Modern advancements have made it possible for just about anyone to start a business. Unfortunately, these opportunities don’t come with a guarantee of success. As more than half of new businesses fail in the first five years, it’s safe to say there are risks involved at every stage. Although taking on risks comes with the territory of being a business owner, which is, in many cases, you can increase your success potential by opting for low-risk ideas with high payouts like those listed below.
Professional Consultant
You can turn any professional experience you have into a lucrative business opportunity. New and established companies and entrepreneurs are always looking for ways to maximize their success. Your combination of education, skills, and experience could provide them with the guidance and insight necessary to accomplish their goals.
Are you an experienced marketing professional? If so, you could help small businesses streamline processes and develop solid strategies to build brand awareness and increase viewership, conversions, and sales. You could negotiate contracts that generate thousands of dollars, and all you have to do is provide advice in a field you’re familiar with. As a sole proprietor, you won’t have many operational expenses, enabling you to pocket more money.
Real Estate Wholesaling
Real estate investing has become popular for individuals looking to generate a sizeable profit. Unfortunately, it comes with risks ranging from investing in a property with more damage than it’s worth to a property remaining on the market for years. Ultimately, you watch thousands of dollars go down the drain and get nothing in return.
Real estate wholesaling offers a low-risk opportunity with a high payout. As a wholesaler, you are the middleman between the seller and the end buyer. You reach out to interested parties and offer to help them sell their properties. You negotiate a wholesale real estate contract in which you agree to sell the property within a predetermined time at the agreed-upon price. You then scout for buyers and assign the rights of the agreement to the property before closing. You receive a finders fee, and the property owner gets their property sold faster.
Wholesalers have fewer risks than fix-and-flip investors. You don’t need the capital to purchase the property, you’re not responsible for maintenance and repairs, and you won’t have to wait years to see a profit. It’s essentially a hands-free short-term investment strategy that could generate thousands of dollars a year.
Taking an online course or training is recommended for wholesalers. These educational resources will provide the foundational knowledge you need to excel. You’ll learn about the legalities of real estate wholesaling and even how to find vacant properties and owners that may be interested in your services.
Social Media Influencer
Millennials are making a killing as social media influencers. Brands are going beyond typical celebrity endorsements and enlisting everyday consumers’ help to increase awareness and sales. If you enjoy social media and have a sizeable following, you could get paid to be an influencer. Imagine getting paid to stream live videos and take photographs using everyday products and services. Not to mention, many companies offer free merchandise and exclusive first looks at their latest offerings.
Believe it or not, 10,000 to 50,000 followers could earn you $40,000-$100,000 a year! The more experience you get, the more brands you can endorse and generate even more revenue. The best part is all you need is a smartphone, a good social media following, and the personality to draw an audience. Share your personal experiences, point out quality features, and encourage others to make purchases; you’ll have more opportunities than you can count.
Although starting a business comes with risks, the idea is to make money and succeed. Why not increase your chances and generate a lot of money by trying one of the low-risk business ideas with a high payout listed above? Who knows, you could be rolling in the dough this time next year.
