspiring entrepreneurs know how significant that is! With only 13 weekly cleaning contracts, you can rake in $7,800—not in revenue, but pure profit! Now imagine signing 20 or 30 of these high-paying contracts.
Cleaning is a business built to scale. But be careful: You can’t scale to millions of dollars just anywhere. There’s a tried-and-true calculation that reveals the earning potential in your area. If the numbers line up, you can scale to seven figures.
If you’re curious about how to use the calculation and want to know how to start your cleaning business from scratch—no franchise required—check out this free masterclass with Chris Mondragon.
You can read Chris’s incredible story here or watch our exclusive interview below.
11. Virtual Assistant
• Average Annual Revenue: $35K-$50K
• Average Profit Margins: 10.5%
• Startup Costs: $100-$200
• Time To Revenue: 1-3 months
• Annual Market Growth Rate: 1.9%
• Best For: People with strong organization and communication skills, those who want to work from home and set their own hours
Becoming a virtual assistant for clients you choose is a profitable business to start. Some of the top virtual assistants on Upwork make $85 an hour. That’s up to $152K per year for doing things like scheduling appointments, sending emails, completing research, and other jobs you can do remotely.
Like other jobs that use a knowledge-based business model, the main startup costs are licensing and software. If you want to make more than that, you can start a VA agency and hire other people to help with this small business idea.
12. Social Media Management
• Average Annual Revenue: $817K
• Average Profit Margins: 6.9%
• Startup Costs: $100-$10K
• Time to Revenue: 1-6 months
• Annual Market Growth Rate: 1.3%
• Best For: Social media experts, writers and content creators, people with search engine optimization (SEO) expertise
Social media marketing is a vast industry. According to Statista, it is a $153.7 billion industry. And all you need is a computer, some software, and to find some clients.
Jason Yormark of Socialistics told us:
[su_quote]You can expect each client to be around $2,000-5,000 per month and require 20-40 man-hours to give them proper service.[/su_quote]
That means a single person can make up to $40K monthly from home without investing in inventory. Find out how Jason turned his company into a $500K-a-year social media marketing agency:
Pro Tip: You can also learn from our blog on how to start a marketing agency.
13. Accounting and Bookkeeping
• Average Annual Revenue: $244K per employee
• Average Profit Margins: 18%
• Startup Cost: $500-$2.5K
• Time To Revenue: 3-12 months (plus accounting degree)
• Annual Market Growth Rate: 1%
• Best For: Certified accountants, entrepreneurs with strong math and financial skills
To become a certified public accountant, you will need 150 hours of education in accounting. That’s a bachelor’s degree and passing the CPA exam, which is a test for proficiency created by the American Institute for Certified Public Accountants (AICPA).
Once you have a CPA license, you can start a company and make a great living. There are only 40,000 AICPA members and over 80 million tax returns filed annually by tax professionals, so there’s plenty of work.
Granted, tax prep services do some of those, but CPAs do the big ones. Even at the low end of $100 per tax return, that’s still $8 billion in revenue, and that’s just part of what CPAs do.
Add in payroll, quarterly minimum filing, certifying businesses for SOC 2 compliance, managing business sales tax payments, and other business finances, and it’s obvious why working as a CPA is one of the most lucrative business ideas in 2022.
14. Consulting
• Average Annual Revenue: $364K
• Average Profit Margins: 6.4%
• Startup Costs: $1K-$3.5M
• Time To Revenue: 6-18 months
• Annual Market Growth Rate: 2.2%
• Best For: Executives and business leaders, entrepreneurs with management or business expertise, people with strong analytic, problem-solving, and communication skills
A consulting business is focused on helping other business owners solve their problems. You can choose a niche if you have a specific area in which you are an expert, or you can be an all-in-one solution.
When I initially started my consulting business, I was consulting on everything. One day I’d analyze payment processors, and the next, I would look for good influencers for a brand. I eventually gravitated to writing about business and technology because it makes it easier to pass knowledge on to thousands of people per month.
Business consultants can make anywhere from several hundred per day to billions per year. Consultants who specialize in mergers and acquisitions can earn huge commissions.
Check out this interview with Ryan Gromfin, who makes $35K a month with his consulting business:
Least Profitable Industries
There are some industries that are really struggling right now. You might want to avoid these industries if you want to make a profit fast.
| Industry | Net Income |
| Entertainment | -0.23% |
| Telecom Services | -0.28% |
| Chemical (Diversified) | -1.01% |
| Broadcasting | -1.41% |
| Furniture & Home Furnishings | -2.24% |
| Rubber & Tires | -2.53% |
| Electronics (Consumer & Office) | -3.05% |
| Real Estate (Operations & Services) | -3.14% |
| Precious Metals | -4.26% |
| Drugs (Biotechnology) | -11.88% |
| Software (Internet) | -14.32% |
| Real Estate (Development) | -16.35% |
Most of these industries are tied to big purchases. You’re seeing losses tied to inflation of expenses like materials and wages, combined with people cutting back on making new purchases. This is expected when discretionary income decreases.
Pro Tip: Assuming wage growth continues and outpaces inflation, we should see these return to profitability in a few years. Until then, our blog on recession-proof businesses can provide even more inspiration for getting started in a bad (or questionable) economy.
Frequently Asked Questions (FAQs)
What are the top five most profitable businesses in the world?
According to CompaniesMarketCap.com on December 11, 2023, the five most profitable businesses were
- Apple (valued at $2.99 trillion)
- Microsoft (valued at $2.741 trillion)
- Saudi Aramco (valued at $2.139 trillion)
- Alphabet (Google, valued at $1.665 trillion)
- Amazon (valued at $1.503 trillion).
Note that the values of these companies fluctuate daily.
What are the easiest businesses to start?
Dog walking, house cleaning, and sewing businesses are the easiest to start because they have low startup costs and low barriers when it comes to getting licenses and permits.
What businesses are in high demand?
IBISWorld states that fruit and nut farming, solar power, online gambling services, hybrid and electric vehicle manufacturing, and 3D printing and prototyping are the fastest-growing businesses in 2024.
So What Are the Most Profitable Businesses to Start?
