- If you're interested in starting your own business, then you're probably aware that there are a lot of opportunities out there. Maybe you've looked around at some of your options, you've watched some videos like this already, read some blog articles, and you've seen the lists of all the different things you can do. The problem with a lot of the jobs that you'll see on those lists is that they don't pay very much and you probably wanna start your own business so that you can increase your income so that you can have more flexibility and freedom and be your own boss, but unless the job pays reasonably well, it's not gonna do that.
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In this article, I'm gonna share with you 12 different ideas for businesses that can start this year that have very high profits. Before we get into the list, I just wanna let you know that there are kind of two different ways that a business could have high profit. One is if the business is in a big industry where the business has the opportunity to earn a lot of revenue. In that case, even if the expenses are also relatively high, the business could keep a lot of the profit.
For example, let's say there's a business that earned a million years, they make a million dollars in sales. Even if their expenses are $800,000, they still will keep $200,000 in profit, so that's a fairly large amount of profit. On the other hand, there are business opportunities that aren't in such big industries and maybe don't have the opportunity to earn such large amounts of revenue.
Take for example a music teacher. They're teaching one student at a time or a small group of students and they're just one person. The amount of money that they can earn total is limited, but their expenses are very low, so their profit margins are very high. They might be able to keep 80% or even 90% of the money that is paid to them. If they earn $100,000 a year, they're able to keep$80,000 or $90,000 of it and they can still earn a great living. In this video, you're going to hear some of each of 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're able to keep a lot of the profits.
As you hear each of these ideas, just be aware that there is that variety there and that some of these ideas might appeal to you because maybe you wanna build a big business and others might appeal to you if you want to keep things really small and simple. One last thing before we get into the first idea and that's just if you're new here and you wanna learn more about entrepreneurship and success, then be sure to subscribe to my channel because I make new videos on those topics every single week. With that being said, let's get on into the first of these most profitable business ideas.
Business idea number one is IT support.
With so many people using technology in so many ways, there is a lot of opportunity for things to go wrong and people to need help. That's where an IT support 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'd keep a smaller amount of the profits, but you'd be able to serve more customers.
Right now, you might already have the skills and the know-how to beable 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, very helpful to them. Like I said, there's a lot of different ways you can help people with technology. You could help people with general computer support, or with their website, or you could help people with their phone, you could help fix phones, there's all sorts of different things you can do and most likely, if you're watching this video right now, you're at least a little bit tech savvy.
Business idea number two is app development.
In order to develop apps, you do need to have the technical skills and understand coding languages so that you can create the apps. I want you to know that 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 actually a much bigger opportunity and a much more dependable 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're hoping might take off, but if you have the skills to create 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 because not very many people have these skills, app developers are paida high average wage and if you are working as a solo printer on your own as an app developers 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.
Profitable job idea number three is apparel and accessory rental.
This is quite different from the other jobs that I've mentioned so far because it definitely falls into that category of a bigger business withlower profit margins. This type of company rents out clothing or accessories or otherthings to consumers. In this way, the consumercan pay a relatively low monthly fee to have access to a lot of different wardrobe options. You do need a fair amountof start-up capital in order 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're probably also going to need to hire some people to serve your customers. As you can see, there will besome expenses along the way. This business isn't going to cost nothing to run, but you are able to servea large number of customers and there's a big demand for this right now. All sorts of brands have been popping up and even big well-known established clothing companies have started to offer this service, which is just additional proof that it is in fact profitable.
The next profitable businessidea is marketing copywriter.
A marketing copywriter is someone who writes the words that yousee in marketing materials such as advertisements. As I'm sure you're aware, people get paid fordifferent kinds of writing. There are people who write fiction books and nonfiction books, there are people who writearticles for magazines, and there are people whowrite advertisements. There are people who write thewords that are on billboards and the words that are said in TV commercials.
All these different kinds ofwriting pay different rates. For example, if you wannabe a fiction writer, not only is there a lot of competition, but it's also quite common to get paid anywhere between one and fivecents per word that you write. For example, if you were towrite a 5,000 word short story that got published ina book of short stories or in a magazine, it wouldbe pretty common to get paid no more than $50 or $100. On the far other end of this spectrum, you have marketing copywriters that are paid a very high rate per word. It is not uncommon fora marketing copywriter to write the words on a webpage that might be no more than 500 or 1,000 words and get paid $5,000 oreven more for that work. If they're writing 1,000words and getting paid $5,000, that means they'regetting paid $5 per word, which is a lot morethan one to five percentents.
