It is not uncommon for people to get bored with their 9 to 5 jobs. However, more often than not, it becomes impossible to get out of this quagmire. Mostly because they have no options left and in many cases, starting your own business can be an expensive affair. First-time entrepreneurs are constantly in the lookout for small business ideas that require minimal investment and maximum return. After all, any sane mind would love to generate maximum return on investment.
In reality, however, we observe that traditional businesses require decent investments upfront and there are additional operating costs that can break the ambition of any ordinary entrepreneur.
Therefore, the singular most important thing before you launch your business is to assess your investment capacity. That should not only include the initial cost of setting up the business, but it should also include other costs including marketing costs and floating costs.
Once you identify your investment capacity, you will first, understand if this business is right for you or not and second, get a true picture of how you can allocate your money more effectively to different aspects of your business.
In this list, I have compiled some top small business ideas which require low investment. Spending thousands and millions of dollars for starting a business is not everyone’s cup of tea. In this list of “Small Business ideas with low investment”, you will see how you can establish your own business without creating a hole in your pocket.
I have tried to include only those business ideas that actually work. Moreover, this list is prepared by me after talking with people who are running similar businesses. Still, if you feel something else should be included in the list, let me know through your comments.
50 Small Business ideas with low investment.
1. Social Media Manager or Consultant
So tell me, when was the last time you used social media apps like Facebook, YouTube, and Instagram? Chances are you have checked these platforms at least once today. So much usage of social media platforms has created huge opportunities for businesses as they can reach out to a large audience without having to spend millions on ad campaigns.
The biggest advantage social media offers is that you can target your audience based on various demographic parameters and interests and run campaigns accordingly. Consider this, why shouldn’t a lipstick company run campaigns on Facebook and Instagram where they can specify that their ads should be shown only to women and only to women of certain age group?
Unlike social-media based campaigns, any campaign on Television cannot be targeted based on age, gender etc.
Knowing this, companies are shifting towards the adoption of social media-based promotion campaigns.
This has led to the creation of lots of job opportunities. Many small and big organizations need social media managers who can plan, post, organize and manage their social media campaigns and drive businesses into their companies.
And yes, they are willing to pay a good amount of money as well. Most importantly, being a social media manager requires little to no investment and is fun. All you need to do is understand how various social media works.
Therefore, it is one of those business ideas you will find millennials and experienced marketers experimenting with and has been super successful so far.
2. Party Planner
Party party party!. Yes, there are people who have parties on their minds all the time. But not everyone has the talent or desire to convert his or her love for parties into a money-making business.
If you have organizing skills and are genuinely fun loving, you can be a party planner and yes, there are clients willing to shed some serious money if you can organize awesome parties for them.
The culture of business parties in the corporate world is no secret and in right now, it is a Trillion dollar market globally. The number reflects the immense business opportunities in store for you.
You just need to get a start. Don’t worry about the money in the beginning. Establish a reputation and see your business grow like anything. If you are a party animal, this is one of the most happening Small Business ideas. Typically, your initial budget should revolve around two key aspects planning and delegating. You can charge upfront fees from your clients for say, booking a venue, arranging for food or can use your savings for doing this.
Your main source of revenue will be the commission you carve out of every booking that you do along with the fees you charge for sharing your expertise.
By the way, you can learn here how to organize awesome Startup parties.
What does a bookkeeper do?
A bookkeeper’s primary task is to make sure that an organization’s accounts are properly maintained and the Debits and Credits are properly recorded.
If you have a little bit of accounting knowledge and can manage account books, you can get into the business of bookkeeping. Knowledge of Tally and other tools will be an added advantage but there are several small and big organizations that are willing to outsource their bookkeeping services.
You just have to demonstrate your skills properly. You might be wondering why would any company outsource bookkeeping job to you? But Outsourcing bookkeeping services and other non-core activities help companies to focus on their key areas.
Bookkeeper rates vary depending on the size of the businesses and their requirements and also the experience of the bookkeeper. Typically, however, in-house bookkeepers can charge somewhere around $20-25 per hour. If companies outsource this job to bookkeepers, they usually charge somewhere around $100 per month. This, of course, can vary based on your experience.
The bottom line is that your experience is going to be your key investment in starting this business. The more the number of clients in your kitty, the better it is for your revenue as this business is one of those businesses that have the power of a subscription-based business model.
