When it comes to starting your own small business, there are a million different things to think about. From tax laws to hiring policies, it can be difficult to figure out what will work best for you. But if you want to make money, there are a few things that you should definitely keep in mind. In this blog post, we’re going to share the top 10 most profitable small businesses in America. From restaurants to tech startups, these businesses are doing something right and you could learn from their success.
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What are small businesses?
There are many different types and sizes of small businesses. Some are very large, some are quite small. But regardless of size, every small business has something unique to offer. Below are five of the most profitable small businesses in the United States.
1. Amazon: Amazon is one of the biggest companies in the world, but it’s also one of the most profitable small businesses. According to Forbes, Amazon generated $107 billion in revenue in 2016 alone. That’s a lot of money! Of course, not all of that profit was earned by Amazon itself – some of it came from sales made by third-party sellers on Amazon Marketplace. But even if you only sell products directly through Amazon, this business is incredibly lucrative.
2. Yum! Brands: Another company that generates a LOT of revenue thanks to its extensive marketplace presence is Yum! Brands (owner of KFC, Pizza Hut and Taco Bell). The company generated $41 billion in 2016 alone and operates in more than 220 countries around the world. In fact, it’s so successful that it’s considered a “mega-conglomerate.” But even though it’s a big company, Yum! Brands’ profits still come largely from its smaller subsidiaries – like KFC and Pizza Hut – which account for almost two-thirds of total profits.
3. Apple: Apple may be known for its high-end electronics, but that doesn’t mean its small business division isn’t profitable. In fact, Apple’s small business division generated $38 billion in revenue in 2016. And while most of that revenue comes from sales of products like the iPhone and iPad, it also generates a lot of revenue from services like Apple Music and iCloud.
4. Home Depot: Home Depot is one of the largest home improvement retailers in the world, and its small business division is no exception. In 2016, this division generated $21 billion in revenue. That’s a lot of money! But what makes Home Depot’s small business division so successful? Partly it’s because Home Depot caters to a wide range of customers – from homeowners starting out with a simple renovation project to more experienced DIYers. And partly it’s because Home Depot makes it easy for its small business customers to get started online.
5. Starbucks: Starbucks may be well-known for its coffee, but its small business division is actually quite successful too. In 2016, this division generated $16 billion in revenue. Part of that success can be attributed to the company’s dedication to sustainability – Starbucks requires all of its small business partners to adhere to strict environmental and social standards. But even beyond those standards, Starbucks makes it easy for its small business partners to get started.
How small businesses make money
Small businesses can make a lot of money by selling products and services that people need and want. Some small businesses are very successful because they are unique in what they offer. Others become successful by offering low-cost or free products or services. Here are five top most profitable small businesses:
1. Internet Service Providers (ISPs)
ISPs provide online access to the internet, which is a big business. The most profitable ISPs earn an average of $5,000 per customer each month. ISPS can make a lot of money by charging high prices for their services or by giving them away for free.
2. Mobile Phone Repair Shops
Many people have damaged or lost their mobile phones and need someone to repair them. Mobile phone repair shops make a lot of money by charging high fees for their services and by giving away free repairs to customers who bring in their broken phones.
3. Car Dealerships
Through this you can make a lot of money by selling new cars and trucks, servicing and repairing cars, and selling car parts and accessories. Car dealerships can also earn money from finance companies that work with them to sell car loans and leases.
4. Recycling Centres
Most recycling centres make money by charging people for the materials they take away (usually plastic bags, cans, bottles, etc.). They also earn money from the scrap metal they collect from people who throw away old metal objects like appliances and cars.
5. Florists
Florists make a lot of money by selling flowers, plants, and gift baskets. They can also earn money from delivering flowers and plants to people’s homes.
The 10 most profitable small businesses in America
Small businesses are the backbone of the American economy. They account for 99% of all businesses and employ nearly half of the workforce. In fact, small businesses have generated more than two-thirds of America’s economic growth since 1997.
Here are the 10 most profitable small businesses in America:
1. Home Depot: The home improvement giant is by far the largest small business in America, with more than 2,500 stores nationwide. Home Depot is also one of the most profitable small businesses in America, with an annual revenue of over $130 billion. In addition to its namesake home improvement products, Home Depot offers a wide variety of services such as plumbing, roofing, and landscaping.
