I’m well aware that COVID-19 has altered the business environment, and there’s no better time than now to start a new business if you’ve recently lost your job or want to gain financial independence. There has never been a better time to start a business because we’re on the verge of creating some whole new industries and creative business concepts as a result of the virus, which has wreaked havoc on certain businesses while causing a true boom in others.
Keeping this in mind, we’ve compiled a comprehensive list of lucrative enterprises that you may start on a shoestring budget. Become a business owner right now!
All small enterprises are governed by a simple rule: “It costs money to make money.” We’ll provide you with a list of lucrative small businesses in the United States.
1. Marketing and PR services
When it comes to marketing services, every company has a story to tell, but not everyone knows how to tell it. If you have strong interpersonal skills and a solid network to notify potential clients about your capabilities, starting a public relations agency can be a great idea. One of the most profitable little companies you can establish is this one.
This is where marketing experts come in. Professionals in marketing and public relations have the skills and resources necessary to communicate your brand’s story and ensure that the correct audience hears it. With the rise of influencers and the fall of print media, it’s an ever-changing business, but there’s still money to be made in the various paths available to marketers.
2. Business In Freelancing
This is the world’s most profitable business. It can take numerous forms: graphic design, freelance writing, social media experts, and so on.
You should be aware that a growing number of people are resorting to freelance work. The gig economy employs roughly one-third of all workers in the United States. This equates to approximately 57 million people. Working for yourself and taking on a few little projects might be a great way to supplement your income. If you can locate long-term clientele or a constant influx of new consumers, it can turn into a full-time job.
Outsourcing services are continuing to change the way businesses interact with their employees, which means more project options for freelancers.
For passive residual revenue, write about what you know and sell an ebook or paperback online. Series novels and books on technology, fitness, cuisine, parenting, and nonfiction books about business and money sell well.
If you’re certain of your story’s ability to sell, you owe it to yourself to create a book. Don’t worry if you have no experience with self-publishing. You can self-publish eBooks and paperbacks for free using Amazon’s Kindle Direct Publishing service. You can reach millions of potential readers on Amazon’s website by using this platform.
Self-published ebooks accounted for 40% of the top-selling ebooks on Amazon in 2016. You may estimate how much of the market independent authors control if global ebook publishing revenue in 2019 was $12.32 billion.
4. Real Estate and Real Estate Brokering
This business is perfect for you if you have a large network. As a realtor, you can create your own schedule and work on your own time. You can also get a broker license and start your own brokerage firm. Brokers operate as a go-between for sellers and purchasers. With an average net profit margin of 17.4 percent for leasing and 14.8 percent for sales, real estate has a lot to offer.
Because it’s such a competitive sector, breaking into it may necessitate meticulous planning. It is, however, feasible to succeed if you take the appropriate approach. Don’t aim for large commissions when you’re first starting out. Instead, concentrate on landing your first contract. Once you’ve mastered that, it’ll be much easier to persuade clients to work with you.
5. Business Consulting
Consider consulting if you’re an expert in your field and have worked in it for a long time.
Most successful consultants are later in their careers, have specialized knowledge, and are extremely organized and well-connected. They also understand how to grow a business and how to keep customers pleased. Being an independent consultant, like other sorts of freelancing, is a business that requires networking and negotiation.
What’s the best strategy to receive your first business consulting project if you’ve decided to become a business consultant? To begin, consider providing your services for free. Free consulting can assist you in learning the ropes of the industry. It will also give you the courage to charge your subsequent customers.