Last updated Oct. 26, 2022 by Peter Jakes
The freedom of becoming your own boss starts with having your own business. Owning a company gives you the liberty to work where, when, and how you want. So, for example, you don’t need to answer to anyone or work under uncomfortable terms.
However, the beauty of owning a business is achieved when the business is flourishing and profitable. There are many profitable business ideas to choose from; you need to find the one that suits your plans, skill, and knowledge. Let’s look into the list of 9 profitable business ideas that’ll help you to achieve your dream of becoming a successful businessperson.
1. Homemade Craft Business
If you don’t have the funds to rent a shop or an office for your business, this might be the perfect business. You can start producing and selling homemade products like soap bars, snacks, locally made drinks, cosmetics, and accessories such as jewelry. However, succeeding in this business requires you to have the knowledge and skills of the craft you’re going for.
Furthermore, this business idea is especially profitable when words go out about your venture. Consequently, people would love to patronize you instead of purchasing more expensive in-store products. Also, you would need to be more creative to attract customers and beat the competition. For example, you can start selling homemade products at your local farmers market with a storefront on iCraft or platforms like Etsy.
2. Dropshipping
Dropshipping is another profitable work-from-home business. You can sell products online without money to buy and store inventory with dropshipping. It is an eCommerce business in which you don’t have to manage or control any physical products.
All you need do is create an online store and partner with suppliers willing to package, store and ship orders to your buyers. You don’t need to spend hours researching products when you can access dropshipping apps like Automizely to find the best products to sell.
One of the notable advantages of dropshipping is that you don’t need to hold inventory. However, if you want to hold on to inventory, you can source products wholesale. An online marketplace like Handshake helps small and medium business owners to find high-quality, unique products to build long-lasting relationships with suppliers.
3. Create and Sell Digital Products
Digital products like online courses, books, music, templates, and podcasts are also on the lists of profitable business ideas. Because these products are not tangible, there aren’t recurring shipping or manufacturing costs to worry about. Therefore, your margin will always remain high, which makes it another excellent business to start.
To get the best digital product to sell, think and come up with a list of valuable things people are willing to pay to download. For example, most of the high-selling digital products currently are instrumental beats, stock photos (that can be licensed for creators), information products (like banners and flyers), and templates (to help people improve their skill set in various fields).
Furthermore, if you have skills or talents that can be converted into a digital product, you can develop ways to package them into a new stream of earnings. For example, online platforms like Shopify offers a free digital download app that enables you to sell digital products easily and quickly in your store, which is almost similar to physical products.
4. Affiliate Marketing
Affiliate marketing is more like a performance-based marketing program where a company pays people (affiliates) to promote and sell products. As an affiliate, any time you bring in a customer, you’ll receive a commission from the company. You can promote products on your blogs, websites, social media accounts, or communities.
This is an opportunity to earn more at a low cost, which turns into a profitable business in no distant time. First, you’ll need to register on sites like LinkShare, CJ, or ShareASale to join the affiliate program. Next, choose the business you want to promote and get the affiliate link. Then, you move to the delicate part of the business, which involves promoting the links on your blog, social media, or website. You’ll get a commission each time a person uses your connection to make a purchase.
The commission rates in affiliate marketing vary depending on the offer and company. For example, you could earn as high as 50% for promoting an event, or a seminar, while some commissions can be as low as 5% for each sale. In addition, some affiliate programs offer a flat rate other than a percentage.
5. Publish and Sell Books
Selling your books is another profitable business you can think of. As such, you can write one to serve a specific demand in the market. You don’t need to write bulky books like novels and poetry. Instead, simple books like cookbooks, comic books, photo books, picture books, and coffee table books are in high demand in the market today and can fetch you a decent amount.
Print-on-demand is a relatively legit way to get started with self-publishing. Not only does it save you the cost of third-party publishing, but it also gives you control over the outline and quality of your book. You can leverage platforms like Blurb, and Lulu xPress can help you to order, create and distribute your books as digital and physical products. You could also sell them on third-party marketplaces like Powell’s or Amazon.
6. Translation Service
You can start up a business in translation if you can speak at least two languages (fluently). Your concept may include translating spoken or written items assisting with video subtitles, facilitating communication between individuals from different countries, and so on. Translation service can also serve as a side-hustle, as you need only a few hours a day to complete it.
In addition, you could also be an online tutor, teaching different languages. Depending on how much time you spend tutoring languages, you can earn substantially to sustain your main hustle. The only downside to translation service is that your linguistic skills need to be high; you must know, hear and be able to speak at least two languages fluently.
7. Freelance Writing
Freelance writing is an industry booming with the increase in the need for writers by both public and private organizations. Many people today do part-time freelancing as a remote job to earn extra cash. However, freelance writing is also a great business idea, especially if you’d love to work online and remotely.
You can register for freelancing sites like Outsourcely, UpWork, and Fiverr and fill out your profile with your details, portfolio, and experience. Also, it’s crucial to choose a relevant niche before starting. Networking with renowned bloggers is also an excellent way to succeed in your freelance writing career, as they’ll always need content.
If you are unfamiliar with the requisite knowledge of content writing, you could try other related areas like social media management, virtual assistant, SEO freelancing, programming, graphics designing, and video editing. However, getting more opportunities is best to be familiar with more than one niche.