2. Starbucks: The coffee chain is ubiquitous across America and generates an estimated $24 billion in annual revenue. Starbucks is well known for its coffee drinks and pastries but also offers a wide variety of menu items including sandwiches, salads, and breakfast items.
3. Wal-Mart: Wal-Mart is the largest retailer in the world and ranks first in terms of total revenue (over $466 billion). The discount store chain offers a wide variety of products from food to electronics to clothing. In addition to retail sales, Wal-Mart operates an extensive network of warehouses that supply its retail stores across America with merchandise.
4. Amazon: Amazon is one of the most well-known online retail companies in the world with an estimated $136 billion in annual
How to start a small business
Starting your own small business can be an incredibly rewarding experience, but it’s not easy. Here are some tips to help you get started:
1. Make a plan. Before you start anything, make a plan. What do you want your small business to achieve? What resources will you need to get there? How much money will you need to start up? Once you have a clear understanding of what you’re aiming for, it’ll be much easier to put together the necessary steps and resources.
2. Get organized. If you’re starting a small business from scratch,porting over an existing one may be the way to go. However, if you’re starting from scratch, it’s important to get organized from the beginning. Set up a system for tracking expenses and income, create marketing plans and budgeting sheets, and keep track of customer data so that you can improve your next iteration of your business easily and quickly.
3. Hire smart people. While it’s tempting to do everything yourself when starting out in business, hiring smart people can help save time and money in the long run. Not only will they help with day-to-day operations, but they will also be able to give your business advice and counsel on how best to grow it[…]
The 5 Most Important Elements of a Small Business
There are a few key things to keep in mind if you want to start or run a successful small business. First and foremost, it is important to focus your efforts on doing what you do best. Second, it’s important to create a customer-centric culture and make sure that everyone who comes into contact with your company feelsvalued and appreciated. Finally, don’t forget to stay flexible and be willing to make changes as your business evolves.
1: Focuses on Doing What You Do Best
A lot of small businesses make the mistake of trying to do too many things at once instead of honing in on their niche market. Successful businesses know their strengths and stick to them while also expanding their reach as necessary.
2: Customer-Centric Culture
It’s important that everyone who works for your small business feels valued and appreciated. This begins with having a clear mission statement and creating incentives for employees that align with it. It also means making sure that all customer service interactions are handled in a timely, professional manner.
3: Flexibility is Key
Small businesses need to be able to adapt quickly in order to stay ahead of the competition. They should be prepared to pivot their marketing strategy, alter their product offerings, or even close up shop altogether if necessary in order to remain competitive.
4: Strive for Continuous Improvement
Successful small businesses never stop striving to improve. They’re constantly looking for ways to make their operations more efficient and their products more appealing to their target market.
5: Don’t Forget the Family Business Tradition
Small businesses should strive to maintain the family business tradition by passing down the torch of leadership from one generation to the next.
The 10 Worst Things to Do if You’re Trying to Start a Small Business
1. Don’t invest too much money in your business early on.
2. Don’t underestimate the importance of social media marketing to your small business.
3. Make sure you have a solid branding strategy in place if you want to succeed in the small business world.
4. Make sure you’re organized and have a clear plan for growing your business over time.
5. research your industry thoroughly before starting your small business, as there are many unique challenges that come with it.
6. Always be prepared to pivot and change course when necessary in order to stay ahead of the competition.
7. Be patient – while starting a small business can be rewarding, it won’t happen overnight; expect to take some time before things start taking off.
8. Know when it’s time to scale back or close down your business; don’t overextend yourself unnecessarily or you could find yourself out of a job sooner than desired…or worse!
Conclusion
When it comes to small businesses, there’s no one-size-fits-all answer. Every business is different and will have different expenses and earnings that make it profitable or not. That said, here are the top 10 most profitable small businesses according to Forbes magazine: 1) Home goods retailer Williams Sonoma 2) Investment management firm TIAA CREF 3) Legal services company Jones Day 4) Public relations company Hill Holliday 5) Apparel company Lululemon Athletica 6) Private equity firm Blackstone Group LP 7) Architectural design firm Skidmore Owings & Merrill LLP 8 ) Catering company Hallmark Restaurants 9 ) Internet service provider Comcast Corporation 10 ) Health insurance organization Aetna
