We will sum up the previous year and offer an insight into the most profitable industries and the businesses you can start without huge investments. Paul Graham, one of the most famous business writers, and a highly successful entrepreneur has defined the term ‘startup’ as a company which is designed to grow fast. Most people think that only tech companies can be called startups. Although many business schemes in the IT field are designed to grow fast, this term doesn’t only apply to them. Any business, from software development to barber shop can be called startup, if it’s featuring exponential growth, especially in the first phases of its development. Insidermonkey experts made a list of 11 lucrative low cost startup businesses in 2016.
Still, the problem with barber shops and other similar small and medium-sized enterprises is that they aren’t designed to grow fast, but to provide sustainable income to their owners, on a monthly basis. On the other hand, software and internet businesses, like social networks or cloud storage, are defined by their growth. If they don’t grow as fast as predicted, they won’t provide sustainable investment returns, and they will eventually fail. That is what makes tech companies, so successful. Their founders have only two options, to grow their business fast or to fail miserably. If you want to read more about this subject, we recommend you the Insider Monkey’s 11 Most Profitable Home Businesses with Low Startup Cost article.
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