{"id":220014,"date":"2022-05-12T13:47:00","date_gmt":"2022-05-12T12:47:00","guid":{"rendered":"https:\/\/www.pearlaccountants.com\/?p=218329"},"modified":"2023-05-23T07:54:16","modified_gmt":"2023-05-23T07:54:16","slug":"the-most-profitable-business-idea","status":"publish","type":"post","link":"https:\/\/www.pearlaccountants.com\/blogs\/the-most-profitable-business-idea\/","title":{"rendered":"How to Work Out the Most Profitable Business Idea"},"content":{"rendered":"\n<p>Regardless of what many supposed business gurus say, \u201cfollowing your passion\u201d is not necessarily the greatest <a href=\"https:\/\/www.pearlaccountants.com\/blogs\/accountants-offer-business-advice\/\">business advice<\/a> out there.<\/p>\n\n\n\n<p>This isn\u2019t to say you <em>shouldn\u2019t<\/em> follow your passion. Ideally, we would all be doing what we love, to earn a living.<\/p>\n\n\n\n<p>But, when kids scream for food, or you just can\u2019t afford to get that new awesome gadget because you\u2019re a few hundred quid too tight, \u201cfollowing your passion\u201d in business starts to take on a bit of an unpleasant taste.<\/p>\n\n\n\n<p>In <a href=\"https:\/\/www.pearlaccountants.com\/blogs\/successfully-start-a-small-business\/\">successful business<\/a>, a good rule of thumb is to \u201cfollow the money\u201d instead.<\/p>\n\n\n\n<p>Ideally, you would balance \u201cfollowing your passion\u201d with a profitable business idea so that you can <em>keep<\/em> following your passion without going broke. If your business is not <em>profitable<\/em> \u2014 which basically means it is earning more than it is paying \u2014 then you won\u2019t be following <em>any<\/em> passion for a very long time.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/the-most-profitable-business-idea\/#Profitable_Ideas_Longevity\" title=\"Profitable Ideas = Longevity\">Profitable Ideas = Longevity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/the-most-profitable-business-idea\/#Low_investment_and_high_margin\" title=\"Low investment and high margin\">Low investment and high margin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/the-most-profitable-business-idea\/#Chasing_specific_industries_is_useless\" title=\"Chasing specific industries is useless.\">Chasing specific industries is useless.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/the-most-profitable-business-idea\/#Actionable_tips_for_the_most_profitable_business_ideas\" title=\"Actionable tips for the most profitable business ideas\">Actionable tips for the most profitable business ideas<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Profitable_Ideas_Longevity\"><\/span>Profitable Ideas = Longevity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When starting a business, it\u2019s <em>imperative<\/em> to consider lucrative business ideas as a priority. This does not make you a sellout. It makes you <em>logical<\/em>.<\/p>\n\n\n\n<p>Bank managers will want to know if your <a href=\"https:\/\/www.pearlaccountants.com\/who-we-help\/accountants-for-small-businesses\/\">small business idea<\/a> has a hope of being <em>profitable<\/em> before loaning you any money. Venture capitalists want the same.<\/p>\n\n\n\n<p>Businesses with a potentially high profit margin are <em>much<\/em> more likely to get the initial funding they need than new, quirky business ideas without a specific target market.<\/p>\n\n\n\n<p>By focusing on <em>profitability<\/em> right from the start, you are laying the groundwork for the <em>longevity<\/em> of your business. That commensurately increases your chances of finally being able to \u201cfollow your passion\u201d in that business (or another business) because you will have more means to do it.<\/p>\n\n\n\n<p>Let\u2019s say your passion is baking cakes. But there are twenty bakers already in your neighbourhood (many of which are suffering because the market is too glutted). To jump in and start a new cake-baking business in that neighbourhood is unlikely to be profitable. That means your business will go down, and you will <em>stop baking cakes<\/em>.<\/p>\n\n\n\n<p>By \u201cfollowing your passion\u201d with no regard for the <em>profitability<\/em> of the business idea means you get neither profit nor passion!<\/p>\n\n\n\n<p>But, let\u2019s say the neighbourhood is completely lacking plumbers. They are so desperate for decent plumbers that people are willing to pay twice as much for decent service! You\u2019re more likely to bake cakes on the weekend for the next twenty years if you have your bills covered and are making decent money during the week than if you\u2019re broke and looking for a job.<\/p>\n\n\n\n<p>So, by following a <em>lucrative business idea<\/em> as a priority, you automatically open the door to following your passion as well.<\/p>\n\n\n\n<p>You could even use some of the profits of your plumbing business to invest in a boutique baking service in the future.<\/p>\n\n\n\n<p>Again, \u201cfollowing the money\u201d opens the door to \u201cfollowing your passion.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Low_investment_and_high_margin\"><\/span>Low investment and high margin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If <a href=\"https:\/\/www.pearlaccountants.com\/services\/bookkeeping\/\">profit is what you take home after expenses<\/a>, you might think that the ideas with the lowest investment and highest margin would be the right way to go.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Well, you would be mostly right, and it\u2019s a good rule of thumb.<\/p>\n\n\n\n<p>But remember that it\u2019s all a question of scale. A million quid for a billionaire is \u201clow investment\u201d. But, to others, it might be a lifetime\u2019s earnings.<\/p>\n\n\n\n<p>So, \u201clow investment\u201d really depends on what you have at your disposal, and what you can get.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"715\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Low-investment-and-high-margin-1024x715.png\" alt=\"Low investment and high margin\" class=\"wp-image-218641\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Low-investment-and-high-margin-1024x715.png 1024w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Low-investment-and-high-margin-300x209.png 300w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Low-investment-and-high-margin.png 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<p>It\u2019s important to work out the expenditure versus the income when deciding what is the most profitable business idea for you.