Tips to Start Lucrative Businesses

Capitalizing on an innovative business idea to realize a hefty profit is another factor which lures budding entrepreneurs. There are also “accidental entrepreneurs,” who end up creating something by simply following their hobby. Whatever may be the reason, every aspiring entrepreneur wants to see his dream take shape. The conception of any business starts with thorough research, and the aim of this article is to provide you with some lucrative business ideas.

Online Surveying

There are several companies, especially the ones which are consumer-centric, that require well-researched data before introducing, or producing a product line. For example, products like soap, wafers, toothpaste, and other consumer durables have a variety of brands in the market. Each is competing with the other, hence, they want to cater to all the needs of the consumers. This is where a research service gains importance. To save their time and effort, big companies distribute research packages to small firms which carry out the tedious work for them. Your job will be to generate online or personal survey forms to be filled by people. A research service generally ends here, but if you are already going through this process, you might want to engage into documentation as well. Documentation involves collecting, arranging, and formulating results, based on the research work. The company can also ask for other documentation work, if required. This combination uses all the resources effectively as well as efficiently.

Tutoring

Education industry braved the winds of recession in 2008-09. In fact, during recession people engaged in different courses to sharpen their skills and knowledge. Therefore, starting a tutoring business can be a lucrative option for you. You can either home tutor the students, or you can start an online tutoring venture, where you can teach the students through virtual classrooms.

Mortgage Consultation

This is a good business proposition for solo entrepreneurs who would like to cash in on the booming business of foreclosure prevention, mortgage loan modification, and short sales. Of course, one needs to have significant experience in the mortgage industry, and be professionally qualified to tell people the best ways of handling these situations. As most mortgage specialists are either employed by insurance companies, or by mortgage lenders, the business can hope to gain ground only by way of referrals. Generally, people prefer working with specialists, who are employed (or referred to) by insurance companies, rather than those employed by the lender. This is because private mortgage insurance companies have more to lose if the defaulter’s situation is not resolved amicably. To start this venture, you will need a wide network in the insurance industry. There is no initial investment, and you can rely on word-of-mouth publicity, or print few ad leaflets to market yourself.

Credit Repair Service

A credit repair service acts as a middleman between the credit bureaus and the consumer by helping the latter address mistakes in the credit report. Although the consumer can always take up the matter directly with the credit bureaus, the time and the effort involved deter the consumer from addressing the issue. For instance, a Chapter 7 bankruptcy discharge may not get recorded. In other words, the debt balance after bankruptcy discharge may still be positive. In such cases, the credit repair company can ensure that only the history of delinquencies get reported, and not the absolved debt. To start this business, you will need a joint partnership with a credit bureau and a good telecommunication service. A small office with 5-10 employees to start with will suffice the needs of the business.

Pet care

Working people need someone to take care of their pets during daytime, and this has created a multimillion dollar industry for pet daycare. This business venture requires moderate initial investment, including costs for renting a place, food for pets, and money to be paid to the concerned licensing authority of your area. Location of your business, along with innovative marketing can go a long way in ensuring that you get considerable number of clients once you start up.

Car Washing

Due to the hectic lifestyle of people, many people don’t want to invest their time in washing their vehicles. They usually look for people who can do it for them quickly and efficiently. This is one of the prime reasons for the growth in the car washing sector. Many aspiring entrepreneurs are looking at this as a great opportunity to start their business. The cost involved in renting a place, buying the required equipment, and employing car washers is moderate, and you can break even within a year of starting.

Salon

Looking good is a part of an individual’s overall personality and no matter what state the economy is in, people always manage to spend on grooming and personal care. If you have a knack of experimenting with different hairstyles, or you have some experience with providing services such as facial care, manicure, etc., you can use your skills to start a salon of your own. Renting costs can be high as you will need to position yourself at a bustling location to gain visibility, but the margin for profit is also lucrative in this sector. If you have little or no experience in this field, but sense that this venture can work in your area, you can employ hair stylists and cosmologists to start this business.

Interior Designing

The changing lifestyle of people has led to an increase in the number of homeowners taking the help of interior decorators and designers to create splendid and colorful homes. Although one needs a state-issued license to be formally called an interior designer, there are many designers in the market who do not have the required degree, but still are sought-after by homeowners. Interior decoration can be an exciting entrepreneurial option for young designers who have worked for a long time with a firm, and now want to start a business of their own. According to market trends, most interior designers either charge a lump sum for the project they take up, or they are paid on an hourly basis.

Freelancing

There are innumerable talented writers, editors, bookkeepers, translators, and tutors, etc., who have shunned the monotony of a regular, full-time job to start a freelance venture. Opportunities are rising in this field as most companies are now less reluctant to hire freelancers for their projects. There are some caveats though. The freelance market has saturated over the years, and new freelancers are often quoted low-rates. You can certainly moonlight until the time you are sure that you are ready to take the risk of having a non-fixed income for an indefinite period of time. You need to market yourself well as the work involves dealing with clients through internet, where your portfolio will determine the quantity and quality of work that you get to do.

Wedding Planning

During nuptials, everyone wishes that they get to spend some quality time with their loved ones and someone else does the running around for them! This is where wedding planners step in. If you have excellent negotiation and multitasking skills, and have the patience to look after every minute detail, you can think of getting into wedding planning. With people looking for new ways of hosting marriage receptions, you will need to be innovative to make a name for your company in this field. Profit margins are high as you need minimum investment at your end.

It is important to mention that there is a certain amount of risk in every business venture, and you need to ensure that you are taking that into consideration. Launching a business is not a thing that you can do overnight. It requires considerable amount of research and planning to come up with an idea that is unique and popular.