The Most Successful Small Business In The World PDF Free Download

Despite the seeming dominance of large corporations, small businesses continue to be the engine of the North American economy. According to the U.S. Small Business Administration (SBA), approximately 550,000 new small businesses are established every month in the U.S., creating two out of every three new jobs. Over half of Americans own or are employed by a small business.

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While it is common knowledge that most successful small businesses start with a great business idea backed by a solid business plan, some businesses and industries have higher profit potential than others. If you are an entrepreneur or investor looking for a new small business opportunity, limiting your choices to the most profitable small businesses listed in this article is one of the best ways to ensure success.

In addition to profitability potential, many of the businesses listed below are experiencing strong demand due to the continuing trend by corporations to outsource business functions such as accounting, payroll, information technology, social media, legal services, and even marketing. Many former full-time employees of larger businesses have become self-employed due to outsourcing, and the trend shows no signs of slowing down.

Profit Margin by Sector

As the following table demonstrates, profit margins vary substantially by sector, with professional services scoring the highest:

*Sageworks 2018 Report

Here are 10 of the most profitable small businesses as ranked by Sageworks in order of average profit margin and listed with the corresponding North American Industry Classification (NAICS) Code. For comparison, the average profit margin of companies on the Standard and Poor's (S&P) 500 was 11% in 2017.

Accounting, Tax Preparation, Bookkeeping, and Financial Planning

Accounting/bookkeeping, tax preparation, and financial planning are required activities for almost all businesses and individuals, guaranteeing a strong demand now and in the future for qualified service providers.

Capital Investment/Overhead: With nominal overhead other than office space and computing equipment, startup costs are minimal. Many in the industry operate as home-based businesses.

Education/Training and Barriers to Entry: Bookkeeping and tax preparation training is relatively easy to obtain, however, accounting certifications (such as CPA, CA, etc.) require a bachelor's degree, subsequent training, and related work experience.

Average Profit Margin: 18.4%

NAICS Codes: 541212, 541213, 541215, 523990

Real Estate Leasing

According to a report by the Pew Research Center, more American household heads (36.6%) rented their home in 2016 than at any time in the last 50 years.

Capital Investment/Overhead: Leasing agents can work from virtually anywhere, so overhead is mostly limited to ongoing expenses for advertising, vehicle maintenance, phone, etc.

Education/Training and Barriers to Entry: Requirements depend on jurisdiction - some states require a leasing agent license, others require a real estate agents license. Both require a training course and completion of the licensing exam(s).

Average Profit Margin (Leasing): 17.9%

NAICS Codes: 531190, 531120

Legal Services

As with accounting and tax preparation, almost every business and individual will eventually require the services of a lawyer. Examples of legal services for business include:

  • Incorporation
  • Corporate/commercial law
  • Employment law
  • Litigation
  • Technology and intellectual property law
  • Bankruptcy law

Legal services for individuals include areas such as:

  • Family law
  • Criminal law
  • Personal injury litigation
  • Wills and trusts

Capital Investment/Overhead: Whether operating from home (as many solo lawyers do) or on commercial premises, quality office space for consulting with clients is a must. Other costs include basic computing equipment, software, and malpractice insurance.

Education/Training and Barriers to Entry: Becoming a lawyer generally requires a four-year bachelor's degree plus three to four years of law school followed by passing the bar exam to become licensed to practice.

Average Profit Margin: 17.4%

NAICS Code: 541110

Outpatient Clinics

Outpatient clinics provide non-overnight medical services including diagnostic testing, treatments, surgical procedures, counseling, etc.

Capital Investment/Overhead: The costs to establish a basic private medical practice typically exceed $100,000. Adding diagnostic equipment and/or surgical facilities requires a much larger investment.

Education/Training and Barriers to Entry: Becoming a doctor typically requires at least 10 years of post-secondary education, including an undergraduate degree, medical school, and a residency program. Specialization requires additional schooling and training.

Average Profit Margin: 15.9%

NAICS Code: 621400

Property Managers and Appraisers

For the same reasons that real estate leasing is booming, associated services such as property management and appraisals are high on the list of profitable small businesses.

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Capital Investment/Overhead: Both services are ideal home-based businesses that require minimal capital investment. Franchises are also available.