This digital age requires digital presence of your business. Having a brick and mortar office is just not enough. If you can make websites on any platform be it WordPress, Drupal or Joomla, you can earn good bucks just by making making and maintaining them. All you need is good coding and organizing skills. No investment required.
5. Tax Consultant
With the governments all over the world surprising people by opening the “Tax pandora box” every now and then, companies whose core area isn’t finance, need Tax consultants.
If you have experience in this field and can guide companies in their tax-related affairs, be it tricks on saving taxes or filing taxes correctly, then you can definitely start your own Tax consultancy firm. It is again a low investment business to run.
Graphics designer do a whole lot of stuff. They cool designs that you see on T-shirts or the work of that awesome graphic on the billboards, they are essentially the creation of graphic designers.
All you need is a good design sense and hands-on experience in tools like Adobe Illustrator, Adobe Photoshop, etc. and you are good with starting your own graphic designing company. Moreover, there are various online marketing places where people can register themselves and start accepting orders from all around the world.
7. Dietary consultant
Obesity is one of the leading causes of premature death worldwide. However, even fit individuals are in the hunt for good dietary consultants.
The need for dietary consultants is on the rise primarily because of the rising awareness about the role of a good diet in healthy living. Be that as it may if you can prepare good diet charts depending on your client’s health profile and requirements, you can start your very own dietary consultancy firm and see the cash flowing in.
If you could do a course on diet management, that would definitely be an advantage. Moreover, in this digital age, you can create, sell, and profit from an online course on diet management.
8. Driving Instructor
Just think about this, the number of registered cars in the US in 2018 is around 280 Million. That’s mind-boggling, right? But the number of first-time car users entering every year on the road is also staggering and this number keeps on increasing year after year.
Most of the first time drivers learn driving lessons from their parents and in some case from their friends. But not everyone is so lucky to have friends and parents who can dedicate enough time to make sure that you don’t hit anyone on the road.
However, getting driving instructions from friends is not always a good idea. Apart from teaching basic driving lessons, they forget to teach you the nuances of driving which involve absolute knowledge of traffic rules in your country, usage of various lights in your car, etc..
If you have the right driving skills and have a car or are willing to buy a second-hand car, you can start your very own business of driving instructor. You can look around for people in your community who need help with their driving. There will always be someone who is looking for instructors. That opens a new business opportunity for you.
9. Tiffin or meal service
For some people cooking is fun. But for others, either they hate cooking or don’t have the time to cook food for themselves.
Eventually, they have to settle down with whatever they get in their vicinity. But more often than not, what you get is junk food. There is no need to belabor the point that Junk Food can do severe harm to your body.
If you belong to the former category i.e. you love cooking, you can earn some serious money by delivering quality meals to people in your area. People will love to pay you a good amount of money, given they get good quality food. Just be sure to incorporate your local food safety rules.
So how do you find your clients? Apart from promoting yourself using social media platforms, go to all the office spaces around you or within your reach and use the classic marketing technique of distributing flyers mentioning how your food stands out from what they get in their offices. Trust me, people are always on the lookout for good food.
If you can make at least one client happy, trust me, the word spreads like wildfire.
10. Mobile Garage
Mobile garage business is gradually establishing a name for itself. Cars usually don’t break down outside a garage 😉 . More often than not, your car will break down in a remote area and if you are really lucky, near a service station.
Be that as it may, if you have the resources to cater to clients who experience car breakdowns in the middle of nowhere, you can start a business and see it grow. The competition is really low in this business as most of the garages are stationed at a permanent location.
11. Pickle and snacks manufacturer
Again, your cooking skills can come handy in this business which involves very low investment. However, there is no pressure of meeting deadlines as in meal services. You can make pickles and snacks when you feel like. Initially, you can approach local shops for selling them and can expand your business after seeing the response locally.
Alternatively, if you have all the food certifications, you can sell them in online stores too. In any case, the business requires low investment but high passion. No doubt, this is one of the most popular Small Business ideas.
12.Used Product Reseller
The used product market is on the rise. Be it a car or a motorbike or even a smartphone. If you have good marketing skills and can provide good value for money to your customers, you can earn handsome amount of money.
The market is over 100 to 150 USD in the USA itself. In other countries too it is a multi-billion market. Before entering into this venture, do proper market research and understand the demand trend. Once you understand the trend, start building your inventory.
13. Provide pet care services
Pets become your life partners in many cases. At least for the entire life of your pet. They need special care and attention all the time. But owning a pet has a drawback too.
