Several business statistics have shown that 90% of online businesses fail within the first four months of operation. One of the salient questions at the heart of anyone who wants to start a business in the US is: what are the most profitable businesses in US? This article is aimed at exposing you to exactly this as there is no doubt that some businesses are more profitable than others.
Do you have a dream of starting one of the most successful businesses in US? This article is for you! Furthermore, since the outburst of the covid pandemic, some business owners have realized that the online profession is the new normal. Consequently, it will not be a misstatement to say that for your business to be one of the most profitable businesses in US, it has to adopt some elements of online businesses.
Here are the Most Profitable Businesses in US
1. Logistics:
The United States market size of the courier and Local Deliveries in 2021 is $118.0bn. In recent times, more and more restaurants and businesses offer to deliver their goods to customers. Since the pandemic, both the demand and supply for logistics are on the rising side because it is safer. Subsequently, after the pandemic, the convenience of receiving goods enjoyed by customers made the demand for this service further experience an increase in America.
It also helps save the precious time spent while moving from one location to another by the customer. Of all forms of goods delivery, food alone generated $26.5 billion in revenue by the end of 2020. Doordash is one of the most successful food delivery services in the United States. Its revenue increased by a whopping 241% from $850 million to $2.9 billion. The business of logistics is indeed one of the most profitable businesses in US.
2. Fitness:
The fitness business in this article includes both the sale of fitness equipment and the gym business. The United States health club industry serves 71.5 million consumers. Even during the Covid pandemic, the fitness business still managed to flourish. In 2020, NIKE’s brick and mortar sales reduced drastically. Because of this, they had to shut various of their malls. However, their online sales increased by 82%. Hence, it is evident that the Fitness Business remains one of the most profitable businesses in the US.
In furtherance, during the covid pandemic, some fitness industries lost their members, others had to shut down too. Some were able to gain more members and make more profit by using the internet as leverage. According to Bloomberg, even when fitness clubs in America reopened, 60% of their members did not return to the gym. Also, 75% of the consumers surveyed opined that they would eventually return to the actual gym, while others indicated that they would keep up with virtual.
3. Digital Marketing:
Technological advancement is acceptable worldwide. This acceptance is one proof that we are in the digital age. In recent times, digital services such as e-learning, e-commerce, and e-banking are becoming the norm in the United States. Marketing these services as well as other brick and mortar businesses is also becoming digitalized.
According to Statista.com, 225,000 businesses start in America quarterly. The emergence of these start-ups makes the digital marketing business thrive. Hence, making it one of the most profitable businesses in the US. From 2019 to 2024, the need for digital marketing will increase by 83%. With the increasing demand for digital marketing, there is no gainsaying that the digital marketing business is one of the most profitable businesses to start.
4. Techy Businesses:
According to the research carried out by security planet, two-thirds of Americans have this notion in their minds that they are tech-savvy, but in reality, they are not. This makes them rely on the services of those who deal in technology. Just as mentioned earlier, we are in the digital era. For start-ups, and other existing businesses to be relevant in this digital age, they have to rely on technologists. Software developers, website developers, graphics designers, website designers, and a host of other tech services remain globally relevant.
Those involved in the tech business are paid handsomely in America. For instance, the average salary of a software developer in the United States is between 90k to 121k US dollars. Certainly, tech businesses remain one of the most profitable. A lot of business owners realize that companies that are not online may be left in the dust. This eye-opening insight for business owners is good news for every technologist or anyone interested in starting a tech business.
5. Accounting Services:
Every work in life uses one or more accounting skills in running its activities. A lot of entrepreneurs do not hire in-house accountants. Some companies prefer to outsource their accounting and finance departments to freelance accountants or accounting firms and tax advisors. The growth of existing firms in the United States also shoots up the demand for accounting services in America.
In the United States, accounting is highly competitive. More so, you need a certain level of education as well as licenses to practice in America. This profession will continue to be one of the most profitable businesses in US as the relevance currently, and in time to come.
6. Legal Services:
One of the most indispensable industries in personal life and industries is the legal profession. Lawyers deal with a lot of situations. This includes criminal law, company law, intellectual property law, family law, employment law are some of the problems lawyers seek to solve in society. Hence, it is a no-brainer that lawyers are some of the most sought-after people in the United States of America. Therefore, all kinds of individuals, firms, corporations, and institutions in the United States are in need of the legal service business in America. In 2021, the market size of America’s corporate legal department is 160bn U.SD.
However, although the legal profession is one of the most profitable businesses in US, it has high barriers for entry. Anyone who wants to practice this profession must have an undergraduate degree, must have attended law school. In the U.S, attorneys are specialists in a specific field of law and cater to different cases.
Steps on how to start and run a profitable business in the united states
STEP 1: Do Market Research
Before you start any business, be it brick and mortar or an online business, one salient step you should never skip is the market research step. This serves as the foundation for your business. The benefits of doing market research range from knowing your competitors and your potential audience. Having this knowledge will help you know how to approach your audience, and what content you can best offer them. This will ultimately help you convert your audiences into customers. This is the beginning of becoming one of the most profitable businesses in US.
