Investing in a successful business is a tried and tested method of multiplying your savings and increasing your net worth. Contrary to popular belief, you do not need to have a substantial amount of money to begin investing. In fact, it is often suggested that you start small and aim for higher growth rates and profits as time goes on. Therefore, if you are open to investing, you should look for opportunities that use fewer resources and yet yield a nice profit.
It is common knowledge that a business that has low overheads is easy to establish and easier to sustain once it gets going. If you’ve been mulling over starting a small and profitable business, it is natural to be confused between the many options available.
Let’s clear up the confusion, and discuss five examples of popular and profitable small business ideas.
5 Profitable Small Businesses Worth Considering
- Franchise Business Opportunities in India
- Website Designing
- Online Tutoring
- Niche Writing
- Logo Designing
Franchise Business Opportunities in India
What better than a ready-made business to start off your enterprising career? Franchising saves the time, effort and money that goes into making unique products and helps you start on a stronger footing. Franchise businesses also demand relatively less financial investments than what goes into building a business on your own. In the franchise model, you start off with a product that has already tasted success, and thus, the time needed to break even and start profiting also reduces.
Under a franchise agreement, an established brand and company give you the right to use their knowledge, assets, and name to open a business of your own, in exchange for a one-time and/or recurring fee. Usually, they also provide training and marketing support to their investor partners and help businesses expand as well. As far as the options are concerned, there are a plethora of franchise opportunities in any sector you name, be it food & beverages, fashion and beauty, fitness, apparel and accessories, automobiles, etc.
To get started, you must undertake extensive research about different franchisors and compare the terms of the agreement and select the one that fits with your vision and goals. While you will have to put in the effort, time, and money in setting up the business, once it takes off, you can simply move to supervising the day-to-day operations. And if your franchise outlet works, the rewards of your toil will handsome, to say the least.
It is imperative for businesses, big and small, to have a strong digital presence, and websites are the first step towards the same. In addition to being the face and identity of a business, a professional website creates a good impression and also brings in new business. Thus, website design plays a pivotal role in online marketing. Business owners understand this very well and have started allocating sufficient budgets towards developing and maintaining their business websites.
The ever-increasing digitisation of everything from groceries to heavy vehicles ensures that there will be an abundance of opportunities in this domain, and website designers will stay in demand. The overhead expenses in website designing are also exceptionally low. All you need to jump into the business is adequate skills, and even if you don’t have any, there are ample resources available on the internet to get started. Once you get the basics, there is no limit to the growth and success you can achieve. If you think you have it in you to make it work, it is a very lucrative business opportunity with the ability to reap tremendous benefits.
Resource and training material for almost every course – from kindergarten to university programmes – is available on the internet. With the advent of the digital age, the education industry has witnessed several innovative and disruptive trends in the past few years. Something worth paying special notice is the fact that the approach plays a crucial role in online tutoring.
Although there are a plethora of platforms, some methods of earning through online tutoring are more direct than others. If you are a skillful educator and have expertise in a niche field, you may take to YouTube. The world’s leading video sharing platform provides you with a firm base to set your business upon.
Strategically, you may deliver free educational content to the public and win clients for the upgraded, private and charged courses of yours, which could ideally be held through video conferencing. Another perk of this approach is that you could earn revenues from YouTube by placing ads on your videos. Apart from this, you could sign up as an educator on the various educational platforms and websites. Educating online requires little overhead expenses, if not none. If you want to start a business using existing knowledge and resources, there isn’t a better way.
If you have a knack for writing, a steady grasp over grammar, and time to spare, you could try your hand in writing for marketers, companies, blogs, etc. Despite being a skill-based occupational venture, there is a dearth of quality in the domain, which makes it ripe for dedicated, creative and focused professionals who want to start their writing careers. Instead of writing on everything under the sun, we recommend you to take up ‘niche writing.’ Being a ‘niche writer’ is simply being a ‘content writer,’ but with a focus in one domain.
However, you must analyse your writing strengths and interests to concentrate on one particular class of writing. Niche writers tend to be more appealing to clients as they look more professional and better suited for the task. A client will want to hire a writer who specialises in their respective industry, rather than someone willing to write just about anything. If you can prove your mettle as a niche writer, especially for digital products and services, there is no limit to how much you can earn. Once you taste some success, you can also set up a small team and train them to take on more work and projects.
Nike’s swoosh, or the three bars of Adidas, the mermaid of Starbucks or the half-bitten apple of (surprise!) Apple. All of these are instantly recognisable logos that have become cultural references as well. Since the logo of a business is the global representative of an organisation, companies are going all out in getting a simple, creative, and meaningful logos.
Despite the many design companies and designers that already exist in the market, companies are always on the lookout for distinctive logos, which help them stand out. Although the logo making field is full of innovation and competition, skillful logo designers receive good recognition.
Logo designing is a lucrative field to work in, and it earns you an excellent living. The opportunities and recognition in the area of logo designing are second to none, but you must be creative and have a decent understanding of visual concepts before you jump in this industry. Alternatively, you can hire designers and set up a design company as well.
Before you start a business of your own, it is imperative that you weigh the pros and cons of any investment before venturing into it. It is also essential that when you go for it, you put your best foot forward. Start with something that you know well, and expand eventually. Once you have an idea and know-how to go after it, set up a plan with timelines. Stay focused and dedicated because patience and commitment are essential ingredients of success. Good luck!