The owner is unable to perform many social functions that would require keeping pets away. You cannot take a family trip without giving your pets in safe hands. This is where pet caretakers come to use. The investment is zero and all you need to have compassion towards animals.
We live in a globalized world and this requires constant interaction with people from all around the world. Business tours can become a mess if you are not able to communicate with a prospect in a common language.
The only investment in this business is good command on some top languages so that you can read, write and translate communications for your clients. Moreover, several online platforms like Freelancer and Fiverr provide you the opportunity to monetize your translation skills.
15. Bakery Business
Baking cake is fun. Who doesn’t love a self baked cake? And if you are one of those who can bake awesome cakes, you can gear up for a business of a lifetime.
Birthdays, Weddings, Corporate events, Farewells, name any major event around you and you will see the requirement of a cake in the event planner’s list. Why not make a business out of it?
16. DJ Services
Love music? Well, make it a profession. Similar to cakes, DJ services have become a must in most of the events. After all, who doesn’t love to dance to their favorite tunes? Apart from small investments in equipment, all that is required is your passion for music.
If you know someone working already in this field, that would be an advantage for sure because you need to get your first break and in these businesses, contacts do matter. But even if you don’t have someone to help you in the beginning, use guerilla marketing techniques. You can also go to the discs around you and offer them free service for one night. If your work is good, you are bound to get a contract.
17. Tour guide
Tourism industry is worth billions of dollars. With relaxed labour laws and extra income for disposal, people all over the world have started keeping a portion of their work year for holidays.
As a tour guide, which requires no investment, you can guide tourists in an area making them aware of the historical or cultural significance of the place and making their travel experience pleasant. Just brush up your language skills and your knowledge about an area.
18. Cooking Lessons on Social Media
#foodporn is a tag one must have seen on social media especially if you are on Instagram. The fact is people love food. And there are people who need cooking tips. You can create cooking lessons and upload them on Youtube or can sell them as micro courses.
If it becomes a hit, you can expect to earn a handsome amount of money. Either through ad revenues or through sponsored contents. In the recent past, this has become one of the most popular Small Business ideas across social media platforms.
19. Financial services
Financial experts of all kinds are in demand. You can be someone who can save a company from financial frauds, guide them in acquisitions, suggest investment opportunities.
The bottom line is that you need to possess good knowledge of capital and money market and other aspects of Financial management. The investment here is your knowledge.
20. Logo design
Your passion for logos and a sense of design can help you start your very own logo design company. Logo design is a profitable affair after you have nurtured your skills in designing captivating logos. You can expect a lot of repeat business if you can provide good service in the first instance.
You can register yourself into various freelancing websites where you can get clients from all around the world.
21. Photo Seller
For those having photography as their passion, nothing could be more better than taking that epic photograph and selling them online.
With little bit of patience and expert promotion, you can make a big name for yourself. The investment is a good camera, quality lenses and hands on experience in photo editing tools like Adobe Photoshop.
22. Video Creator
Ever since Facebook incorporated auto streaming and playing of videos, the demand for video production companies has been on the rise. Be it an explainer video or a whiteboard animation video, you can expect a constant inflow of clients once you establish your name.
Unlike wedding videography or other location-based videography, where you need to be present at the location, several new forms of videos don’t require you to move away from your computer. A whiteboard animation video can be prepared using just your computer and there is a huge demand for such unconventional videos.
Moreover, you can get clients from all around the world. Various corporate houses are constantly looking for such video creators. You can begin by building a portfolio and then approaching various media and corporate houses.
23. Electrical Service provider
Anything which flows need maintenance. Like plumbing services, you can start your very own electrical services and this virtually requires no investment. Good knowledge of Electrical parts, circuits, etc. is enough to start this business.
You can charge on an hourly basis or based on the number of electrical points you touch. It’s completely up to you.
24. Custom Tailoring
Tailoring is an expert’s job. It requires attention to detail and a sense of fashion and design. You can expect people to pay generously to you if you can provide them good services. Very little investment is required. Sewing machine, threads, and needles. That’s it!
Are you someone who can convince a 75-year-old man to buy a football? If yes, then please think about quitting your regular 9 to 5 job. Telemarketing, or for that matter marketing is all about the art of convincing and making sales.
If you have these skills, you can start your very own telemarketing agency and can expect a regular inflow of cash. Just form a core team and you will be fine.
26. Event planner
Like a party planner, you need to have a passion for social gatherings. However, the scope of an event planner is much wider and is not related to any 1 event.
