Opening a business is something that most of us want to do since working for yourself comes with a unique level of satisfaction, so we’re going to look at the 15 most profitable businesses to start in 2016.
When you’re trying to pick a business to start, you’re not exactly going to be thinking about what’s more profitable, but what you like doing the most since that’s one of the main engines behind going out on your own in the business world. Of course, making money is right there as a second reason since we’re all trying to make a living, so hopefully, the business you’re considering opening this year is also among the most profitable industries. You could also take a look at the 7 most profitable businesses you could start to get some inspiration.
In order to create this list we took a look at a ranking released by Sagework, a corporation specialized in financial information, who took into consideration businesses with less than $5 million in annual revenue, basing the data on financial statements filed in the 12 months ending in August 2015.
Without further ado, here are the 15 most profitable businesses to start in 2016.
15. Coating, Engraving, Heat Treating and Allied Activities
Net Profit Margin – 10.3%
If your passion involves metalworking, then you’re in luck because it looks like businesses across the US have had a medium net profit margin of 10.3%. There’s always work to be done in this industry, whether it’s coating metals, engraving them and so on. Opening a business in this industry is a bit difficult, but it’s nothing that can’t be done with the right motivation.