9 Lucrative Business Models to Kickstart Your Journey
One of the most universal questions I encounter is, "What kind of business should I start?" Truthfully, the response is not straightforward. Each individual is unique, possessing an array of strengths and weaknesses. Therefore, some business ventures will naturally be more effortless for you to establish than others, but without knowing your preferences and abilities, I cannot pinpoint which ones. You, after all, know yourself best.
In this commentary, I will itemize as many business concepts as I can conjure, each accompanied by a concise explanation and an example. These ideas span across three categories: Online, Offline, and Real Estate.
The piece comprises over 20 concrete businesses you can initiate immediately after perusal. Let's commence with the digital realm, considering its prevalence in contemporary society. The first one is:
1. Dropshipping/E-commerce
This model involves sourcing a supplier from anywhere across the globe, obtaining their products, showcasing them on your website, and then marketing and selling them while retaining the profit margin.
Dropshipping and e-commerce remain viable and profitable businesses. It's an excellent option if you have ample time, a modest investment, and a computer.
2. Amazon FBA
This approach involves listing a product on Amazon, positioning it strategically, and then letting the sales roll in without needing to advertise further. Amazon fulfills the orders and takes a cut, making it an alternative to dropshipping.
3. Affiliate Marketing
This strategy involves directing consumers to a third party's product or service. If they make a purchase, you receive a commission. It requires none of the traditional responsibilities of sales and works perfectly with various products and services.
A prime example of this is Hustler's University, where members can create a TikTok video promoting the program, thereby driving traffic and potential customers to the website. This model remains highly viable and can be applied to numerous businesses.
4. Starting An Agency
This is a fundamental and incredibly broad business concept. Here are different types of agencies you can start:
1. Branding & Design Agency
2. Email Marketing Agency
3. Google Ads Agency
4. Facebook Ads Agency
5. Promotional Agency
6. Twitter/YouTube Growth Agency
7. Real Estate 3D Images Agency
8. Credit Repair Agency
9. Home Detailing/ Office Cleaning Agency
The key is to establish an agency around a service that provides value to others and that you can outsource.
5. Website Development
Designing and building websites for clients is a lucrative venture. You can use social media platforms, like Twitter, to market your services and grow your clientele.
6. Graphic Designer
If you are artistically inclined, you can design graphics, logos, or website assets and sell them to interested parties or list them on various websites for purchase.
7. Thumbnail Creation For YouTubers
Creating quality thumbnails for YouTubers represents a vast job market with high demand. Ensure you hone your skills to stand out from the competition.
8. Video Editing Agency
Given the ubiquity of video content, starting a video editing agency is a promising venture. Despite seeming saturated, there is still room for dedicated and creative individuals.
9. TikTok Video Editing Agency
Offering editing services to popular TikTok creators can be highly rewarding. You can help them enhance their videos, save time, and increase their growth.
Always remember that providing value first, before asking for something in return, can significantly boost your chances of success. For instance, offering a free sample of your work can make you stand out among influencers and YouTubers.
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