Top 10 Business Ideas For Earning Money: Starting your own business can be the best way to control your income and financial future. If you’re starting from scratch, you may not know where to begin, especially if you don’t have previous experience in running your own business.
Top 10 Business Ideas For Earning Money
Here are 10 of the top business ideas that are sure to get you on your way to earning money on your own terms and at your own pace, in no particular order.
1) Investment
The ability to pour money into your business is a huge factor in its success. Whether you’re starting a traditional business or just looking for some extra cash, it’s important to make sure you aren’t going to lose all of your money. Before making an investment, look at ROI (return on investment) and risk assessment (what are you risking losing?).
These are very important parts of creating a successful small business idea that doesn’t result in financial ruin. Calculate what you’re willing to invest up front and how long you expect to take to see returns—and remember: every dollar counts as one of your investment dollars.
You might want five dollars for bus fare but if there’s a half-eaten sandwich in someone else’s backpack, grab it! If that can fill up your stomach instead of eating out—that saves an entire meal AND gets another investment dollar working for you!
And don’t forget everything we talked about with earning passive income; any time someone saves money by using what they already have instead of spending more they’re saving more investment dollars. Remember: every little bit helps; never let something minor stop you from building wealth over time!
2) Side Business
Starting a side business while you’re still working full-time is a great way to boost your income. If you’re not quite comfortable with giving up your paycheck, make sure to avoid these side business ideas that require too much time: brewing beer, freelance writing, pet sitting, and practicing law.
Your goal is to create something that allows you to earn money without having to spend too much of it. Ultimately, though, every extra dollar matters. So if all else fails, return to Step 1 and revisit your motivation before moving forward.
Why do you want a side hustle? And how badly do you want it? Those answers will go a long way in determining which one of these top 10 businesses is best for you—and whether or not being an entrepreneur is really worth it in 2017 (hint: It probably is).
3) Franchise
Owning a franchise is one of those business ideas that could make you wealthy. In 2016, there were more than 9,000 franchises across nine different industries with average annual revenue of $106,000. Franchises have a proven business model and are protected by large corporations so you’re not in danger of losing your investment if something goes wrong.
As with any business idea, take extra care to do your research and choose carefully—and we recommend talking to an accountant and lawyer before signing anything. Here are some of our favorite options for franchises that could help you kickstart your path to success. Along with ownership opportunities, franchising can also be used as a route to finding work.
Some companies will hire people at their own discretion, but others require their employees to buy into the company and become co-owners. This means that it’s typically part-time or side income while you build up your business knowledge—or while you look for something better.
Two sites that offer these kinds of positions include VipJobs (which covers full-time jobs) and FlexJobs (which is more geared toward part-time gigs). Many opportunities like these are posted on multiple job boards each day; all it takes is some digging around!
4) MLM Opportunity
MLM stands for multi-level marketing, and it’s a sales strategy that many companies use to encourage their distributors to build their own sales teams. Distributors earn commissions on their team’s performance. This means your pay as a distributor depends on how hard you work and how many people you recruit.
You can build a passive income stream with MLM, or if you want to be active in building your business you can focus on growing your network of distributors. The choice is yours. Choose wisely because one wrong move could mean losing money. However, once you choose an opportunity watch yourself carefully and keep an eye out for new leads to help grow your business further.
There are several common pitfalls of starting a direct selling business though, so make sure that you don’t fall into them. Follow these guidelines when setting up your new direct selling company: Find A Niche Market: If there isn’t already a product line targeted directly at what you’re looking to sell then create one!
It doesn’t matter what product it is either since they all have long sales cycles (with some exceptions like books). So if there aren’t any low-hanging fruit markets available start looking somewhere else!
5) Dropshipping Business
Dropshipping is an e-commerce model where a store doesn’t keep goods in stock, instead, when an order is placed by a customer, they purchase items from third-party sellers and have them shipped directly to customers. It has become incredibly popular because it allows entrepreneurs to launch their own businesses with little to no initial investment.