You can plan political, social or cultural events depending on your clients’ needs. With good soft skills and organization capabilities, you can expect to succeed in this business. The initial setup cost is minimal. If you are looking for one of those small business ideas which are fun to do, this is it.
Simply said, a freelancer is someone who does work without a formal setup. If you are a good programmer or a good graphics designer, you can expect people to hire you for your skills on a short term basis. There are various websites that facilitate Freelancing. But it can also be offline. You can read about top online business ideas here.
28. Manage properties of your clients
Yes, the distribution of resources is not equal in this world.Especially land. Having said that, there are people with huge properties that need proper management.
The owners are simply not able to do that because of their commitments. Typically property management means the filing of taxes to authorities, extracting rent from tenants, maintaining records of lands, etc.
29. Software installation expert
Everyone who has a laptop or a desktop has several softwares installed in them. However, not everyone possesses the same kind of technical skills to say, install or upgrade software without someone’s help.
Especially elderly people find it really difficult to install and manage softwares. This is where your skill as a software expert can pay dividends. Yes, even with all the instructions that come with a software, people find it difficult to install them. You can come to their rescue and make a business out of it. No doubt, it is one of the most profitable small business ideas.
30. Pest controller
People freak out when they see pest in their homes and farms. Pests make your home uninhabitable and your farm suffers from low production. As a pest controller, your job would be to use appropriate pesticide in an appropriate amount. This requires a good knowledge of different pests and the know-how of the usage of pesticides.
31. Door to door medical sample collection
It is really a cumbersome task to go to a pathology lab to give samples for a medical condition. Especially, when you are not well.
If you can invest in basic setup and can build terms with pathology labs, you can kickstart your medical sample collection business. It is a profitable business and in doing business, you are indirectly alleviating people from their sufferings. This has become one of the most profitable small business ideas in the recent past.
32. Massage services
What better can you expect than a good massage after a tiring day at work? A good massage can relieve you of your stress. If you have the skills, it is virtually a low investment business paying rich dividends. After building a reputation, you can expect to have repeat clients.
33. Cleaning services
In this fast-paced environment, people often forget to clean their own homes Yes, that is true! But if you are that person who thinks no task is smaller and are ready to pick broomstick for others, you can make a good business out of it. Especially in metros, you can expect a good client base. No doubt, this is becoming popular as one of the most recent small business ideas.
34. Water purification expert
As a water purification expert, your job would revolve around suggesting and maintaining the right amount of TDS and other nutrients and removing other pollutants. As waterborne diseases are on the rise, so is the demand for water purification experts.
35. Movers and packers
People move quite often. You can assist them by making their movement hassle free. Apart from an initial investment in a vehicle and contract workers, you don’t need to invest much in this business.
Moreover, all the resources you procure initially are reusable. You don’t have to invest in procuring say, new boxes, for every new client. If you are resourceful, all that you need in this business is planning and delegating skills.
36. Laundry services
Taking dirt out of someone else’s clothes can actually help you earn quite a bit. The reason for this business gradually establishing its roots lies in the scarcity of time people face in this third industrial age.
And yes, once you establish your name in your area, this small business idea can be your next big business!
37. Elderly care
One of the noblest things to do can actually be a small business idea. Investment=Zero! But a feeling of compassion and love for the elderly a must.
Elderly people need a great deal of attention and care and with a group of young dedicated people, you can actually start providing care to them and make a business out of it. There is nothing unethical about it.
Doesn’t everyone love kids? If you are also someone who cannot resist yourself from loving kids, you can earn by doing what you love. Either you can provide your services to individual families or can start a daycare of your own. The only investment is your love for children!
39. Home security services
Even if you don’t have any prior experience in the field of providing security, you can actually apply for home security services. You can become a consultant security expert.
You need to have a good idea of security devices and a strong network, to begin with. This is one of those small business ideas that various ex-servicemen find the most logical thing to do once they retire.
In this business, you just need to have good language skills and an eye for errors and you are done. However, even though it is a low investment business, it requires a bit of patience and getting clients.
41. Makeup services
Be it a bridal makeup or a makeup service provided in a house party. If you have an eye for fashion and can do awesome makeup, this is really a profitable business. The initial investment on the makeup kit can be reimbursed after you get your first client. After that, all you earn is your profit.
You can also seek long term contracts as a makeup artist in the show business. As a makeup artist, you can earn a decent amount of money in the show business. You can take a few courses so that you can understand the nuances and subtleties of working in the show business and how the makeup done for, say, a TV set is different from regular makeup.
