5 Less Traditional Entrepreneurial Ventures That Can Be Extremely Profitable
The traditional business models of the past are very effective today. Luckily, entrepreneurs are not locked into these models if they feel something else would benefit their business. Less than traditional models can work as the work environments of some industries have changed. The shift to remote work has changed quite a bit in terms of perfecting a business model. Take the time to figure out what would benefit a business along with its customers in terms of a business model. Uber is a great idea as before the ridesharing app', riders had to rely on taxi services which are less than reputable overall. Below are 5 untraditional entrepreneurial ventures that can result in massive financial gains.
Investing In A Franchise Business
Investing in a franchise business can be an incredible learning experience. Receiving education on how to run a business in a way that has been proven to be successful is valuable. This can include getting the right equipment along with training on how to attract customers. The ability to set your own goals that align with the business can be quite freeing. Name recognition can allow a franchise to thrive from its initial opening.
Finding the right opportunity will depend on so many factors. Your personal skillsets are going to be most important, along with the initial investment amount. A person that has worked at a franchise in the past might understand the challenges the business can encounter. Recession-resistant businesses like commercial cleaners can be a great option. These businesses even thrived during the pandemic as the need for clean surfaces increased immensely. A Compass Cleaning Solutions franchise is a perfect example of this. The company notes. "The need for deep cleanings in schools and government offices skyrocketed during COVID-19. The need for commercial cleaning during these tough times allowed franchises to flourish throughout the state."
Flipping Items Online You Find In Various Ways
Flipping items has been done for quite some time in so many ways. Online selling makes it easy to find buyers for nearly anything that has a semblance of value. There are niches of items that have a huge following, including classic video games and clearance items. Sports memorabilia and cards are also sold at wildly competitive prices. Dropshipping is another model that just requires you to sell new items from wholesalers. The lack of need for storage space makes this a great option for those that think they have what it takes to sell online.
Garage sales can be such an incredible option for those that want to find items to sell once or twice a week. Flea markets can have great finds as well, but these items are already being flipped. Storage facilities offer auctions on units that can be as little as a few dollars. This can be like opening a mystery box. Finding items like full sets of tools and TVs can allow you to profit from buying a unit.
Subscription Models For Products Or Services
Subscription models for software or services help stabilize revenue. Continually improving or adding on to services/products will entice subscriber retention to stay high. Getting a certain number of users/clients can allow for valuable feedback to be generated. Adjusting subscription prices wisely is another factor that needs to be considered. Constant price hikes can lead clients to look elsewhere for stable prices. Price increases for new features or services are more likely to be accepted without too much pushback.
White Labeling Services For Clients
White labeling services for clients selling these services can be massively profitable. The lack of a need for a robust sales team as clients are handling selling can be important. Subcontracting work is a pretty reliable way to profit as the overhead costs are set for the business that signed a new client. Offering a client a way to generate revenue while they do not have to perform the work provides convenience.
Relying Solely On Freelancers
Entrepreneurs might not want to deal with all that comes with full-time employees. The truth is that an entire business can be operated with the right group of freelancers. Platforms like Upwork have a number of talented individuals that have skillsets that differ vastly. Even legal help can be found if you need ironclad contract templates created for new clients. Contracting out client work to freelancers is another popular option. Industries that use this daily include of digital marketing companies. Digital marketing agencies use freelancers for everything from content writing to the design of websites.
You do not have to adhere to the business ventures of the past. You also do not have to reinvent the wheel, as being profitable is a simple formula. Ideas becoming reality can be so satisfying in an entrepreneurial venture of any size. You do not have to start the next massive corporation to be considered a success as providing financially as your own boss provides freedom.