However, it does come with several significant drawbacks that make it a difficult business model to pursue long-term. In 2017 alone, over $28 billion was spent on dropshipping merchandise — let’s discuss some of its pros and cons so you can decide if it’s right for your business idea. Here are 10 legitimate ways to make money online:
6) Affiliate Marketing
Affiliate marketing, or paid advertising in a network, can be a great way to earn money. And unlike some other businesses, it doesn’t require a large initial investment. You can start small and build up to making thousands of dollars a month. Or, if you already have an established business that is bringing in good revenue, consider adding affiliate marketing as another revenue stream.
Simply place affiliate links on your website or within your product/service pages and wait for customers to click on them. The commission will be subtracted from your revenue (usually around 30%). All in all, you’ll want to make sure you find a good affiliate network like Clickbank before getting started. Here are more ideas for how to make money with affiliate marketing. There are plenty of others too!
7) Physical Products Business
The biggest benefit of a physical products business is that you’re not spending money on ads. Rather, you’re building an asset (the product) that can keep generating revenue long after you stop putting in the effort. It’s a capital-intensive business model (because it requires manufacturing and shipping products), but if you find something people want to buy over and over again, there’s a potential for big rewards.
Here are some ideas write a book that gets adopted as part of a university curriculum; sell handcrafted jewelry; develop smartphone apps. All three types of businesses require initial outlay and ongoing commitment, so choose one that fits your life goals as well as your personality type. Once you get going, staying motivated will take motivation—find ways to make your job fun so it feels like less work than a hobby.
If writing isn’t your thing or you’ve run into writer’s block, turn to brainstorm with colleagues (try hatching box!), treat yourself to movies or books related to what you’re working on, scheduling personal time while keeping tabs open on emails–whatever works!
8) E-Commerce Store
Online marketplaces have changed everything. It used to be that you needed a brick-and-mortar location, customers coming in and out, and salespeople working with clients face-to-face to make money. Nowadays, you can sell online and let Amazon do all of that work for you (and more).
If that sounds good to you, an e-commerce store might be your best bet for starting a new business idea in 2017. We’ll talk about what it takes to start one below. 1. Site Setup – To set up an E-Commerce store from scratch could cost $10,000+ which is something I want to avoid when making money online.
This is where Dropshipping comes into play: find a product on Alibaba/Aliexpress for less than $100, then use Shopify or SquareSpace (both are free) to set up an E-Commerce site like Amazon but actually have little risk involved if my website fails!
9) Lending Club or Peer to Peer Lending
This is an easy way to earn money with a small investment. The interest rate you earn will vary depending on your credit rating, but lending money through Lending Club is by far one of my favorite ways to invest cash if you’re looking for high returns over time.
You can fund loans to people who need money and they can pay it back after a specified period of time. Most people have a cell phone these days, so I use mine as collateral to get some cash out whenever needed. This might not be ideal for you right now (since cell phones cost more than most folks would like to part with), but you could come up with something valuable that another person might want to borrow until they pay you back.
10) Real Estate Investing
Long considered a reliable investment strategy, property investment remains one of—if not the—best way to grow your wealth over time. But building a real estate empire takes time and is fraught with complications. For starters, it’s expensive: commercial real estate can easily cost five figures or more to acquire, refurbish and maintain each year.
And even though you might have plenty of capital saved up, that doesn’t mean you have ample free cash flow for day-to-day costs like payroll, taxes, and repairs. Ideally, your property should be cash-flow positive from day one—otherwise, it could spell financial ruin later on down the line (in addition to making an already difficult job that much harder). So where do you start?
Also Read: 10 Business Ideas For Entrepreneurship
Conclusion
This is a list of business ideas that you can use to earn money if you are starting from scratch. Just remember, even with all these ideas, there is still no guarantee that any of them will make you rich overnight. It’s up to you to put in the time and effort required for each type of business. If a particular idea doesn’t work out for whatever reason, just try something else until one does work!
There’s no harm in trying new things, so go out there and get started on your entrepreneurial journey! And don’t forget, if at first, you don’t succeed…just keep trying 🙂
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