Business idea number five is supplemental academic course-ware
Academics are big business. As I'm sure you're aware, there are all sorts of different schools, everything from elementary schools to colleges and universitiesto specialty trade schools. While many of these institutionsprovide great learning, often times, students needsome supplemental help.
Business idea number sixgoes right along with that and that is business andmarketing course-ware.
Aside from academics, the other big category that people create online courses in isbusiness and marketing. That's because two of the main areas that people want to be successfulin life and first of all, their education to advance their career and then second of all, earningmoney with their businesses. In order for people to learn how to successfully grow their business and market their businessand attract customers, they have to somehow get that knowledge. Often times in the past,people would look to books, but as the world has continued to change more and more quickly andtechnology has advanced, not only was it impossible for books to keep up with all ofthe new information, but people also discoveredthat many of them liked learning through video.
If you have a background inbusiness or marketing yourself, maybe you've had success in those fields or you have expertise in those fields, then you can createcourses on these topics and sell them to people who want to learn these skills as well. Because these are the sorts of skills that help people to earn more money, they're willing to paymore for these courses. These courses typically sell for anywhere between $50 and $5,000. One more thing about thesecourse-ware businesses, the profit margins tend to be very high. Because you're selling digital goods, you don't have to pay for the product to be developed and manufactured and shipped to the customer. You can create and sell additional copies with the click of a button. It's very easy for youto sell many, many copies of your program and keepmost of your profits.
The seventh idea on this list is social media management.
As many businesses want tomarket their businesses online by growing a following on social media, they realize that they needsome help in this department. It can be very time consuming to create content for social mediaand a lot of companies simply don't have theskills or the knowledge of how to do this very well. They also don't have the man power, so they want to hire someone, maybe someone like you who's organized and is knowledgeable aboutsocial media and reliable, to post their content on social media, or help them create that content.
Because this is something that a lot of businesses don't really havethe skills internally to do, they're willing to pay apretty high rate and again, this is something that helpsbusinesses earn more money, so they're willing to invest in it. The skills that a socialmedia manager needs are not very extensive. Like I mentioned, if youare organized and you are very knowledgeable about social media, you're familiar with the platforms and you've learned alittle bit about marketing, then you can be a greatasset to these companies.
Business idea number eight is book keeping goods and accounting.
This business idea doesrequire more skills, more training, more studythan many of the other jobs that I'm mentioning on this list, but that just makes this a great time to interject the ideathat your current skills are not fixed. In the past, I watched videos like this, I read articles like this because I wanted to start my own business. As I read through those lists, I felt a little bit discouraged. I felt like I couldn't do most of the ideas that I was learning about and so I didn't know what I could do, but what I didn't realize at first was that I had the opportunity to learn any of the skills that I needed to really take advantage ofany of those opportunities. As you're listening to this list, if you are feeling like you'renot able to do this job, or you're not able tostart that type of business because you lack the skillsor you lack the knowledge, don't let that stop you. The training is out there,it is available to you.
There's lots of freetraining available online and there's other trainingthat you can pay for if you want to go even further with any of these different opportunities. With that being said, let's talk aboutbookkeeping and accounting. For many years now, it hasbeen ironically reported that bookkeepers and accountants consistently have thehighest profit margins of just about any field out there. If you look at any list of industries with the highest profit margins, you will see accountingright there at the top. If you want to develop the skills that can help you earn a good hourlyrate and keep a lot of it, then accounting could bea great option for you.
Business idea number nine isindustry specific consulting.
Consulting is where youprovide expert advice in a specific field to helpbusinesses or individuals become more successfulor complete projects. There are many differenttypes of consulting, really everything from academic tutoring (is a type of consulting) all the way up to business consulting where you're advising businesses on thebest strategy to pursue, but some of the best consulting fields are industry specific consulting.
Where you have inside knowledge perhaps based on years of experience or prior training that you've gotten, or results that you'vesuccessfully achieved yourself and you're able to helpcompanies or individuals in that specific industryto achieve similar results as you've been able toachieve in the past. Consulting is a type of business with a very high profit marginbecause your expenses are practically nothing, especially if you'reconsulting over the web and you're not traveling to your clients or maintaining an office.
The next profitable business idea is marketing strategy services.
