For some people, gaining a position within a reputable firm and committing to a 9-5, Monday to Friday working regime is acceptable and perhaps even an enjoyable way to make an income as an adult.
Careers are made by slowly working your way up the corporate ladder. By learning the new skills and knowledge that are needed to give you a good chance of gaining key promotions, the outcome can be improved income and greater responsibility in the workplace.
However, for aspiring entrepreneurs, running a successful small business is a far more enticing prospect. Being responsible for the future direction of a company and enjoying a luxurious lifestyle that comes from business success are key drivers for many entrepreneurs.
If you are looking for a new business opportunity, the following article should inspire you. Three potential business ventures are discussed that may be of interest to a range of aspiring entrepreneurs.
1. Consider property flipping
One of the most reliable ways to make money is by investing in the property market. As a rule, property values typically rise over time, which can generate significant streams of revenue if you amass a portfolio of properties and buy them to rent.
However, another way to make a quick return on your investment is by property flipping. Generally, this is the practice of buying a property and undertaking some renovations or improvements that will add value to the home before putting it back on the market for an increased asking price.
If you do not have the financial capital to invest in a first property, consult private money lenders for real estate. Such organizations will be able to offer a short- to medium-term loan (typically between 3 months and 3 years) that is secured on the property. In addition, they may be able to provide finance more quickly than a traditional lending institution such as a bank.
2. Drop shipping: a low-cost startup
If you are a young entrepreneur who seeks to start a small online business that does not need significant levels of capital investment, drop shipping may be ideal. Simply put, drop shipping is a business model whereby the business owner acts as an intermediary between the buyer of goods and the supplier.
All that is needed is to create a professional and high-performing website that is used to display the products, with secure payment methods for customers who make a purchase. Once the purchase is made, a sales order is sent to the supplier who then fulfills the order.
Your prime goal as a drop shipper is to generate high sales volumes via your website. You do not need to store the stock or invest in warehouse premises as the supplier will take care of all shipments.
This can be an excellent first business for young entrepreneurs and can provide revenue streams that support future business ventures.
3. Create an online course
Briefly, another viable startup business for entrepreneurs with specific knowledge is to create an online course and charge individuals to download it. In 2024, knowledge has true value, and millions of people routinely pay for a wide range of courses that will help them in their careers or for personal development.
Create a course content framework and begin to record videos for each area of the topic. When your course is completed, it can be uploaded to sites such as Udemy, which will take a set percentage fee (of the course cost) for hosting your course.
Remember to update your online course as new knowledge becomes available so that it remains relevant and continues to be bought by students.