You probably want to start your own business so that you can increase your income and have more flexibility, freedom, and be your own boss. It would be best if you also learn about investing in stocks from the dummies guide to investing for additional passive income.
In this article, you will know these different types of opportunities. Some of these are bigger businesses that have bigger potential for earning. Others of them are small businesses that you could do all on your own, just a one-man team, but you are able to keep a lot of the profits.
Top Profitable Business To Invest
#1. IT Support
There are a lot of opportunities for things to go wrong and people to need help. That’s where an IT specialist can come in. This is something that you could do all on your own as an individual and keep a lot of the profits.
Or you could hire other people for your company. You can keep a smaller amount of the profits, but you’d be able to serve more customers. You might already have the skills and the know-how to be able to support people really well with some specific type of technology.
Or you might need to get some training yourself to be able to provide your customers with a great experience and be very helpful to them. You could help people with general computer support, their website, their phones.
#2. App Development
To develop apps, you do need to have the technical skills and understand coding languages so that you can create the apps. This opportunity is more than it might seem at first. It can be easy to think that the only way to make a lot of money with apps is if you get lucky. If you make an app that happens to take off and go viral.
But there is a much bigger opportunity if you create apps for other people. There are all sorts of people out there with ideas for apps that they want to see created and that they are hoping might take off. But if you have the skills to develop apps, then you can serve those people, bring their ideas to life, and get paid for the work.
Because of the technical nature of this work, and not many people have these skills, app developers are paid a high average wage. If you are working solo on your own as an app developer or you are a freelancer, then you will be able to keep a very high percentage of the money that you earn, which means that this job is very profitable.
#3. Apparel and Accessory Rental
This falls into a category of a bigger business with lower profit margins. This type of company rents out clothing, accessories, or other things to consumers. In this way, the consumer can pay a relatively low monthly fee to have access to a lot of different wardrobe options.
You do need a fair amount of start-up capital to start this business because you have to purchase the items that you are going to rent out. That will be one of your first expenses. You also need to hire some people to serve your customers.
This business is not cheap. But, you are able to serve a large number of customers, and there’s a big demand for this right now. All brands have been popping up, and even well-known established clothing companies have started to offer this service, which is additional proof that it is a profitable business.
#4. Bookkeeping and Accounting
This business idea does require more skills, training, and study than many other jobs. For many years now, it has been reported that bookkeepers and accountants consistently have the highest profit margins of about any field out there. If you look at any list of industries with the highest profit margins, you will see accounting at the top.
#5. Marketing Strategy Services
In order for a business to make money, they need to get customers. And one of the main things they need to do to get customers is to market themselves. This can involve anything from posting to social media, running ads on Facebook, Google, or Youtube, to putting billboards or posting signs.
There are a lot of options for these businesses, and it can be tough for them to figure out which option is right for them and how to get the biggest results with that option. Instead of risking that gamble, most businesses choose to hire a marketing strategy consultant to help them get the best results with their preferred type of marketing.
Takeaway Tips
If you feel you couldn’t do most of the ideas mentioned, don’t be discouraged because you have the opportunity to learn any of the skills that needed to really take advantage of any of those opportunities.
So if you feel that you are not able to do this job or start this specific business because you lack the skills and knowledge, don’t let that stop you. The training is out there available to you.