Times are bleak, and it’s comforting to think about building something new. But how do you decide on the right business idea? How long will it take to bring in profits? If you’re looking to explore businesses that make money right away, you’ve come to the right place.
You’ve probably skimmed plenty of listicles by now that make it seem oh-so-easy to just start a successful blog, or sell ads on YouTube, or tap into brands’ influencer marketing budgets while living the laptop life. Or you have multiple “passive income” streams while you sit by the pool and watch the sales notifications pour in.
One superpower you should always hone as an entrepreneur is the ability to spot these opportunities—identifying trends in the marketplace, and solving top-tier problems that are keeping your customers up at night.
At Foundr, we stand by our motto that starting a business is easy, but building a business is hard. That said, there are some cheap businesses to start with low risk, and some have a quicker setup time than others.
Businesses That Make Money Right Away
3. Online Clothing Consignment
5. Start an Online Store (Ecommerce)
6. Starting a Saas Product or App (Beta)
Here are our 8 businesses that make money right away, and how long each one really takes to start bringing in your first sales.
1. Freelancing or Consulting
Zero to Profit: 1-2 weeks
The #1 quickest way to bring in revenue immediately is to start freelancing or consulting. Whatever you want to call it, whether it’s a one-person operation or a budding agency, this simply means that you are selling a service rather than a product.
There are no startup costs, and no overhead. Literally, all you need to start your side hustle is your skills and an internet connection.
Solving Pain
The key thing that’s important to figure out before you get into freelance work is: what’s the pain point you’re going to solve? This will give your business a focused direction.
Here are some easy methods to identify these pain points:
- What burning questions do people often ask you? What are the things keeping them up at night, that they simply can’t solve?
- Scan through Quora and Reddit. What threads are blowing up? Are there specific problems people are experiencing? Questions that more than five or ten people are asking?
- What questions do people often ask you in your job, friend group, or personal life? What topics are you typically the “go-to” for advice?
- Look through relevant Facebook Groups, LinkedIn, and your Twitter feed. What complaints or frustrations keep popping up?
- Look on Amazon, and go to the Reviews section of a given book (preferably something in the niche that you’re interested in). Filter down to the 2- and 3-star reviews. These are typically the more detailed reviews, stating things that could’ve been better, or things that they wish the book covered. What trends are you seeing?
How Much to Charge
There are three core business models when it comes to charging for freelance services.
- Hourly Rate
- Project Fee
- Retainer
An hourly rate is simply that—you charge a certain dollar amount for every hour worked. You keep track of your hours in a timesheet (or a tool like AND.CO) and send your client an invoice at the end of each month.
A social media manager just starting out might charge $20-$40 an hour, while a video editor or graphic designer with a few years experience might charge $30-$50 an hour (up to $100 an hour for senior level). This number shouldn’t be arbitrary—more on that later.
Source: ( foundr.com / Financementality.com )