Unglamorous Business Ideas That Can Make You A Mint
Money making business proposals
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There is an element of rock and roll to the term entrepreneur these days. It puts you in the mind of a trendy new tech startup with a young team and a lot of big plans. The thing is, barely any of these new businesses ever end up being a success. Sure, you have some exceptions to the rule, but for the most part, the tech industry is jam-packed with duds.
So, while you can make your fortune with technology, it might not be your best bet. There is a world of opportunity out there to solve problems in other industries. And if you plan and execute your idea well, there is a good chance you won’t face much competition.
I’ve put together a list of unglamorous, unfashionable business ideas to show you the sort of thing that could result in success. Let’s take a closer look.
Let’s start with something real easy that could get you started on a new direction in life tomorrow. Arbitrage might have a fancy sounding name. But it’s just the term used to describe buying something at one price and selling it for a higher price. You get a lot of it on Amazon - and some people make a fortune. Let’s say a new game comes out and is a big seller. The likelihood is that the company won’t have the wherewithal to meet demand right away, and it sells out. Now, plenty of those sales will have gone to people doing arbitrage. They spot a product in demand, buy lots of units, and then sell them on for a big profit. You can also do it with cars - drive down the price of a private seller and the put the car back on sale the very next day.
Manufacturers create products. Retailers sell them. But the person in the middle is the vital cog in the wheel. The distribution business is about as unglamorous as they come - it’s just storing and driving goods around the country. But it’s an essential part of the economy and distributors are always in demand. Investment costs can be quite high, but the rewards can be lucrative with the right level of planning and targeting. You’ll need warehouse space and some investment in IT systems to track and log all your deliveries. You’ll also need to invest in a fleet of lorries and trailers. While these can both be expensive, when you are getting started, just use the second-hand market. Used trailers and cabs can be bought for a few grand, which is pretty cheap when you consider startup costs.
Not many people are into crunching figures, mortgage rates, or recommending insurance packages. But if you have half a head for maths, it might just earn you a fortune. The vast majority of people wouldn’t know the difference between one mortgage product and another. And this gives financial advisors a lot of scope for building an excellent roster of clients. It’s risky, sure. You will only receive payment through a commission. You have to be qualified to trade, too - although courses are short. There are so many people out there who get confused when it comes to finances that you have every chance of success.
You don’t have to travel far to see scaffolding these days. Walk down any road and you can guarantee there will be someone having a little work done to their house. Ever wonder where it all comes from, or how it goes up? While some building firms keep scaffold themselves, the vast majority just rent it out. It’s just too much of an expense to justify as they don’t need it for every job. It makes sense for them to rent it out instead - which is where you could start cleaning up. And, while there are many scaffold hiring companies out there, if you can do a better job for less money you can make a killing. It’s not a glamorous business by any means, but, again, it’s a vital service. And scaffold companies can be worth millions.
OK, so there is a slight element of glamour when you are involved in weddings. But the work itself? It’s hard. You have to deliver on someone’s big day, and brides and grooms are notorious for being picky. But if you have a thick skin and an eye for a bargain, it’s a great industry to be in. And if you start doing good work, word will soon get around. People spend an absolute fortune on weddings - £10 billion every year is a crazy amount of money. It doesn’t take much mathematical nous to know that there is a large slice of the pie available to you if you succeed.
This one might be a little dark for some - but on the other hand, you will be doing people a big favour. Funeral services put an astonishing markup on coffins - as much as three times the price. But there are some savvy operators out there that sell the coffins direct to the buyer. The average casket costs something like £2,000, but you can pick one up from a direct seller for around £500. Make enough noise about that and you will have a successful business on your hands. And, of course, you will be lowering the astonishing cost of funerals for those that just cannot afford it.
Private tutor agency
Setting up a private tutoring company can be tough to star with. But bag a few clients and hire teachers under strict controls and you can earn a small fortune. And the key thing is you don’t even have to teach. As long as you are prepared to put the work in and market your business like anything, you will find customers. Especially if you live in a wealthy area. You’ll also find tutors to work for you. You take a big cut of their hourly fee for finding them work and everyone's a winner.
Have any more ideas to add? Let me know about them in the comments section below.
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