Are you looking to make more money? People who are successful at building wealth tend to have several business ventures that provide steady income. Of course, one of the biggest decisions is choosing the type of business to begin. The last thing you want is to invest a ton of money into a business venture, only for you to never turn a profit.
Luckily, there are certain business ventures that are less likely to be a risk and more likely to generate a lot of profit. While nothing can be 100% risk-free, it still helps to start a business that has a high success rate. That being said, here are four lucrative business ideas for intelligent entrepreneurs.
1: Property Flipping
Have you ever thought about property flipping? The idea behind it is pretty simple – buy a property for a lower price and then flip it (sell it) for a higher price. There’s usually an in-between stage in which you renovate the property to make it more desirable to sellers.
Some people decide not to start property flipping because they don’t have enough savings to get started. The good news is that you don’t need the entire down payment to start property flipping – not when you use private lending companies. Private lending companies allow you to borrow a large amount of money in a short amount of time, which is helpful if you’re part of a house bidding war. You can use your equity as collateral, and you won’t even need an absolutely perfect credit score most of the time. This is how many entrepreneurs get into the property flipping business (and even seasoned property flippers still use hard money loans for buying new properties).
2: Personal Training
Are you into fitness? If you already love working out, why not make money from it? If successful, personal trainers can make a lot of money by pushing people to reach their fitness goals. Of course, you’ll need a lot of knowledge and training yourself, but you may already have that! Plus, you don’t need a physical space to succeed – many personal trainers offer online classes. That means your reach can be wider, too, with the potential of even more income.
If your skills are more intellectual, you can make a lot of money from becoming a tutor. Being a tutor allows you to work around your own schedule and set your rates. If you’re good at a particular subject, you can make even more money. Plus, the job itself is gratifying, as you get to help students achieve academic success.
4: Vending Machines
Whenever you walk through a train station, airport, amusement park, or hotel, you are more than likely to see some form of vending machine. Somebody owns those vending machines and thus receives a decent profit every time they empty them. That could include you!
Starting a vending machine business could prove very lucrative over time, especially if you pick the best locations and invest in multiple machines. It’s a good idea to invest in some of the latest models, like the ones with touch screens that allow contactless payment. After all, most people don’t carry coins as often as they used to.