Almost every billionaire earned their money by starting a business. Employees can earn money, but not to the extent of the business owner they work for. Starting a business is the first step towards real earnings, and there are several ways you can do so.
Start Small at Home
You don’t need to quit your day job to start a business. You can start small with a small operation right in your own home. Spruce up a spare bedroom and start an Airbnb. Getting listed is a cinch and you can schedule the specific days for accepting guests. If you have baking skills, why not start a cupcake business? Cupcakes are easy to make and the profit margin is big. Of course, you’ll need to pass a couple of inspections, but that’s probably going to happen when you hit it big.
One way to help your community, while earning big money, is by starting a home-based child care business. A day of daycare can cost from $50-$150 a day. If you can provide better rates, you’ll be a big help to overworked parents. Of course, you need to read your community and figure out its needs and wants. An hour of dog-walking earns big money ($50) in New York, but the same isn’t true in Texas ($13). Read the market by asking around before choosing what business to start.
Partner Up with a Brand
Franchising an existing business is one of the fastest ways to get your foot inside the business world. However, it can be a bit expensive. Of course, most franchises provide excellent support, whether it’s logistics or training, minimizing your chances of failure. Once you clear the hefty franchise fee, they’ll tell you how to best run your franchise and provide the essential supplies/training to start running the business.
Franchises are great because they come with instant brand recognition. Getting your own McDonald’s will cost you money, but you’ll probably get it back within 3-5 years. Just make sure that your first franchise locations aren’t saturated by the same brand or similar franchises. On average, a franchisee earns about $66,000 a year. However, you can increase your earnings by starting a new franchise. Most franchise owners never stop at one, often expanding their franchise to 2-5 locations.
Build Your Own
Starting a business in 2020 might seem like a horrible idea. However, mobile businesses are still profiting. Know a thing or two in the kitchen? Launch a food truck and ply one of the busier parts of the metro. Food trucks earn $250,000 to $500,000 on average, but the really good ones bring in more than $1 million a year.
A mobile car detailing business will cost you a mere $20,000 in supplies and equipment, and earnings can easily pass $50,000 a year. Add a couple of mobile units and you could rely on hired personnel to do the job and just relax at home. Once your business hits it big, you can even franchise it to other people. Now they’ll be the one paying to carry your brand and all you’ll need to do is provide adequate support.
Owning a business increases your chances of getting rich. Of course, there will be birthing pains. But with proper planning (and maybe help from experts), you might count yourself as one of the one percent sooner or later.