The world is changing, bringing forth both challenges and opportunities for future generations. Now more than ever, people are pursuing their dreams of entrepreneurship both as a full-time endeavor and side hustle. This approach to business promises uncapped income potential and the feeling of leaving one’s mark on the world.
However, a quarter of businesses fail within the first year. While this is usually tied to unrealistic expectations, poor planning, and inadequate financial management, it’s a daunting statistic. Starting a business in a proven industry can help.
Here are five business ideas people are making money from.
Virtual Assistant Enterprises
More businesses are seeing the value of outsourcing rather than hiring or trying to juggle low-value tasks. This is where a virtual assistant comes in. A virtual assistant is someone who helps a business remotely, handling business-related tasks as needed. These needs could range from travel planning to social media scheduling. As a business owner, you can identify which services to offer based on industry demand and your skills.
The benefit of being a virtual assistant is that you can charge a premium for your services. You’ll make more than an in-house assistant by acquiring clients while setting your hours. Additionally, becoming a virtual assistant requires a nominal financial investment to get started.
The average salary for a virtual assistant in the USA is over $34,000 per year.
For a while, it looked like food trucks were going to be a fad. Then the global pandemic hit. Now, food trucks are not only here to stay, but thriving in a suffering foodservice industry. Unlike restaurants with razor-thin margins, food trucks have lower costs with comparable revenue potential. Throw in the portability factor, and you’ve got a sustainable, profitable business.
Food trucks have a high return on investment, with an average startup cost of $50,000 – $60,000 and income potential of $250,000 to $500,000 per year. If you aren’t interested in starting from scratch, you can contact business brokers for selling companies to see what might be available.
Fitness, Nutrition, and Wellness Coaching
Fitness and health were reported to be a booming $30 billion industry in the USA in 2018, and that number continues to grow. The prevalence of social media and interactive fitness apps, combined with the growing athleisure fashion trend, has exacerbated this industry’s success.
As wearable technology becomes increasingly popular and health care costs continue to rise, people are continuously looking for help. Using your experience and skills to become a fitness, nutrition, or wellness coach can give you a slice of that profitable pie.
Subscription Box Curation
It seems as though there’s a subscription box for everything. From dog toys to personally-shopped clothing to coffee and wine, if you want it, you can subscribe to it. This $2.6 billion industry is growing every year, taking advantage of user-generated content (such as YouTube unboxing videos) and affiliate marketing to keep advertising costs low and profits high.
Starting a subscription box service gives you a taste of e-commerce without creating your own unique products. It’s a business that you can start locally or go global online. To be successful with a subscription box business, you’ll need to dive into the planning process. Outline your niche and what you’ll offer. Reach out to vendors and create a pricing model. Most importantly, deliver on what you promise.
House Hacking and Short-Term Rentals
Most millennials will tell you that buying a house isn’t in the stars. This generation came of age during the housing market crash and has continuously been told that there’s nothing left for them in terms of retirement. For these reasons, house hacking and short-term rentals have become a desirable and profitable business opportunity.
House hacking entails financing a multi-family rental property and having tenants cover the bills. Short-term rentals, like Airbnb, is another approach to this process. That income is then reinvested into other properties over time.
These five businesses are helping entrepreneurs achieve their financial dreams this year. Which one will you try?
Comment below and let us know.