WHICH BUSINESSES HAVE THE POTENTIAL OF BEING THE MOST LUCRATIVE?
The business sector has developed by leaps and bounds in the contemporary era. It is earning profits at a scale that was almost unimaginable in the past centuries. The online sales industry earned a couple of trillion US dollars in 2018, not million and not even billion. I don't even know how many zeros does a trillion have?
Regardless, you do understand my point, which is that if you want to earn a handsome income, you need to step into the business world. Doing so as an employee may seem like a good option as well, but an employee's salary will not be anywhere close to the entrepreneur's profits.
Let us take the example of lawyers, and a law school graduate joins a law firm as an associate with the ambition of making a partner in the firm. A partner would basically be a part-owner, and he would have a share in the profits and bear the risks as well.
So, you see even the employees wish to be an owner, no matter in what sense. People want to immerse themselves in the business sector so desperately that taking on installment loans for bad credit from direct lenders does not seem like a burden. However, you have to have desire and passion if you do decide to become a businessperson, as that is the sole driving force of a company. Without passion, you are just ordinary, and you never hear tales of the ordinary.
The entire business world is profitable if you can capitalize on the market appropriately. However, some sectors are more fruitful to the owner than others. Let us, now, throw the limelight on the most prospective business avenues.
ACCOUNTING AND BOOK-KEEPING
The first on the list of profitable business ventures is that of accounting and book-keeping. Let me tell you why this is an important business. A book-keeper keeps the financial records of a business straight, from bills payable to the receivables, he will keep track of every transaction. This way the business owners who have hired him will know where the money is being utilized.
A business with a weak finance recording system is set for failure, and if there is an official audit by the government on it, then it is most definitely doomed. A book-keeper helps avoid such a scenario. Since every business on the planet needs their services, this business has a universal client base. On average, a book-keeper charges around 40 to 60 pounds an hour. Now multiply that figure to the number of hours a day and number of working days in a year, the value you will get would give you a fair idea about the profitability of this business.
People, today, have far more money to expend than in the past. So, they spend it on things that will make them happy. And what gives you more happiness than being in your home, maybe your office? I think that does contribute to your satisfaction as well. As a result, people try to make these two places as pristine, beautiful and warm as they possibly can.
However, on the creativity front, most of us do not do very well. Hence, the need is for interior designers. These are people with a creative flair who make it their mission to make your home and office space as beautiful as it can be. It is a business that is quite under-rated, but that is what makes it more lucrative. There is not much competition.
Next is the online trading business. Everyone knows the story of Jeff Bezos, the father of online sales and the owner of the e-commerce mega-giant Amazon. Amazon's revenue for the year 2019 was a jaw-dropping 280.5 billion US dollars. Even if you earn 0.35% of this value, you would still have a billion dollars in sales.
The online sales market is booming because people do not prefer to go out much, and they do not have the time either. For an e-commerce business, you need an online portal and stock, no need for an office when you can work just as quickly from your bedroom. You must have seen numerous ads on Instagram and Facebook with multiple lenders trying to sell you their products. Throw in a discount offer, and you would have customers running your way, it is that simple.
PARTY PLANNERS AND CATERERS
You know people have an innate tendency of celebrating when they feel delighted. It could be their nuptials that they want to celebrate, the first birthday of their daughter, a college degree, a new beginning of life and saying farewell to the past or their grandparent's 60th wedding anniversary. People love to celebrate. These celebrations are too much work for a single person. So the party planners take on this responsibility from your shoulders, for a fee of course.
The planners take care of everything. They do from the food to the decorations, from guest seating to centerpieces, each detail is diligently worked on. Remember the Royal Wedding, the Duchess of Sussex, Meghan looked like a dream. Her wedding was nothing short of a fairytale. And who do you think made that possible, a wedding and party planner, the Royal Family would not have done it themselves, they have more important things to manage throughout their days.
I could talk about these four categories, but there are a lot more businesses that can give you profits like no other. For a company to become successful, more than choosing the sector and more than having an adequate investment, the owner's heart and soul is required. If the business has that, its success is inevitable.