The service industry makes up a broad part of the economy. It’s the sector where a business creates services for the customer rather than providing physical objects and doesn’t involve any manufacturing. It’s one of the most lucrative industries globally, making up 67% of GDP in the United States alone.
If you’re considering starting your own service business, here are the newest and most profitable niches in the service industry you should consider.
Cleaning Services for Residential and Commercial Clients
Because of the ever-increasing demands of homeowners and commercial business owners for cleaning services, there are now plenty of cleaning service franchise opportunities that anyone can grab. It’s the perfect business start-up for aspiring entrepreneurs as it only needs minimal start-up costs, and it’s easy to establish.
There are many cleaning services you can offer, but here are some of the most in-demand and profitable ones:
- Window Cleaning – Residential window cleaning is more profitable than businesses, especially when you gain repeat customers. You can make up to $50/hr for window washing.
- Carpet Cleaning – It’s easy to start, operate, and maintain. You can earn up to $75- to $150/hr for cleaning carpets for residential and commercial clients alike.
The beauty industry is growing faster than ever before, with the sector’s net worth coming at a staggering $532 billion. Here are some of the lucrative beauty services you can dive into:
- Personal Stylist – If you think you have style and love dressing people up, offering your services as a personal stylist could be a lucrative opportunity. Professional stylists charge between $20 to $2,000 per hour based on their skills and demand.
- Makeup Artist – If makeup has always been your passion, it’s wise to offer your services as a makeup artist at a salon, in-store, or contractual. Depending on who you’re working for, you can make up to $100,000 annually.
Home Maintenance Services
It’s a big business you can get into, with Americans alone spending over $43 million for home repairs. If you have the budget and skills, starting a home maintenance business can be the start of your exponential growth.
Here are the most common and popular home repairs or maintenance homeowners request:
- Plumbing – The plumbing industry has a total revenue of over $107 billion. If you have the appropriate training and tools, starting a plumbing business is the way to go.
- HVAC – HVAC maintenance is almost part of every homeowner’s annual home maintenance list, so take advantage of this and start an HVAC repair service. However, this niche requires basic training to deliver proper heating, cooling, or ventilation repair services.
More people are looking to relax at home, and nothing beats getting a good pampering session. Below are some of the most profitable pampering services you can offer:
- Home Massage Therapist – Working as a part-time massage therapist can let you earn a decent income flow, as most clients give tips that range between 15% to 20%.
- Manicurist – If you’re thinking of offering mani-pedi services, this can give you around $100 per session. However, if you’re thinking of starting a salon, you can earn approximately $40,000 to $75,000 annually.
However, services like these require you to have the proper health permits and massage therapist or nail technician licenses before you can operate.
There are endless opportunities in every niche in the industry, from technology to fashion. You can easily find something well-suited to your passion and strength, no matter your interests or expertise.