The business world has been thoroughly rattled by the COVID-19 pandemic. The changes in consumer behavior, coupled with various restrictions, led to numerous bankruptcies throughout most sectors of the economy.
As the situation is still subject to rapid changes, many small business owners have made an effort to reduce the costs of running their companies. Others have decided that due to external factors switching sectors is a necessity. The times of pandemic are fraught with uncertainty, and it’s something that all business owners know well.
That’s why more and more people opt to try their luck in industries that are safe havens amidst all the chaos. We have prepared a list of 5 small business ideas with the best profit margins, and we hope to inspire you in those difficult times.
Home Improvement Services
Because of the COVID-19 pandemic, people don’t leave their homes as often as they previously did. As a result, even those who haven’t paid particular attention to the interior design of their homes have finally discovered that they could use a little bit of renovating.
However, it’s not only about interior design. We spend more time indoors, and because of that, various things around the house need fixing more frequently. Alternatively, homeowners might also want to finally make their lives more convenient, e.g., by installing a smart thermostat or perhaps through some small improvements in their garage.
If you have the required skills, you could help people with things like fixing the leaking faucets or doing a garage door tune up.
Online Tutoring Services
Though initially the remote education has been welcomed by students of all ages as a gift from the heavens, it soon turned out that it might not be that great of an idea after all. Limited interactions with their peers and the anxiety caused by the global pandemic have made it easier to fall prey to distractions.
Unsurprisingly, the motivation levels of young but also older students have fallen quite dramatically. Still, education is vital for one’s future, and failing subjects could have long-term consequences, especially when we consider what the job market will look like after the pandemic is dealt with. That’s why recently, we have witnessed the growth of the online tutoring industry.
Students might not be able to absorb knowledge at the usual pace during their online classes, but that only makes the services of experienced online tutors even more sought after. Apart from the skills, one-on-one tutoring is an entirely different beast from online classes. That’s because a tutor can dedicate all of their attention to a single student, helping them all throughout their journey to master a subject of their choosing.
Running a tutoring business doesn’t require a lot of expenses, especially now when the sessions are conducted online. With the demand for online tutoring services sky high, it is one of the safest bets for a small business with a large profit margin.
Tech Repair Services
Electronic devices are with us throughout all of our waking hours. Some of us even wear gadgets during sleep, e.g., to monitor our sleep quality. We couldn’t imagine a day without a smartphone, especially since we would miss so many important messages from our friends and family. The “important” part might be a bit questionable, but it doesn’t change the fact that it would make us feel uncomfortable.
Unfortunately, electronic devices can start malfunctioning, in which case you could buy a new model, though usually, the repair services are going to be a cheaper option. If you would like to choose this type of business, you should know that the tools and supplies necessary to fix problems your customers might have are not the cheapest.
However, given how much such services actually cost, if you consider yourself a tech expert and you’ve always had a knack for repairing all types of electronic devices, it could be an insanely profitable way to go.
Even before the COVID-19 pandemic, digital marketing was a powerful force. We spend a lot of time online, browsing our social media feeds, or using Google to find answers to our most pressing questions.
That’s why businesses from most sectors are more than willing to spend huge sums of money to be visible on the internet. However, the lockdown has changed the situation rather dramatically. As people were staying in their homes, we have witnessed a quick growth of eCommerce businesses. It’s not only a matter of convenience but also of safety, as ordering products instead of going to the brick-and-mortar stores reduces the risk of infection.
To attract customers despite fierce competition, numerous businesses have invested significant amounts of money into digital marketing. Now, digital marketing encompasses many different subfields, such as content marketing, SEO, or advertising, and if you would like to start a business in this niche, you don’t have to be an expert on each one of those components.
If you enjoy writing, you could start your journey with content marketing, whereas if you enjoy connecting with people, you might try your luck with influencer marketing.
There are plenty of stressors in our lives, and escaping from them is oftentimes next to impossible. That’s why healthy habits that help us keep our cortisol levels under control are extremely important if we are to continue meeting the demands of fast-paced lives.
It is no wonder then why in the times of the COVID-19 pandemic, taking good care of your body is a necessity. If you have always loved exercising and you have read dozens of books about yoga, now is the time to use your knowledge to help others connect with their bodies by running yoga classes.
What about social distancing? It might surprise you, but these days, yoga classes are often conducted online, with each participant exercising in their own home. It might not be the perfect solution, but it’s certainly convenient, as there’s no need to spend time commuting.
The COVID-19 pandemic transformed job markets, caused numerous companies to go bankrupt, and even changed how we work. There’s a whole lot of uncertainty, and starting new business ventures might seem like an idea that’s currently slightly too bold. However, even though predicting what the future will look like is extremely difficult, it doesn’t mean that some sectors are not noticeably more promising than others.
That’s why we have prepared this list of 5 business ideas that offer the best profit margin, but at the same time, aren’t fraught with risk. We hope that they will inspire you to move forward, even in trying times such as these.