Let’s face it, there are a million different articles that all recycle the same boring business ideas that nobody is actually going to follow through-on! In this article I’m going to focus solely on the genuinely lucrative ideas that are simple to start and have stood the test of time.
Now before we get started, let me be clear that if you’re starting a business, you need to be solving a problem.
If your business doesn’t solve a problem or meet an unmet need, there’s a good chance you’ll become one of the 45% of businesses that fail within the first two years of starting, according to the US Bureau of Labor Statistics.
I’m aware that different people have varying levels of skills and abilities, so i’ve tried cover ideas for all abilities.
One other thing to mention before we get started.
This is not a step-by-step guide to how to actually start and grow the business. This article is intended to spark your interest in an idea that may be suitable for you, so that you can then go and do your research and the work required to make it happen.
So, here’s 7 surprisingly lucrative business ideas.
Freelance delivery driver
Believe it or not, if you’re prepared to put the hours in, the simple task of delivering food for UberEats or Just Eat can earn you a pretty sum.
There’s also opportunities out there for freelance parcel delivery drivers, and of course Uber.
What would I do if it were me? I’d lease a combi-van (5 seats with space in the back) and do it all!
Something like this makes a perfect side-gig.
This is a recurring idea on many business ideas blogs, but that’s for a good reason.
In my experience, most gardeners aren’t great. I’ve had some terrible experiences.
If you can offer a service where you arrive on time, dispose of waste properly, and present yourself well, you’re already one step ahead!
Remember that public sector organisations advertise very lucrative contracts for gardeners – it’s not just about finding private homes for customers.
Try offering a monthly subscription service for regular visits, or to also offer a service such as window cleaning to increase the value of your customers.
It’s not glamorous, but it can be incredibly lucrative.
Once you get your head around local licences, permits and where you can offload your waste, setting up a waste management business can be hugely rewarding.
You’ll be solving a problem businesses and individuals will always have – how to get rid of waste.
Focus on growth industries, such as proving skip hire to construction sites for example.
Website design & development
If you’re good with IT, it doesn’t take long to learn how to use website builders to create a website.
There are no formal qualifications to become a website designer or developer, and it’s a growth industry!
Get started by building a few websites you can showcase to clients. Most developers charge by the project or by the hour.
You might find it best to focus on one industry or sector, or specialise in a certain type of web builder, like Wix or WordPress.
Sell on Etsy (or Amazon)
If you have a hobby business, such as printables or furniture making,, you can make $500-$1,000 a month in passive income by selling on marketplace, Etsy.
You can also supplement this by selling products on Amazon.
It’s best to be very niche with this, as a lot of commodity products are already widely available on Amazon.
Your profit margins will be bigger on Etsy, as the platform is focused on unique items. Whereas Amazon really is a race to the lowest price, minus their fees which leaves you with very little.
So if you’re selling on Amazon, it’s best to aim for high volume or high margin products. Whereas with Etsy you can aim for high price point, unique items with high margins.
Professional interior designers tend to charge clients $50 – $150 per hour!
It’s easier than ever to promote your work nowadays thanks to social media and simple website builders.
To get started, it’s best to gradually build up a social media following to showcase your work – as well as a website – and then begin marketing your services.
It may be best to specialise in a particular style or property type to differentiate yourself from the competition.
Charging an hourly rate to help others with tuition on a certain subject is very much in demand.
With the webinar platforms, or even free services like Skype and Facetime, you can now hold a virtual tuition class with students.
If you have the right skills and qualifications, here’s some of the things people look for online tutoring for:
- Professional exams, such as accounting, medicine, law
- English, Maths, Science
- Musical instruments
- Business coaching
These ideas should give you some inspiration for the opportunities that exist for you to start a business.
Remember that it’s essential that your idea solves a problem, improves something or meets an unmet need. Ideally you should aim for a growth industry that you know well.
When starting a business, it’s easy to get confused when trying to find the best website builder, hosting or marketing software. So make sure you compare business technology to find what will work best for your idea and budget.
Good luck with your new venture!