- If you're interested in
starting your own business,
then you're probably aware that
there are a lot of
opportunities out there.
Maybe you've looked around
at some of your options,
you've watched some
videos like this already,
read some blog articles,
and you've seen the lists of all the
different things you can do.
The problem with a lot of the jobs
that you'll see on those lists is that
they don't pay very much and you
probably wanna start your own business
so that you can increase your income
so that you can have more
flexibility and freedom
and be your own boss,
but unless the job pays reasonably well,
it's not gonna do that.
In this video, I'm gonna share
with you 12 different ideas
for businesses that
you can start this year
that have very high profits.
Before we get into the list,
I just wanna let you know that there are
kind of two different ways that a business
could have high profit.
One is if the business
is in a big industry
where the business has the opportunity
to earn a lot of revenue.
In that case, even if the
expenses are also relatively high,
the business could keep
a lot of the profit.
For example, let's say
there's a business that earned
a million years, they make
a million dollars in sales.
Even if their expenses are $800,000,
they still will keep $200,000 in profit,
so that's a fairly large amount of profit.
On the other hand,
there are business opportunities that
aren't in such big industries and
maybe don't have the opportunity to earn
such large amounts of revenue.
Take for example a music teacher.
They're teaching one student at a time
or a small group of students
and they're just one person.
The amount of money that they
can earn total is limited,
but their expenses are very low,
so their profit margins are very high.
They might be able to keep 80% or even 90%
of the money that is paid to them.
If they earn $100,000 a year,
they're able to keep
$80,000 or $90,000 of it
and they can still earn a great living.
In this video, you're
going to hear some of each
of these different types of opportunities.
Some of these are bigger businesses
that have bigger potential for earning.
Others of them are small businesses
that you could do all on your
own, just a one man team,
but you're able to keep
a lot of the profits.
As you hear each of these ideas,
just be aware that there
is that variety there
and that some of these
ideas might appeal to you
because maybe you wanna
build a big business
and others might appeal to you if you want
to keep things really small and simple.
One last thing before we
get into the first idea
and that's just if you're new here
and you wanna learn more about
entrepreneurship and success,
then be sure to subscribe to my channel
because I make new videos on
those topics every single week.
With that being said,
let's get on into the first of these
most profitable business ideas.
Business idea number one is IT support.
With so many people using
technology in so many ways,
there is a lot of opportunity
for things to go wrong
and people to need help.
That's where an IT support
specialist can come in.
This is something that you
could do all on your own
as an individual and keep
a lot of the profits,
or you could hire other
people for your company.
You'd keep a smaller
amount of the profits,
but you'd be able to serve more customers.
Right now, you might
already have the skills
and the know-how to be
able to support people
really well with some
specific type of technology,
or you might need to get
some training yourself
to be able to provide your customers
with a great experience and
be very, very helpful to them.
Like I said, there's a lot
of different ways you can
help people with technology.
You could help people with
general computer support,
or with their website,
or you could help people with their phone,
you could help fix phones,
there's all sorts of
different things you can do
and most likely, if you're
watching this video right now,
you're at least a little bit tech savvy.
Business idea number
two is app development.
In order to develop apps,
you do need to have the technical skills
and understand coding languages so that
you can create the apps.
I want you to know that this opportunity
is more than it might seem at first.
It can be easy to think that the
only way to make a lot of money with apps
is if you get lucky,
if you make an app that happens
to take off and go viral,
but there is actually a
much bigger opportunity
and a much more dependable opportunity
if you create apps for other people.
There are all sorts of people out there
with ideas for apps that they want
to see created and that
they're hoping might take off,
but if you have the skills to create apps,
then you can serve those people,
bring their ideas to life,
and get paid for the work.
Because of the technical
nature of this work
and because not very many
people have these skills,
app developers are paid
a high average wage
and if you are working as a solo printer
on your own as an app developer
or you are a freelancer,
then you will be able to keep a very
high percentage of the
money that you earn,
which means that this
job is very profitable.
Profitable job idea number three
is apparel and accessory rental.
This is quite different from the
other jobs that I've mentioned so far
because it definitely
falls into that category
of a bigger business with
lower profit margins.
This type of company rents out clothing
or accessories or other
things to consumers.
In this way, the consumer
can pay a relatively
low monthly fee to have access
to a lot of different wardrobe options.
You do need a fair amount
of start-up capital
in order to start this business because
you have to purchase the items that
you are going to rent out.
That will be one of your first expenses.
You're probably also going to need to hire
some people to serve your customers.
As you can see, there will be
some expenses along the way.
This business isn't going
to cost nothing to run,
but you are able to serve
a large number of customers
and there's a big demand
for this right now.
All sorts of brands have been popping up
and even big well-known
established clothing companies
have started to offer this service,
which is just additional proof that
it is in fact profitable.
The next profitable business
idea is marketing copywriter.
A marketing copywriter is someone who
writes the words that you
see in marketing materials
such as advertisements.
As I'm sure you're aware,
people get paid for
different kinds of writing.
There are people who write fiction books
and nonfiction books,
there are people who write
articles for magazines,
and there are people who
write advertisements.