We’ve discussed the most profitable business ideas from multiple vantage points. Some are easy businesses to start from home, and some are not as easy to get into because of education requirements or other barriers to entry.
When it comes down to it, the most profitable business for you to start is one you have knowledge in, you know how to find customers for, and you want to spend the rest of your life exploring and working with.
You can make any of your favorite 2024 business ideas one of the most profitable and successful business ideas if you:
- Create a business plan: Read our guide if you’ve never created one.
- Provide excellent customer service: Check out HelpScout’s blog on what makes great customer service.
- Educate yourself on the industry: Follow our blogs and YouTube.
- Don’t give up: Many business owners give up right before they hit exponential growth. Learn how to run a business.
What other profitable and successful small business ideas are you thinking about starting?
Did you know there are more than 7.5 million Etsy sellers earning a combined $13.3B?
It’s never been a better time to start selling your products on Etsy, but your success depends on numerous factors—including choosing a good Etsy shop name.
[su_note note_color="#dbeafc"]We’ll explain how to choose your Etsy shop name and provide an expansive list of ideas. Click on any of the links below to jump to the section that interests you.
- What Makes A Good Name For An Etsy Business?
- How To Choose Etsy Shop Names
- 24 Etsy Shop Name Ideas
- 22 Best Etsy Shop Names
- 28 Good Shop Names For Etsy
- 30 Cute Etsy Shop Names
- 30 Aesthetic Etsy Shop Names
- 30 More Cute Names For Etsy Shop Ideas
- 36 Etsy Store Names For Digital Products
- 46 Creative Store Names For Etsy
- 34 Handmade Etsy Shop Name Ideas
- 28 Etsy Shop Name Ideas For Printables
- 22 Cool Shop Names For Etsy
- 48 Shop Name Ideas for Etsy
- 36 Abstract Name Ideas For Etsy
- 30 Additional Etsy Shop Names Ideas
- 26 More Etsy Names
- 30 Unique Business Name Ideas For Etsy
- 22 More Shop Name Ideas for Etsy
- Use An Etsy Shop Name Checker[/su_note]
Get ready to learn a few key things that make a good Etsy shop name idea.
What Makes A Good Name For An Etsy Business?
Good Etsy store name ideas are:
- Memorable: A good Etsy business name is easy to remember. It’s catchy, but it’s not complicated.
- Relevant: Etsy shop name ideas should be relevant to the products they sell. This can add memorability and improve SEO.
- Unique: Good Etsy shop names are unique. Business names help distinguish one brand from another and help prevent customer confusion.
- Appropriate: A good Etsy store name should be appropriate for the target audience. You wouldn’t want to give your Etsy shop an Italian name if it has no connection to Italy.
- Positive: Etsy shop name ideas should have a positive connotation. You want customers to think of pleasant things when they hear it.
Now that you know what makes a good Etsy shop name, let's look at how to choose one.
How To Choose Etsy Shop Names
Choosing a good Etsy shop name is more than just finding shop name ideas you like. Find the perfect Etsy shop name idea by:
- Research Relevant Keywords: You’ll want to use an Etsy SEO research tool like eRank to establish which words in your niche have high search volume
- Come Up With Several Business Names: You’ll want to get a good list of Etsy shop name ideas because some of them are bound to be in use already.
- Check Availability: You’ll need to check your name’s availability with Etsy, the U.S. Patent and Trademark Office, and your secretary of state’s office. Check whether the website domain name and social media tags are available, too.
- Register the Etsy Name: Once you have chosen an Etsy shop name that is available on all platforms, you have to register it and start your Etsy store.
Pro Tip: Learn more about naming and running a successful Etsy shop from the owner of TagPup, who makes $60K a month and is featured in images throughout this blog post.
24 Etsy Shop Name Ideas
Consider some of these Etsy shop name ideas to inspire your shop name. Take note of the relevant keywords used and take a guess about what kind of online business they are.
1. Sweet Tooth Treats Emporium
2. Fashionista Finds
3. Whiskers and Wags Boutique
4. Rustic Charm Creations
5. Culinary Haven
6. Heavenly Home Accents
7. Wanderlust Wearables
8. Serenity Scent Studio
9. Pet Fashion House
10. Sip & Style
11. Wholesome Home Harvest
12. Sassy & Sweet Styles
13. The Petal Pusher
14. Crafty Gems
15. HandmadeTreasures
16. ArtisticDesigns
17. BespokeCrafts
18. CreativeArtifacts
19. DaintyWorks
20. Elegant Creations
21. Fancy Artistry
22. Gorgeous Keepsakes
23. Heirloom Jewelry Design
24. Innovative Crafts
Pro Tip: Before you create an Etsy store, research relevant keywords using a keyword research tool such as SEMrush.
22 Best Etsy Shop Names
The best store names help people remember your Etsy shop and what it sells.
1. Cozy and Bright
2. Whimsical Stitches
3. Crafted Curiosity
4. Wildflower & Co.
5. The Painted Acorn
6. Happy Clay Creations
7. Storyteller Jewelry Design
8. The Upcycled Nest
9. Whispering Pines Woodworks
10. Beacon & Bloom
11. The Inkwell Muse
12. Salty Sea Treasures
13. The Flourishing Fern
14. Starry Night Studios
15. Whimsy & Whiskers
16. The Gilded Thimble
17. The Recycled Rainbow
18. The Enchanted Loom
19. Coastal Crafts Unlimited
20. The Copper Dog
21. The Wandering Baker
22. The Wildflower Collective
Pro Tip: Check out Product Flint’s list of the top Etsy sellers to understand the kind of creative shop names that do well in the Etsy community. The vast majority state exactly what they do.
28 Good Shop Names For Etsy
Many good business names are just fun. Check out the name ideas below for some unique store names.
