3 Businesses Helping Overworked People That Have High Potential Margins If you want to make serious bank, however, you'll need to look at industries that are just as stable, but are at the top of the profitability spectrum.
By Andrew Medal Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
It's amazing what other people will pay you to do. If you're an entrepreneur just getting started, you may think you have to come up with something "disruptive" or at least somewhat creative to start making the real bucks, but it just ain't true. There are plenty of industries you can get started in within a month, week or even a day that you can make an insane margin from.
Don't believe me? When's the last time you hired someone to help you with your garden, watch your children or clean your house? If you already own a business, do you pay someone else to do a few tasks you find tedious (and if not, why are you wasting your time)? These are all industries that have existed for centuries, and will continue to thrive in the future. If you want to make serious bank, however, you'll need to look at industries that are just as stable, but are at the top of the profitability spectrum.
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Here are some of the highest margin businesses that anyone can get started with little or no resources:
Wedding planning
Pretty much anything involving the wedding industry is going to be highly profitable -- after all, we all know that even mentioning that you need a cake, venue, band or caterer for a wedding means the price will increase. So why not get in on the action and become a wedding planner?
Granted, in order to succeed as a planner, you'll need to be good on the phone, organized and interested in researching and price comparing various vendors. You'll also need to be available when brides want to talk to you, which is, unfortunately, mostly evenings and weekends. However, you'll likely have plenty of time off during the fall and winter, which means this isn't a career you have to worry about burning out from!
This business, which you can start with almost nothing but a will to succeed, has the potential to be highly lucrative. If you're in a bigger city, you're looking at about $3,000 to $5,000 a client, but the sky's the limit, as you'll earn more as you work your way up to wealthy and celebrity clients. As with all businesses, if you learn how to corner a niche (such as destination weddings, a specific non-native culture or super-glam) you'll rake it in even faster.
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Interior painter
As I mentioned earlier, some of the most profitable company ideas are also the simplest. A great example of this is interior painting, a service that has a whopping 6,329 percent markup! Why so much? Well, the honest truth is that most people don't want to bother painting their homes and offices. They either think they'll mess it up, don't have the time for it, or -- most commonly -- just plain don't feel like it.
This business will require you have a few personal traits: attention to detail, no fear of ladders and patience. You'll also need to get a hold of a few ladders and paint supplies, and a few friends who will (probably quite happily) let you practice on their homes -- or just use your own.
Social media manager
While the stereotype for social media managers is that they're all recent grads who just know how to use "the Twitter," that statement is no longer true, at least for businesses that are looking for real success. Yes, most young people know how to use social media platforms, but there's a lot more to being a social media manager. If you're particularly interested in branding and research, I highly suggest looking into social media management as your next entrepreneurial venture.
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The best way to get started is to take a few (free) online classes on how to be a professional social media marketer from recognized sites, and once completed, put them on your resume and personal website. While you're building your client base, make sure your social profiles are thriving as well -- trust me, there's no worse thing for a potential client to find than that your personal Twitter page has only 100 followers.
If you're looking to become an entrepreneur but feel discouraged because you don't know how to code or don't have a big idea or a huge savings account to get you started, it's time to look at all of the other things that consumers and businesses need. No matter what you're good at -- even if it's just listening to an upset bride-to-be vent about problematic guests, or having the patience to paint a wall correctly -- there's a business for you.
