What Business Makes The Most Money | 10 Of The Most Profitable Businesses Of 2022

With the rise of technology, IT-related businesses are the hot topics of the business world. Some of the most profitable business ideas of 2022 are electronics repair, IT support, real estate business, legal service, accounting farm, medical and diagnostic labs, courier service, business consulting, cleaning service, auto repair service, etc.

Key Takeaways

• Electronics repair service will be an excellent business idea in 2022 because people are reliant on electronic devices
• If you have skills, experience and proper knowledge then IT support will be an excellent business idea for you
• Real Estate Brokerage can be another excellent business idea and you can start your own real estate brokerage
• You can offers efficient and cost-cutting legal option for communities and businesses and earn handsome amount of money
• You should keep in mind that businesses that are easy to start and require small investment are more profitable

List Of 15 Most Profitable Industries In 2022

1. Accounting, tax prep, bookkeeping, payroll services: 18.3%

2. Legal services: 17.4%

3. Lessors of real estate: 17.4%

4. Outpatient care centers: 15.9%

5. Offices of real estate agents and brokers: 14.8%

6. Offices of other health practitioners: 14.2%

7. Offices of dentists: 14.1%

8. Specialized design services: 12.8%

9. Automotive equipment rental and leasing: 12.5%

10. Activities related to real estate: 12.3%

11. Warehouse and storage: 11.6%

12. Offices of physicians: 11.5%

13. Nonmetallic mineral mining and quarrying: 11.2%

14. Medical and diagnostic laboratories: 11.1%

15. Other schools and instruction: 10.5%       

List Of 15 Least Profitable Industries In 2022

1. Oil and gas extraction: -7.6%

2. Support activities for mining: 0.6%

3. Beverage manufacturing: 0.8%

4. Grocery and related product merchant wholesalers: 1.9%

5. Lawn and garden equipment and supplies stores: 2.0%

6. Miscellaneous durable goods merchant wholesalers: 2.3%

7. Petroleum and petroleum products merchant wholesalers: 2.4%

8. Grocery stores: 2.5%

9. Automobile dealers: 3.2%

10. Building material and supplies dealers: 3.2%

11. Continuing care retirement communities and assisted living facilities for the elderly: 3.3%

12. Other motor vehicle dealers: 3.3%

13. Home furnishings stores: 3.3%

14. Furniture stores: 3.4%

15. Beer, wine, and liquor stores: 3.4%

10 Most Profitable Businesses Of 2022

1. Electronics Repair

2. IT Support

3. Real Estate

4. Legal Service

5. Accounting Farm

6. Consulting

7. Courier Service

8. Food Trucks

9. Cleaning Service

10. Auto Repair Service

1. Electronics Repair

We are leaving in an era where people are reliant on electronic devices. People spend most of their waking hours staring at a screen! So, this tech addiction means if there is any problem with their devices, then they want immediate help. Therefore, electronics repair service will be an excellent business idea in 2022. By providing this service, you can be the solution for every broken iPhone screen, Wi-Fi card, and laptop battery. Moreover, if you can provide home service then your business will be more successful.      

2. IT Support

IT is dominating humankind and two-thirds of Americans think they are tech-savvy. However, the reality is most people need tech support. Moreover, computers and other devices are vulnerable to hackers and identity theft. Unfortunately, in a complex situation, free customer phone support provided by manufacturers isn’t able to solve the problem. So, if you have skills and experience then it will be the most profitable business for you.  

3. Real Estate Brokerage

If you have skill and experience in real estate then it could be a better business idea for you. You can start your own real estate brokerage and in order to do so, you have to obtain your brokerage license and open a real estate brokerage service. Depending on the property type, the commission you will earn can be pretty generous. However, if you don’t have real estate-related knowledge or experience then it won’t be an ideal business plan for you.  

4. Legal Service

Opening a legal service can be very rewarding because you can earn handsome profits by providing a more efficient and cost-cutting legal option for communities and businesses. Usually, a legal service incorporates many facts of legal issues like drafting wills and contracts, providing legal research information, notary availability, and many more. But opening a legal services office requires a reasonable amount of legal knowledge and professional skills. Moreover, you will need a license to provide legal service.      

5. Accounting Farm

You can also open an accounting farm and provide bookkeeping and accounting service. Accounting and bookkeeping are a must need for all types of businesses. So, this sector has huge demand and customer base. Many business owners find money management the hardest part of the business. So, if you are a licensed CPA or just a QuickBooks wizard then it will be the perfect business idea for you. This industry has a net profit margin of 19.8%. Therefore, bookkeeping, accounting, tax preparation, or any other services related to accounting can be some of the most profitable businesses for entrepreneurs.     

6. Consulting

If you have been working in the business world for a long time and if you have vast knowledge in this sector then you can consider opening your own consulting firm. You can speak at industry conferences or events for handsome payment, serve on a board of advisors, or lend your expertise to build the strategy for a business and make a profit. Another best thing about consulting business is you can make the income of your dreams while working on your own terms.  

7. Courier Service

Courier service is something that you can start quite easily. You won’t require any prior knowledge to start this business. To start a courier service, you will need a website, vehicle, implement strong marketing strategies, and hire employees for receiving and delivering products. You can target a particular area of a city or you can target the whole city, the decision is yours! 

8. Food Trucks

The food truck business is growing day by day thanks to its excellent profit margin. The rent of shops in many states has increased so business owners are moving their permanent food courts to food trucks. If you have a food truck then you can visit the food trucks at local events, farmers markets, the local town square, etc., and sell foods. The lower overhead and increased geographic versatility are the two key advantages of Food trucks and these features have made it a very profitable business.        

9. Cleaning Service

This modern world is fast-forwarding and families and households remain so busy that it becomes impossible to clean their house, garden, etc. regularly. This is where cleaning services can be an excellent solution. The demand for cleaning services is increasing every day, moreover, due to the COVID-19 situation, people are now more conscious about hygienic. You can create flyers, post them in your geographic area, and offer a home cleaning service. Moreover, you can also offer special COVID cleaning services to generate more profit.     

10. Auto Repair Service

This will be an excellent and profitable business idea if you have knowledge and experience in auto repair. Through establishing and running an auto repair service is very challenging but it is also a profitable business. The number of vehicle users is increasing gradually so this sector has a great future. Moreover, repair shops usually have a long line so if you can open an auto repair shop in the right location then it will give you lots of profits. Some auto repairs require advanced tools but most of the repairing jobs can be done with simple tools. So, if you don’t have enough money to invest then you can first start with a small shop and then gradually make the shop large.

Final Thoughts

Finally, you should remember that industries that dominate the stock market and the Fortune 500-level economy are not necessarily the most profitable options when it comes to what business makes the most money. Usually, those businesses are profitable that are easy to start, and require a small investment. Finally, which business is best for you totally depends on your educational qualification, knowledge, experience, and skillsets. So, make sure you pick a business idea that best suits your requirements.

References: 1 https://www.nerdwallet.com/article/small-business/most-profitable-business
References: 2 https://www.nerdwallet.com/article/small-business/most-profitable-business

Last Updated on October 28, 2022 by Magalie D.