Venturing into business is one way of achieving financial success. Small businesses continue to grow at a high rate due to many opportunities and economic expansion. While all businesses may seem profitable, some are more lucrative than others.
It is, therefore, important to carry out a thorough market research and prepare a concrete business plan that will solidify your prospects. Below are the most lucrative business ideas that can thrive even with minimum capital.
Real Estate Sales and Leasing
The real estate selling and leasing business is currently one of the most profitable ventures out there. With more people seeking to buy or rent land and property, the sector has been flourishing since the 2008 economic meltdown. It has minimal overhead costs as agents can work from virtually anywhere.
To succeed, one needs to find a suitable property and connect with the ever increasing market. Good marketing skills are also essential. Find and market properties in appropriate locations with potential for growth such as Whittlesea land for purchase or sale and offer potential buyers irresistible deals.
The prospects of success of the business are very high. Research shows that profit margins range between 14 percent and 18 percent. Creating a good clientele base can be a challenging task, though. Like other business ventures, patience and persistence are essential for success.
Tax Preparation Accounting and Financial Services
Tax preparation, accounting and financial services are in high demand as they form the backbone of businesses. It has minimal overhead startup costs other than office space, as well as computing equipment and software.
With its high demand, the profit margin ranges between 18 percent and 20 percent, offering a conducive environment for growth. One needs to have the necessary training and skills such as bookkeeping and tax preparation knowledge and accounting certifications.
Relevant work experience is also essential in commanding better rates.
Warehousing and Storage
Storage facilities are always in demand. The demand can be from residential or commercial clients as homeowners may lack enough space in their houses to store their possessions. Businesses too may need extra storage space for equipment, raw materials and products for distribution.
The venture is rather costly as acquiring or constructing storage facilities needs substantial capital investment. Installing specialized equipment such as lifts and refrigerators will also demand a lot of money. On the other hand, though, the profits are equally good and promising.
With a profit margin of between 10 percent and 15 percent, the investment has good yields.
Personal Training and Fitness
There has been a steady rise in the demand for fitness instructors in recent times. More and more people are hitting the gym in the quest to keep fit and remain healthy. Qualified trainers have the opportunity of working in own gyms or be contracted by others.
Starting out is not as complicated as the overhead costs are low. Training and certifications are also easily accessible and affordable. The personal trainers can work flexibly with the clients’ time, thus, allowing them the advantage of maximizing on profits.
Being strategically placed and having good marketing skills can be of great help to the success of this venture.
The above business ideas have high-profit margins and potential for prosperity. While starting out could be scary, the rewards will be high and you could end up being a very successful entrepreneur.