The global makeup industry is over $50 billion and is constantly increasing. Why not turn your passion into a money-making business?
42. Used Book stores
Even though people are moving in the direction of ebooks, for some people, the smell of books is simply irresistible and they cannot help themselves from buying a physical copy.
The margin in used books is pretty big and you can make a decent amount of money in this business.
43. Stock market expert
If there is one small business idea that requires nothing but your skill to crunch numbers and your ability to understand the market, you can consider becoming a Market(Stock) expert.
And yes, it is a highly profitable career. The fact is, people want to invest in stock markets but the jargons and complexities associated with the rise and fall of the market preclude many from investing in the market.
Well, if you have in-depth knowledge about how stock market functions, you can actually help people manage their stock market portfolio. To start with, you can start giving free instructions on YouTube.
44. Electronic repair shop
Virtually everyone nowadays owns an electronic item and everyone faces a situation where it requires professional help. Why not become an expert in this field and provide services in your locality?
45. Smartphone repair shop
Probably many of you who are reading this article, are doing so on a smart phone. The fact of the matter is, smartphones have become dirt cheap. This has opened a big opportunity for those who wish to provide services to those who face issues with their devices.
46. Fast Food store
Again, your passion for cooking can help you make big bucks. Every fast food joint that you know, McDonald’s or Domino’s started small. Even you can sell your magical fast food and hope for some luck along with some hard work to become the next McDonald’s.
The investment is meager in this business. This is one of those small business ideas that can easily make you big profits if you are persistent.
47. Car wash service
This is becoming one of the top low investment business ideas recently. The investment is generally low and the return is huge. If you don’t mind some dirt around, you can definitely make it big in this business.
In the US, there are over 16,500 car wash centers and their combined revenue is over 9 Billion Dollars. Moreover, this industry has seen constant growth in the last few years. There is plenty of room for new players in this sector.
48. Advertising agency
Thousands of companies are incorporated on a daily basis. But not everyone is going to make it big. But how do big companies make it big? Simply by an effective combination of their quality service or product and through targeted advertising and marketing skills.
The investment in this business is your soft power and your ability to bring new clients on board.
49. Chatbot designer
The latest in the web world, chatbots make the interaction of your prospective clients with your websites simple and hassle-free. However, there aren’t many experts out there and if you can design quality chatbots, you can definitely make a big business out of this.
Therefore, though one of the relatively new Small Business ideas, chatbot designing will be a big hit in the coming future.
50. Apparel designer
The apparel industry is growing at a fast pace. This is one industry which isn’t going to die. With initial investment on cloth pieces, sewing machines, etc. you can easily establish a name for your self if you have an eye for fashion.
Big clothing brands are in the lookout for apparel designers and are willing to pay handsomely for the quality work produced
The Bottom Line
Starting your own business can be one of the most enriching experiences of your life. You learn to multi-task, you learn to become a Sales and Marketing expert and a Finance expert at the same time. You also get to learn from your failures. Temporary setbacks is inevitable and even the biggest of corporations have seen setbacks in their early years.
But that shouldn’t prevent you from killing your entrepreneurial spirit. However, you need to have your eyes and ears open all the time and should never shy away from hustling. In order to succeed in your business, you need to be aware. You should carefully analyze what works in your area and should be ready to adapt to the market demand.
So, is this list of fifty small business ideas the most definitive one? Probably not. You need to make sure that you understand the local market inside out. Only when you have done proper research about your skills along with the demand trend, you should consider about starting a business. Spending a couple of months doing research is a much wiser thing to do than starting your business just because your ‘gut’ says so.
I prepared this list after talking with people who are actually doing these businesses successfully. Some of the business ideas suggested are unconventional and some ideas are pretty conventional. Still, if you feel that there are good business ideas that are missing from this list, let me know through your comments.
10 Most Profitable Niches for Blogging
So you are looking to start a new blog, and not sure about the niche, which no doubt is a tough decision. Blogging requires a lot of work, and you will want to avoid wasting your time starting down the wrong path.
According to research by Search Engine People, blogs stands as the 5th most trusted source for accurate online information. It implies that there are a lot of people involved in blogging, which means strict competition. So, if you don’t choose the right niche, you’ll struggle a lot in the long run. So, we’ve compiled a list of top 10 most profitable niches for blogging to help you in your bid to make money from blogging.