In order for businesses to make money, they need to get customers. One of the main things thatthey need to do to get customers is to market themselves. This can involve everythingfrom posting on social media to running ads on Facebookor Google or YouTube to putting billboards up or posting signs in different locations,but here's the thing, there are a lot of optionsfor these businesses and it can be tough for them to figure out which option is right for them and how to get the biggestresults with that option. It won't do any goodfor them to spend money posting ads on Google if those ads aren't strategically designedto actually attract customers.
They might be completelywasting their money. Instead of risking that gamble, most businesses choose to hire some sort of marketing strategy consultant or marketing strategyspecialist to help them get the best results withtheir chosen type of marketing. Every single year, new typesof marketing and new platforms are developed and that means that this is an ever growing industry and an industry that alwayshas new opportunities and one that is never saturated. It's a great industry foryou to develop skills in if you want to work as amarketing strategy consultant.
Business idea number 11 isvirtual assisting services.
A virtual assistant issomeone who provides basic help to anexecutive or an individual via the internet. Just like an assistant who might work in an office with an executive, a virtual assistant providessimilar services online. Something that you'll notice as you look at different opportunitiesthat are out there is that the more specialized and the more technical theyare, the higher they pay and the more general they are and the easier it is to learn theskills that are required, the lower they pay. Virtual assisting is definitely on the lower end of this spectrum not because anyone cando it with no training, but because the training that is required is fairly simple and straightforward and it's things that anyone can do if they complete the training.
Because of that, virtualassistants do earn a lower hourly rate than many of these other jobs that I'm talking about. However, virtual assistantsthat are native speakers do still typically earnbetween $20 and $30 per hour, which is significantly above minimum wage. Aside from that, this isone of those jobs with very high profit margins. Not only are you going to beearning $20 plus per hour, but you're also going to be able to keep more than 70% ofthe money that you earn.
Finally, the 12th profitablejob idea on my list is editorial services.
Editorial services is actually a rather broad field that includes everything from technical editing towriting services, but here, I'm talking mostly aboutthe editing side of things, copyediting, technical editing, substantive editing, andthings like formatting. These are skills that arerelatively simple to learn, but are a big help to your clients. They can help to vastly improve books, which can make the book muchmore successful later on and so people are willing to pay a pretty high hourly ratefor these editing services.
There's also a lot ofdifferent opportunities here with how you can use these skills. You could work as a freelancer working one-on-one with clients, oryou could start an agency, hire people to work under with you and work with more people, or you could get a job with the editing skills that you learn. As a freelance editoror editorial consultant, you're able to keep a verylarge amount of your profits, making this a very profitabletype of business to run. On the other hand, if youchoose to go the agency route, you're able to workwith a lot more clients and still keep a fairly large percentage of your revenue for an agency.
That brings us to the end of this list of 12 of the mostprofitable business ideas. I hope that you heard an idea on this list that really stuck out to you, something that sounds interesting to you. Again, don't limit yourself to the skills that you currently possess. Pursue one of these opportunities that sounded the most interestingor the most enjoyable to you or sounded like the best opportunity. I promise that if you put your mind to it and you do the work, youcan learn these skills, you can get the experience that you need and you could takeadvantage of any of them. Again, if you'd like tosee more videos about entrepreneurship and successand personal development and you haven't yetsubscribed, then do that now. Click that red button belowto subscribe to my channel for new videos every single week.
Don't forget to ring the bell as well so you get a notificationwhen the next video comes out. Of course, if you liked thisvideo and found it helpful, then click the thumbs up button below because that will help morepeople find this video as well. Before you go, I've gotone more cool opportunity to share with you if you're interested in earning more profit this year. If you'd like to learn more about how to actually increase theprofits of your business, or you're thinking aboutstarting a business and you want to get itstarted right from day one, then I'd like to invite you to join us for the profit planning challenge.
This is a free four-day event, it takes just about 30 minutes per day, and guides you throughthe process of writing a profit plan for your business. A profit plan is a lotlike a business plan except it's focused on one key objective, driving your business towhere it's making more profit while allowing you to workfewer hours in your business. Basically, it will give youa framework to earn more for every hour that you work. If that sounds like something that you would like to do foryourself and for your business, then join us for the nextprofit planning challenge. There's a link down belowwhere you can sign up right now and like I said, it's completely free. Hope to see you there. Thanks again so much for watching and I look forward to seeingyou again next week.
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