So I thought I would take a slight break off the recession theme and use a new theme that might inspire small business entrepreneurs to open new businesses. A word of warning for those who get excited about this post. Profitability can not be the only goal you have when you want to measure the success of your business. In my opinion the best business goal is to be sustainable and last for a very long time. Without further ado, here are some of the most profitable small businesses according to Forbes, which lists them here.
These businesses were all arranged based on order of profit margin in general.
1) Offices of CPA's = They have an average pretax margin of 16.5%, with low overhead and marketing because of repeat clientele.
2) Offices of Chiropractors = An average pretax margin of 15.3% grants chiropractors a great financially performing company.
3) Free standing emergency centers = handling out patient services in addition to immediate trauma that need treatment immediately is very lucrative, lending a pretax margins 15%.
4) Other accounting services = 14.9% profit margin isn't bad for people handling simpler book keeping without a CPA
5) Office of Dentists = Dentists operate at a 14.7% scale of profit mostly because they can handle several patients at once, and hygienists don't cost much. A lot of the customers pay out of pocket which gives dentists more pricing power.
These businesses are the most profitable by pretax profit margin, so if you are entering into one of these industries, CONGRATULATIONS! However realize that these are all averages, and not every business is run according to this scale.
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