The Most Profitable Industries to Pursue Entrepreneurship

Profitable EntrepreneurshipAn entrepreneur is someone who starts, grows, and manages his or her own business. You can do this in many different industries. Knowing which industries are the most profitable can help you achieve the financial goals you’ve set for yourself.

 

Accounting, Tax Preparation, Bookkeeping and Payroll Services

According to Sageworks, this industry has a net profit margin of 21.2%. While many people in this industry work for large corporations, you can work as an entrepreneur in this industry by being a contracted accountant, income tax preparer, bookkeeper or payroll services provider. Many companies are turning to contract-based services because it’s less expensive than providing benefits. Once you have your degree or training in the industry, you can start your business by marketing your services to many different companies that need them, as well as self-employed individuals needing help with their income.  Just look at the shift towards cloud accounting services for proof.

 

Legal Services

This industry has a net profit margin of 19.6%. Once you’re trained, you can start to provide legal services to individuals and companies. Once you gain momentum and have more clients than you can handle, you can move on to hiring associates who will work with you to grow your law firm.

 

Commercial and Industrial Machinery and Equipment Rental and Leasing

You may not think this is an industry for an entrepreneur, but it really is one that can produce great profits. The net profit margin is 18.5%, and you can start a business of renting and leasing machinery to farmers, companies, and individuals seeking it to do some work. This will take a bit more money to start since you’ll need to invest money into buying the machinery, but once you start to market and get people renting and leasing, you’ll make the money back and then some.

 

Outpatient Care Centers

Outpatient care centers have a profit margin of 17.8%, which is attractive to many medical professionals working for healthcare facilities not earning as much as they believe they deserve. Once you receive your medical degree or certifications, you can begin offering services to individuals in need. An example is becoming a family physician, therapist, or other medical specialist.

In fact, dentists have the highest profit margin in the outpatient care center industry. So if you need help thinking of which type of care you should pursue, consider dentistry.

 

Lessors of Real Estate

The housing market is improving, and with low interest rates and home prices right now, it’s a great time to invest in real estate to end up making the 16.5% profit margin reported by Sageworks. When you seek this type of entrepreneurship, you’ll buy properties and then lease them out. You become a property manager, and as you grow the number of properties you lease out, you end up making more money.

With this information, you can begin planning what you want to do as an entrepreneur. All of these industries are profitable. You just need to seek the education, training, and certification that will enable you to legally and ethically work in the field. Once you have that, you’ll be able to start marketing yourself to your target audience, and bring in clients to start earning money as an entrepreneur.

Image courtesy of pat138241 from FreeDigitalPhotos.net

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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