1. CrystalsNCharms
2. The Hideaway
3. Sunwoven Threads
4. Crafted with Joy
5. Blooming Oasis
6. Blushing Brushstrokes
7. Happy Heart Ceramics
8. Whispering Willow Jewelry
9. ReBorn Treasures
10. Luminous Flame Co
11. Calico Cat Knits
12. The Scriptorium
13. Ocean's Embrace
14. Flourishing Fern & Fern
15. The Bibliophile's Nook
16. Starlight Symphony
17. Wags & Stitches
18. The Threaded Needle
19. The Golden Hive
20. Willow & Wren
21. The Whiskful Baker
22. Rainbow Revival
23. The Enchanted Fibers
24. Seaside Stitchery
25. Copper & Quill
26. The Globe Trotter's Kitchen
27. Rustic Raven Designs
28. Wildflower Meadow
Pro Tip: Don’t forget to check out the shop policies to make sure you don’t break any rules during your brainstorming phase. Review Etsy seller policies here.
30 Cute Etsy Shop Names
You can build a strong brand identity with cute shop names for Etsy stores. Consider some of these Etsy store name ideas.
1. Adorable Accents
2. Bubble Bazaar
3. Cuddle Corner
4. Enchanting Embellishments
5. Fluffy Friends and Finds
6. Giggles & Grins Gallery
7. Happy Hearts
8. Joyful Jams
9. Kawaii Kollectibles
10. Little Lovables
11. Mini Marvels
12. Nifty Nest
13. Oh So Cute Creations
14. Playful Paws
15. Rainbow Realm
16. Snuggly Snippets
17. Whiskers Workshop
18. Adorbs Accessories
19. Bitty Bliss Boutique
20. Cheery Cottage
21. Darling Doodles
22. Enchanted Evergreens
23. Fluffy Feathers
24. Giggles Gallery
25. Honeybee Hideaway
26. Irresistible Inklings
27. Joyful Jangles
28. Kawaii Kingdom
29. Miniature Mansion
30. Nutty Nibbles
Pro Tip: You might include cute words for shop in your Etsy name ideas. According to Merriam-Webster, synonyms for shop include shoppe, market, emporium, bazaar, marketplace, showroom, outlet, boutique, and exchange.
30 Aesthetic Etsy Shop Names
Etsy shops might want to consider creative shop names that are pleasing to the eye or ear. Consider some of these Etsy business names for inspiration.
1. Ephemeral Ember Co.
2. Luminous Figments
3. Gossamer & Garnet
4. Cifera Studios
5. The Gilded Twig
6. Moonspun Stitches
7. Wildwood Muse
8. Indigo Bloom
9. Etched in Aether
10. Juniper & Clay
11. Luminescent Lore
12. Wisteria Way Designs
13. The Gilded Quill Studio
14. Ember & Oak
15. Whispering Pines Co.
16. Fabled Fibers
17. Moonlit Canvas
18. Coveted Curiosities
19. Wilderwood Workshop
20. Apothecary of Blooms
21. Celestial Loom
22. Stardust & Stone
23. Whisperwood & Basil Co.
24. Pemberley Promenade Designs
25. The Raven's Inkwell Studio
26. The Hundred Acre Workshop
27. Thornfield Manor Treasures
28. The Gatsby Collection
29. Dashing Sisters Studio
30. The Count's Cabinet of Curiosities
Pro Tip: Look at the words potential customers use in reviews of your competitors to find out the types of adjectives that might work well for your target market.
30 More Cute Names For Etsy Shop Ideas
1. Bubbly Bunny
2. Snugglebug Station
3. Sprinkle Sunshine Shop
4. Cloud Nine Creations
5. Hedgy Hugs
6. Sweet Tooth Sweets
7. Quokka's Happy Place
8. Happy Camper Crafts
9. The Doodle Nest
10. Foxglove & Fern
11. Cupcake Cloud Creations
12. The Mismatched Menagerie
13. Starry Skies Studio
14. Acorn & Oak
15. Whispering Pines Bakery
16. Wondrous Weaves
17. The Twinkling Jar
18. Sprinkle Party Shop
19. The Cozy Cat Cove
20. Honeycomb Harmony
21. The Painted Petal
22. Whimsy & Wishes
23. The Little Mermaid Market
24. The Clayful Bunch
25. The Sunshine Studio
26. Moonlight Melody Maker
27. The Painted Pages
28. The Bookworm Bakery
29. The Dancing Dragonfly
30. The Cozy Burrow
36 Etsy Store Names For Digital Products
Some of the best performing Etsy shops sell digital goods. Consider some of these Etsy shop names for stores that sell digital goods.
1. Bit Bazaar
2. Pixel Craft
3. Digital Vistas
4. Cyber Treasures
5. Virtual Symphony
6. Ethereal Pixels
