Are you looking for business ideas with a strong revenue potential?
It has become a widespread misconception that running a business with a huge profit margin requires a lot of hard work and dedication.
While it’s partially true, it helps to know the right business ideas to invest your efforts in. Read and bust the myths and discover some of the best six-figure business ideas!
1. Consulting Services
If you’re really knowledgeable in a certain area, like finance, management, or tech, you could start a consulting business. Companies are always looking for experts who can help them do better, like making their operations smoother or solving tough problems.
As a consultant, you could charge a good amount for your advice, especially if you’ve got a solid background and can show that your tips really work.
2. Becoming A YouTuber
Watching big YouTubers like Mr.Beast really shows how powerful YouTube can be. It’s a business that actually can make you over $100k.
If you start a YouTube channel, you’d make vlogs or videos about stuff you’re into or good at. Say you love gaming. You could share your gameplay videos and let people see how awesome you are at it.
Or, if you’re great at something like playing a guitar, you could make videos teaching others how to play.
Usually, YouTubers make something like $0.25 to $4 for every 1000 views on their videos. How much they earn also depends on things like geography of your audience, how much they interact, and so on…
Sure, getting your YouTube channel off the ground can be tough at first. But once you start getting more followers, it can really pay off.
3. Blogging
You’re reading Six Figure Blog, where we understand that blogs today are what print used to be.
As a blogger, your goal is to create interesting stuff for people to read and get them to visit your site. If you want to start a blog, think about what you want to focus on. Sticking to one topic initially helps manage your content quality, making it easier to attract dedicated readers and establish a reliable income stream.
Blogging is a bit like YouTube in how you make money. The more people who visit your site, the more views you get. And the more views you have, the more your earnings start to grow. Once you hit a decent number of pageviews, you’ll see your income really start to take off.
Please note that blogging isn’t a quick or easy path to making money. It takes a lot of time and effort to build up to any significant earnings.
4. Vending Machines
To hit around $100k a year, you’d probably need about five machines. But here’s the thing: finding a great spot to put them is the toughest part. Maintenance isn’t as tricky as you might think, but you do have to watch out for vandalism.
People usually go for junk food and familiar brands, so if you stock your machines with these, you’re on the right track. If you manage to place your machines in decent spots (not even the best, just good ones), you could see them grossing about $300 and netting around $240 each. So, if you’ve invested in a $2,000 machine, you’re looking at breaking even in about 8-9 months.
Keep in mind, though, that sales can dip in the winter. People don’t hang out as much when it’s cold, so expect maybe half the usual income in those months, or even less if it’s a snowy area. I don’t have snow where I am, but it’s still slower.
As for machines in so-so locations, they might gross about $100 and net $70. It’s all about the location and what you’re selling.
Don’t miss: Starting a Vending Machine Business for Passive Income
Check out: 15 Best Franchises to Own for Passive Income
5. Dropshipping
Dropshipping is about helping businesses reach new customers on different platforms.
You act as a middleman. When someone buys a product from your online store, you order it from the supplier and use the customer’s shipping details. This way, the supplier handles the shipping, not you.
With dropshipping, you run an online store without the hassle of stocking up on products. You earn by connecting businesses with new customers, benefiting everyone involved
6. Freelance Writing
Freelance writing can be more profitable than you might think. For example, Tom Blake from This Online World earned $100,000 by writing for others.
The trick is, you’re not just charging for the writing. What you’re really getting paid for is all the knowledge and expertise you’ve built up over the years about your subject matter. That’s where the real value lies.
7. Sell Courses Online
If you’re selling a course online for $500, you only need 20 customers each month to make $10,000. Just like with freelance writing, you need deep knowledge or expertise that you can sell.
Good marketing skills are important to build a following. You’ve got to become sort of an influencer, someone who can effectively sell to their followers.
8. Affiliate Marketing
Affiliate marketing is pretty straightforward: you promote a brand’s products and get people to click on product links. When someone buys something through your link, or sometimes just clicks on it, you get paid.
To get started, you’d reach out to a company that sells online. If they agree to work with you, they’ll give you a custom code. You use this code when you promote their products, so they know the sales came from you. Then, when someone buys using your code, you earn money.
9. Plumbing Company
Here’s a business story from my town that might work in any other city.
There’s a plumbing company here that owns over 40 domain names related to plumbing. They’ve really nailed their online marketing strategy, dominating the first page of Google both through ads and organic search results.
Given their strong online presence, it’s hard to imagine they’re making anything less than seven figures.
10. Sell On Amazon
Some people, like our friend Cory Stout, make millions on Amazon, but most don’t. If we assume your gross margin is 10%, you’ll need to have $100k worth of goods sold at any given time in an Amazon fulfillment center to reach six figures.
If your shipping time to the Amazon warehouse is 15 days, you’d need two months’ worth of inventory, which amounts to $200k. This is a detail that many gurus selling courses on how to succeed on Amazon often leave out.
11. Electrician
Starting a small electrical business can definitely earn you $100k or more per year. As an electrician running your own business, you have the opportunity to service a wide range of clients, from homeowners needing repairs to businesses requiring complex electrical installations.
12. ATM Machines Business
Similar to vending machines, this business can be quite profitable with relatively low maintenance, though securing prime locations is more challenging. To run a successful ATM business you need spots with high foot traffic.
To get these prime locations, you’ll either need a significant amount of cash to buy existing places or good connections to get new ones. The best locations are usually those with a constant flow of people, such as shopping centers, busy street corners, or warehouses with a lot of workers.
The initial investment can be substantial, but the potential for a steady income stream is there, especially in areas with high demand for cash access.
13. App Development
App development is a field with huge earning potential. You create mobile apps, either for clients or your own product.
Success hinges on user demand and effective monetization. Whether it’s a game, a productivity tool, or a lifestyle app, if your app meets a specific need or captures users’ interests, it can be highly profitable.
14. Real Estate Investment
Investing in real estate involves buying, renovating, and either selling or renting properties.
It requires market knowledge and some upfront capital, but can yield significant returns. Success in real estate often comes from understanding local market trends and managing properties efficiently.
15. IT and Cybersecurity Services
Businesses increasingly rely on technology, making IT and cybersecurity services essential. This field involves ensuring companies’ technological infrastructure is secure and functional.
With the rise in cyber threats, providing robust cybersecurity solutions can lead to substantial earnings. Profits come from both ongoing support contracts and emergency services.
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Hi, I’m Ashley a freelance writer who’s passionate about personal finance. Ever since I was young, I’ve been fascinated by the power of money and how it can shape our lives. I’ve spent years learning everything I can about budgeting, saving, investing and retirement planning. So if you are looking for tips, advice, or just a little bit of inspiration to help you on your financial journey, you have come to the right place. I am always here to help, and I am excited to share my passion for personal finance with you.