10 Most Profitable Niches for Blogging
Making Money Online
Making money niche is arguably the biggest income puller online. It is a very saturated niche in that a large number of blogs and sites makes use of this niche. However, it stands as one of the most comfortable niches to make a ton of money from if you have skills.
However, this niche is heavily crowded, and it might be quite challenging to establish an authority site. But if you have a hold on a tiny percentage in this market, you can become an online millionaire.
Gadgets and Technology
The impressive thing about technology and gadgets is that it is easy for you to come up with ideas such as trending topics, reviews, and so on. Also, there are a lot of demands ranging from gaming laptops to gadgets to smartphones.
To make high profits from this niche, you can write informative articles, reviews, and comparisons on products and gadgets. It will help provide guides and solutions to people’s problems on which products to acquire and how to use it.
Health and Fitness
Health is known to be one of the most profitable niches from the start of the blogging era. Also, are you aware that according to research, the fitness industry in the U.S is worth over $30 billion? For at least ten years, the industry has an annual growth rate of 3 to 4% because people are becoming fat due to their diet habits.
Everyone is willing to stay healthy and fit, and they don’t have a problem spending a couple of thousands of dollars on getting information and tips on how to stay healthy.
Finance is the utmost concern of people in the age of expensive lifestyle and extreme uncertainties. Hence, there is an urgent need for guidance on effective personal management of finance, spending wisely, and how to save money. These factors make personal finance one of the highly probable niches for blogging.
Also, in this niche, you can easily blog about hot trends like cryptocurrencies such as bitcoin, blockchain, etc. If you are a finance expert, you can give tips and guides on how to invest.
The travel niche is one fantastic niche because it allows you to fulfill your dreams of exploring new places and traditions and functions as a means of generating income. If you enjoy traveling and adventures, this is the most appropriate niche for you to invest.
Sources of income from this niche maybe resorts, travel agencies, hotels, and companies manufacturing and involved in the sales of travel products and guides. Such industries and agencies will be willing to pay you if you can draw a broad audience by writing articles and giving reviews about your experience and journey to beautiful destinations of travel, adventurous places, etc.
Relationships and Dating
Relationships and Dating is one of the largest industries that have rapid growth in the world today. As the population of the world keeps increasing, the relationships that exist between people, couples and friends are getting more complicated.
As a result, a lot of people seek relationship advice and counseling to lead a better lifestyle to manage their relationships, marriages, and general affairs with others. As a result, the relationship niche stands as one of the desirable niches for blog creators
Fashion and Beauty
Fashion and Beauty is one niche that significantly depends on the personality of the blogger. If you think you have what it takes to carry people along and are fashionable, you will earn a lot from this niche. Your primary audience will be women, but you can also attend to men.
You should know about beauty products, skincare, and fashion trends and accessories. If you can give useful tips or guide your users to the right products, your blog will be able to generate high traffic and a stable income.
In an era where people are constantly questioning their life purpose and identity, particularly in first-world countries that have attained a certain standard of living, people are in search of something more than the ability to eat their next meal, which is a fulfilling life.
Therefore, personal development is a large and expanding niche. Also, it could be quite gratifying to help others transform their lives.
Hobbies are great because they usually have a pool of every enthusiastic customer with high interest in the niche. For instance, specific skills like sports, playing the piano or guitar, gardening are niches with a broad fan base that is willing to spend.
Also, If you pick a good hobby niche, it could be a lot less competitive than some of the other niches present in this list.
A lot of businesses, both online and offline, are always in search of business solutions. These solutions include issues on accounting software, website creation, and development, management of social media, virtual assistance services, or any type of value proposition that can help the business grow.
Also, businesses usually have a much higher budget, and selling top tickets and services to them means you will be able to make a significant profit.
The potentials in each of these niches listed above are endless because a lot of sub-niches are present in them. At this point, you have no excuse to start earning as much as you want from your blog. It is time to take action
7 Steps to Building a 6-Figure Consultancy Business
Knowledge is power and as such, it is a commodity that is always in short supply and high demand. This means that if you possess useful knowledge in a certain area, you could, potentially, turn this fortuitous set of events into a lucrative opportunity for your business.No matter how simple this may sound, you can’t just go out there, share some advice and expect that people are going to pay you for this altruistic service. Your ability to do so, however, depends on your ability to start and run a successful consulting agency. Here are several things that you need to learn about this.
