Best Businesses to Start in Rhode Island

The state of Rhode Island offers multiple business incentives and a variety of booming industries that can host multiple lucrative new businesses. Rhode Island can be a state of opportunity for an entrepreneur like you, but what is the best small business to start in Rhode Island? Often, the best business to start is one you know well and enjoy, but we can help you identify some of the most profitable business ideas in Rhode Island.

Follow along with us below to review good businesses to start in Rhode Island. 

The Most Profitable Small Business Ideas in Rhode Island

If you want your business to be the best small business in Rhode Island, it’s important to have a good business idea. The following is a list of business ideas that can help you become a successful business owner in Rhode Island. 

Idea #1: Electronics Repair

Rhode Island has a commitment to reducing e-waste. In 2009, the state put a ban in place that prohibits the disposal of televisions and computers in landfills. So what happens if someone has electronics that no longer work? They can locate e-waste drop-off locations for disposal, or they can donate or continue to use their electronics. This is where your new business can fill an important need. If you know how to repair tablets, televisions, mobile phones, etc., you can help others honor the landfill ban by extending the life of their electronics for donation, personal use, or business use. 

Idea #2: Tourist Activities

Tourism is big business in Rhode Island. You can create a lucrative business out of hosting fun activities or historical tours for visitors. For you, providing tourist activities might be the best business in Rhode Island to start because you can create good memories for visitors and bring in a lot of money while showing love for your state. 

Idea #3: Business Consulting

A lot of high-profile companies call Rhode Island home for their headquarters. Rhode Island has the tax rates and skilled workforce to attract business start-ups and established enterprises to the state. And how does this benefit aspiring business owners like you? Well, it’s often less expensive for big and small businesses to use independent contractors to handle important business services.

Your business could provide services such as data processing, web services, market strategies, etc. If you have the right background and staff, you could make a lot of money offering your business services to small companies, mid-size companies, and even the biggest company in the state. If your business advisors and business service providers give quality service, you could build an impressive list of repeat customers.

Idea #4: Short-Term Stay Rentals

With a strong business industry like tourism comes the need for temporary lodging. If you already have real estate that you’re not using, you can turn it into a moneymaker by renting it out to tourists and locals looking for a temporary change of location. The business plan for this kind of venture can be relatively simple and successful.

Idea #5: Professional Services

Do you have specialized training or an advanced degree? You can bring in revenue by selling your expertise to the local business community and individuals. As we stated above, Rhode Island’s business environment is primed for growth, and your training and education could become an important part of the business community’s growth. 

Idea #6: Vacation Equipment Rentals

Whether they’re locals or out of towners, people love the beach! With travel and hospitality being such big industries in this coastal state, you might find the best of Rhode Island business in providing beach equipment rentals to those who want to spend time on the shore. You could find a strong customer base of people willing to rent beach equipment (large umbrellas, coolers, towels, etc.) instead of dragging their own items all the way from home.

If you live near the beach, you might even be able to run a rental business as a home-based business. In the off-seasons, you can keep your stream of income going by renting out other vacation equipment such as binoculars for watching the fall leaves change or blankets and sleds for winter activities. 

Idea #7: Graphic Design

Many of the businesses Rhode Island attracts will likely need logos, websites, merchandise, and other visual media to grab their customers’ attention. Fortunately, the state’s institutions of higher education have impressive design programs, and you could start a business offering graphic design services to businesses and individuals. 

Why these are the best small businesses to start in Rhode Island

Out of this list, you might find the best business to start in Rhode Island because the listed businesses can be:

• High-demand businesses
• Low-cost businesses 
• Low-maintenance businesses

But don’t rely on industry trends alone. It’s important to take into account your strengths and weaknesses when deciding what kind of business to start. 

Best Cities in Rhode Island for Starting a Business

Maybe you already have your business idea and a solid business plan, but where should you locate your business? Some of the best locations for opening a small business in Rhode Island include:

• Providence
• Narragansett  
• Newport
• Pawtucket

These areas present a lot of solid opportunities for new businesses. 

Why form your business with us? 

Once you decide on the best business to start in Rhode Island, you need to figure out what business structure to use. Many decide to use a limited liability company (LLC) or corporate structure. You can easily start one of these by using our Rhode Island LLC or Rhode Island Corporation Formation Services. There are other business structures you can choose, and our Compare All Business Structures page can help you decide what’s best for you. 

We have a mission and a catalog of business support services to help your business thrive. From start to finish, we want to help you build a successful and smoothly running business. With our Worry-Free Compliance Service, we can help you easily keep your business legally compliant. We have many business start-up services that can file important paperwork for you and help you get set up in minutes. We take care of the administrative needs of your company, so you can focus your talents on running your business. 

Our services also stretch far beyond helping you decide what kind of business to run. Our extensive catalog of business formation and maintenance services can help you start, maintain, and update your business for maximum success!