In addition to this, knowing and exploring your competitors helps you understand what strategies to implement to outshine them. To run an online business in the United States, do not skip the stage for market research. It will also help you know the businesses that may pose a threat to you and how you can strategically overcome those threats.
STEP 2: Have A Business Plan
Not all businesses that begin well continues to thrive and make a profit. Although there are several reasons for this, the root cause is a lack of adequate planning. Basically, proper planning takes into account the possible risks. A business plan describes the structure and purpose of your business, along with a feasibility projection. The cliché “if you fail to plan, then you plan to fail” is an ever valid one. It is a well-known fact that the success you will enjoy from anything you do is determined by the level of your planning.
No business runs well without a business plan that is well written and clear. An intelligent business plan coupled with market research proves the validity of your business goal and progress and creates the impression of whether it is worth investing in or not.
STEP 3: Make Your Business Official
If you are yet to register your business online, your business is not official yet. To make your business official, you will have to, first of all, choose a business name, the name you pick for your business is absolutely at your discretion. However, it should be short and indicate what you do.
After this step, you will then register your business by registering with either your state government or the secretary of state. One of the most important things you will have to do while registering your business is determining how you want to file your business. You may want it to be a Limited Liability Company, sole proprietorship, corporations, and all. After that, you can file for a Federal Tax ID number. Follow this link to register your Tax ID number now.
Another thing you should not miss doing is having a business account. This helps you separate personal finance from business finance. It also helps you measure your financial progress.
STEP 4: Set Up Your Business Website
Scientists have proven that the human’s attention span is lower than that of a goldfish which is 9 seconds. Therefore, to get your visitors hooked within that time frame, you must make your website very clean and user-friendly. You can go through these easy guides to achieve this. However, the fact remains that with the aid of a professional website designer you will get much better results.
You can choose from our team of professional website designers with proven results via real testimonials from past customers. Your website deserves a great outlook and your potential customers and current customer deserve the best user experience on your site. Iconic Digital World will make this happen for you. For anyone dealing in online business, your website is your store just like walk-in offices, and you have to make the best first impression.
You may also see: why you should hire a web designer
STEP 5: Business License or Permit
Business licenses and permits are legal requirements for starting and maintaining a business in the United States. License and permit requirements are intended to protect consumers and employees. In the eyes of the government, it does not matter if your business is conducted primarily (or entirely) online. When starting a business (online or brick and mortar) be mindful of all requirements that may affect your business. By doing this, your business is on its way to becoming one of the most profitable businesses in US.
STEP 6: Trademarks, Patents, And Copyrights
While setting up your website, never forget to sign up for your legal pages. This will inform your audience of whether or not you collect their information. It will also protect you from potential liabilities and lawsuits. Your legal pages include; Privacy Policy, Terms of Use, Disclaimer page, and Cookie Policy. These documents are also important offline as it guides how your business would relate with customers.
It is always appropriate to protect your product, logo, artistic work, and other intellectual property. For all of these, you should apply for a trademark, patent, or copyright. If you look through the lists of the most successful businesses in US, you will realize that the organizations who are successfully doing those businesses have their trademarks. It is because this kind of protection gives your product a better edge of legal recourse. You can apply for a trademark or patent through the U.S. Patent and Trademark Office or a copyright license through the U.S. Copyright Office.
STEP 7: Get Started on Social Media
We all are social beings; social media is one tool that will help you interact with other potential customers. To get this done, you need to choose what social networks you want your business to be active on according to the nature of your business. However, Facebook, Instagram, and Twitter are basic for starters. It is always best you pay more attention to platforms where your audience hangs around the most. Note; it is always better you use the same name for all of your social media handles as well as pictures, for more efficient branding.
Another thing to take note of here is that you should create an informative bio. Also, include a link that will direct visitors to your website.
It is not in your best interest to have a social media page for your website that is not engaging. Engage and add value to your target audience. If you have gone through these steps from the beginning, you will have known what kind of content your audience likes. You have the responsibility to feed them with those contents. Their reactions will determine the type of content you would subsequently create.
STEP 8: Start Getting Customers Attracted
Although this is the final step in this article, it determines the sustainability, continuity, and profitability of your organization. How then do you start getting customers? You can do the following things;
Notify your current network: Inform everyone within your circle of the business you have just started. Tell your family members, your friends, and your neighbors. Announce on your social media platform that you have just started a new business. Seek referrals from your current network. Tell them to recommend you to someone who may need the services you offer.
STEP 9: Offer Your Service in Exchange for a Testimonial:
If you are on any social media group or doing any volunteer work, offer your services for free or for little pay in exchange for a testimonial. You can do this at the beginning of your business to build credibility. If you deal with sales, you can offer your goods at discounted prices in exchange for an elaborate positive review.
Step 10: Give out free stuff!
You can organize a webinar where you teach people for free something related to the business you offer. After then, get their contacts and subsequently send them follow-up emails introducing them to your products to convert them to your clients. Also, you can attract visitors through your website by creating relevant content, and then following them up with emails or ads to convert them into customers.
Conclusion
To become one of the most successful businesses in US, you need to meet a demand. The areas discussed in this article have been proven to have the highest demand and success rate over and over again. In effect, diligently follow all of the suggested steps above as well as along the industries, and watch your business blossom over time.