1. Make a blog
The first question that everyone will ask about anyone running a consultancy is – is this person really qualified in this line of work? You see, when it comes to giving real actionable advice, credentials don’t really matter that much. This is why you need an opportunity, a platform, where you can demonstrate your skill and in-depth knowledge of the field in question. The best way to do so is to make a blog that you can work through. Also, keep in mind that while offering free advice may seem like something counter-productive, there’s really no other way to prove to people that you’re the real deal.
2. Invest in your online presence
Regardless of your industry, in 2019, chances are that your customers will reach out to you in a digital environment. This is why your website needs to be absolutely flawless and as responsive as possible. Keep in mind that regardless of what kind of digital marketing you decide to use on a later date, it all leads back to your website. This is why it’s usually cost-effective to hire a professional to do it, even though it may be a bit expensive.
3. Getting to know your clients
The biggest problem with client interaction lies in the fact that not all of them are as good in expressing what is it that they really want from you. Sometimes you need to figure this out on your own and the best way to do so is to make a survey on this topic. Instead of standard demographic parameters, you need to inquire about the specific issues that bother them. What is it that they lack? What they’re losing the most money on? What keeps them up at night? What are their biggest aspirations in the business world? By learning this, you’ll be able to develop a perfect approach.
4. Get accredited
In the first section, we’ve already mentioned that certificates aren’t enough for you to convert people, nonetheless, they’re a bare minimum. Unless you can get yourself accredited as a consultant and advisor, you won’t be able to legally work within the niche. When you look at this from the perspective of your clients, you need to ask yourself – why would they work with someone without a certification, when there are so many people out there who are legit? Fortunately, this shouldn’t be a major issue, seeing as how starting a consultancy business is a simple process, that doesn’t require too much investment of time, effort or resources.
5. Be careful with the price
Keep in mind that being a consultant isn’t like providing any other service when it comes to the price. Think about it, do people really want someone who is the cheapest in the industry to consult them? Would they want to put their life in the hands of the cheapest surgeon in the hospital? Of course not! By lowering the price, you’re undermining your own authority and creating a worse image of yourself in the eyes of your audience. Therefore, try to stay as competitive as possible.
6. Smarter advertising
Having a blog alone will not be enough for your business to get to the top, which is why you need to be a tad smarter when it comes to your advertising. First of all, you need to reach out to your audience with an understanding of a problem that they’re currently facing. The simplest and the most effective way to do so is to ask them the question that they themselves are asking every single day. By doing this, while implying that you have the answer, you’ll already have their full and undivided attention. Now, you have to introduce yourself and insert a call to action. The formula is really that simple.
7. Word of mouth recommendations
Like always, the most powerful form of marketing that you’ll have available is word of mouth recommendations and you need to approach this topic as carefully as possible. The only way for you to earn earnest recommendations is to truly provide extraordinary service. This, however, doesn’t just imply that you provide results but that you’re cooperative and assertive enough, as well. So, put as much emphasis as you can on the customer experience.
As you can see, it all comes down to persuading people that you know what you’re talking about in order for them to give you a shot. Seeing as how knowledge is not a finite resource, even by offering a free example now and then, you won’t exhaust your reserves or put yourself in a disadvantageous situation. The key thing is for you to believe in yourself and know what you are worth. You simply won’t be able to persuade other people if you, yourself, don’t believe in this.
Passive Income Ideas That Can Make You Rich
Ever thought of waking up in the middle of the night, only to check how much money you earned while you were sleeping for the past three or four hours? Or have you thought of having a business where you are pretty much sure that you don’t need to be actively involved in its upkeep and maintenance and yet you will earn from your business? That’s the idea behind having passive income streams, you earn even when you are sleeping. So, Before we jump into some hottest passive income ideas, let’s understand what passive income means.
What is Passive Income?
Passive income is the income you earn from a business while you are literally not doing anything about it. You could be sleeping and still, the money keeps coming in. Thus, any income that you get from a business where you are not involved actively and that business requires little to no maintenance can be termed as Passive Income. Even though your income is passive, your tax liabilities are similar to what you have with an active Income.
Now the concept of Passive Income is not new. For instance, in the Victorian age, there was a boom in the housing market. The population almost doubled in a span of fifty years. Not everyone could afford his or her own house. Due to the scarcity of houses, the ultimate beneficiaries were the rental property owners.
The whole concept of Rental Income as a passive income idea has remained the same even after 200 years. But with the advent of technology, there are several other businesses or streams through which you can earn passive income. The below list contains some of the most successful passive income ideas. Believe me, you should give at least one idea a try(Of course with adequate planning). You will not be disappointed.