7. Infinite Boutique
8. Quantum Gallery
9. Binary Elements
10. Matrix Trove
11. Silicon Expressions
12. Techno Zenith
13. Code Niche
14. Bit Gems
15. Circuit Artistry
16. Giga Originals
17. Terabyte Novelties
18. Zetta Gifts
19. Techno Vistas
20. Pixel Treasures
21. Virtual Symphony
22. Ethereal Boutique
23. Infinite Gallery
24. Quantum Elements
25. Binary Trove
26. Matrix Expressions
27. Silicon Zenith
28. Techno Niche
29. Data Gems
30. Pixel Artistry
31. Virtual Originals
32. Ethereal Novelties
33. Infinite Quarters
34. Quantum Pixels
35. Binary Gifts
36. Silicon Craft
46 Creative Store Names For Etsy
1. Handmade Delights
2. Artistic Aura Studio
3. Unique Handiworks Workshop
4. Handmade Elegance Boutique
5. Artisanal Accents Avenue
6. Crafty Cornerstore
7. The Misfit Stitchery
8. Paper Crane Dreams
9. The Buttonhole Thief
10.Wildwood & Whimsy
11. The Sundown Symphony
12. Ember & Fable
13. Whispers in Stitches
14. The Moonlit Menagerie
15. Stardust Apothecary
16. The Unbound Brush
17. The Gilded Sparrow
18. The Painted Memory
19. The Buttonhole Bazaar
20. The Upcycled Oasis
21. The Indigo Hourglass
22. The Wandering Wildheart
23. The Honeycomb Haven
24. Fable & Filament
25. The Moonstone Muse
26. The Knotted Compass
27. The Patchwork Pegasus
28. Whispering Willows
29. The Sunlit Songbird
30. The Wandering Inkwell
31. The Unbound Canvas
32. The Gilded Whisper
33. The Painted Tapestry
34. The Whispering Quill
35. The Upcycled Carnival
36. The Wildflower Whisper
37. The Honeycomb Harvest
38. The Enchanted Bloom
39. The Gossamer Gallery
40. Whispering Pines Workshop
41. Sundrift Studio
42. The Unbound Palette
43. Copper & Quill
44. The Wandering Bookbindery
45. Wildflower & Clay
46. The Whimsical Stitch
34 Handmade Etsy Shop Name Ideas
Want to sell handmade products? Consider these names:
1. Handcrafted Quilts
2. Crafted Vodka
3. Bespoke Jewelry
4. Handwrought Rugs
5. Manual Crafts
6. Man-Made Knives
7. Hand Spun Threads
8. Crafty Quilts
9. Artisanal Touch Creation
10. Handcrafted Haven
11. Handmade Treasures Emporium
12. Artisan Alley
13. Handcrafted Harmony
14. Custom Cutlery
15. Custom-Built Beauties
16. Whispering Pines Workshop
17. The Crafty Cauldron
18. Stitched with Love
19. Wildflower & Thread
20. Happy Hands Studio
21. The Wandering Loom
22. The Painted Petal
23. The Coastal Craft
24. The Wildflower Workshop
25. Serene Stitchery
26. Upcycled Canvas
27. The Painted Pebble
28. The Button Box
29. Whispering Pines Pottery
30. The Sunlit Kitchen
31. The Stitching Bee
32. The Kneaded Dough
33. The Crafted Sparrow
34. The Rustic Loom
Pro Tip: Artisans and crafters might consider using words like handmade, homemade, handcrafted, crafted, custom-made, custom-built, bespoke, man-made, and woman-made. These words make it easy for potential customers to understand that your brand focuses on providing custom products.
28 Etsy Shop Name Ideas For Printables
Printables are any type of product sold as a digital product to be printed by the customer. A small business might consider some of the following Etsy shop name ideas for print products.
1. Paper Perfection
2. Printable Depot
3. Ink & Imagination
4. Digital Delights
5. Printables Palace
6. Inkwell Studio
7. The Pixelery
8. Paper Trail
9. Printables Plus
10. Digital Depot
11. Ink & Innovation Studio
12. Inkified
13. Printables Galore
14. Inky & Bright Co.
15. The Download Den
16. Wallflower Designs
17. The Printable Pantry
18. Whimsy & Ink
19. The Paper Petal
20. Happy Prints Shop
21. The Inkwell Studio
22. The Download Oasis
23. Flourish & Bloom Designs
24. Click & Bloom Designs
25. The Color Carnival
26. The Printable Palette
27. The Download District
28. You Print It
Pro Tip: An Etsy shop name for printable products might include words like print, pages, prints, sticker, ink, or printables.
