Starting a business is often touted as an excellent way to break away from your 9-to-5 and experience personal and professional freedom. In fact, it looks perfect at first glance. You are your own boss. You are in charge of how much money you make. You call all the shots. What few fail to mention, however, is that running a business is not always a profitable endeavor. One must carefully consider what their ideal business would look like and whether or not they are able to compete and make money in their chosen market.
Are you considering starting your own business? Before you begin drafting up your business plan, take a look at the most successful business ideas below for inspiration and consideration.
1. Supplement Business
As long as people are looking to build muscle, improve their health, or boost their nutrition, supplements are going to be in demand. Fortunately, this means that those who are passionate about supplements can enter this market and potentially make a living selling their own products. Whether you are someone who regularly takes workout supplements, wants to sell herbal supplements, or is looking to bring a new twist to vitamins, you can turn your supplement ideas into a successful business.
The biggest consideration to make, however, is whether you want to start your business from scratch or are looking for as much help with the formulation and production side of things as possible. Generally, it is a good idea to partner with organizations that are skilled in developing the product, letting you handle your marketing and business needs. Take, for example, Makers Nutrition. Makers Nutrition is a supplement manufacturer that takes care of everything from formulation to fulfillment, providing you with the highest quality end product for your customers. Whether you are looking to sell vitamins or proteins (they have over 6,000 raw materials to choose from), Makers Nutrition develops the desired formula, gives you the ability to choose the format of your supplement (selling gummies or softgels, for example), helps you with your label design needs, and even handles and ships the product to its destination. This way, you only have to focus on developing your platform and making sure that word of your product is reaching your target audience.
Put simply, not only can selling supplements be lucrative but it can be easy to do as well!
2. Real Estate
Investing in real estate has always been a great way to earn money, especially if it becomes your full-time job. That said, real estate is an industry where there are multiple ways to make money. Generally, there are two major paths that you can take in this kind of business:
- Earning through appreciation: Selecting real estate that will appreciate in value depends upon finding the right location and making sure that your building provides added value to said location. For example, let’s say that you have purchased homes in an area that is well-known for being safe and located near schools and major shopping centers (and in a high-demand area like Los Angeles). You can then take those homes, renovate them to add more value to the property and sell them to interested buyers who are seeking out property in that in-demand area. Adding value is as simple as enlisting the help of a reliable company that can tackle major renovations like home remodeling, garage conversions, and constructing accessory dwelling units (ADUs). Just start by searching for companies using a relevant search term like “ADU Los Angeles,” seek out a reliable company who can take care of your needs like Levi Construction, and let them take care of these renovations, whether those be building attached ADUs or detached ADUs. Then, list those houses for sale and make your profit!
- Earning through regular income: If you wish to continue making money from your investments, you could also purchase real estate that you then turn into rental properties for individuals or families. Using this method, you receive the recurring monthly payments from your investment as long as there are people living in your properties. While it may take some time to recoup your costs (and deal with the expenses associated with running the property), this can be a better way to make money for some individuals.
Land will always be in demand. If you are knowledgable about real estate, this can be a great way to spin-off from your regular 9-to-5 and create your own income.
3. Wealth Management
Are you good with money? Do you know how to take someone’s investment and grow their wealth over time? If so, starting your own wealth management business can be another excellent way to make money. Like real estate, wealth management can refer to any number of financial services, whether that be accounting, tax filing, financial planning, or investment advice and handling. Wealth managers will often work with more affluent clients to make sure that they are taking care of their finances properly and growing their wealth as they go. If this is an area you are passionate about, the competition will be fierce, but there is room for more business (and you can make a good living doing so).
The most important thing to do if you are considering going into this type of business is to make sure that you have the foundational knowledge, skills, and legal know-how needed to establish your company or individual services. Additionally, you should also seek out the knowledge and guidance offered by experts in your industry. Take, for example, Mark Wiseman, who is a global investment manager that has extensive experience managing financial assets and working in specific areas like long-term investments, alternative investments, and private equity. Following such an expert will help you to grow your own financial knowledge over time, which will then boost your professional value and make you more desirable to potential clients. The more you seek to learn as you operate your business, the more desirable your products and service will become.
4. Holistic Healthcare
When you hold a medical degree and have enough experience in your field, it is almost expected that you start your own private practice. Whether you are an optometrist, a dentist, or even a psychologist, taking the time to take the necessary steps to advance your career and start your own practice can be a great way to make money. After all, everyone needs access to medical care, especially in specialized areas of healthcare. Why not head your own business rather than working under someone else?
Of course, you should not limit yourself to these types of popular areas. Alternative medicine is booming, with items like essential oils carving out their own path. Considering mapping out your own essential oil business plan or looking into therapies like acupuncture if these types of business ideas call out to you more than the former practices. Healthcare, whether or traditional or alternative, holds massive potential for those looking to start businesses of their own.
The most important part of starting a business is conducting the necessary research to ensure its survival. If you choose the wrong business idea and fail to do market research, your passion may go under rather quickly. To help you find some of the more lucrative business ideas to launch on your own, use the idea provided above for businesses that can be both personally and financially rewarding.