Passive Income Ideas that can make you rich while you are Sleeping!
Sell Ebooks online
Have you heard of Amanda Hocking? During the early part of 2010, she needed to raise a few hundred dollars. She was waiting for a publisher. The book which she was writing was still unpublished. She finally decided to self publish the book and sell it on Amazon.
Guess what, not only she was able to fulfill her dream of publishing her book, but also made a couple of million dollars. That’s what self-publishing has done for millions of writers all around the world.
Apart from the initial effort involved in preparing the ebook and making it available online, all she did after making her book available online was to sit back and count the dollars coming in. If you are good at writing and if you truly believe that people will love your work, you can consider the idea of writing a book in the field of your expertise or interest.
Either you can sell it as a pdf on your website or make a kindle version of the book available on the Amazon Kindle store. People have bought the idea that reading a digital book can be fun. In 2018, Revenue in the eBooks segment amounted to $12000 Million. In the US alone, the number of ebooks sold from 2010 to 2017 was over 260 million. These stats show that the market for ebooks is well established and there is enough scope for new players too. It’s not surprising, selling ebooks has become one of the most popular passive income ideas.
Advertise on your Mobile Apps and Websites
The US mobile app advertising revenues in 2018 was over $35 billion. Globally, it was around $100 billion. By 2020, the combined revenue from Android and iOS advertisements is expected to be around $190 billion.
And who gets all this money? Apart from the advertisement platforms which enable publishers to display ads and which act as mediators, it is the app publishers and website owners who make money for displaying such ads.
Once you publish an app which has enough downloads and once you have enough pageviews on your website, you can consider monetizing your platform by showing ads by partnering with advertising platforms like Google AdSense, media.net, etc. Now getting approved by such premium ad networks may not be that easy but once your platform gets approved by such networks, it could provide you a regular source of income.
Build Niche Websites or Blogs
Building a niche website or blog has immense potential to generate passive income for you. For building a niche website, you need to know inside out about the subject around which your website is built. For example, if your website is around content marketing, you should be the best guy you know about content marketing.
Once your website has enough content and is search engine optimized, you can consider selling either your own products or products for someone who has something to offer related to your niche. For example, if your blog talks about word press hosting, you can show ads of the WordPress hosting providers and make money as commission once a sale takes place.
Sell Photos and Videos online
Once you have enough quality photos taken, you can earn a royalty every time someone purchases it from the platform where you have uploaded them. There are literally hundreds of online platforms where you can sell photos. Some of the top websites where you can sell your photos or videos are Shutterstock, Adobe Stock, and Alamy among others.
Yes, there is a lot of competition in this sector but if the quality of your images draws the attention of marketers, you can start expecting clients from all around the world. Similarly, this is the era of Video Marketing. Videos are not only used by marketers for promotions but also as a part of their SEO strategy. Even a 10-second quality video can become a source of passive income for you.
Earn Rental Income from Real Estate properties(One of the oldest Passive Income Ideas!)
As said earlier, earning income from your real estate properties remains as one of the most popular passive income streams. According to Global Real Estate report by HSBC, ‘Real estate is the world’s most important asset class, with a value totaling $228 trillion at the end of 2016 and it is expected to be worth $425 trillion by 2025.
Yes, for many owning a real estate itself could be a big deal. If you don’t have enough money, you could wait for the downfall in the economy. Someone who knows the financial market would agree that there are cyclical downfalls and upswings in the market and downfall is the best time to make real estate deals. Something similar to the 2008 subprime crisis.
But the moment you have enough money to buy real estate, you should definitely consider purchasing real estate properties and renting them out. The maintenance part does not involve visiting your property on a daily, weekly or monthly basis. Just keep your eyes and ears open about it and make sure that you are in constant touch with your tenants.
The Bottom Line
There could be nothing better than doing your regular job or business and earning from something you have done in the past. These Passive Business Ideas are not difficult to implement and once done right, it can provide the financial freedom you strive for. If you are not successful in implementing any particular idea, understand the reasons why that idea didn’t work for you. For example, If you are planning to sell ebooks, having a great command over your language is a must. You cannot expect a single sale if you simply don’t write good enough. The same applies to creating a Blog or a Website. Having said that, once you know what people love and are sure of your abilities, you will be able to strategize better and prepare a product that people fall in love with thereby creating a passive income stream.
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