22 Cool Shop Names For Etsy
1. Strap & Style
2. Eden's Essence
3. Timeless Knits
4. Creative Glassware
5. Elegant Pottery
6. Ceramic Haven
7. Woodwork Gallery
8. Silhouette Boutique
9. Bazaar in Bloom
10. Crafted Jewels
11. Textile Market
12. Printed Pearls
13. Linen Loom
14. Baking House
15. Weaving Warehouse
16. Embellished Artistry
17. Couture Quilts
18. Chic Charms
19. Style Studio
20. Fashion Forge
21. Beauty Beads
22. Craftsmanship Cabin
48 Shop Name Ideas For Etsy
1. Chic Boutique
2. Armor Artistry
3. Secure Sanctuary
4. Headgear Nook
5. Crowned Creations Co.
6. Cap Craze Boutique
7. Hat Haven
8. Stylish Snapbacks
9. Crowned Charm Boutique
10. Cap & Crown Creations
11. Headwear Heaven
12. Cap Connoisseur Co.
13. Hat Horizons
14. Trendy Toppers Studio
15. Cap Culture
16. Cozy Knits Corner
17. Sweater Weather Studio
18. Wanderlost Stitches
19. The Painted Fern
20. Midnight Loom
21. Foraged & Found
22. The Inkwell Archive
23. Starling Symphony
24. Ember & Stone
25. Paper Crane Dreams
26. The Clockwork Sparrow
27. Sun-Kissed Canvas
28. Moonlight & Mason Jars
29. The Painted Compass
30. The Wandering Button Box
31. Wisteria & Ink
32. The Painted Honeycomb
33. The Salty Seamstress
34. The Moonlit Foundry
35. Whispering Wildflowers
36. The Wandering Bookbinder
37. Starry Skies Soap
38. Whispering Willow Baskets
39. The Secret Garden Studio
40. The Painted Beetle
41. Whispering Waves Clay
42. Starlight String Studio
43. The Fabled Quill
44. The Painted Moonjar
45. The Secret Woodland
46. Starry Skies Designs
47. The Fabled Foundry
48. Whispering Willow Studio
36 Abstract Name Ideas For Etsy
1. Eclectic Edge
2. Abstract Alchemy
3. Infinite Expressions
4. Fractal Fantasy
5. Dreamweaver's Den
6. Liquid Art Gallery
7. Flux and Flow Designs
8. Whispering Wonder
9. The Kaleidoscope Collection
10. Fable & Fortune
11. The Moonlit Muse
12. The Wandering Veil
13. Ember & Echo
14. Whispers in the Wild
15. Stardust & Stitchery
16. The Unbound Thread
17. The Pinhole Galaxy
18. The Indigo Whisper
19. The Wandering Wildflower
20. Fable & Filament
21. The Moonstone Studio
22. The Knotted Muse
23. Whispering Clay
24. The Sunlit Canvas
25. Unbound Studio
26. The Gilded Quill
27. The Unraveled Nebula
28. The Whispering Loom
29. Indigo Flight
30. The Wildflower Muse
31. Fable & Fern
32. The Moonlit Workshop
33. The Gossamer Nest
34. Sundrift Bakery
35. The Unbound Palette
36. Ethereal Drippings
30 Additional Etsy Shop Names Ideas
1. Impressions Inn
2. Kinetic Cove
3. Lavish Living
4. Mystical Marvels
5. Nurturing Nook
6. Opulent Oddities
7. Pristine Petals
8. Quirky Quarters
9. Radiant Relics
10. Serendipitous Styles
11. Tranquil Treasures
12. Urban Utopia
13. Visions Vault
14. Zenith Zone
15. Aurora's Atelier
16. Shade Spectrum Boutique
17. Sun Specs Sanctuary
18. Optic Emporium
19. Lens Loft
20. Spectral Studio
21. Glare Gear
22. Visionary Viewpoint
23. Radiant Ray
24. Solar Style Studio
25. Prism Paradise
26. UV Unique Boutique
27. Glint & Gleam Gallery
28. Lens Luxe Loft
29. Glimmer & Gaze Emporium
30. Reflective Studio
26 More Etsy Names
1. The Inky Quill
2. Copper & Cord
3. Wildflower & Ink
4. The Gilded Raven
5. Paper Crane Dreams
6. Moonlight & Moss
7. Bibliophile's Trinkets
8. Wolffish & Co.
9. Worn Tapestry
10. The Fern & The Fae
11. The Rambling Rose
12. Wyvern's Weave
13. Fair Isle Findings
14. The Midnight Bazaar
15. The Weaver's Muse
16. The Leaping Hare
17. The Starlit Strand
18. The Bookish Cat
19. Curio & Quill
20. Paper Lanterns
21. The Wildwood Carver
22. The Alchemist's Output
23. The Driftwood Dragon
24. Stardust & Sapphires
25. The Moonlit Weaver
26. The Bookworm's Trove
30 Unique Business Name Ideas For Etsy
1. Owl Overload
2. Pawsome Treats
3. Quirky Quest
4. Radiant Rainbows
5. Sweet Studio
6. Tickle Me Teacup
7. Unicorn Tees
8. Whimsy Shirts
9. XOXO Accessories
10. Yummy Gummies
11. Zoo Friends
12. Apple Blossom Co.
13. Bunny Hop Haven
14. Cozy and Spice
15. Daisy Baskets
16. Stamp Stash Studio
17. Petite Postage Paradise
18. Tiny Treasures Trove
19. Stamp Sweeties
20. L'il Postage Pals
21. Miniature Mailbox
22. Stamping Smiles
23. Teeny Tiny Postage
24. Stamp & Smile Studio
25. Cute Corner Stamps
26. Pocket Postage
27. Little Love Letters
28. Dainty Stamps Den
29. Tiny Tales
30. Little Lick of Postage
22 More Shop Name Ideas for Etsy
1. Serenity's Crafted Treasures
2. Impressionist's Palette
3. Gallifreyan Gear
4. Celtic Weavers Guild
5. Baker Street Baubles
6. Hieroglyph Haven
7. Verses in Starlight
8. Griffin's Flight Workshop
9. Wildwood Meadows Apothecary
10. Renaissance Studio & Supplies
11. From the Phoenix's Ashes
12. Copper Lanterns & Light
13. Treasures of the Rising Sun
14. Stardust Strands & Yarn
15. The Alchemist's Elixirs
16. The Poet’s Press
17. Paper & Cord CraftsPop Art Prints
18. Celtic Weavers' Guild
19. Phoenix's Hoard Reborn
20. Whispering Sonnets Studio
21. Wildwood Willows Jewelry
22. The Riposte & Retreat
Use An Etsy Shop Name Checker
One of the crucial aspects of choosing an Etsy shop name is to check availability. Two people can’t use the same name.
You can check availability by using an Etsy name checker, like this one from BrandSnag.
Are you considering taking on consulting work? Every industry needs business consultants to help individuals achieve their goals. Your knowledge and experiences can make you the next rockstar business consultant, but first, we’ll help you learn how to help clients.
From OnStrategy to Restaurant Boss, marketing to sales, human resources, and more! Business consultants in all fields have found ways to make millions of dollars per year in the consulting field. We’ve interviewed business consultants in most fields to learn the secrets to their success.
We’ve gathered information from those interviews to help you understand what a business consultant does. We’ll share information from companies making millions per year to help you decide if business consulting is right for you, and give you a guide on how to pursue your goals.
[su_note note_color="#dbeafc"]
If you’d like to jump to a certain question, use the table of contents below:
“Business consultant" is the most generic of the consulting terms. People describe themselves this way primarily when they are giving a quick answer of what they do. A business consultant is focused on helping companies solve problems that the owner or team doesn’t have the knowledge, time, or experience to solve. They will normally fall into one of the other categories that we discuss below because one person can’t successfully solve all problems.
A financial consultant advises businesses and people on financial matters to help them better achieve their goals. They might provide services like:
A Human Resources consultant might help businesses:
Sales consultants help businesses improve their performance by increasing the sales team effectiveness. These consultants will:
Accounting consultants are similar to financial consultants because they advise companies on how to improve their financial position by:
According to Upwork, the best business consultants will normally charge between $25 and $200 per hour. The chart below displays the range of hourly rates. Half of business consultants on Upwork charge over $85 per hour with an average of $92.04, but some charge even more.
When looking for a business consultant, IT can pay $500 to $1,000 per hour to find solutions depending on your skills. It’s far more important to be the right consultant than to set your hourly rate at market value. After all, if you can solve a problem in an hour that takes a lower-cost consultant a day, you should be able to make the same amount for solving the problem.
Whether management consultants work for themselves or for a consulting agency, clients still view a bachelor’s degree as a minimum to establish you have the expertise, skills, and most importantly patience to provide consultancy services. Not all schools are created equal, however. Check out the U.S. News and World Report’s top business schools. Consider fields like business administration, data analysis, finance, marketing, HR, or economics.
You’ll want to perform the following tasks if you want to join the ranks of consulting companies.
You’ll want to perform the following tasks before operating a consulting business.
Some states may require you to pay taxes on services or an income tax. Check with your state business bureau or a tax consultant to understand what you’ll need on a tax reporting basis.
