Profitable business ideas in United States

Do you want to invest in the US? Check this article to find out what are our favorite profitable business ideas in the US.

What are our top profitable business ideas in the US?

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Accounting Firm

Accounting firms are among the most profitable businesses in the USA. Tax preparation, bookkeeping, and other services they offer are necessary for any company and even for individuals. But that’s not all, there are some that can charge percentages on the money they handle.

This is because the demand for accounting services has increased over the last few years and the number of firms is not growing at the same pace. As a result, gross margins are currently between 20% and 75%, while net profit margins (take home) average 18%.

This translates into accounting firm owners earning about $70,000 per year on average. Of course, this can vary depending on the number of clients, location, and many other factors.

Now, the best thing about this option is that you can easily learn through tax preparation courses in Spanish and also use the best tax preparation software. This way, you will be able to reduce your time, serve more clients and generate more profits.

Real Estate Rental

When it comes to the real estate industry, the most profitable businesses in the USA are related to real estate rentals. People in this business must know exactly how the payment structure of a mortgage works, as they often benefit from the cash flow and leverage of mortgage loans. In this way, it is not necessary to buy the properties outright.

Although the business of renting real estate can vary widely, depending on multiple factors, normally a good monthly return can be around 1% of the value of the property and 12% annually. For example, if you buy a house for about $200,000, you could earn about $2,000 per month, which represents about $12,000 per year.

Another way to enter this industry is to get a rent-to-own contract. This way, you can live in the property until you finish paying for it, move out and rent it out. After some time, you will have bought a few houses and earned money by having tenants.

Renting self-storage units, one of the best profitable business ideas in the US to invest your money

Self-storage units can earn between $361,000 and $780,000 in gross profits. The exact amount, however, will depend on a variety of factors. One of the most important is location. For example, typically the ones that make the most recurring sales are located in Arkansas, Maryland, Florida, and New York.

Another important factor is size; the larger the unit, the higher the rental cost. Since it is not a necessity, some customers may consider it a bit expensive. In addition, it is important to take into account the amenities that the business has, such as security or 24/7 accessibility, as they represent an expense but will attract more customers.

However, this business works with such large numbers that it usually requires a personal business loan, so cash flow is one of the essential factors to take into account and net profits can go from about $68,000 per year on average to about $51,000 per year.

Business Consulting

Another of the most profitable businesses in the U.S. is consulting because it requires a relatively low investment, while profits are based mostly on the services provided and are usually substantial. Of course, net profits depend largely on the area or industry in which you operate.

However, starting out, a business consultancy might earn about $100,000 a year. More experienced consultants earn around $200,000 and if you lead a project the company could earn up to $250,000 a year. If it’s a partnership, there are reports that you can make up to $1.3 million per year.

Technology support company

More and more people are using technology, but few really understand it in depth. As a result, technical support companies are very profitable. Currently, the national average hourly rate in the industry is $100 per hour, but can be as high as $160.

Taking these rates into account, a single employee working 20 effective hours per week for 50 weeks would generate around $150,000 for the company. Best of all, expenses in the industry are not that high because everything is handled remotely and from computers.

This is especially true if business owners hire employees in third countries. For example, through companies in India, highly qualified personnel can be found at a fraction of the price. This is how certain companies are able to generate 60% to 70% gross profits, which represents between $90,000 and $105,000.

Law Firm

According to the latest data, law firms generate $227,600 annually on average. However, it all depends on specialization. For example, intellectual property lawyers generate $240,000, personal injury lawyers earn $237,000 on average, employment lawyers about $225,000, workers’ compensation advocates earn $219,000 and corporate lawyers about $217,000.

It is important to note that lawyers who provide legal services to businesses tend to make more money than those who provide only to consumers. All of this represents an annual profit margin of about 10%, which translates to about $163,107. However, according to one survey, the top 18% of lawyers exceed this margin considerably.

It is important to note that there are some analysts who consider their numbers to be inflated, as their profits are reported before paying their partners. If there is no investment in mind, the owners usually withdraw all the money in the form of profits.

Is it possible to open a law firm without having the profession? Yes, although in a limited way. U.S. law is quite rigid in this regard. If you are not a lawyer, you can only own a maximum of 25% of the company’s shares.

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