There are people who write the
words that are on billboards
and the words that are
said in TV commercials.
All these different kinds of
writing pay different rates.
For example, if you wanna
be a fiction writer,
not only is there a lot of competition,
but it's also quite common to get paid
anywhere between one and five
cents per word that you write.
For example, if you were to
write a 5,000 word short story
that got published in
a book of short stories
or in a magazine, it would
be pretty common to get paid
no more than $50 or $100.
On the far other end of this spectrum,
you have marketing copywriters that are
paid a very high rate per word.
It is not uncommon for
a marketing copywriter
to write the words on a webpage that
might be no more than 500 or 1,000 words
and get paid $5,000 or
even more for that work.
If they're writing 1,000
words and getting paid $5,000,
that means they're
getting paid $5 per word,
which is a lot more
than one to five cents.
Business idea number five is supplemental
academic course-ware.
Academics are big business.
As I'm sure you're aware,
there are all sorts of different schools,
everything from elementary schools
to colleges and universities
to specialty trade schools.
While many of these institutions
provide great learning,
often times, students need
some supplemental help.
They might go to a
tutor or they might take
a supplemental online course.
These courses aren't accredited,
but they really help the students.
They help the students to
perform better in school
and get better grades and they also
give the student information that will
help them in real life.
If you have a subject
that you are skilled at,
maybe you're a teacher yourself,
you could create one of
these online courses,
sell it on your own website
or on a public course platform
and earn anywhere between about
$10 per course that you sell
all the way up to around $500 to $1,000
per course that you sell depending on
the topic of the course and
how it helps the students.
Business idea number six
goes right along with that
and that is business and
marketing course-ware.
Aside from academics,
the other big category that people create
online courses in is
business and marketing.
That's because two of the main areas
that people want to be successful
in life and first of all,
their education to advance their career
and then second of all, earning
money with their businesses.
In order for people to learn how
to successfully grow their business
and market their business
and attract customers,
they have to somehow get that knowledge.
Often times in the past,
people would look to books,
but as the world has continued to change
more and more quickly and
technology has advanced,
not only was it impossible for books
to keep up with all of
the new information,
but people also discovered
that many of them
liked learning through video.
If you have a background in
business or marketing yourself,
maybe you've had success in those fields
or you have expertise in those fields,
then you can create
courses on these topics
and sell them to people who want
to learn these skills as well.
Because these are the sorts of skills
that help people to earn more money,
they're willing to pay
more for these courses.
These courses typically sell for
anywhere between $50 and $5,000.
One more thing about these
course-ware businesses,
the profit margins tend to be very high.
Because you're selling digital goods,
you don't have to pay for the product
to be developed and manufactured and
shipped to the customer.
You can create and sell additional copies
with the click of a button.
It's very easy for you
to sell many, many copies
of your program and keep
most of your profits.
The seventh idea on this list
is social media management.
As many businesses want to
market their businesses online
by growing a following on social media,
they realize that they need
some help in this department.
It can be very time consuming to create
content for social media
and a lot of companies
simply don't have the
skills or the knowledge
of how to do this very well.
They also don't have the man power,
so they want to hire someone,
maybe someone like you who's organized
and is knowledgeable about
social media and reliable,
to post their content on social media,
or help them create that content.
Because this is something that a lot
of businesses don't really have
the skills internally to do,
they're willing to pay a
pretty high rate and again,
this is something that helps
businesses earn more money,
so they're willing to invest in it.
The skills that a social
media manager needs
are not very extensive.
Like I mentioned, if you
are organized and you are
very knowledgeable about social media,
you're familiar with the platforms
and you've learned a
little bit about marketing,
then you can be a great
asset to these companies.
Business idea number eight is
bookkeeping and accounting.
This business idea does
require more skills,
more training, more study
than many of the other jobs
that I'm mentioning on this list,
but that just makes this a great time
to interject the idea
that your current skills
are not fixed.
In the past, I watched videos like this,
I read articles like this because
I wanted to start my own business.
As I read through those lists,
I felt a little bit discouraged.
I felt like I couldn't do most of the
ideas that I was learning about and so
I didn't know what I could do,
but what I didn't realize at first
was that I had the opportunity to learn
any of the skills that I needed
to really take advantage of
any of those opportunities.
As you're listening to this list,
if you are feeling like you're
not able to do this job,
or you're not able to
start that type of business
because you lack the skills
or you lack the knowledge,
don't let that stop you.
The training is out there,
it is available to you.
There's lots of free
training available online
and there's other training
that you can pay for
if you want to go even further with
any of these different opportunities.
With that being said,
let's talk about
bookkeeping and accounting.
For many years now, it has
been ironically reported
that bookkeepers and accountants
consistently have the
highest profit margins
of just about any field out there.
If you look at any list of industries
with the highest profit margins,
you will see accounting
right there at the top.
If you want to develop the skills that can
help you earn a good hourly
rate and keep a lot of it,
then accounting could be
a great option for you.
Business idea number nine is
industry specific consulting.
Consulting is where you
provide expert advice
in a specific field to help
businesses or individuals
become more successful
or complete projects.
