In this article, we will take a look at the 5 most successful small business ideas. If you want to read our detailed analysis, you can go directly to 25 Most Successful Small Business Ideas.
5. Digital Marketing Services
Insider Monkey Score: 3
Industry Net Margin: 5.34%
Digital marketing services are not only one of the most successful small business ideas, but it is also a popular industry to work in. Digital marketing is the need of the hour, and every company requires it, be it in the form of SEO consultancy or social media management. According to a report by grandview research, the global digital marketing software market was valued at $65.33 billion in 2022. The global digital marketing software market is expected to grow to $264.15 billion by 2030, at a compound annual growth rate (CAGR) of 19.4%. The advertising industry reported a net margin of 5.34% as of January 5, across 362 companies.
4. Cloud Computing Services
Insider Monkey Score: 3
Industry Net Margin: 11.17%
Cloud computing is another successful business idea. Data is very important for businesses today. Cloud computing falls under the software industry. The industry reported a net margin of 11.17% as of January 5.
3. Dropshipping
Insider Monkey Score: 4
Industry Net Margin: -0.05%
Dropshipping is a popular form of retail business that is ranked among the most successful small business ideas. This form of retail business is where the seller and customer exchange orders without the seller having to keep inventory. This form of retail business saves storage costs for a seller increasing profit margins for a business. According to a report by Grandview Research, the global dropshipping market was valued at $225.99 billion in 2022. The global dropshipping market is expected to grow to $1.25 trillion by 2030 at a compound annual growth rate (CAGR) of 23.4%. Dropshipping falls under the online retail industry. While the industry reported a negative net margin, the most successful businesses lie within this industry, therefore, we included it in our list as a top-ranked business idea.
2. Business Consultancy
Insider Monkey Score: 4
Industry Net Margin: 4.32%
Business consultancy is one of the most successful small business ideas. Business consultants offer professional solutions in accounting, management, science, digital transformation, and technology to name a few. The consultancy business falls under the business and consumer services market. The industry reported a net margin of 4.32% as of January 5, across 961 companies.
1. Pet Care Services
Insider Monkey Score: 4
Industry Net Margin: 4.32%
Pet Care services were ranked among the most successful small business ideas. Pet care services include pet supplies, pet grooming, and pet sales. According to a report by Grandview Research, the global pet services market was valued at $24.92 billion in 2022. The pet service industry is expected to grow to $50.1 billion by 2030 at a compound annual growth rate (CAGR) of 9.1%. The pet care services industry falls under the business and consumer services market. The industry reported a net margin of 4.32% as of January 5, across 961 companies.
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