Topping the list of most lucrative businesses in the United States are legal services, oil and gas extraction, pharmaceutical manufacturing, and computer and electronics manufacturing.
On the other hand, people who work in accommodation and food services face some of the lowest average annual salaries at $24,000 per year.
You can see all these statistics and more by checking out our rankings below of the most lucrative businesses in the United States.
There are many benefits to being self-employed. You have the freedom to set your own hours, work from home, and be your own boss. Plus, you can deduct business expenses from your taxes. However, self-employment is not without its challenges.
You have to be disciplined and motivated to succeed, and you don’t have the safety net of a regular paycheck. You’ll also need to establish a reliable customer base.
Working for yourself is often much more lucrative than working for a traditional employer. But there are certain industries that offer better opportunities than others.
2. Educational Services
In recent years, the educational services industry has exploded. More and more people are going back to school to get their degree or to improve their job prospects. And with the rise of online education, there are more opportunities than ever to get involved in this industry.
The median salary for an elementary school teacher is $43,000 a year; for a college professor, it’s $75,000 annually. Lawyers earn a median annual income of about $130,000 per year.
Finally, doctors make about $150,000 each year on average. Of course, you need to have a degree and go through medical school before you can start earning those kinds of wages. But if you’re willing to put in the time and effort, being a doctor can be one of the most lucrative careers around.
Despite how competitive the profession may seem, there are many low-paying positions available as well. For example, nursing aides make just over $27,000 a year on average, but that still puts them well above the national median wage.
If you want to work at home and don’t mind getting your hands dirty from time to time then these jobs might be worth considering.
3. Fitness Center Business
A fitness centre is a great way to make money while helping people stay healthy and fit. With so many Americans struggling with obesity, a fitness centre can be a very lucrative business.
You’ll need to do some research to find the right location and amenities, but if you can get a fitness centre up and running, it can be a very profitable business. The cost of building a gym varies greatly depending on the size of your area, but an average construction price for a 10,000-square-foot facility starts at $2 million.
Add in equipment and other factors like insurance and marketing expenses, and you could end up spending as much as $5 million before opening your doors. Fitness centres often charge membership fees which range from $50-$100 per month.
You may also want to offer personal training services which will add additional income streams. Fitness has high start-up costs, but they are worth considering if you have the capital or are willing to take out loans
4. Day Care Business
It’s no secret that daycare businesses are some of the most lucrative businesses in the United States. After all, there are always going to be working parents who need somewhere to leave their children while they’re at work.
And as the cost of child care continues to rise, more and more parents are turning to daycare businesses to help them out. The average hourly rate for a daycare ranges from $8-$25 depending on where you live, which means that it’s possible to make upwards of $100 per hour when it comes to these types of businesses.
But how do you get started? It might seem like an easy enough task to start your own daycare business; however, this can come with its own set of challenges. For starters, not everyone is equipped to take care of kids.
You’ll have to have years of experience under your belt before being able to open up shop. Additionally, licensing is also required – and depending on what state you live in, it may not be cheap either.
For example, running a daycare in California will require over $11K just for licensing alone. However, if you don’t want to deal with the hassle of getting licensed or taking care of kids yourself, franchising is a great alternative.
Instead of having to worry about buying into a franchise or paying fees upfront, franchises let you run the business without taking on any initial costs. All you have to pay upfront is an investment fee that could range anywhere from $10-30K.
Franchises also provide comprehensive training programs and guidance along the way, so you won’t have to go through the learning curve by yourself. If you’re interested in starting your own daycare business but don’t think you’re qualified yet, then a franchise is definitely worth considering.
5. Life Coach Business
A life coach is a professional who helps people make changes in their lives, whether it be personal or professional. They work with clients to help them overcome obstacles and achieve their goals.
Life coaching is a relatively new industry, but it is one of the fastest-growing industries in the United States. In 2018, the life coaching industry was worth an estimated $1 billion. And it is expected to grow to $2.4 billion by 2022.
One of the most important factors contributing to this growth is the fact that more companies are providing benefits for employees that include life coaching services. The average annual salary for a life coach in 2018 was $46,000 and it is projected that this will increase to over $52,000 by 2020.
The hourly rate for most coaches starts at around $40 per hour depending on qualifications and experience.
6. Freelancing Business
In today’s economy, more and more people are turning to freelance to make ends meet. And it’s no wonder why: freelancing is a great way to earn extra income without having to commit to a full-time job.
Plus, there are plenty of businesses that are willing to pay top dollar for quality freelance work. If you’re looking to start your own freelance business, here are some of the most lucrative businesses in the USA
- Web & software development: This is one of the most common forms of freelance business. The Bureau of Labor Statistics estimates that approximately 30 per cent of Americans will be self-employed as independent contractors, freelancers or consultants by 2020—and a lot of them will work as software developers.
Website and software development can be quite lucrative because it’s used in almost every aspect of our lives. From banking to health care, website and software development is present in any industry. As such, these types of freelancers are always needed. Websites cost anywhere from $500 to $5000 (or more) depending on what they do and how they look. So if you know how to code or design websites then this could be an excellent opportunity for you!
However, don’t expect clients to come running just because you know how to create high-quality websites. You’ll need a portfolio, referrals and testimonials if you want to find clients quickly.
Once you have those things established though, all that’s left is for someone with money looking for a website designer/developer to contact you!