<\/p>\n\n\n\n<p>\u201cExpenditure\u201d doesn\u2019t only have to be financial. It can also be time. In our example above, plumbing might be the most profitable business idea in that neighbourhood. But if you\u2019ve never done any plumbing, it might take too long for you to get that business started. That would be too high an investment of <em>time<\/em> to make that business immediately profitable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Chasing_specific_industries_is_useless\"><\/span>Chasing specific industries is useless.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Looking through a bunch of \u201cmost profitable business ideas\u201d articles, you quickly come across professions such as:<\/p>\n\n\n\n<ul>\n<li>Website design<\/li>\n\n\n\n<li>Auto repairs<\/li>\n\n\n\n<li>Real estate<\/li>\n\n\n\n<li>Logo design<\/li>\n\n\n\n<li>IT Support<\/li>\n\n\n\n<li>Marketing<\/li>\n\n\n\n<li>Bookkeeping and accounting<\/li>\n<\/ul>\n\n\n\n<p>Such lists are utterly and completely useless. Two website designers on the same street could charge <em>wildly<\/em> different rates, one of them broke and the other in clover. Just go take a look at the cheap rates being charged on Fiverr (sometimes for <a href=\"https:\/\/www.blackhatworld.com\/seo\/poor-quality-fiverr-seller-and-order-cancellation.1039153\/\">dubious work<\/a>), and you\u2019ll quickly see that telling someone to \u201cbecome a logo designer to get rich\u201d is like telling them to jump in a crocodile-infested lake to learn how to swim.<\/p>\n\n\n\n<p>No matter what <em>industry<\/em> you\u2019re in, working out the most profitable business idea has more to do with market-related factors than it does with the industry sector.<\/p>\n\n\n\n<p>So, instead of giving you some useless list about \u201cwhich industries are most profitable\u201d, we\u2019ll give you some <strong>actionable tips<\/strong> for you to work out the most profitable business idea for your business <em>no matter the industry<\/em>.<\/p>\n\n\n\n<p>Here they are:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Actionable_tips_for_the_most_profitable_business_ideas\"><\/span>Actionable tips for the most profitable business ideas<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol type=\"1\">\n<li>Ascertain demand. What do people <em>need<\/em> in the areas you can reach (local and online)? Make a <em>long<\/em> list.<\/li>\n\n\n\n<li>Work out what service\/product could fill that need.<\/li>\n\n\n\n<li>Work out what service\/product needs to be created to fill that need (e.g. electric vehicles, Uber, Airbnb, and other disruptive business ideas).<\/li>\n\n\n\n<li>List out what would be needed for you to personally deliver that service\/product.<\/li>\n\n\n\n<li>Establish how much investment (time and money) is required to start each of the ideas listed above.<\/li>\n\n\n\n<li>Work out how you could get that time and\/or money.<\/li>\n\n\n\n<li>For any ideas that require far more time and\/or money than you could possibly obtain in the near future, move them to a separate list called \u201cFuture Potential Business Ideas\u201d.<\/li>\n\n\n\n<li>Of the list you are left with, work out which ideas balance most with (a) what would be more profitable and (b) where your passion lies. Learn more about profitability. You can always become passionate about something that regularly pays the bills! But there\u2019s no harm trying to marry profitability with passion at this early stage if it\u2019s possible.<\/li>\n\n\n\n<li>You should have a fairly shortlist by now. Is it possible to <em>merge<\/em> any items on the list and create a hybrid service so as to increase your new business\u2019s potential profitability? If yes, then do it.<\/li>\n<\/ol>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-2 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"801\" height=\"531\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Actionable-tips-for-the-most-profitable-business-ideas.png\" alt=\"Actionable tips for the most profitable business ideas\" class=\"wp-image-218643\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Actionable-tips-for-the-most-profitable-business-ideas.png 801w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Actionable-tips-for-the-most-profitable-business-ideas-300x199.png 300w\" sizes=\"(max-width: 801px) 100vw, 801px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>There you go. You have your business ideas! (You can always get more by discovering some new thing that people need and then following the steps above again.)<\/p>\n\n\n\n<p>There\u2019s no need to pick <em>one<\/em> item only. Pick several and start working on them together. See where they go. <\/p>\n<\/div>\n<\/div>\n\n\n\n<p>\u201cLuck\u201d and \u201cchance\u201d very definitely play a role in business. It\u2019s true that luck strikes more often when people work hard, but it\u2019s still <em>luck<\/em>!<\/p>\n\n\n\n<p>It might be that you get lucky on one or two of the items on your list \u2014 a particularly eager client, a new government grant, an unexpected business partner, etc. \u2014 and that you decide to stick with that particular idea and dump the others. That\u2019s fine.<\/p>\n\n\n\n<p>Then, once you get rolling and <em>start turning a regular profit<\/em>, you can always go back to your initial list and see if you now have the time and\/or money to invest in those other business ideas you initially couldn\u2019t work on.<\/p>\n\n\n\n<p>By balancing profits with passion, jockeying the two and always trying to merge them closer as you grow more successful, you will eventually be doing something you truly love \u2014 and earning some great cash while doing it!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regardless of what many supposed business gurus say, \u201cfollowing your passion\u201d is not necessarily the greatest business advice out there. This isn\u2019t to say you shouldn\u2019t follow your passion. Ideally, we would all be doing what we love, to earn a living. But, when kids scream for food, or you just can\u2019t afford to get <a href=\"https:\/\/www.pearlaccountants.com\/blogs\/the-most-profitable-business-idea\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  How to Work Out the Most Profitable Business Idea<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":219492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2195,2198,4352],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to: Work Out the Most Profitable Business Idea<\/title>\n<meta name=\"description\" content=\"What is the specific formula to work out the most profitable business idea for your business? 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