When it comes to looking for business ideas, we must be clear about what works and what does not work. As I always say, what is published on this website with respect to business, has been contrasted and at least, there is an entrepreneur who succeeded in turning that idea into profitable small businesses.
On this occasion, so that there is no doubt, we will use a list of businesses that Bob Adams wrote in his day, which started dozens of companies, including small businesses that helped him obtain enough capital to start another Biggest idea
Adams learned what works and what does not work. He learned which are good businesses and which are not too profitable. And of course, he learned that you do not need a lot of money or too much experience to start the vast majority of companies.
Best Ideas for Profitable Small Businesses
You can start this business in your garage with just one item. Start part-time and build this business carefully – advises Adams-. Buy only items with the confidence that you can sell them relatively quickly to get a good profit margin. Avoid staying with an inventory that moves too slowly. It is one of the best ideas for profitable small businesses.
To succeed in this business, develop a great experience in a specialty and create a loyal customer base.
We could divide this business idea into two routes:
- Focus on artists with followers and who are well established with those who feel comfortable to be able to sell.
- Face lesser-known artists, which means that you do not actually buy the artist’s painting or artwork until the day you sell it.
In both lines there is business, but specifically in this business, you have to be meticulous and keep a manageable overhead and be aware of trends, because what yesterday delighted people, today may not like anything. It is agreed that well-managed art galleries are very profitable businesses.
And relax. It is not necessary to buy a boat. This was one of the businesses Bob Adams initiated successfully. At the moment you have enough customers to fill the schedules of the routes, you can rent the boat, market with the tours and build a business without the overhead.
In the case of Adams, he also bought several speedboats to walk his customers through the local port.
With online stores and large shopping centers loaded with clothing stores could a boutique succeed? The truth is that yes. If you are original, you have good taste and you place the boutique in a place of great affluence of people, of course, it can work. It is one of the best ideas for profitable small businesses.
It is a question of having products and original, distinctive complements that do not need to compete with what exists.
Your own clothing line
Ralph Lauren started selling a pair of ties and ended up building a multi-million dollar empire. You can start your own clothing line with only a few items at the beginning and expand the catalog. If your business grows, you should make manufacturing cheaper by outsourcing this process.
Concentrate on developing impactful designs and talking with potential resellers. Of course, you can also launch your own online store online and sell them yourself.
Depending on how you approach this business, it could only be for the birthdays of the years or something more elaborate for all types of events, including shopping centers. This type of service is usually concentrated on weekends, so you can start without leaving your daily work.
The price of this service usually varies according to the approach of the entrepreneur. There are low-cost clowns and there are those who charge more than € 100 per hour
Distributor of coins or stamps
Nowadays, some distributors and collectors that are dedicated to the sale of stamps, still have retail stores, although the great majority already work mainly online. This is a good business to start part-time and you could end up becoming a full-time business over time. It is one of the best ideas for profitable small businesses.
You can take it as a hobby that generates extra income or as a business with a lot of potentials to earn a lot of money. It depends above all on the approach you give it.
When we talk about setting up a cafeteria, we do it thinking of a child, when certainly, have you not asked yourself why you are assuming that you could not create a company that could resemble Starbucks?
It is clear that these chains have put the level very high, but creating a new image that is more than a cafeteria, attracting a kind of clientele and in a good location, could mean success. This type of business does require more investment.
Craft beer pub
When an entrepreneur looks for an innovative idea in the pub business, he usually thinks of setting up an Irish pub, which works. And they work to the point of having already a large number of them. But those entrepreneurs who have opened pubs specializing in craft beers have done much better. If you also combine it with a good meal or tapas, success could be guaranteed. Of course, we would no longer be talking about a small company.
Creative arts day camp
You can approach this line of business as a seasonal camp or for a whole summer. Given the risk involved in this business, it is advisable to do a survey to find out what age groups of children and what art activities would be the most attractive.
Design of gift baskets
Making a gift basket overflowing with a lot of carefully selected items can be a very profitable small business that will delight your customers. And sales, of course.
Gourmet candy stand
Adams tells that one of his friends developed a large retail business of small gifts with several locations within the shopping centers. He himself began making sweets in his kitchen, and complemented the bags he sold with other products he bought wholesale. With this idea, he managed to generate thousands of dollars of net benefits in a week of work.
A good excuse to travel and make money with it. There are craft items that you can find all over the world at low prices. You may need time to get going, but this idea can be highly profitable. There are many entrepreneurs who have built successful import/export businesses. Some of them started them while they were in college. It is one of the best ideas for profitable small businesses.