When you have the cash -- at retirement, for example -- but
can't come up with a good business idea to put your money into, every
business idea that comes around will always sound cool. But then . . . you
invest in it and watch your cash quickly burn to ashes.
Clearly, not all businesses you invest in will stand
the test of time. So, entrepreneurs interested in seeing their money grow
have to take cautionary steps before investing. In that light, if you're
looking for some solid small businesses that can stand the test of time and
will not burn up your retirement savings, here are five businesses to
consider (though some will work better than others, depending on the level of
training you undergo).
Related: 6 Reasons Smart Small Business Owners Invest
In Security
The trucking business is a highly profitable business with
reliable returns on investment for every business owner. Due to the high
profitability of this segment, you'll find the business model a bit competitive
and capital intensive. But the mindset that will help you succeed and stay
miles ahead of others is to start first as a business owner and second as a
trucker.
As a business owner, you will realize that the success of
your business does not revolve only around your trucking business;
that's merely a tool to achieve your aim of profitability. The upshot
is that all aspects of your trucking business, including legal
concerns, customer satisfaction and accounting, are equally as important
as keeping your main equipment running.
To be successful in the trucking business, then, prepare
yourself for every case-event: Trucks, for example, may be involved in
road accidents, which are the most expensive scenarios you can run into.
According to Jimmy Deon, a truck accident lawyer based
in Houston, a prepared trucker is able to withstand even the most unpredictable
events in business. "When you're prepared for anything in this business,
you'll instantly set yourself apart from the others in the industry," Deon
says.
Read This: Start Your Own Transportation Service by The
Staff at Entrepreneur Media and Cheryl Kimball | Amazon | eBooks.com | Barnes
& Noble
Drop shipping is the new ecommerce of millennials. What this
requires is that you create a professional ecommerce website using a SaaS
platform like Shopify. Your virtual store then helps customers make purchases
for items on your website, and all you have to do is forward your buyers'
information to the product seller, which will have the goods shipped to
them.
Drop shipping has established a lot of big income earners
who started with as little as $1,000. A notable entrepreneur who teaches drop
shipping in webinars is Adrian Morrison, who, in an online webinar, shared
that the greatest advantage of drop shipping is that there's no risk for you.
"You actually get paid by the customer for an item before you even pay the
manufacturer to ship it. You never have to see, touch or ship a product,"
Morrison said.
Read This: Design and Launch an E-Commerce Business in
a Week by Jason R. Rich | Amazon | eBooks.com | Barnes & Noble
Becoming successful in life means that people have to
study. While most of the extra learning they need to brush up their skills
may not come in the form of a formal education, those students will still
pay a premium to acquire knowledge.
You can start a website that helps them acquire that
knowledge -- either by being a coach yourself or by partnering with experienced
coaches and university lecturers. You can even branch away from educational
learning and focus on profit-making online tutoring and training.
Some great examples of highly profitable online learning
areas you can focus on include:
.Programming: In 2015, Apple's SVP of Software
Engineering, Craig Federighi, called programming the next level of
literacy -- and this is 100 percent true.
.Fashion, clothing and modeling: Through
high-definition tutorial videos created by professional fashion experts, you
can build a business around training dressmakers and fashion models.
.Cooking: Modern couples may not be interested in the
traditional way people learn to cook. This fact creates the need for a
business that teaches good culinary skills and is likely to be highly
profitable.
.Writing: Being a good writer is so profitable that
magazines are paying as much as $1,000 an article for the right content.
.Digital Marketing: As it becomes more imperative for
business owners to acquire some form of digital marketing skills, on
online website offering in-depth training on this topic will thrive in this
economy.
Read This: Start Your Own eLearning or Training
Business by The Staff at Entrepreneur Media and Ciree Linsenmann | Amazon
| eBooks.com | Barnes & Noble
With ecommerce predicted to top £60 billion in the
United Kingdom in 2016, there's no doubt that ecommerce is one of the
biggest business you can invest in. You might start by partnering with
companies with products they want to sell. Having them offer discounts will
help your online store quickly gain ground and win many customers.
Starting an ecommerce business, however, cannot be done on
the side, as this model requires a lot of attention once demand starts to soar
as growth kicks in. You also can't expect to start reaping profits immediately:
Even ecommerce giant Amazon took a while to reach profitability.
The first starting point for your ecommerce growth strategy
should be a low-cost digital marketing strategy, like guest blogging.
Read This: Ultimate Guide to Optimizing Your Website by
Jon Rognerud | Amazon | eBooks.com | Barnes & Noble