You’ll want a template for proposals that documents:
In addition to a website, you should market that you’re a consultant. Some of the ways you can market your business include:
One of the keys to growth is showing how what you do helps others. There’s no better way to do that than to ask for feedback. Create a survey that you send with every invoice. Get feedback on what you did well and what you can improve. Don’t forget to include the Google Business Reviews link.
If a project was something other customers would find interesting, turn it into a case study and use quotes from the customers. Check out this survey from Darby Consulting for inspiration.
- What is a Business Consultant?
- Types of Consultants
- What’s the Difference Between Consultants and Management Consulting Firms?
- What Does a Business Consultant Do?
- How Much Does a Business Consultant Charge?
- How Much Does a Business Consultant Make?
- How to Become a Business Consultant
- How to Start a Business Consultant Business
What Is a Business Consultant?
A business consultant provides advice or services to help organizations achieve their goals within a division of business such as:- Management
- Finance
- Marketing
- Strategy
- IT
- Human Resources
- Pricing
- Operations
- Sales
- Security
- Law
- Accounting
- Data Analytics
- Sustainability
- Engineering
- Science
- Digital Transformation
- Exit Planning
Types of Business Consultants
Each field of business consulting has different aspects of business that are the primary focus of the business consultant. We’ll cover some of the common types of consulting options you will come across and what they do.Type #1. Business Consultant
“Business consultant" is the most generic of the consulting terms. People describe themselves this way primarily when they are giving a quick answer of what they do. A business consultant is focused on helping companies solve problems that the owner or team doesn’t have the knowledge, time, or experience to solve. They will normally fall into one of the other categories that we discuss below because one person can’t successfully solve all problems.
Type #2. Business Management Consultant
A management consultant focuses on solving a specific business problem that a company faces day to day. The consultant will perform tasks including:- Analyzing business data
- Interviewing employees
- Documenting recommendations
- Helping an organization understand why the changes are important
Type #3. Industry Business Consultant
Some business consultants choose to focus on a particular industry. For instance, Ryan Gromfin started Restaurant Boss after he had a heart attack and a partnership ended. Now he is a business consultant focused solely on the restaurant industry. Ryan told us about the start of his journey: [su_quote]I had to Google, ‘What is a consulting business?'[/su_quote] Today, he’s making $420K per year as a business consultant. Find out how in our podcast below:Type #3. Financial Consultant
A financial consultant advises businesses and people on financial matters to help them better achieve their goals. They might provide services like:
- Analyzing the financial performance compared to competitors
- Suggesting ways to save money
- Reviewing proposed executive payment packages
- Valuing a business that a company is planning to purchase
Type #4. Marketing Consultant
A marketing consultant reviews current marketing efforts and identifies ways to improve the results. These consultants often help their client’s business with:- Creating a new digital marketing strategy
- Running marketing campaigns
- Implementing new marketing and analytics software
- Training the marketing team
Type #5. Strategy Consultant
Strategy consulting focuses on helping business leaders create plans that will help the company achieve success. Strategy consultants will often help companies focus of topics like:- Finding opportunities for growth
- Improving efficiency
- Implementing mergers
- Reducing costs
Type #6. IT Business Consultant
Information technology (IT) consultants help businesses identify and utilize technology that will help the business scale more efficiently. These business consultants help companies with tasks including:- Identify pain points
- Propose hardware and software solutions to eliminate or reduce the pain point
- Help clients implement the software
- Train clients’ employees on the new software
Type #7. HR Consultant
A Human Resources consultant might help businesses:
- Recruit new employees
- Retain talent
- Develop compensation packages
- Recommend and implement new HR software
- Train the HR team on new software and practices
- Consult regarding how to address employee relations and compliance issues
- Perform staff training on workplace policies and laws
Learn more about being an HR consultant from Jessica below: Type #8. Pricing Consultant
Pricing consultants focus on helping companies find the right price point to maximize sales for their products and services. Companies hire this type of strategy consultant when they are struggling to encourage purchases through their pricing strategies. To ensure that the client is pricing their items right, these consultants review a variety of data including: [su_note note_color="#dbeafc"]- Economic trends
- Consumer trends
- Marketing strategies
- Competitor pricing and strategies
Type #9. Operations Consulting
An operation consultant specializes in operations management, which is finding the most efficient way to run the administrative portion of the business. This type of consultant may also be called a logistics consultant. Operational consulting will:- Analyze current operations
- Recommend changes to:
- Technology
- Processes
- Location
- Job roles
- Help implement changes
- Train the client’s team on changes
- Provide referrals to organizations that can help
Type #10. Sales Consultant
Sales consultants help businesses improve their performance by increasing the sales team effectiveness. These consultants will:
- Analyze current sales techniques and processes
- Provide recommendations to help the sales team increase revenue
- Train their sales team
- Improve sales processes
- Adopt more successful sales team technology
Type #11. Security Consultant
Security consultants help clients’ businesses with: [su_note note_color="#dbeafc"]- Performing threat analysis
- Documenting risk management
- Performing vulnerability detection
- Providing recommendations
- Designing a security protocol
- Updating business systems and processes
Type #12. Legal Consultant
Legal consultants are lawyers that help companies with:- Regulatory compliance
- Risk mitigation
- Contracts
- Negotiations
Type #13. Accounting Consultant
Accounting consultants are similar to financial consultants because they advise companies on how to improve their financial position by:
- Analyzing the client’s books and processes
- Suggesting improved protocols, processes, and accounting tools
- Helping prepare companies to go public or pursue funding
- Providing tax advice
- Auditing books for financial statements
- Reviewing and reporting project financial results
Type #14. Data Analytics Consultant
A data analytics consultant helps companies improve their use of data through: [su_note note_color="#dbeafc"]- Analyzing current data collection and compliance with applicable laws
- Recommending the structure of the collection and related policies
- Implementing and optimizing information collection and access
Type #15. Sustainability Consultant
Sustainability consultants are rising in demand because consumers and governments expect businesses to reduce their environmental impacts. These consultants help companies identify areas to help:- Reduce transportation costs
- Find more sustainable suppliers
- Improve energy efficiency
- Report the sustainability initiatives
Type #16. Engineering Consultant
An engineering consultant helps businesses achieve their design and construction goals. You’ll need an engineering degree, work experience, and potentially, any corresponding certifications. Many smaller construction companies do not have LEED APs on staff, so you can help businesses qualify for projects if you become one and work with them as an engineering consultant.Type #17. Science Consultant
A scientific consultant helps business by:- Advising on specialized subjects
- Performing research
- Suggesting solutions to problems
- Implementing scientific solutions beyond the client’s expertise
Type #18. Digital Transformation Consultant
Digital transformation consultants help companies adopt emerging technologies by:- Understanding the client’s business
- Proposing solutions
- Improving design and customer experience
- Automating processes
- Integrating systems for improved efficiency
- Training clients on unfamiliar technology
Type #19. Exit Planning Consultant
An exit planner helps business owners create and implement a strategy to leave their business. Depending on the business owner’s goals this may mean: [su_note note_color="#dbeafc"]- Advising on what needs to happen to reduce tax consequences to both them and their kids
- Helping create an alternate business structure
- Connecting the business owner with a business broker
- Hiring a business manager
Other Types of Consultants
Companies often also benefit from lesser-known consultants, like a business idea consultant that helps validate an idea and turn it into a reality. Service business consulting is another form of assistance that helps service entities like plumbers and cleaning companies optimize their business administration. Ultimately, choosing the right business consultant company for your mindset can help you perform better with the same set of skills.What’s the Difference Between Consultants and Management Consulting Firms?
