It does not matter how rewarding your full-time job is, getting the right business idea is, without a doubt, more fulfilling than working from 9 to 5.
However, the path of entrepreneurship is risky, and it requires a high level of sacrifice. Due to the sacrifices involved, you need to make sure that you get a satisfactory return on investment for the future you plan to build.
Businesses are not necessarily judged by the amount of money they make. The most profitable businesses are the ones whose ratio of ROI is high.
Starting a profitable business
There are several factors to consider when starting a business. They include:
– Which industry will the company be? It makes sense to pick an industry in which you are conversant, but also that is successful.
– What is your investment capacity? Your pockets will determine the size of the business you will be able to start.
– What are the fixed assets you will require to commence operations? Fixed assets will include the office material, electronics, and furniture needed for services.
– How much moving capital you will need for company operations? i.e., to pay employees, purchase day-to-day work items.
– What are the short term and long-term profit targets for your company?
Companies that start without proper consideration of the above factors often get a hard time kicking off.
You do not have to start a business in your area of expertise for it to succeed. Due to differences in demand and supply of commodities and services, there are several industries whose companies are getting more profitable by the day.
Some good examples of these businesses would be online courses, online publishing, and website design.
In short, with the growth of technology, any internet related business gets more popular by the day.
Let us consider the profitability in design and whether it can be labeled as one of the most profitable businesses in this era.
Setting up a design business
To set up a design business, one does not require many things. You only need the expertise, an office, and to be business savvy.
The tools one needs to start a design business would depend on the design branch in which they specialize. The primary tool in modern design is a computer with the right computer design software.
You’d also need an office with ergonomic office furniture because of the long period you’d spend in the office.
Design is primarily a consultation business, and it requires relatively low capital to establish when compared to other companies. Let us look at the various profitable design branches, their investment requirements, and returns possibilities.
– 1. Web Design
Web design is the modeling of websites displayed on the internet. As opposed to software developers, web designers focus on the appearance of the website.
To become a web designer, you need to invest in the education and training of various computer software to understand basic level programming.
With the expertise aspect taken care of, you’ll need to invest in a computer, software and the office appliances necessary. Then, you need to invest in a marketing strategy to get clients.
Your target market will determine the marketing strategy you use and the number of employees you will need to achieve your target.
A typical web design business, targeting individuals and small business owners, would require an office with two powerful computers with functional internet connectivity. You will not necessarily need an employee at the start if you are good.
The initial cumulative cost of investment would be a few coins shy of 1,000 dollars.
The market rate for the development of a simple website ranges from 300 dollars to 1,000 dollars, depending on content and complexity.
Looking at the investment against the returns, you would agree that web design is indeed one of the most profitable businesses for one to start.
– 2. Logo Design
Logo design is the creation of symbols, images, and branding that are used to identify companies. Logo designers are graphic design specialists who help businesses create brand awareness.
To set up a logo design business, you need to set an office up just like with web design. Similarly, invest in a powerful computer with picture creating and editing software.
The size of the office and number of employees you need depend on the potential clients you are targeting.
The most vital investment for logo designers is the marketing strategy to be employed. You will most probably need to invest in web presence to broaden your potential client base.
To set up an average graphics or logo design business would take less than 1,000 dollars. Depending on the company you design for a company logo (or a full brand strategy) could make you from 200 dollars to 800 dollars, making logo design one of the most profitable businesses to establish.
– 3. Design Freelancer
A freelance designer is a designer that works free from the confinements of a specific company or office. The designer can be from any field from interior design, graphic design, or even fashion design.
The significant investment for a design freelancer is undoubtedly the education that one gets from school. For graphics and interior designers, they would most probably require a computer to work with and a marketing strategy, in the form of a website or business cards to reach out to clients.
The income for a freelance designer depends on how well he or she markets him or herself, but looking at the low cost of investment, it will be evident that a freelance design business is among the most profitable businesses one can start.
What does your professional future look like? Profitable, I presume
The three businesses mentioned are just a few ideas for a starting entrepreneur. There are many other industries for one to consider.
Success comes from creativity, having business savvy and choosing the right industry. So if you are a designer, you already have 2 of them. Your professional future seems very profitable from where I’m standing.
Considering how profitable these business ideas are, what is stopping you from starting your own business today?