8. Launch an Online Fashion Boutique
If you’re a fashion enthusiast and love sharing your styles with the public, you can consider creating your online fashion boutique. The good news is – you don’t need to be a fashion designer to thrive in this business. You can curate items from other sellers into your online store.
Your online store can feature shoes, dresses, swimwear, accessories, and more, and you can build your fashion brand using one of the numerous product servicing apps. Then, model them by yourself with product photos, and grow a sizable online following as a trendsetter. You could also leverage your social media account, blog, or website to build your presence.
9. Start a Membership Program
The online membership program is a booming industry with lots of profit. It is one of the latest business ideas that came into the limelight during the COVID-19 pandemic. Online memberships are impeccable for entrepreneurs with established engagement and an active community. They are similar to subscription-oriented businesses – customers give recurring payments in exchange for a virtual service or product.
Membership is excellent for managing members-only access to op content on a website and physical businesses that offer online guided sessions. Gyms, yoga studios, art schools, and clubs are great examples of businesses similar to this incredible business idea. Since your content requires a gate pass that only paying subscribers can access, you can also use the opportunity to host an exclusive live stream in addition to uploading content for download.
How to Start a Business: Step-by-Step Guide
1. Choose Your Business
You have to know the area you’re delving into in terms of business. Come up with ideas and choose the one you’re good at before moving to step 2.
2. Do a Market Research
Market research is to give you information about your business in terms of competition, potential customers, and ideas on how you can become successful.
3. Make your Business Plan
Your business plan is the bedrock of your business. It is a roadmap for designing, structuring, growing, and running your business. Once you can develop a reliable business plan, you’ll be able to predict the outcome of your business and know where you’re headed.
4. Invest in your business
Your business plan will enable you to figure out how much you’ll need to invest in starting your business. You’ll need to borrow or raise capital if you don’t have the desired sum.
5. Choose your Business Location
This is not applicable for remote or work-from-home businesses. Choosing a business close to your target customers would be best to boost sales.
6. Pick your Business Name
Choosing a business name that reflects your brand and is attractive to visitors is best. Also, research and make sure the name hasn’t been used by someone else.
7. Register your Business
Once you’ve chosen your business name, make it legal to protect your brand. Register your business and your name with the federal and state government.
8. Acquire Federal and State Tax IDs
To secure your business, use your Employer Identification Number (EIN) to open a bank account and pay taxes. Some states (not all) may also require you to get a tax ID as well.
9. Apply for Permits and Licenses
To keep your business running smoothly, try to avoid legal complaints. Get licenses and permits to keep your business protected and legally bonded. The licenses and permits vary from industry, location, state, and other factors.
10. Open a Business Account
You mustn’t use your private account for your business. A business checking account can help you handle tax, legal and day-to-day issues. Setting up a small business account is easy so long you have the right paperwork and registrations available.
Frequently Asked Questions
What Is the Best Business to Earn Money?
There are many businesses to consider if you want to earn massively. However, the most profitable businesses today include:
- Social media marketing
- Freelancing
- Online tutoring
- Cleaning services
- Business Consultancy
- Car wash services
- Personal trainer
- Food and beverage business
- Fashion Designing
- Dropshipping
- Homemade craft.
What Business Can I Start Quickly?
Consider leveraging your present skills to start a business quickly. It could be hairdressing, content writing, video editing, personal training, etc. To thrive in whatever line of business, you decide to go for, try working on improving your skills, taking online courses, and learning on the job.
How do I Start a Home Business?
To start a home business, you’ll need to choose the online business idea that suits your skills. Then, identify your target customers and the problem your business is solving. Studying your competitors and trying to be unique by choosing an exceptional strategy to drive customers to you is also good. Lastly, implement a marketing strategy to promote your business and continue to serve every client or customer well.
How Can I get Rich Quick?
According to experts, starting a profitable business is the best way to get rich quickly. Additionally, invest as much as possible in a business that promises high returns and also try to minimize costs. It is also advisable to find a side-hustle instead of relying solely on a single income stream.
What Businesses are in Demand?
Businesses currently in high demand include social media consulting, smart product development, senior care services, crowdfunding consulting, fast food business, multicultural marketing experts, freelance writing, translation services, and online tutoring. However, to thrive in the businesses mentioned above, you’d need to be experienced and skillful in your chosen field.
What Unique Business Can I Start?
Virtual interior decorator, pet-sitting business, virtual teaching, virtual assistant, social media influencer, digital subscription seller, and author-partnership are some of the unique profitable businesses available to choose from. These businesses require little or no experience to start and can fetch quite a decent amount.
How Can I Make Money with no Money?
There are several businesses you can start with no money or zero capital. These businesses include Transcribing, virtual assistants, content writing, website, and apps review, social media management, affiliate marketing, and so on. Before delving into any of these trades, try learning or acquiring skills in your chosen field to boost your chances of getting more customers.
How Can I Get Rich in Three Months?
You can get rich within a short time by investing in a profitable business. Profitable businesses like social media consulting, smart product development, senior care services, crowdfunding consulting, fast food business, multicultural marketing experts, freelance writing, translation services, and online tutoring are excellent businesses that can get you rich in three months, especially when you’re committed.
