Are you looking for business ideas with strong revenue potential?
It has become a common misconception that running a business with a huge profit margin requires a lot of hard work and dedication.
While it is partially true, it helps to know the right business ideas in which to invest your efforts. Read and debunk the myths and discover some of the best six-figure business ideas!
1. Consulting Services
If you really have a lot of knowledge in a certain area, such as finance, management or technology, you can start a consulting firm. Companies are always looking for experts who can help them do better, such as making their operations smoother or solving tough problems.
As an advisor you can charge a fair amount for your advice, especially if you have a solid background and can show that your tips really work.
2. Become a YouTuber
When you look at big YouTubers like Mr.Beast you really see how powerful YouTube can be. It’s a business that can actually make you more than $100,000.
When you start a YouTube channel, you create vlogs or videos about things you like or are good at. Let’s say you like gaming. You can share your gameplay videos and show people how great you are at it.
Or, if you’re good at playing guitar, for example, you can make videos teaching others how to play.
Typically, YouTubers earn around $0.25 to $4 for every 1000 views of their videos. How much they earn also depends on things like the geography of your audience, how much interaction they have, and so on…
Of course, it can be difficult at first to get your YouTube channel off the ground. But once you start gaining more followers, it can really pay off.
3. Blogging
You’re reading Six Figure Blog, where we understand that blogs today are what print used to be.
As a blogger, your goal is to create interesting things that people can read and get them to visit your site. If you want to start a blog, think about what you want to focus on. Sticking to one topic initially will help you manage the quality of your content, making it easier to attract dedicated readers and build a reliable revenue stream.
Blogging is a bit like YouTube in terms of how you make money. The more people visit your site, the more views you get. And the more views you have, the more your earnings start to grow. Once you reach a decent number of page views, you will see your income really start to increase.
Keep in mind that blogging is not a quick or easy way to make money. It takes a lot of time and effort to build significant income.
4. Vending machines
To make around $100,000 a year, you’ll probably need about five machines. But the thing is, finding a good place to put them is the hardest part. Maintenance is not as difficult as you might think, but you do have to watch out for vandalism.
People usually opt for junk food and well-known brands, so if you stock your machines with this, you are on the right track. If you manage to place your machines in decent places (not even the best ones, just good ones), you can see that they gross about $300 gross and bring in about $240 each. So if you invested in a $2,000 machine, expect to break even in about 8-9 months.
However, keep in mind that sales may drop in winter. People don’t hang out as much when it’s cold, so expect maybe half the usual income during those months, or even less if it’s in a snowy area. Where I am I don’t have snow, but it’s still slower.
As for machines in moderate locations, they can make about $100 gross and $70 net. It’s all about location and what you sell.
Do not miss it: Starting a Vending Machine Business for Passive Income
Checking out: 15 Best Franchises to Own for Passive Income
5. Drop shipping
Dropshipping is about helping businesses reach new customers on different platforms.
You act as an intermediary. When someone buys a product from your online store, you order it from the supplier and use the customer’s shipping information. This way, the supplier handles the shipping, not you.
With dropshipping you run an online store without having to stock up on products. You earn by connecting companies with new customers, which benefits everyone involved
6. Freelance writing
Freelance writing can be more profitable than you might think. For example, Tom Blake of This Online World made $100,000 writing for others.
The trick is that you don’t just charge money for writing. What you really get paid for is all the knowledge and expertise you have built up over the years about your subject. That’s where the real value lies.
7. Sell courses online
If you sell a course online for $500, you only need 20 customers each month to make $10,000. As with freelance writing, you need in-depth knowledge or expertise that you can sell.
Good marketing skills are important to build a following. You have to become some kind of influencer, someone who can sell effectively to his followers.
8. Affiliate marketing
Affiliate marketing is quite simple: you promote a brand’s products and get people to click on product links. When someone buys something via your link, or sometimes just clicks on it, you get paid.
To get started, you can contact a company that sells online. If they agree to work with you, they will give you a custom code. You use this code when you promote their products so they know the sales are coming from you. Then when someone buys something with your code, you make money.
9. Plumbing company
Here’s a business story from my city that could work in any other city.
There is a plumbing company here that owns over 40 domain names related to plumbing. They have really mastered their online marketing strategy and are dominating the first page of Google, both through ads and organic search results.
Given their strong online presence, it’s hard to imagine them making less than seven figures.
10. Sell on Amazon
Some people, like our friend Cory Stout, make millions on Amazon, but most don’t. Assuming your gross margin is 10%, you would need to have sold $100,000 worth of goods at any point in an Amazon fulfillment center to reach six figures.
If your shipping time to the Amazon warehouse is 15 days, you will need two months of inventory, which amounts to $200,000. This is a detail that many gurus selling courses on how to succeed on Amazon often leave out.
11. Electrician
If you start a small electric business, you can certainly make $100,000 or more per year. As an electrician who owns your own business, you have the opportunity to serve a wide range of customers, from homeowners needing repairs to businesses needing complex electrical installations.
12. ATM business
As with vending machines, this business can be quite profitable with relatively little maintenance, although securing prime locations is more challenging. To run a successful ATM business, you need places with high traffic.
To get these prime locations, you’ll need a significant amount of cash to buy existing places, or good connections to buy new ones. The best locations are usually those with a constant flow of people, such as shopping centers, busy street corners or warehouses with many employees.
The initial investment may be significant, but the potential for a steady income stream is there, especially in areas with high demand for access to cash.
13. App development
App development is a field with huge earning potential. You create mobile apps, for customers or for your own product.
Success depends on user demand and effective monetization. Whether it’s a game, a productivity tool, or a lifestyle app, if your app meets a specific need or captures users’ interests, it can be very profitable.
14. Real estate investments
Investing in real estate involves buying, renovating and selling or renting out real estate.
It requires market knowledge and some upfront capital, but can yield significant returns. Success in real estate often comes from understanding local market trends and managing properties efficiently.
15. IT and cybersecurity services
Businesses are increasingly relying on technology, making IT and cybersecurity services essential. This area means that companies’ technological infrastructure is secure and functional.
With the increase in cyber threats, providing robust cybersecurity solutions can lead to significant revenue. The profit comes from both ongoing support contracts and emergency services.
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