A potential client might call, email or even visit your office space to see what you offer.
When they do get in touch with you, keep in mind that not everyone has a budget set aside for web services and sometimes they might want something custom made at an hourly rate instead of purchasing off-the-shelf site templates.
- Writing: Every company needs content written about its products or services. Sometimes companies hire in-house writers but other times they contract out their writing to freelancers.
Writers are hired for many different reasons including blogs, press releases, articles, social media posts and much more.
These writers typically charge per word or per hour; rates vary greatly based on what type of writer you are and what type of writing project you’re doing.
For example, copywriters usually charge around $0.5-$2 per word while ghostwriters usually charge between $0.5-$1 per word.
Writers may also charge by the hour which ranges from $30-$60 per hour depending on the experience level of the writer and how long it takes to complete each project.
It is important to note that the hours a writer charges for don’t necessarily reflect the number of hours they actually spend working.
Some projects are quick and only take a few hours while others take days or weeks to complete.
A day in the life of a freelance writer: Getting started, freelancers must first write up a proposal, include examples of past work and figure out their price per word or per hour.
Next, they need to come up with ideas for new projects and pitch them to prospective clients. Whether they’re pitching via phone, Skype or email, it’s crucial to be persistent and not give up when a client declines.
If the prospect says they aren’t interested in your idea, ask them what they are looking for so you can come back with a better pitch. Once you’ve secured a client and finished the work, follow up with them to ensure that everything is satisfactory.
This is called closing the loop and it will help build your relationship with the customer.
7. Mobile Food Truck Business
In America, the food truck industry is booming and is only expected to grow. Mobile food trucks offer a great opportunity for entrepreneurs to get into the food business with a relatively low investment.
Food trucks can be found at events, festivals, and other busy areas where people are looking for quick and convenient meals. There are a variety of mobile food trucks that specialize in different cuisines from tacos to burgers, so there’s something for everyone.
You may have to put up some money upfront or use your own vehicle as collateral on a loan, but you’ll see the benefits of this type of investment soon enough.
The average mobile food truck owner spends about $75,000 before seeing any income from their business, but once they start making sales they’re able to recoup those costs rather quickly.
Depending on the size of your operation, one food truck could cost anywhere between $60,000 to $120,000. If you decide to buy a pre-existing food truck, keep in mind that it may need upgrades such as new appliances and equipment.
On top of these fixed costs, mobile food trucks require licensing fees from local authorities which range from $100-$500 per year depending on the location and needs of the city. You also need a commercial kitchen (or shared space) and permits to operate within certain zones.
All in all, getting started in the mobile food truck business will set you back anywhere from $80,000 to $250,000. But if you’re willing to take on these expenses because you believe that the demand for this type of cuisine will continue to rise, then go ahead!
8. Tutoring Services
In today’s economy, many people are looking for ways to make a little extra money. One way to do this is to start a tutoring business. Tutoring is a great way to make some extra money because you can set your own hours and rates.
Plus, there is a huge demand for tutoring services. People of all ages need help with schoolwork, and there are also many adults who need help preparing for exams like the SAT or GRE.
Tutors typically charge between $25-$35 per hour, so it won’t take long before you’ve made enough money to pay off any debt. The best part about starting a tutoring service is that most of the work is done online so it doesn’t require much space or equipment.
A computer with internet access is basically all you need. You could even teach from home if you wanted to. It will cost a few hundred dollars to get started, but once everything is up and running, you’ll be able to earn an income quickly.
If you’re thinking about taking on a tutor job, just make sure to look at the reputation of their employer first. You don’t want to spend your time working for someone who might not actually have the ability to pay you what they promised.
Start by researching reviews and other information about different companies on sites like Yelp and Google Local. Once you’ve found one that seems trustworthy, go ahead and contact them for more information about how they operate their tutoring program!
9. Social Media Consultancy Business
If you have a knack for social media and the know-how to build a following, then you could start a social media consultancy business. This type of business is becoming increasingly popular, as more and more businesses realize the importance of having a strong social media presence.
As a social media consultant, you would help businesses create and implement effective social media strategies. If you’re interested in starting this type of business, Here are some tips to get you started
- Figure out your niche – Is there an industry that you have experience or interest in?
- Market yourself online – Create a website with relevant information about your business, including testimonials from past clients.
- Be active on social media – Use sites like Facebook, Twitter, Instagram, LinkedIn and Google+ to promote your services and interact with potential clients.
- Network – Attend events related to your area of expertise, such as conferences and seminars.
- Build relationships with influencers in your field- These people will be able to share your content and introduce you to new prospects.
- Monitor your results – Keep track of all marketing activities, whether they produce sales or not.
- Get feedback – Conduct regular surveys and evaluations to determine if you’re providing the right service at the right price point.
- Reach out to others in similar fields – Collaborate with other social media consultants who specialize in different areas (such as B2B consulting).
- Expand your offerings- Offer additional services such as blog management, social advertising campaigns, consulting packages, webinars, etc.
- Engage in mutually beneficial partnerships- Consider teaming up with someone who offers complementary products or services.
- Join communities – Participate in professional organizations and social media networks to meet people who can connect you with opportunities.
- Educate yourself – You need to stay up-to-date on trends so that you can offer what’s most sought after by clients.
Above we have listed some of the best businesses you can start in the USA. Do we hope you find this very helpful? Let’s hear from you.