Starting a business is an endeavor met with blood, sweat, and tears. One may spend years before paying themselves, making many sacrifices along the way.
You don’t want to invest years of your life into a business that only does “okay”.
A clever way to launch is drawing inspiration from the most profitable businesses. Or, going into the industry by replicating their business. Either way, here are those businesses, and what you could learn from them.
The Most Profitable Businesses Share These Common Characteristics
Fewer than 500 people comprise a “small business”. Though, most reading this may have solo ventures or thoughts of a few employees. You wonder how on Earth such a small operation becomes wildly profitable.
There are a few, underlying characteristics:
- Low Overhead — Having few expenses burdening the operation
- Agile & Lean — Flexibility to adapt as needed, aggressive or defensive
- Value-driven — They offer something people legit want and/or need.
Then add passionate leadership and awesome employees. Combine it all and you’re on track for success.
Why mention all this?
Because any business can turn a profit if they overcome the curve. The businesses that make tons of money are those that do it quick and disruptive.
Keep these characters in mind as we explore the profitable ventures (below).
Don’t Reinvent the Wheel: Be a Copycat and Use What Works in the Industry
Why go through the trouble of developing a business idea you aren’t 100% confident about? Why not take their proven business plan and model and tweak it to your needs?
That’s the idea behind making a copycat business. You’re not reinventing the wheel nor are you taking huge risks. You’re getting a piece of the pie!
Advertising and Marketing
Every business requires ads and marketing for growth. Being the broker of said services generates income through active and passive efforts. The greater ROI provided with ad/marketing services the more a business reinvests.
What services could you offer within the scope of ads and marketing? Try:
- Site design and development
- Campaign management and optimization
- Content creation and press relations
You could work deals with companies, too, getting a commission for each lead. Or, a cut of each sale delivered through your services. Your biggest investment is time seeing most platforms are free or inexpensive.
Real Estate and Management
Real estate is booming, becoming. Average home and apartment prices are rising along with the demand.
Rental units prove a profitable venture given the right clients and resources. There are opportunities in assisted living facilities, senior living, and vacation rentals, too.
You can also make your money in property management. Or starting a construction company and earn income throughout the estate development.
Warehousing and Logistics
The in-between of eCommerce is warehousing and logistics. Replicate a fulfillment center akin to Amazon and you’ve got a viable opportunity. Businesses need ways to scale product delivery. Your center and services handle this while taking a cut of every transaction.
Other areas to explore include:
- Air cargo
- Last-mile delivery
- Equipment rental
Find the “hub” of your preferred industry and buy-in. You’ll soon become a necessity within the industry, helping you turn a profit fast.
IT Support and Consulting
IT services are in-demand for personal and business computing. This venture scales through expertise and experience — a new cert could double your rates.
Trends point to:
- Cloud Computing
- Artificial Intelligence
- Business Analytics
Hardware repair, support, and consulting prove viable, too. The operation has low overhead and high flexibility as it’s a service-based model.
We’re Here to Help for Whichever Model and Challenge You Choose
Perhaps it’s chasing the most profitable businesses and going global. Or, maybe it’s launching solo and staying at a micro-level. It’s a challenge either way.
Get the funding you need to see your business dreams a reality. Call us at 855-610-5626. Or use the 2-step form to see if you pre-qualify for a business loan!
We’re here with lending solutions no matter the business model you choose.