Most people dream of owning their own company someday. However, when they’re finally at the stage where they could do it, they realize that running, let alone starting, a business can be challenging in all aspects. You have to think what type of business you’ll start, how you’ll obtain inventory, perform marketing strategies, and how you can scale up. Then another realization strikes again: you need financing to do all these. Fortunately, applying for a business line of credit has never been easier today.
However, this shouldn’t stop you from achieving your dreams. All entrepreneurs go through the same stages and many of them end up succeeding in their respective industries. With so many business ideas out there, it can be difficult to choose one that’s best for you. You should also remember that not all businesses are created equal and you’d need to do different things to make your company profitable.
If you’re looking to operate your own business, but you’re fresh out of ideas, here are five profitable businesses you can try before the year ends.
1. Mobile Car Wash Services
In today’s busy world, people are willing to pay more for convenience. In fact, most people would rather pay a fee for the services of a mobile car wash than drive across town to have their car cleaned. This is especially true for affluent people with luxury cars because they prefer a more personalized service.
Going mobile gives you a unique value proposition compared to a regular car wash and auto detailing services. Additionally, you also don’t have to spend too much money on overhead and startup costs of having a physical store.
2. Business and/or Marketing Services
Unfortunately, engineers, artists, doctors, and other college graduates don’t have entrepreneurial skills to help them succeed in the business world. But if you happen to be blessed with these skills, you can use your expertise to create an incredible income opportunity. You can offer to help others with business plans, create marketing and/or advertising strategies, and more. The opportunities are practically endless.
3. Mobile Hairdresser
Skillful hairdressers are always in demand, and just like mobile car wash services, people pay more for the convenience of having their hair styled in the comforts of their own home. The startup costs of a mobile hairdressing salon are also relatively low. You only need to invest in the following:
- A variety of scissors
- Salon towels
- Combs and brushes
- Hair tools like blow dryers, straighteners, curling iron
- Chemicals for coloring, perming, and bleaching
- Shampoo, conditioners, and styling products
- Bowls and brushes for mixing hair color and treatment products
4. Drive for Uber
Did you know you can earn more than $20/hour driving for Uber? and you have total control over your schedule. You can even use your own car or invest in a new one. To drive for Uber, you must be at least 21 years old, licensed to drive in the US for at least a year (3 if under the age of 23), pass a background check, and more. Once approved, you can start driving as soon as possible.
5. Vacation Rentals
Airbnb and VRBO have made it possible for homeowners to profit from their unused property or even an extra bedroom. If you live near tourist’s destinations and have an extra room (or property), you can make extra money by renting your space to tourists.
Are you interested in selling products, but don’t have enough capital to rent your own space and purchase a lot of inventories? You can try out dropshipping. The concept of dropshipping is that you partner with a supplier that sells the product, accept orders from customers, order the product from the supplier, pack, and ship it to your customer. The best part about this is that you won’t have to spend a lot of time searching for a particular product since there are a lot of platforms that help you do that. If you’re still new to the business industry, then dropshipping is a good starting point for you.
Regardless of the size, starting and operating your own business requires some sort of investment. The start-up costs can be pretty steep and without financing, your business will have a lesser chance of defeating your competition. Lack of working capital will also limit the opportunities you can take.
With business loans, however, you can easily get the cash you need to supply whatever your business currently needs. Be it inventories, equipment, or office space, you can count on the extra injection of cash to cover whatever you need.