5 Start Up Ideas With Strong Profit Potential
5 Start up ideas with strong profit potential.There comes a time in your life where you feel tired of your old job or maybe just tired of sitting around and doing nothing. And while you might have a passion for business, formulating the best strategy and winning business idea can be challenging.
With so many business ideas in 2020, it can be hard to figure out which are worth pursuing. While jumping on a new trend can sometimes be risky – it can also be highly rewarding. Others have been popular for a long time making them more competitive but less risky. However, all the small business ideas below will help make you money;
1.Home-based Catering
If you have a knack for cooking and see it as a creative outlet, you can make a decent income by opening a home-based catering business. The initial investment depends much on how big you want the setup to be.Most home-based caterers start by creating a website, experimenting with local food markets, or joining platforms that allow cooking experts to squeeze some profits out of their culinary skills.
2.Website Flipping
Website flipping involves buying an already running website, improving its design and content, and then selling it for a profit. There are quite a few places where you can buy and sell websites to earn a profit. Shopify’s marketplace Exchange, for example, allows you to buy E-commerce websites that you can further improve via content marketing, SEO, and other tactics. Once your site begins to generate more revenue than when you acquired it, you can list it for sale on the marketplace.
3.Career Coaching
With rising unemployment and a saturated job market, there’s no shortage of people needing help with finding jobs. If you have a talent for helping your friends and family find suitable employment, you can probably help others too. Consider starting a career coaching business where you help others figure out what is the best career for them, how to nail an interview, what traits define a good candidate, and more. The best thing about this business is that you can make money by conducting 4-5 hourly sessions a month. Plus, you can coach multiple clients in a single session.
4.Video Production
With increased consumption of online video content, there’s certainly a need for people who can record, edit, cut, and publish videos. Starting a video production company, therefore, might turn out to be a lucrative business idea for you. The initial investment in this business is a basic lighting set, wireless microphones, one to two cameras (and lenses), and editing software like Adobe Premiere or Final Cut Pro. While there’s no restriction to the types of projects you can do, specializing in a niche makes it easy to stand out in a busy marketplace.
5.App Development
App development is one of the best small profitable business ideas because so many companies require an app. Not to mention, the cost of starting this venture has drastically gone down due to the growth of tools and affordable developers. There’s also the opportunity to earn passive income by creating apps for consumers. Of course, that depends on coming up with a monetization strategy that generates recurring revenue. Good strategies include offering in-app purchases and charging for a premium version of your app.
