Can you start a small business for the sole purpose of enhancing personal wealth? Ask most entrepreneurs that question, and they’ll tell you that is precisely the reason they created a startup company. In fact, many who own and operate small and medium-sized enterprises sell their companies to outside bidders when the time is right and when the opportunity presents itself.
What are the top approaches for people who want to live more responsibly and consider themselves wealth building enthusiasts? Anyone with a specialty can put out a consulting shingle and work part-time online or from a traditional office. Others invest in property shares to take advantage of ownership without all the headaches of management and dealing with tenants. If you have a unique idea, consider writing a short series of books on a particular topic and selling them via one of the major digital book retailers. You can do the same with a course or class on a topic that you’re an expert on. Here’s more about a few small business ideas with high income potential.
Consult Part-Time
Too many professionals overlook the fact that they can sell their expertise as part-time consultants. In most cases, you can conduct business online and scout for clients virtually anywhere. Whether your skills are in accounting, engineering, counseling, management, academic research, marketing, IT, or something else, there are people who will pay to learn what you know. Begin by making a business plan and studying the competition. Then, craft an advertising strategy and get busy finding those first few clients.
Invest in Property Shares
Setting up a side business for the sole purpose of investing in real estate property shares makes sense for many people. That’s because owning shares is a way to acquire all the benefits of real estate ownership without the hassles of operations, management, and tenant relations. Instead of purchasing entire homes, plots of land, and other real estate assets, it’s often better to invest as much or as little as you wish into rental income shares.
Not only do you get the financial benefits of price appreciation, but you don’t have to commit a huge amount of capital to get started. The first step is to learn the basics. Review a comprehensive online guidebook on the subject and understand more about why it often makes sense to invest in real estate instead of traditional stocks and bonds. Plus, real estate ownership contributes to your overall diversification factor.
Write Books or Create Video Courses
Set up a bare bones writing business, complete with a basic website and at least two offerings. What should you write about? Anything you know well and might generate income. Peruse the major online digital bookstores to get an idea of the types of how-to, non-fiction books that are selling well. You can do the same with video courses but remember to hire a top-notch video pro to do the filming. Nothing kills sales of online courses faster than low-quality production. There are dozens of companies that will post your offerings in exchange for a cut of the sales price. Compare terms and commissions before deciding on one or two places to sell your wares.