Lucrative And Profitable Business Ideas To Start
Lucrative Business Ideas
What are the most lucrative business ideas that one can start with a view to becoming successful and financially independent in the future? Here are some of the most profitable businesses that you can think of starting as you pursue profitability and dream of being a respected business personality and entrepreneur.
Profitable and lucrative business ideas are all around us but unfortunately most people who think of starting a business are risk averse. They fear losses and failure while overlooking the opportunity to make as much gain as possible.
So if you have an appetite for risk, read on. In this article I will be listing what I believe can turn to be profitable business ideas that can generate you unlimited profits both in the long and short run.
Investing in the Real Estate Industry
If you are in search of a profitable business idea to work on and commercialize then you can think of investing in the real estate industry. The real estate sector is one of the most profitable sectors in the world economy. Not only is it profitable in the United States, UK or other developed countries but also the world over including third world countries.
The world population is growing at a faster rate and more births mean more demand for housing and places to live. More and more people are also leaving rural areas in search of jobs and better living in cities. Rural urban migration has been on the rise for many years which means as more and more people move to cities from rural areas, the demand for housing also increases.
Taking advantage of this opportunity could turn out to be a very profitable business for you. If you can acquire the necessary funding, consider investing in the real estate industry by
- constructing new residential houses and buildings to let
- purchasing cheap, rundown properties in popular areas and renovating them to increase their value
- buying nice homes, shops or office buildings in regions that show signs of becoming more popular in the future, with increased rent or lease rates.
The idea is to build houses and apartments, rent them to tenants and let the money flow to your bank account. This business model is also very sustainable because demand will always be there and there is less likelihood of your business bringing in negative returns. Just choose your location wisely.
New Trends in Real Estate
If you are not yet ready to invest in mainstream city real estate, look at new trends in real estate in your country. Think outside the box and see what business opportunities await you.
Lucrative businesses can be established by clever entrepreneurs in the following real estate areas:
- establishing storage facilities in areas where living space is at a premium and residents have extra furniture or personal effects to store
- parking space (covered or even uncovered) where parking is difficult for residents or businesses. A block of land without buildings could potentially be turned into a lucrative parking lot.
- investing in regional areas that appeal to tree-change or sea-change buyers.
Successful entrepreneurs identify changing trends in real estate or other industries, and take advantage of them.
Investing in the Information and Communication Technology Sector
The information and communication technology (ICT) sector is also another sector worth investing in if you aim at profitability and running a lucrative business.
In the 21st century, technology is a very hot topic around the world because people today eat, drink and dine technology wherever they happen to be. Technology holds many opportunities that were previously not possible.
If you are in search of a profitable business to start this year, think of starting a business that has to do with technology and I believe you won’t be disappointed. Here below are some information technology related businesses to consider as investments.
- Starting couple of niche websites on profitable topics, it may be a challenge operating a number of websites but there is a way out. Why not hire qualified people for each of the websites and get the best out of them?.
Once the websites are running and are being read by many target readers, you can think of monetizing (making money out of them). Selling advertising space, selling affiliate products or any other viable monetization method can turn out to be a profitable business idea and I dare you to try now.
- Set up an electronic shop in a strategic place.
- Start a cyber café in a strategic place (if there is a need for it.) If you live in a country where Wi-Fi and internet-connected smart phones are not yet readily available, look at locations near schools, offices and anywhere else where a computer related service is demanded.
- In some regions it is possible to start a radio station targeting a particular audience. You can do the same for a television station.
- Years ago, entrepreneurs could successfully start a magazine targeting a particular audience. In this day and age, printed magazines are not as popular as they once were. Many have been replaced by websites and online publications.
The idea is to sell advertising space to advertisers who pay you generously in an attempt to reach their target audience who are readers of your magazine or articles.
You should be able to make your own list of many more tech related businesses. Look at the world around you, and try to identify and meet the needs of your local population.
Investing in the Energy/Oil Sector
The energy sector is also a very profitable industry to invest in.
There is still a lot of money to be made from a successful petrol station business. It may be too expensive to start or purchase a service station that sells fuel, but perhaps you have a group of entrepreneurial friends who would enjoy the challenge and be happy to share the rewards.
If you choose wisely, an expensive start-up business can be extremely lucrative. Set up a chain of petrol stations in many different locations and you are on your way to pure profitability.
Fuelling cars is very sustainable because the demand is always there so long as there are cars on the roads. The main risk is the potential for current fuel supplies to be interrupted, but you'll have to decide for yourself if you believe the world is peaceful enough to continue supplying petroleum-based fuels.
If electric cars or hydrogen-fuelled cars or any other type of alternative fuels show signs of becoming a booming trend in the future, clever entrepreneurs will identify and accommodate the changes.
Other Types of Energy Businesses
We live in exciting times when alternative energy sources are becoming more popular.
Why not tap into solar power opportunities, or explore wind power and other alternative power sources? There might be something you can make, import, on-sell or install.
For an entrepreneur just starting out where cash flow can be a challenge, use the internet to source small solar-powered items. Buy solar-powered torches and flashlights, mobile phone chargers and small (or large) solar panel and battery storage systems.
Set up a market stall and on-sell them to consumers who fear black-outs, brown-outs or any interruption to their regular power supply.
The US is just one country where people regularly suffer power interruptions due to natural disasters like tornados and storm damage. Anyone who has experienced the inconvenience of no light on a dark night would welcome the chance to purchase an effective solar powered product.
Start researching solar power and other alternative energies, and you'll quickly identify many lucrative and profitable business ideas.
Creating Energy from Waste
No matter where you live in the world, if there's large scale use of cooking oils, there are interesting opportunities for clever entrepreneurs.
Watch the following video for some good ideas about innovative businesses you could start, making energy (and money) from waste.
© 2012 kenyaentrepreneur
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