What kind of businesses do you think are the most profitable? Maybe you’re thinking about rental properties, online businesses that sell the sexiest and flashiest products, or digital products that could earn you thousands of dollars within months. But what if I told you that during tough economic times, it is the boring businesses that are often the most profitable? Many boring businesses have a simple operational model, and they solve everyday problems for customers. Some boring businesses have low startup costs, and they offer essential services. If you want to be an entrepreneur, here are some ideas for boring businesses.
What Are Boring Businesses?
According to entrepreneur Codie Sanchez, certain qualities characterize boring businesses. Boring businesses are stale, and this means that there isn’t much disruptive innovation in the business model. Boring businesses are also older, and they don’t have a lot of competition against them. Finally, boring businesses follow a simple model that you can understand and apply easily. With that said, let’s discuss a few boring but profitable businesses.
Vending Machines
To get started, research which places in your city would be the best for your vending machine. Some locations will be better than others. You should also think about what you want to sell in your vending machine. According to a study from Vending Market Watch in 2023, vending machines with snacks made up most of the vending machine market. For example, you can put a vending machine in locations with high traffic, such as hospitals, hotels, schools, doctors’ offices, and entertainment venues.
On the other hand, you may want to offer specialty items in your vending machine. One idea is to sell personal care products in your machine. High schools would benefit from your products since many teenagers have PE classes and play sports, and the girls need period-related products such as sanitary pads, tissue, and tampons. Other places to have personal care products in vending machines are airports, rest stops, healthcare facilities, office buildings, gyms, and hotels.
Why not have a vending machine that sells phone chargers, earbuds, batteries, phone cases, and other small electronic accessories? People are always in need of extra accessories for their gadgets, and you’re offering what they need. Put your vending machine in airports, sports arenas, universities and high schools, co-working spaces, hotels, and apartment complexes.
A final idea is to sell laundry products in your vending machines and place the machines in laundromats, apartment complexes, and nursing homes. Some good laundry products to put in the machines are bleach, soap powder, fabric softener, dryer sheets, and stain removers such as Shout or OxiClean.
Once you find locations you’re interested in, reach out to the building owners. Tell them you’re interested in having a vending machine in their building and inquire about their customer base and if there is an interest in having this machine there. Research your local and state laws that regulate how vending machines should be managed. Finally, write a detailed contract between you and the business owner. You’ll generally need to pay the business owner a commission for having the machine in his building. Hire a lawyer to look over the contract before you and the business owner sign it.
You can buy used vending machines online, and they’re more affordable than the newer models. You can pay for the machine with cash, finance it with a personal loan, or borrow from family members to buy the machine.
Pest Control Business
Most homeowners and business owners want to keep annoying pests away, and your pest control business adds value to them. The first step is to do market research on your target customer base. If you live in the South with warm and mild climates throughout the year and hot summers, your services may be in high demand. For example, in Louisiana, we deal with cockroaches, termites, mosquitoes, and rodents as well as ants. This is because these pests thrive in Louisiana’s warm and humid climate.
It helps to work for a local pest control company before starting your own company. This gives you the necessary training to succeed in this industry, and you can save some of the income for your startup costs. Purchase the right equipment for the business. Examples include:
- Reliable van or truck
- Sprayers
- Duster
- Foamer for applying foam-based insecticides
- Foggers
- Flashlights
- Moisture meters (to detect excess moisture that draws in pests)
- Protective gear such as respirators and N95 masks
If you plan to get a business loan or business grants, write a detailed business plan. You should also purchase insurance for your business. Decide how you will promote your new business. Visit neighbors and discuss your services. Offer to do your first few clients’ homes or businesses for free or at discounted prices. If your customers like their results, ask them to refer you to others. Set up an Instagram and Facebook business page where you post content about pest control while including calls to action to use your services.
Laundromats
If you open a laundromat, you’ll earn passive income while providing an essential service to your neighborhood. You can also install a vending machine inside the laundromat to boost your income from the laundromat. Some ideal places to put a laundromat are low-income neighborhoods, near colleges and apartment complexes, and in urban areas. The first step is determining what kind of laundromat you’re interested in. Self-serve laundromats are where people put coins or dollars in the washing machines to wash and dry clothes. Other types of laundromats are:
- Dry cleaning services
- Wash and fold services
- Laundry pickup services
Then you’ll write a business plan for the laundromat. The first part of the business plan is the executive summary. This describes your laundromat and the services you’ll offer. The executive summary will also include your target customer, purpose of the laundromat, and how you stand out from competitors. Your business plan will have these additional things:
- Business structure
- Market analysis
- Who your management team is
- How you will promote the laundromat to get new customers and employees
- Startup costs and how much funding you’re seeking from the lender
After you secured financing and found the right location, it’s time to get your legal affairs in order. Apply for a tax identification number and get business insurance. Obtain the right permits from your city and state.
Hair and Nail Salon
There will always be a need for hairdressers and nail techs because even during recessions, people still want to look beautiful. You can start out working at someone else’s salon before starting your own. Another idea is to open a mobile hair salon. You can buy a van and install salon equipment inside the van for styling clients’ hair. Or you can visit clients’ homes for services.
House Painting Services
Homeowners want their homes to look fabulous, and a fresh coat of paint is a part of it. If you’re a skilled painter, you can start a house painting service. Start by visiting neighbors and offering your services to them. If they’re pleased with your work, ask them to refer you to others. The main supplies you’ll need are a ladder, paint, paint rollers, and other supplies.
Ice Delivery Business
This is a necessary service for restaurants, supermarkets, gas stations, catering companies, and hotels. Buy ice from a local supplier and then secure contracts with local venues to deliver ice on a weekly or monthly basis. Another way to do this business is to place ice vending machines inside buildings. Get the necessary permits and licenses that your city requires. The amount you could earn varies, but it’s possible to earn up to $2500 a month with this business.
Not all profitable businesses have to be flashy and popular. Some of the best businesses have simple models and solve real problems. This provides you with steady income that you’ll have even in tough financial times.