9 Small Business Ideas That Will Make You Money Fast
Today, I'm going to cover 9 profitable small business ideas that don't take too much time and money to launch.
Many aspiring entrepreneurs simply don't
know where to start. If the idea of being your own boss appeals to you, but you
don't have a good small business idea. I'm here to help.
9 Best Small Business Ideas to
Make Money
1. Podcasting
The best way to grab people's attention
today is with interesting on-demand content that fits a busy lifestyle.
Podcasts are the perfect solution.
More than 50% of Americans have listened
to a podcast, with 90 million tuning in on a monthly basis. That's a huge
potential audience.
If you look around you'll see there's
really no limit on topics that you can have a podcast about. For example,
Casper Mattress’s “In Your Dreams” podcast helps listeners interpret their
dreams. Mastercard’s “Fortune Favors the Bold” discusses the future of money.
Even the grocery store Trader Joes has a podcast explaining what's behind their
product development.
Once you come up with a concept, getting
started in podcasting is easy and low cost. Just record your podcast episodes
and upload them to a podcast hosting service like Buzzsprout or Podbean. Then,
go out and get an audience by marketing your podcast.
2. Real estate investing
Although the economy has its share of ups
and downs, the value of real estate always tends to bounce back. In fact, over
the last several years, real estate has outperformed stocks two to one in terms
of annual returns.
There are a bunch of ways to get involved
in real estate investing. You can buy the property and rent out all or a
portion of it. You can also fix and flip distressed homes or commercial
properties.
If you think you need a ton of money to
invest, think again. You can get a mortgage loan for as little as 3.5% down.
You can also pool money with other investors as part of a real estate
investment group or REIG. for as little as $5,000, An REIG lets you invest
money in a condo or apartment building and earn returns on a monthly basis.
In some up and coming cities, the median
price of a home is relatively low. For example, the median home price in
Arlington, Texas is just $240,000, but the city is experiencing healthy
population and employment growth, making it a great place to invest in real
estate.
3. Counting, tax prep, and
bookkeeping services
I know, way less glamorous than podcasting
or becoming a real estate tycoon. But, this can be a very profitable business
idea for those of you who are good with numbers. It can be helpful if you're
already a certified public accountant, enrolled agent, or QuickBooks expert,
but you don't have to be.
In fact, there are short term training
programs to teach you about accounting and taxes, and bookkeepers don't need a
specific degree. You can also launch an accounting or bookkeeping business
without a lot of overhead expenses. All you need is a computer and some
marketing spend to promote your services.
Tax season is the busiest time of year for
accountants and bookkeepers, but the money you make during tax time can help
you cover your bills throughout the rest of the year.
4. College admissions
consultant
Getting into college has become
increasingly competitive and expensive over time. Thirty years ago, only about
half of high school grads applied to college. Now, two-thirds of high school
grads are applying to college.
The cost of attending a public university
has also increased more than 200% in the last 30 years given the increased
competition and cost. Parents and students are hiring college consultants to
help them navigate the confusing admissions process.
If you have a background in education or
connections with local schools, starting a business in this field can be very
lucrative. The average hourly fee for a college counselor is $200. You'll work
directly with the student to assess their strengths, advise them on what
colleges they should apply to, and review their college applications and
essays.
5. Starting a food truck
There are over 4,000 food truck businesses
in the U.S., and revenue is growing at an annual rate of around 8%, making this
a very profitable business concept.
Because of patchy state and local
regulations, food trucks are definitely more popular in some parts of the
country than others. Portland, Seattle, and DC are popular hotspots for food
trucks.
Starting a food truck requires a slightly
larger investment of capital than the other business ideas we've covered, but
less than you might think, especially if you rent rather than buy a truck.
Renting a food truck will cost about
$2,000 to $3,000 per month. Renting also allows you to test whether you're
passionate about running a food truck business.
6. Starting a self-storage
business
People in densely-packed, expensive cities
like New York and Los Angeles are accustomed to paying a premium for storage
spaces. Storage for personal items is actually a $38 billion industry and one
in 11 Americans pay to store their excess items.
Launching this kind of business takes a
sizable investment since warehouse space isn't cheap, even in small cities. But
once you buy the space, you can rent it out and make a nice profit.
As more millennials move to cities, and as
more baby boomers downsize their living spaces, you can count on this quickly
becoming a very profitable business opportunity.
7. Event planning
Even when the economy turns sour, people
get married, have children, and throw parties, and they need event planners to
help.
The majority of today's event planning
customers are young people who have grown up in an on-demand, connected world.
The best way to build a business for
yourself in this industry is to make yourself easily available. Provide
creative solutions, and position your brand on social media.
Event planning is a pretty low overhead
business because you're working in the venue that your client provides, and you
can factor the price of materials and decorations into your cost.
With the rise of ride-sharing, restaurant
delivery, and grocery delivery, support Services for these industries are
becoming important businesses in their own right.
8. Local messengers and
courier services
Local messengers and courier services
offer essential support services. Most on-demand services need to rely on a
delivery network that's broader and faster than the postal service, FedEx, or
UPS can provide, and that's where private couriers and messengers come into
play.
Revenues in this industry are growing at
5% per year, and command a total of $107 billion in revenue. If you have a
dependable mode of transportation and a cell phone, you can start a courier
service.
You could use a car or truck, but a
scooter or bicycle is fine too if you're on a budget. Then, you just need to
market your business so that services in need of couriers know about you.
9. Interpretation and
translation services
You might think that with online tools
like Google Translate and Translate. com that the need for human translators is
going down, but the reverse is actually true.
What was already a $43 billion industry in
2017 will grow to nearly a $48 billion industry in 2021, making this one of the
most lucrative small business ideas.
As the country becomes more diverse, the
need for professional translators is increasing in healthcare, law, finance,
entertainment, education, and other industries.
A skilled freelance translator,
particularly one who is certified by the American Translators Association, can
bring in six figures per year.
You can promote your services on
freelancing websites, directly pitch your business to companies like Honda,
Netflix, and Microsoft, or work with government agencies.
