Even though starting a new company is difficult, finding a market need might result in a profitable endeavor. This list includes 10 businesses that people might not be aware of but that have the potential to make a lot of money.
- Virtual Event Planning: a person in charge of managing online events' logistics, technology, and smooth execution. Virtual event planning has become indispensable for many firms because of the increase in distance work and social isolation strategies. Potential income ranges from $30,000 to $100,000 annually.
starting points: Create a website, and a social media presence, and expand your client and supplier network. You can offer your services on a free or paid basis. For example, you may want to charge for webinars and virtual workshops but offer free consultations for new clients.
2. Ghost Kitchen: The ghost kitchen business takes advantage of the rising popularity of delivery apps by only offering meals for delivery or pick-up. A commercial kitchen operated only by meal delivery services is known as a ghost kitchen. Potential income ranges from $150,000 to $500,000 annually.
starting points: develop a menu that is solely available for delivery, rent a commercial kitchen; and establish connections with delivery platforms.
3. Digital Product Design: Intangible goods like music, software, and ebooks are given digitally as "digital products." Digital product design services are becoming more and more necessary as consumer demand for digital goods rises. Potential income ranges from $50,000 to $150,000 annually.
starting points: Create a portfolio, develop an online presence on social media, and connect with new clients.
4. Online Tutoring: As the name implies, teaching someone or a group of people online. Online tutoring services are in increasing demand as remote learning becomes more widespread. Potential income ranges from $17.63 an hour to $36,000 annually.
starting points: create a website and a presence on social media, set reasonable prices, and connect with potential customers.
5. Personal Shopping and Styling: Many people are willing to pay for personal shopping and styling services to improve their fashion sense. Revenue potential: $30,000 to $100,000 per year.
Steps to start: develop a website and social media presence, and build relationships with fashion designers and stores.
6. Mobile Car Wash: Instead of you going to the automobile wash, a professional service brings the car wash to you at your convenience. Those who are too busy to clean their automobiles may find a simple alternative in mobile car wash services. Potential income ranges from $50,000 to $150,000 annually.
starting points: get a van or truck, spend money on tools and cleaning supplies, and cultivate contacts with auto shops and companies.
7. Social Media Management: Creating and managing social media campaigns, providing content, evaluating data, and interacting with important stakeholders in a company are all typical responsibilities of social media management, Social media management is necessary for businesses to better manage their internet presence. Potential income ranges from $30,000 to $100,000 annually.
starting points: Create a website and a presence on social media, build on your portfolio, and connect with possible clients.
8. Language Translation: the act of translating the written text into another language in a form that is contextually and technically acceptable so that its target audience may comprehend it, As the world becomes more interconnected, demand for language translation services is rising. Potential income ranges from $50,000 to $150,000 annually.
starting points: Create a website and a presence on social media, put together a portfolio, and connect with potential customers.
9. House Flipping: Buying troubled houses, fixing them up, and then reselling them for a profit is known as house flipping. Buyers will often discover these homes either through bank short sales, foreclosures, or real estate auctions. With the housing market booming, house flipping can be a lucrative business. Revenue potential: $100,000 to $500,000 per year.
Steps to start: Develop a network of real estate agents, contractors, and investors, secure funding, and identify undervalued properties.
10. Personal Concierge: a person who handles things and makes arrangements for busy individuals. Instances include reserving a seat at a restaurant, hiring a cleaner, setting up trades and services, planning events, and even organizing a move. A personal concierge will conduct any necessary errands for the client, including paying bills, collecting dry cleaning, and personal shopping. With busy lifestyles, personal concierge services can assist with errands and tasks. Revenue potential: $30,000 to $100,000 per year.
Steps to start: Develop a website and use social media, and tell someone to tell another person about what you do.