According to a Feb. 2, 2009 article by Doug Caverly, staff writer for www.smallbusinessnewz.com the most profitable small business in 2008 was most likely your family DENTIST! He got his information from www.Sageworks.com and Anita Campbell, who listed the top ten profitable types of small business. The top three were those dentists (with a net profit margin of 16.92 percent), accountants and bookkeepers (15.57 percent), and firms providing financial investment services (14.51 percent).
Businesses that provided or were tied to legal services, support activities for mining, oil and gas extraction, religious organizations, personal care services, insurance carriers, and bars all saw profit margins of above seven percent, too.
So if I were looking to start a new small business in this economy, I think I would visit Anita Campbell’s web site and take a good look at her list. And, as Doug points out in his article, those same categories would be a good place to look for new customers; after all, they are making a profit in their businesses and may actually have some disposable income!
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Must be true…my dentist is building a new building!