Business consultants normally work for themselves or as an employee of a management consulting firm, while consulting firms are larger organizations that have a professional network of management consultants working for them. If you just want to work for yourself, you’ll want to start a consulting business, but if you prefer to have a team and manage the operations of a business consulting service, you might want to consider starting a consulting firm.What Does a Business Consultant Do?
A good business consultant will normally:- Meet with clients
- Collect information about the client’s business
- Perform market research
- Review current operations
- Analyze data to find areas for improvement
- Organize and manage projects based on a client’s needs
- Create recommendations and business plans
- Present the recommendations
- Help the client implement recommendations
- Solve issues that arise during the implementation
- Train employees on the newly implemented processes and procedures
How Much Does a Business Consultant Charge?
According to Upwork, the best business consultants will normally charge between $25 and $200 per hour. The chart below displays the range of hourly rates. Half of business consultants on Upwork charge over $85 per hour with an average of $92.04, but some charge even more.
When looking for a business consultant, IT can pay $500 to $1,000 per hour to find solutions depending on your skills. It’s far more important to be the right consultant than to set your hourly rate at market value. After all, if you can solve a problem in an hour that takes a lower-cost consultant a day, you should be able to make the same amount for solving the problem.
How Much Does a Business Consultant Make?
According to the Bureau of Labor Statistics (BLS), a business consultant's salary is between $50,000 and $160,000 per year. Business consultants who work for themselves can make far more than that because they also receive the profits from the business, and as a bonus, they can run their business from home. If you run a home-based consulting business, the areas highlighted in orange represent the business expenses that would effectively become income. Data is from IBIS Industry Report 54161. The job outlook is also much higher than most industries, with a growth of 11%.| Dollars | Percent | |
| Revenue | $388,439.00 | 100.00% |
| Wage | $160,000.00 | 41.19% |
| Gross | $228,439.00 | 58.81% |
| Rent | $15,926.00 | 4.10% |
| Utilities | $1,165.32 | 0.30% |
| Marketing | $6,603.46 | 1.70% |
| Purchases | $22,917.90 | 5.90% |
| Depreciation | $3,884.39 | 1.00% |
| Other Costs | $141,391.80 | 36.40% |
| Expenses (Excl. Wages) | $191,888.87 | 49.40% |
| Profit | $36,550.13 | 9.41% |
| Profit+Rent+Utilities+Dep | $57,525.84 | 14.81% |
How to Become a Business Consultant
You’ll need to develop a reputation to become a business consultant. Consultants normally have a mixture of:- Hands-on experience
- Education
- Case studies and testimonials
Hands-On Experience
There is no greater proof that you know what it takes to succeed in an industry than decades of experience. Many business consultants start by working with industry leaders, rise in the ranks, then enter business consulting. There are substantial benefits to saying and proving, “I helped businesses like Disney, Intel, Marriott, and Capital One achieve their leadership goals.” Find out how Libby Gill did just that in our interview below: [su_quote]The most effective leader is the situational leader that can tap into the leadership style they need at a moment’s notice. The only way to do that is experience.[/su_quote] Take some time to learn how the industry works before jumping straight into offering business consulting services.Education
Another key portion of developing expertise is education. There are three main types of provable education for business consultants:- Certifications
- Bachelor’s Degree
- Master’s Degree
In-Demand Certifications
- Industry Specific Certifications: There are numerous industry specific certifications that may be helpful to prove the consultant has the necessary skills. Check out Indeed’s list of 20 in-demand certifications.
- Consulting Certifications: There are certification courses that require consultants to:
- Work a certain amount of time in the field
- Take courses (or self study)
- Pass a written exam
- Take continuing education courses
- Certified Management Consultant (CMC): The CMC certification requires three years of consulting experience, five client testimonials, a written exam, an ethics exam, and an application fee to join the ranks of certified management consultants.
- Project Management Professional (PMP): Consulting success is often heavily tied into project management. That’s why the PMP is a common certification for business consultants. There are two paths to become a PMP:
- Bachelor’s degree, three years leading projects, and 35 hours of project management education (or the CAPM)
- High school degree, five years leading projects, and 35 hours of project management education (or the CAPM)
- Certified Human Resources Consultant (CHRC): The Human Resources Management Institute requires 10 years of experience, four years in management, and passing an exam to become a CHRC.
- Professional Certified Marketer: There aren’t requirements to take the PCM exam, but the American Marketing Association suggests a bachelor’s and seven years of experience for best results.
- Certified Information Systems Security Professional: This certification shows clients you have at least two years of cybersecurity experience. A bachelor’s degree counts as one year.
