What Small Businesses Make the Most Money?

Starting a business in today's economy might not seem like a good idea to many people. Mass layoffs, a high unemployment rate and business closings have been front-page news for many months now. However, there are businesses that make a profit and even thrive during economic downturns.

Accounting Services

1. Services such as bookkeeping, billing, payroll, and preparation of tax returns and other financial statements may get a big yawn, but when the money starts rolling in, that yawn will turn into a smile. The overhead for accounting services is low. General office equipment such as a computer, scanner, fax, calculator and reams of paper doesn't cost much to acquire and maintain. There isn't much need for advertising because this type of business has many repeat clients and word-of-mouth referrals. Accountants also have the power of setting their prices fairly high because all business practices and individuals have to deal with their taxes sooner or later.

Dental Services

2. If you've ever been to your dentist's office for a lunchtime appointment, then you know that dentists can handle several patients in one hour. This fast turnaround gives them the opportunity to pay for the expensive in-office equipment. Labor is relatively cheap because most dentists require one dental hygienist. Many patients pay for services out of pocket because many insurance policies don't cover certain procedures. As a result, dentists have more pricing power.

Handyman Services

3. Recession or no recession, things break. Handyman services involve not only homeowners, but also small businesses that need in-office repairs on equipment. Small office repair jobs such as fixing a broken chair or desk or a light fixture can be contracted to a handyman. Home repairs include everything from repairing vents and re-varnishing doors to fixing broken screens. These services can even go a step further and be contracted out to real estate companies that are looking to spruce up neglected foreclosed properties or homes of those looking to sell their properties.

Graphic Design

4. Businesses have a constant need to revamp their image and change marketing strategies to match the economic climate. Redesigning of brochures, company newsletters and websites has a lucrative cash flow. Graphic designers are an integral part to any business's image. The more professional companies look, the more appeal they have to prospective customers.

Bars

5. People celebrate, meet up for drinks and drown their sorrows in local water holes. No matter what the occasion, bars are frequented at all times of the day by patrons looking to toast something. There is a lot of paperwork involved with getting a liquor license and conducting market research for customer bases. Will you be catering to a college crowd, a sophisticated crowd or blue-collar workers? These and other questions need to be addressed before the spirits are flowing.