How many of you feel your current level of income is not enough to cover expenses, generate savings or provide a better way of life? Raise your hand. I don’t see you, but I know the number of raised hands outnumber the ones that remain in place. Why else would you be reading this piece right?
The truth is many of us have great profitable business ideas in mind but are prevented from pursuing it because no one wants to quit their job.
Business always carries a risk. No matter what your project feasibility study shows, there is no such thing as a risk-free venture. This is why if you have a profitable business idea, you should not be thinking about quitting your job. Your business idea may be declared “profitable” by your study, but until you are able to recover your initial investment, everything at this point is purely conjecture.
But there are some business ideas that you should consider because these ventures will still allow you to hold on to your current job. And they have the potential to increase your stream of income significantly!
Top 10 Profitable Business Ideas without Quitting Your Job
In 2015, the global e-commerce industry recorded $1.7 Trillion in sales. It is expected to grow by 15% to 20% every year. More and more consumers are shopping online to avoid the inconveniences of traffic, parking, the long queues and inconsistent customer service.
Proof of this is that e-commerce sales and traditional retail sales are following diverse trajectories. While e-commerce sales numbers are rising, retail sales are declining by an average of 1.5% every year.
Overall, e-commerce sales account for only 7% of total global sales. However, keep in mind that for now, there are only a small number of products and services we can purchase online.
With the continued evolution of digital technology and the expansion of the Internet, do not be surprised if someone finds a way to sell gasoline online!
If you want to earn money without quitting your job, an e-commerce business is a profitable business idea for the following reasons:
- It is a low capital business. All you need is a computer, Internet connection, and a professionally made e-commerce website. The cost of an e-commerce website could range from $500 to $3,000 depending on the features.
- It is not time-consuming. Think of your e-commerce site as a store that never closes. You have the global market at your fingertips 24/7.
- It is not labor-intensive. You can hire one person to oversee your e-commerce business while you are at work. The person can manage orders, customer service or social media.
The challenge is to get accredited as a distributor by an authorized wholesaler. This will take a lot of work and negotiation as the qualifying process may be difficult.
My suggestion is to register your business as a corporation. You can get the best wholesalers by going through the manufacturers, and they will only deal with corporations.
The number one selling item online remains apparel. Many clothing manufacturers are slowly transitioning their sales efforts online. In 2015, 19% of total sales from global brands such as Lululemon Atletica Inc. and Abercrombie and Fitch were generated online.
Do you have serious skills and talents that have been dying to be discovered? Have these competencies been languishing in the dark; rendered irrelevant by your current job?
Well, through freelancing you can finally step out of the dark and into the light.
Freelancing is outsourcing services at the micro-level. It is an industry that is growing exponentially and is opening up new opportunities for talented individuals to capitalize and monetize their skills.
Freelancing is growing because there is high demand for outsourced services. Outsourcing is a double-edged strategy; it lowers your cost of business while improving your level of productivity.
In 2014, 30% to 45% of the workforce of the top 500 companies in the United States was composed of freelancers. It is estimated that this number will hit 50% to 62% in 2020.
In the Philippines, freelancers generated US$3.3 Billion for the economy or roughly 20% of the total export receipts by the Business Process Outsourcing industry. According to Elance, 1 Million of their 8-Million freelancers came from the Philippines.
The highest recorded earning for a Filipino freelancer is 7.5 Million Pesos. He was a software designer and created applications for a company in Europe.
In the United States, a woman erased her debt by freelancing in “Fiverr”. She is currently averaging $9,000 a month!
Here are a few tips if you want to become a freelancer:
- Identify your skills
- Invest in a good computer
- Create a professional online profile
- Sign up in 3 freelancing platforms
- Apply to at least three job posts per day
Start out slow. Your primary focus is just to land the first client. This means you should price your services slightly below market levels. Once you have built up a good reputation with one client, you should expect more inquiries to come in. Start out with 10-14 hours of freelancing work per week.
Freelancer.ph is a great platform that you can check to land your first client.
3. Software Designer
If you have the ability to design software programs or mobile applications, this is one of the most profitable business ideas you can start.
Think about it this way. In 2009 there were only a few thousand fitness applications in the market. Today, there are hundreds of thousands of fitness applications available for download. Fitness applications are easily the most popular mobile programs in the market.
Software Designers are not only technically proficient. They are also creative and highly intuitive. They see what the market needs and find ways to address this through software design.
Apps like Uber turned the market upside its head. Soon after the naysayers quieted down, new apps such as Lyft, Curb and Sidecar came out. These apps catered to the same market and were hardly differentiated. But in the end, these were mere followers. Uber was the leader.
Uber Founder Garrett Camp is reportedly worth US$6.3 Billion!
With the demand for smartphones expected to increase until 2022 in the short term, there will always be a market for mobile applications.
As a software designer, you can start out by allocating 2-4 hours 6 days a week on your idea. You can hire a programmer or an analyst or another designer to help you out.