When starting a business, there are many different factors to consider. Some of these include start-up cost, earning potential and profitability. Depending on what your background is, you can put your own personal talents to good use and begin a profitable business. Some businesses can be started easily and from the comfort of your own home, while others require a little more know-how and start-up capital.
Real Estate Development
One type of business that you could consider starting is a real estate development business. Real estate development is one of those fields with unlimited earning potential. As the owner of a real estate development company, the amount of money you make is dependent upon your ability to buy or lease properties below market value and then sell or lease them at or above market value. This is a business that may require some start-up capital, but some people have broken into this business with little to no capital. Allbusinessschools.com notes that senior-level real estate developers working for real estate development companies make in excess of £97,500 per year. This provides a strong indicator that the earning potential for the company owner is substantially higher.
One of the fastest growing job fields, according to the Bureau of Labor Statistics (BLS), is that of consulting. The Bureau expects the number of consulting jobs to increase at a rate of 83 per cent from 2008 to 2018. Much of this will be the result of newly emerging consulting companies that offer their expertise to businesses and other organisations for a fee. If you have excellent research skills and a degree in business, finance, marketing or economics, you could potentially use that to start a one-man or one-woman consulting business. According to the BLS, the highest paid professionals in this field were paid a median wage of £40.7 per hour by employers for their services. Starting your own consulting service could yield substantial results, since you may only be paying yourself initially. Aside from research resources, very little overhead is needed for a consulting business.
If you have an interest in working from home and have little to no start-up capital, an affiliate marketing business might be one venture you should consider. Affiliate marketing involves selling products and services for other people online. Using websites like clickbank.com, you can have access to hundreds and even thousands of different products to sell. One of the best aspects of affiliate marketing is that you do not have to buy the products in order to sell them. Instead, you are given a unique I.D. that is embedded into a link or banner script that identifies you as the seller. You can write reviews and post free classified ads online. Every time someone buys a product as a result of your advertisement, you are paid a percentage of the sale price. The only start-up cost associated with affiliate marketing is if you decide to utilise some paid advertising. This business has unlimited income potential but it may require some patience and practice before you start turning a profit.