Accounting Services

According to the Bureau of Labor Statistics, accountants and auditors earned a median annual salary of $73,560 as of 2020, with an hourly wage of around $35.37. The initial investment in setting up an accounting practice is relatively low, often requiring just a computer and some software. However, pursuing certification as a public accountant incurs additional costs, estimated at over $3,000 by the Minnesota Society of Certified Public Accountants, which includes a self-study review course.

Tutoring Services

Tutoring represents another viable business option with minimal startup expenses. Costs may include educational materials like textbooks or devices for online tutoring. To attract clients, marketing your services is essential. Proficiency in a specific subject, preferably backed by a degree, is necessary to ensure eligibility. The Bureau of Labor Statistics states that the average annual income for tutors and teachers is $40,590, with potential for higher earnings in specialized areas.

Description: Discover ten fresh business ideas that can be launched with low startup costs and the potential for impressive profits.

Cleaning Services

Providing cleaning services can also prove to be a profitable business. In 2020, janitors and building cleaners had a median annual income of $29,080, while maids and housekeeping cleaners earned around $28,010. Owning a cleaning franchise might yield higher profits, though the initial investment could reach $15,000. Starting small and gradually building your client base could be a more manageable approach.

Transcription Services

Transcription is a popular business opportunity involving converting audio or video content into written form. Earnings can vary significantly based on the type of transcription. As reported by the Bureau of Labor Statistics, medical transcriptionists earned a median annual salary of $35,270, while court reporters made over $60,000 in the same year. Investing in specialized transcription equipment, such as foot pedals, can enhance efficiency.

Virtual Assistance

Virtual assistants provide a wide range of services and typically work from home. Starting this career requires minimal equipment, primarily a computer and internet access. According to Glassdoor, virtual assistants can earn a median annual salary of $37,018. Depending on the services offered, relevant training or certifications may be necessary.

Food Truck Business

According to a survey by Food Truck Empire, 85% of full-time food truck operators report annual gross revenues exceeding $100,000. While the startup costs for a food truck can range from $70,000 to $80,000, including customization and permits, the ongoing expenses are generally lower than those associated with running a traditional restaurant.

Services for New Parents

Offering services tailored to new and expectant parents can be initiated with minimal upfront costs. In metropolitan areas, birth doulas can earn an average of $86,400 per year, while in smaller towns, earnings range from $28,800 to $57,600. Essential training can be obtained through workshops. Lactation consultants earn an average annual salary of $86,828, with clinical training available from various community colleges.

Personal Training

While initial costs can increase if you need to purchase equipment or rent a facility, personal training generally has low overhead. With a solid business model, trainers can achieve a lucrative income. The Bureau of Labor Statistics reported that fitness trainers and instructors earned a median salary of over $40,000 in 2020. Certification and at least an associate's degree are typically required to enter this field.

Mobile Car Wash and Detailing

Starting a mobile car wash and detailing service involves low initial investments in cleaning supplies. According to MobileWash, mobile detailers servicing two cars daily can earn an average of $23,986 annually. Investing in bookkeeping software and marketing is advisable, especially if you're partnering with a service like Mobile Wash.

Consulting Services

Leveraging your expertise through consulting can be a lucrative business opportunity. Consultants in the U.S. command a national median base salary, but success often requires an advanced degree and substantial industry experience. Building a robust professional network is also crucial for securing consulting engagements.