Living the BYOB lifestyle (that’s “becoming your boss,” of course!) can be a viable path to achieving financial freedom. If you want to start a business, Make investments in small businesses, which one should you choose? Here are some proven company concepts to get your creative juices flowing if you’re ready to take the plunge into entrepreneurship.
Jump into the “Volume Photography” Market
Now that smartphone cameras are so advanced, most people only engage a professional photographer for once-in-a-lifetime events like weddings and celebrations. Look for photography jobs that require you to take many images in the exact location. It’s called “volume photography” for this reason.
Collecting Rent or Signing a Lease on Preexisting Property
In 2008, when Airbnb first appeared, the concept of staying in a stranger’s house for a few nights was unheard of and weird. Fast forward nearly 15 years, and the “sublet economy” is now pervasive, with a slew of “Airbnb for X” firms emerging to help individuals capitalize on their unused assets. Options in the current “sublet economy” include:
White Label a Health and Beauty Item
It can be a significant and costly project to produce a brand-new wellness or skincare product from the ground up. Have you researched the Food and Drug Administration’s rules in case your next big idea falls into this category? In these fields, it is typical for new product development to take many years.
If you’re starting to start, “white labeling” a product can be a great middle ground. White labeling is a terrific way for salon and spa owners, hairstylists, and beauty influencers to put their spin on tried-and-true formulas, as noted by Inc. 5000 firm JBK Wellness Labs.
Launch a Car Rental Agency
Many people’s cars represent their most valued non-real estate physical asset. Some enterprises are capitalizing on the growing demand for car rentals brought about by the rise of the “sublet economy.”
Begin Working on Your Own Time
Millions of freelancers have been able to find side gigs or full-time careers through online job markets like Upwork and Fiverr. In addition, LinkedIn has just released its Services Marketplace, yet another indication of the Making investments radical transformation occurring in the job market.
Do you have any writing skills? Whether it’s social media, video, or code, do you consider yourself an expert? You could be surprised by the response you get if you advertise your abilities in a place where individuals are actively seeking new employees. Working as a virtual assistant is in high demand, and your clients will tell you exactly what they want you to accomplish. All you need is an eye for detail and no specialization.
Organize a Group Activity
How about collaborating with a group of customers or clients simultaneously? You should consider hosting a live group program that lasts a set amount of time.
Since the pandemic’s beginning, the popularity of online book clubs, social clubs, and fitness challenges has skyrocketed, creating new opportunities for entrepreneurs. When advertising a group program, stress the benefits of working in a group, such as the increased sense of community and the reduced financial burden.
How to Enter the Creator Economy
Facebook, Instagram, and Snap are just a few recent examples of internet companies that have set aside money to distribute indications of Making investments to creators. Big IT companies are willing to pay you to create content online if you enjoy doing so and have something to say.
You usually need to get some traction first if you want to make money off a platform. Owners of YouTube channels, for instance, “need to be in good standing with YouTube, have 4,000 legitimate public view hours in the last 12 months, and at least 1,000 subscribers” to be eligible for YouTube’s Partner Program. With these safeguards in place, we can be sure that no new accounts will sign up with the express purpose of exploiting the system.
Start a Paid Newsletter or Subscription
Some experts have decided to take the creator way and launch their subscription services. A computer and access to the internet are all you need to start your own specialized media company if you can quickly produce content of value or interest to others.
Launch a Company That Sells Vending Machines Or Other Commercial Appliances
Do you wish to avoid the rental market altogether? Invest in something like a vending machine and approach a high-traffic public space about setting it up there. You’ll have to keep the vending machine stocked, but you can set your prices for reselling the goods through retail arbitrage.
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