Currently, there are approximately 582 million entrepreneurs. Why so many? The lure of the entrepreneurial lifestyle is enticing – who wouldn’t want to be their own boss? That’s the end goal, but we’re right at the beginning, so where do you start? Around 10% of businesses fight their way out of the small business pond and into the big business sea – here are some of the most lucrative startup ideas that will see you swimming with the big brands.
Website Building
You don’t have to be a complete website whizz to start a lucrative website building business; you simply need to be better at it than someone who has no clue what they’re doing. One option is to become a WIX partner and use their domain name generator and other excellent tools to design a professional website. WIX has over 500 customizable templates that allow you to produce HTML5 websites using drag-and-drop tools.
Another option is to explore website flipping. Website flipping is a new business idea that is the talk of the town for people wanting to make easy money from home. You take a run-down website and improve the design and features to sell it for a profit. There are online marketplaces for e-commerce websites needing a facelift.
Subscription Boxes
Subscription boxes have expanded to fill a multitude of niches, from fitness to animal care. Subscription boxes attract more attention because there is the promise of a consistent monthly recurring revenue – an investor’s dream. Be mindful that most successful businesses require the financial support of investors.
Your aim should be to sell products that consumers consider highly valuable for an insanely discounted price. Consumers see this as a bargain they must have, and so begins the monthly recurring revenue. Here are some examples of the most popular subscription boxes if you’re looking for inspiration:
- Beauty – The Dollar Shave Club
- Beauty – Birchbox
- Pets – Barkbox
- Food – HelloFresh
Analyze the above mentioned examples and take inspiration from their business model and execution. Consider pricing versus the value of the box, product procurement, and the demands of your target consumers.
Dropshipping
If you’re looking to sell products online, look no further. Dropshipping is an innovative business model suitable for people itching to invest but struggling to summon the funds.
It’s what’s known as a fulfillment method. A store doesn’t actually keep the products advertised in stock but instead purchases them from a third-party supplier.
You, the person advertising the products, then receive the product from the third-party supplier and ship it to the customer using your website to order. It is not as complicated as it sounds; it simplifies B2C sales that can often be a minefield to navigate. There are endless dropshipping niches to choose from, follow the link to discover some of the most popular!
Food Trucks
Food trucks are an exciting and lucrative business idea for avid food enthusiasts. Food is the way to many people’s hearts. Inspiring creativity and building communities, the world over – food is more than just something you eat.
The best thing about food trucks is you don’t need fancy qualifications and years of experience in the food industry. You need a food truck kitted out with cooking equipment, an idea of where to purchase wholesale ingredients, and a love of merging flavors to form culinary heaven.
The average food truck in a busy metropolis city can make between $20,000 to $50,000 in sales each month. In smaller cities, it’s more like $5,000 to $16,000 a month. Still, the lower end of the profit scale is desirable to a small business owner.
Dog Walking/Daycare Services
Dog walking and daycare services have become more popular. It is important to note; it will be easier to make more money from a daycare service than a dog walking service. The average cost of a walking service is $16 per walk. There are only so many dogs you can walk at one time and so many walks you can fit into the day.
However, to run a successful daycare service requires lots of fur-covered customers. In comes the dog walking service. It’s workable to start by opening a dog walking service and building a large client base first. That will allow you time to build a brand, network, and grow your business.
Doggy daycare centers or boarding facilities typically charge between $30 and $50 per day. Let’s say you have 30 days in one day and charge $30. That’s $900 for the day. Minus the cost of rent, utility bills, and any other overheads, and you’re left with an instant profit.
Coming up with a viable and profitable business idea is the hard part. Figures state around 2,000 businesses launch each day. There is always room for another million-dollar idea and the chance to create a respected brand. Which one of the abovementioned ideas appeals to you the most?