There are many different
types of consulting,
really everything from academic tutoring
(is a type of consulting) all the way up
to business consulting where you're
advising businesses on the
best strategy to pursue,
but some of the best consulting fields
are industry specific consulting.
Where you have inside knowledge perhaps
based on years of experience or prior
training that you've gotten,
or results that you've
successfully achieved yourself
and you're able to help
companies or individuals
in that specific industry
to achieve similar results
as you've been able to
achieve in the past.
Consulting is a type of business with
a very high profit margin
because your expenses
are practically nothing,
especially if you're
consulting over the web
and you're not traveling to your clients
or maintaining an office.
The next profitable business idea
is marketing strategy services.
In order for businesses to make money,
they need to get customers.
One of the main things that
they need to do to get customers
is to market themselves.
This can involve everything
from posting on social media
to running ads on Facebook
or Google or YouTube
to putting billboards up or posting signs
in different locations,
but here's the thing,
there are a lot of options
for these businesses
and it can be tough for them to figure out
which option is right for them and
how to get the biggest
results with that option.
It won't do any good
for them to spend money
posting ads on Google if those ads
aren't strategically designed
to actually attract customers.
They might be completely
wasting their money.
Instead of risking that gamble,
most businesses choose to hire some sort
of marketing strategy consultant
or marketing strategy
specialist to help them
get the best results with
their chosen type of marketing.
Every single year, new types
of marketing and new platforms
are developed and that means that
this is an ever growing industry and
an industry that always
has new opportunities
and one that is never saturated.
It's a great industry for
you to develop skills in
if you want to work as a
marketing strategy consultant.
Business idea number 11 is
virtual assisting services.
A virtual assistant is
someone who provides
basic help to an
executive or an individual
via the internet.
Just like an assistant who might work
in an office with an executive,
a virtual assistant provides
similar services online.
Something that you'll notice as you look
at different opportunities
that are out there
is that the more specialized and
the more technical they
are, the higher they pay
and the more general they are and the
easier it is to learn the
skills that are required,
the lower they pay.
Virtual assisting is definitely on the
lower end of this spectrum
not because anyone can
do it with no training,
but because the training that is required
is fairly simple and straightforward
and it's things that anyone can do
if they complete the training.
Because of that, virtual
assistants do earn
a lower hourly rate than many of these
other jobs that I'm talking about.
However, virtual assistants
that are native speakers
do still typically earn
between $20 and $30 per hour,
which is significantly above minimum wage.
Aside from that, this is
one of those jobs with
very high profit margins.
Not only are you going to be
earning $20 plus per hour,
but you're also going to be able
to keep more than 70% of
the money that you earn.
Finally, the 12th profitable
job idea on my list
is editorial services.
Editorial services is actually a rather
broad field that includes everything from
technical editing to
writing services, but here,
I'm talking mostly about
the editing side of things,
copyediting, technical editing,
substantive editing, and
things like formatting.
These are skills that are
relatively simple to learn,
but are a big help to your clients.
They can help to vastly improve books,
which can make the book much
more successful later on
and so people are willing to pay
a pretty high hourly rate
for these editing services.
There's also a lot of
different opportunities here
with how you can use these skills.
You could work as a freelancer working
one-on-one with clients, or
you could start an agency,
hire people to work under with you
and work with more people,
or you could get a job with the editing
skills that you learn.
As a freelance editor
or editorial consultant,
you're able to keep a very
large amount of your profits,
making this a very profitable
type of business to run.
On the other hand, if you
choose to go the agency route,
you're able to work
with a lot more clients
and still keep a fairly large percentage
of your revenue for an agency.
That brings us to the end of this list
of 12 of the most
profitable business ideas.
I hope that you heard an idea on this list
that really stuck out to you,
something that sounds interesting to you.
Again, don't limit yourself to the
skills that you currently possess.
Pursue one of these opportunities that
sounded the most interesting
or the most enjoyable to you
or sounded like the best opportunity.
I promise that if you put your mind to it
and you do the work, you
can learn these skills,
you can get the experience that you need
and you could take
advantage of any of them.
Again, if you'd like to
see more videos about
entrepreneurship and success
and personal development
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people find this video as well.
Before you go, I've got
one more cool opportunity
to share with you if you're interested
in earning more profit this year.
If you'd like to learn more about
how to actually increase the
profits of your business,
or you're thinking about
starting a business
and you want to get it
started right from day one,
then I'd like to invite you to join us
for the profit planning challenge.
This is a free four-day event,
it takes just about 30 minutes per day,
and guides you through
the process of writing
a profit plan for your business.
A profit plan is a lot
like a business plan
except it's focused on one key objective,
driving your business to
where it's making more profit
while allowing you to work
fewer hours in your business.
Basically, it will give you
a framework to earn more
for every hour that you work.
If that sounds like something that
you would like to do for
yourself and for your business,
then join us for the next
profit planning challenge.
There's a link down below
where you can sign up right now
and like I said, it's completely free.
Hope to see you there.
Thanks again so much for watching and
I look forward to seeing
you again next week.