Education/Training and Barriers to Entry: In some jurisdictions, a property manager must also hold a real estate license. Appraisers must begin by completing 100-150 hours of coursework followed by 1000+ hours of work experience under a licensed appraiser before completing the licensing exam.

Average Profit Margin: 14.9%

NAICS Code: 531310, 531320

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Dental Practices

According to the U.S. Bureau of Labor Statistics, the demand for dentists is expected to grow by 19% through 2026, much faster than most other occupations.

Capital Investment/Overhead: Opening a dental practice typically requires a minimum of $400,000 for a properly constructed facility and basic equipment. Advanced diagnostic and other equipment can easily double the cost. Additional overhead includes staff wages for dental assistants/hygienists, receptionists etc.

Education/Training and Barriers to Entry: Becoming a dentist requires a bachelor's degree plus four years of dental school. Additional training/education is required for specialization.

Average Profit Margin: 14.8%

NAICS Code: 621210

Offices of Real Estate Agents and Brokers

Along with leasing and property management, real estate sales have steadily risen since the 2008 recession, with over 5.5 million homes sold in the U.S. in 2017 (Statista.com). The demand for real estate agents and brokers is expected to grow by 6% through 2026, according to the U.S. Bureau of Labor Statistics.

Capital Investment/Overhead: Office, vehicle, phone, internet, licensing fees as well as suitable professional attire.

Education/Training and Barriers to Entry: Realtors must take a real estate course, pass the licensing exam and become a member of the local real estate association. To become a broker you must have at least a year's experience as a sales agent before taking the broker's training course, passing the examination, and obtaining a broker's license.

Average Profit Margin: 14.3%

NAICS Code: 621210

Other Health Care Practioners

The 'Other Health Care Practitioners' category includes service providers such as:

  • Optometrists
  • Chiropractors
  • Physical, Occupational, Speech Therapists
  • Audiologists
  • Podiatrists
  • Mental Health Practitioners (except Physicians)

Capital Investment/Overhead: Capital investment ranges widely depending on the specialization. The startup costs for an Optometry practice can be in excess of $300,000 for office space, equipment, and inventory, whereas a Mental Health Practitioner can work from home or from a small office.

Education/Training and Barriers to Entry: All Health Care providers require a bachelor's degree followed by a degree program in the specialization in order to become a licensed practitioner.

Average Profit Margin: 13.3%

NAICS Code: 621300

Management, Scientific and Technical Consulting Services

Management, Scientific and Technical Consulting businesses provide specialized services in a variety of disciplines to businesses and governments, including:

  • Management consulting
  • Human Resources consulting
  • Marketing
  • Finance
  • Corporate Strategy
  • Environmental compliance
  • Workplace safety
  • Information Technology

Firms range in size from one-person consulting businesses to large firms that offer services in a variety of areas.

Capital Investment/Overhead: Startup costs are minimal except for some of the scientific disciplines that may require specialized equipment. Most can be operated as home-based businesses.

Education/Training and Barriers to Entry: A bachelor's degree at minimum, typically followed by specialized training and/or related work experience.

Average Profit Margin: 12.1%

NAICS Codes: 541611, 541612, 541800, etc.

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Warehousing and Storage

Warehousing and storage facilities are always in demand from both residential and commercial customers. Many businesses do not have on-site space for storing equipment or inventory, and home owners often have more possessions than space in the home.

PDF

Capital Investment/Overhead: Purchasing or constructing warehouse or storage space requires significant capital investment, particularly in urban areas or any locale where real estate is in high demand.

Education/Training and Barriers to Entry: Running a warehousing/storage facility does not require any education or training; however, prior experience in the industry is helpful. Many such facilities provide no services other than storage space, utilities, building maintenance, and security - customers can utilize the space however they wish.

Average Profit Margin: 11.6%

NAICS Code: 493100

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Small Business Management: Essential Ingredients for Success

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Discover the Techniques and the 'Dirty Little Tricks' That will Help Boost Your Sales, Pile Up Profits and Leave Your Competitors in the Dust.

Whether you are presently running your own business or just planning to start one, 'Small Business Management: Essential Ingredients for Success' can be the best business investment you have ever made. It will show exactly what you need to know to make your business a success.

This guide will teach you scores of small business management tricks, secrets and shortcuts - and teach them so that you can start using them at once. This program does far more than impart knowledge... it inspire action.

