The terms ‘entrepreneurs’ and ‘entrepreneurial’ are casually thrown around these days and each person’s dream job is to be an ‘entrepreneur’. Misconstruing the term, what they really and loosely want to be is their own boss and work at their own pace. Starting your own business is not an easy task and the risk is real. Financial troubles and bankruptcy may become very real threats if the business does not pay off. Different businesses sectors are more likely to succeed at a certain time as compared to others: while it may be IT in one decade, the next decade it may be healthcare. So which are the ten most profitable businesses in the world that are most likely to be profitable for you? Take a look below:
10
Office Space
Real estate looking too tricky for your taste? How about setting up office space that you can rent out to different businesses? While people may not always be in the financial position to buy houses, businesses will continue functioning – and they will need a space to operate from. Some options may include setting up a space for dentists and doctors, bankers and shops.
9
Real Estate
Ok, so if you want to play it big and are looking for profits that also do justice to your ambition, try the good old real estate. The prime thing to keep in mind for this, however, is the financial condition of a place overall. The good news is that following the slump of the previous decade, real estate prices are steady and buyers are a-plenty. Dive in!
8
Equipment/Machinery Rentals
You may actually be helping many other small business owners here. By providing equipment and/or machinery on rent to them, they do not have to buy their own. This reduces their business costs and brings in revenue for you. You will initially need to invest in buying the equipment or machinery you plan on renting out but will soon recover the cost of buying it. Repair and replacement costs can be built into your overall business plan. Some things you may consider renting out may include everything from bulldozers and temporary fencing for construction work to ultrasound units and hospital beds for the healthcare industry.
7
Bookkeeping and Taxes
A lot of people are horrified of keeping a record of their businesses’ numbers. Even tougher are the days when they have to file tax returns. Step in and help these businesses. Offer your services to keep an account of their costs, earnings and expenditures, and do their taxes for them. You offer them a valuable skill and they pay you for it – win-win! Also, never will the world run out of people needing other people to work magic with their numbers.
6
Recycling Pros
We think that if being green weren’t so hard, a lot more people would have been living green. You will notice that people are purposefully buying products that have a lower environmental impact. The hurdle to being environmentally conscious citizens is that it requires a lot of time and effort to recycle. If you are a budding entrepreneur, this is your chance to jump right in. Offer to help people organize their waste into recyclables and landfill material. While most people manage paper and glass, offer to pick up recyclable electronics and other things for a nominal fee. The more people you can get to sign up to your service, the more money you can earn. A good thing about this is that once you get the business up and running and have a few reliable helping hands, this is a self-sustaining business, freeing up your time for more business opportunities.
5
Specialty Foods
People are becoming more aware of what goes into their mouths – even more so if they have children, because everyone wants to feed their children safe and nutritious food. What can you do about it? Enter the market of specialty foods. Source locally produced, fresh organic food, and offer nutritionally balanced snacks and foods made of it. Looking for an even nippier niche? Try age graded foods – from infants to toddlers to teens – provide the nutrition they need at their age in convenience packages.
4
Event Planning
If you have a flair for planning weddings and a creative mind that can create beautiful areas out of space, you can also look at event planning. From managing invites to setting up the chocolate fountain, this business needs someone who is cool under pressure and pays attention to detail. Making a name for you in this field can lead to quick growth.
3
Trade Specialist
Although you will have to network a lot to gain and retain clients, once you establish yourself, a lot of people can use your help in importing/exporting their products to other ports. You can build your credibility by taking trainings and certifications in the field. Having a license in consultancy in the field will also help. The main responsibility in this field is to make sure that all of your clients’ consignments meet the international trade regulations.
2
Concept Restaurants
Food and recreation are always a lucrative industry, especially in booming economic times. Themed restaurants (more commonly known as concept restaurants) are a catching trend – with fusion restaurants boasting Asian meets American fast food to restaurants set up as spaceships, the market is big and waiting to be filled in by entrepreneurial people like you – definitely a contender to be the most profitable business.
1
Property Management
This business does not require a lot of investment and the prime key to gaining clients is diligence and superb coordination skills. With this business, you will be responsible to ensure that a rental is managed properly – in terms of repairs, house sitting if residents are away and security.
All the ideas listed above are considered to be the most profitable businesses but none of these are going to work out if you are lacking the determination, hard work and attention to detail. All of these are traits of highly successful business owner. Adopt the discipline and ethics needed to be one and you can turn any thing into gold