Bachelor’s Degree
Whether management consultants work for themselves or for a consulting agency, clients still view a bachelor’s degree as a minimum to establish you have the expertise, skills, and most importantly patience to provide consultancy services. Not all schools are created equal, however. Check out the U.S. News and World Report’s top business schools. Consider fields like business administration, data analysis, finance, marketing, HR, or economics.
Master’s Degree
Most professionals in the business world have at least a bachelor’s degree so many business consultant types are expected to have a master’s degree or even a PhD to help some of the top-tier clients. You can also find the top MBAs on the U.S. News website. While college is expensive, there are ways to cut costs. For instance, if there is a top-ranked college in your state, you might qualify for in-state discounts. I was able to use the Texas A&M online system to get an education that is valued at over $62,000 for around $25,000 by condensing my coursework into a year and enrolling through one of the satellite schools. This only works if the university system in your state shares online resources.Case Studies and Testimonials
In addition to experience and education, you’ll want to have proof that you have helped others succeed. This can be in the form of:- Case Studies
- Google Reviews
- Upwork Reviews
- Client Videos
- Invoices
- Partnerships
How to Start a Business Consultant Business
You’ll want to perform the following tasks if you want to join the ranks of consulting companies.
- Do market research.
- Write a business plan.
- Set your pricing.
- Form your business.
- Build a website.
- Create a client proposal template.
- Market your business.
- Help your clients succeed.
- Measure customer satisfaction
Step #1. Perform Market Research
At this point you should be able to answer, “What is a business consultant?” and know which type of business consultant you might want to be. So, now you’ll want to research two types of companies to establish how a consultant works. You’ll want to understand:- Publicly Held Companies: Use IBIS World Reports or the NYU Margins by Sector table to establish the major players in your field and industry benchmarks. IBIS World Reports is easier to use, but is a pay service with 40 consulting business reports. You’ll probably want their reports for collecting data for clients, so I’d recommend asking about their monthly or annual plans.
- Local Management Consultants: Business consultants work with companies all over the world, but when your company is just getting started, you’ll find it easier to compete in the local environment. That means you’ll need to know who your company is competing against and what others offer in-house.
Step #2. Put Together a Company Business Plan
A business plan is just to help you keep your company on track with its goals. You can have a plan that is informal or use one of our business plan resources:- One-Page Business Plan: Keep it short and simple. Learn how to write a one-page business plan.
- How to Write a Business Plan: Mike Andes explains how he approaches business plans, and we provide a template based on his method.
- Business Plan Template: We provide a template and walk you through how to write a business plan based on how I approach them.
Step #3. Set Your Pricing
Your company’s finances will be impacted by your pricing. Price yourself too low, and you might not make enough money to survive, get burnt out, and decide to go a different way. Set your pricing too high and you won’t book jobs. Use some of the following tactics to establish a good price point.- Check the BLS for consultant wages in your area.
- Call management consultants and ask them for a quote.
- Compare pricing on job boards (multiply wages by two then divide by 1,000 hours to get billable rate) and freelance websites.
- Determine deliverables, and then calculate the time and expenses to give a fixed-rate price.
- Charge a retainer. Many consultants will charge a retainer on a monthly basis. This works best with previous clients who understand the value of your skills.
- If you can negotiate commission based on the value of a positive change, this can be lucrative (but this is rare).
Step #4 Get Business Licensing
You’ll want to perform the following tasks before operating a consulting business.
Some states may require you to pay taxes on services or an income tax. Check with your state business bureau or a tax consultant to understand what you’ll need on a tax reporting basis.
Step #5. Build a Consulting Website
Most companies today will have a website. You’ll want to create one so prospective clients can:- Learn about your services
- Learn how you developed your skills as a consultant
- Schedule a consultation
- Pay invoices
- Provide reviews
- Get easy access to tools you regularly suggest (Make sure to use affiliate links to drive extra revenue.)
Step #6. Create a Proposal Template
You’ll want a template for proposals that documents:
- Your Logo: Include your logo in the top left or in another prominent location.
- Both Parties Involved: Include the business name, authorized party name, address, phone number, and email information for both parties.
- Contract Length: Is the project for a few hours, fixed price, or an undetermined length of time?
- Project Scope: What will management analysts review before you propose solutions?
- Deliverables: What will you provide to the business? Companies might offer a document with suggestions, install software tools, and provide training documentation.
- Exclusions: What will not be included in the project? It’s common to exclude the ongoing costs of SaaS software, unless you will be providing ongoing support and billing monthly.
- Payment Terms: How and when will your clients pay your business. Company payment standards should have been determined in Step #3.
- Place to Sign: Include a signature and date block for each party at the bottom.
Step #7. Market Your Consulting Business
In addition to a website, you should market that you’re a consultant. Some of the ways you can market your business include:
- Business Cards: You’ll need them to hand clients. Find out where to get low-cost business cards.
- Blogs: Write about important subjects in your field and optimize it for SEO.
- Social Media: Share useful information from your social media profile. Participate in business owner groups, too.
- Networking Events: Sure, digital marketing is a great way of reaching customers, but we connect way more with people in real life. Get out there and meet other business owners.
Step #8. Help Your Clients Succeed
Once you’ve booked a client, do everything you can to help your client succeed. You want to prove you are the right business consultant for them. Help them evaluate new systems, help them solve problems or find new clients. You always want to focus on what their needs are. If you focus on helping them, your business will grow. If you don’t know something or can’t figure it out, find someone who can help. Then, you’ve successfully helped two people and grown your professional network.Step #9. Measure Customer Satisfaction
One of the keys to growth is showing how what you do helps others. There’s no better way to do that than to ask for feedback. Create a survey that you send with every invoice. Get feedback on what you did well and what you can improve. Don’t forget to include the Google Business Reviews link.
If a project was something other customers would find interesting, turn it into a case study and use quotes from the customers. Check out this survey from Darby Consulting for inspiration.
Improve the World Through Business Consulting
At this point, you know:- What is a business management consultant
- Types of business consultants and what they do
- How to become a business consultant
- How to start a business consultant company
Comments
Irich Photography@
2024-01-18 03:29:40
Very great ideas
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