Having your own business is like having a new baby in your family. You have to care of and nurture it for many years to come until it grows and becomes self-sustaining. But, unlike babies who are simply born into this world without you choosing their hair color or specific behavioral traits, selecting the right kind of business takes more than just making an average buying decision.
The Real Estate Industry
According to Resort Brokers Australia, the boom in real estate development as well as the generally lower interest rates have spurred the rise of real estate-related businesses to unprecedented growth. Registering a net profit margin ranging from 10.8 to 14.1 percent in 2014, these businesses are expected to continue with their phenomenal rise to profitability, barring economic uncertainties. With a more favourable economic outlook, which can only improve with each passing year, the housing market is indeed a very lucrative business to venture into.
Given the positive analysis, lessors as well can grab the chance to increase rents. So, rent out any unused properties you might have there, or as a startup, taking advantage of management rights for sale can be as good.
The Healthcare Sector
A recent profitability analysis shows that four out of 10 most profitable businesses are related to healthcare. In 2013, the healthcare industry registered a whopping US$ 21.8 billion in revenues and growing at a 135 percent annually since 2010. With a net profit margin that is posted at 10.7 to 14.9 percent, medical and health-related businesses are attracting a lot of entrepreneurs flocking back to trade schools to learn the rudiments of the trade. You can try chiropractic, natural and organic food supplementation, and weight loss products and services, just to name a few.
The Business of Business Products and Services
Valued at over US$18 billion in 2013, the business products and services industry has been slowly climbing its way to the top. And this is highly understandable because with businesses growing here and there, there will always be a demand for products such as office tables, chairs and other business equipment as well as business-related services such as telecommunications and maintenance services. Not only do they provide solutions to businesses, but this sector also provides certain solutions to others such as healthcare, education and administration, among others.
Other Highly Profitable Businesses
Other profitable business ventures include those that are related to financial services, such as accounting and bookkeeping, as well as tax preparation and payroll services. Legal services and oil and gas extraction ventures are also worth looking into.
Knowing what business is profitable is one thing. Actually making it work is an entirely different matter. Nonetheless, if you can muster enough will to see it through, then you might be able to reap the fruits of your labour.