You will be amazed at how simple these strategies and concepts are and how easy it will be for you to apply them to your own business or project.

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Checklist for Starting a Business: Essential Ingredients for Success

If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!

For more insightful videos visit our Small Business and Management Skills YouTube Chanel.

Here's what you'll discover:

* How to Make Your Business More Profitable - tried and tested business management boosting ideas to help you stay pointed toward profit.

* Essential Ingredients for Your Marketing Success - what are the secrets behind constructing and executing a successful marketing campaigns? here's a step by step guide to managing your marketing activities in a way to drive your sales through the roof.

* 27 Tips to Increase the Effectiveness of Your Delegation - tactics to squeeze more out of your day with foolproof delegation techniques.

* How to Reach Your Goals Faster - a wise man once said: 'If you're not sure where you are going, you're liable to end up someplace else'. Discover the tips and techniques that will make sure you're always on the right track.

* How to Deal with Changes in The Market - The winds of change are building - reshaping business and personal lives. Some people dig in their heels and try to resist change. Others ride the winds of change and seize the amazing opportunities it brings. Discover ten habits to recognize and maximize the gifts of change.

* How to Build a Winning Team - powerful tips and strategies to motivate and inspire your people to bring out the best in them. Be the boss people want to give 200 percent for.

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My name is Meir Liraz and I'm the author of this book. According to Dun & Bradstreet, 90% of all business failures analyzed can be traced to poor management. This is backed up by my own experience. In my 31 years as a business coach and consultant to businesses, I've seen practically dozens of business owners fail and go under -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work. And that is where this book can help, it will teach you how to avoid the common traps and mistakes and do everything right the first time. By the way, one optional way to finance a new business is by way of applying for free government money and loans, see here: How to get free government grants.

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You are responsible for everything that happens in your life. Learn to accept total responsibility for yourself. If you don’t manage yourself, then you are letting others have control of your life. In this video you'll discover 90 powerful tips and strategies to better manage yourself for success.

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Table of Contents: Small Business Management PDF

1. How to Make Your Business More Profitable

2. Essential Ingredients for Your Marketing Success

3. Twenty Seven Tips to Increase the Effectiveness of Your Delegation

4. How to Reach Your Goals Faster

5. How to Deal with Changes in The Market

6. How to Build a Winning Team

7. How to Make a Good First Impression

Other Small Business Free Guides That May Interest You:

How to Be a Good Business Manager

How to become the boss everyone loves to praise, rather than the boss everyone loves to hate!

1. Acknowledge your staff.

When a member of staff does a job well, make sure you notice it, and acknowledge her or him for it. Don't let the opportunity to praise a piece of good work go by.

2. Never, ever, humiliate anyone on your staff team.

If you are annoyed with someone on your team, or they have done something wrong, make sure you keep your cool, especially in public. If you humiliate someone, he or she will hold a grudge against you, and their work will suffer too.

3. Create a culture where mistakes are OK.

If you don't make mistakes, chances are you are not stretching yourself. If your staff are allowed to feel that mistakes are part of reaching for new highs, rather than something to feel bad about, or shamed for, then they will take more risks on your behalf.

4. Remember personal details.

Take time to get to know your staff, who they are, who is important in their lives, etc. Be interested in them as people, not just as workers.

5. Don't hide behind your position.

Be human and friendly with your staff - that way you will all be able to support and encourage each other when things are tough.

6. Be approachable.

Allow your staff to feel that they can come and talk to you about sensitive issues, about inside- and outside-work difficulties, and that you will respect them, and not hold what they share against them.

7. Admit your mistakes.

If you get it wrong, say so. Managers don't have to be infallible! Your staff will respect you more if you are able to admit your mistakes, and then set about sorting out a solution.

8. Listen in such a way that your employees will talk to you.

Often people feel afraid of, or intimidated by, management. Make sure you show people that you are willing to listen to what they have to say, that they are important and worthy of your time.

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9. Be clear in your requests.

It is your responsibility to ensure that people understand your requests - so communicate clearly, and ask if people have understood what you are asking for.

10. Treat everyone respectfully and courteously at all times.

Particularly when there is a problem! Everyone who works for you is a valuable human being who deserves respect. A manager is only as good as how she or he treats the people on her or his team.

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