One of the most gratifying things in the world is to work for yourself. Owning your own business, while it can be stressful, is meaningful because the effort you put in helps you personally, rather than building something for someone else.

 

The key is that you must choose something that you are passionate about. This may mean a certain business or business model, or it might mean a particular business you have had your eyes on for a long time.

 

The main thing is, you want a business that will be profitable. So what are some small business ideas that turn huge profits? Here are five of them for you.

 

1. Coffee Stands

People live for their morning “cup of joe”, and the many varieties of coffee coffee drinks seem endless. With big names like Dutch Brothers and Starbucks in the game, you’d think it would be hard to compete, but more stands keep popping up on street corners every day.

 

The key is to find a busy location in a high traffic area that is easy to get in and out of. This is easier said than done in some areas, but often you can purchase someone else’s kiosk or coffee hut that did not do as well as expected.

 

With some careful planning, fueling the mornings in your city can be quite rewarding.

 

2. Mobile Businesses

From mobile restaurants to mobile pet grooming, businesses that come to the customer are increasingly popular as people get busier and look for convenience. Before you go buy the first food truck for sale you see, try to determine what it is you really want to do. From street tacos to bratwurst, you can sell nearly any kind of food, but you need to make sure that you can turn a profit and reduce waste.

 

You will have to gauge the type of small business you will start by the things you are passionate about and the needs in your community, but going mobile can be the ticket to setting yourself apart from any competition you might have while still offering a valuable and quality service to your customers.

 

3. Online Education

While Trump University may have been a horrid failure, that does not mean there is not money to be made in online education. Low overhead, low startup costs, and the ability to reach people and educate them at home rather than on a physical campus is applicable to all kinds of fields, and the market is ripe for more of this type of service.

 

Much like mobile services, this type of education serves those who are busy but still want to enrich their lives. The type of education offered can vary from informal education and services that offer a certificate of completion to true certifications and formal education degrees.

 

Of course, the higher up the education chain you go, the more regulations you must follow. But with the advent of teaching using virtual and augmented reality, there are subjects that once required in person classes that no longer do. The number of these will continue to increase as technology improves.

 

While not for everyone, the education field is one where there is money to be made for the right ambitious entrepreneur.

4. Freelance Work

One of the most common ways to make a living and turn huge profits is to work freelance. From photographers and graphic designers to consultants and writers, a freelance career that can be worked from anywhere is becoming more common.

 

The truth is that many companies cannot afford to hire some of these positions full time, and so they hire freelancers instead. Much of the content you read on the web, the photos you see, and the logos and branding you find every single day were created by freelance workers.

 

The keys to profit are that overhead is low. This work can be done from almost anywhere there is an internet connection, so from coffee shops to a small home office to a hotel room as you travel. Nearly any freelance business, run properly, can result in huge profits.

 

5. Sharing Economy Ideas

From Uber to Lyft and Airbnb, the world has shown us that the sharing economy model works. From car sharing services to other boarding services to things like hiring dog and house sitters through services like Rover, the sharing economy is alive and well, and waiting for the next sharing idea to come along.

 

This is another instance where costs are low, profit margins are large, and there are a lot of ideas yet to be developed.

 

Conclusion

Have an idea for a business? Do you think you can work for yourself and turn huge profits? Look carefully at your options and determine what kind of business you want and what passions you can turn into profits. Your life will never be the same once you do.

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June 22nd, 2018 by financetwitter

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