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7 Uncommon Professions That Can Pay Incredibly Well

7 Uncommon Professions That Can Pay Incredibly Well

Despite what most of us learn growing up, the college-to-career track simply isn’t suitable for everyone. Some people prefer freelancing their way through life, pursuing whatever passion excites them most at the time, rather than settling into a 30-year career plan. Even so, we can all appreciate the flexibility afforded by financial freedom, and even the happiest of wanderers still needs to pay the bills and put food on the table.

Fortunately, many of the most unusual jobs and occupations out there today — those fit for a special breed of free-spirited individual — can actually provide a strong safety net in terms of steady income.

If you’re looking for an adventurous alternative to the 9-to-5 grind, check out these seven unusual professions that can pay incredibly well.

1. Golf Ball Diver

If you’ve ever hit the links for 18 holes, you’ve probably sent a few expensive golf balls sinking to a watery grave. Even the game’s greats are known to make a splash down in the water hazard from time to time, and if it wasn’t for treasure hunters like Dick Smith of Midwest Diving Specialists, golf course ponds all across America would soon be overflowing with shanks and slices.

Smith, who was featured in a profile by ESPN.com back in 2006, estimates that more than 200 million golf balls are splashed down each year. As a professional golf ball diver, Smith and others like him don scuba suits and head down into the depths to retrieve buckets upon buckets of these lost balls. As a reward, golf ball divers can routinely earn $50,000 annually, with the best in the business taking home $100,000 per year through retrieval and resale of their sunken treasures.

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2. Sommelier

If you’ve always had a refined palate and preferred a nice glass of burgundy over a bottle of Bud Light, becoming a sommelier could be the perfect way to turn your good taste into great pay.

Sommeliers work in the fine dining industry, assisting customers in selecting the right bottle to pair with their meal, while carefully curating a restaurant’s revolving menu of varietals.

You can become a certified sommelier by taking a six-month course, and the best in the business can easily take home over $80,000 per year.

3. Poker Player

Some average Joes have proven that you can play poker online for money and turn that into a big tournament payday. In 2003, an anonymous accountant by the name of Chris Moneymaker did just that, turning a fistful of dollars into a $2.5 million prize as the winner of the World Series of Poker (WSOP) Main Event.

It’s been more than a decade since the “poker boom” launched by Moneymaker’s miraculous win and ESPN’s wall-to-wall coverage, but even so you’ll find poker rooms across the country packed with avid players.

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With the 2016 WSOP underway in Las Vegas, another unlikely champion has put poker in the news once again. As a 29-year old finance professor at the University of Arizona, Mitchell Towner says he played the game only once or twice a year during his doctoral studies. Even so, Towner outlasted more than 6,900 opponents to win the $1,500 buy-in Monster Stack event at the WSOP, earning $1.12 million and a gold bracelet in the process.

Along with other first-time-entrants-turned-big-time winners, like Shankar Pillai and Hung Lee, Towner proved that playing poker can be quite the lucrative pastime.

4. Waterslide Tester

Nothing beats the thrill of heading to the waterpark on a hot summer day and taking as many trips as you can down the steepest, curviest waterslides. But for adults trying to earn a living, spending your days sliding into the pool and splashing around doesn’t exactly sound like a viable career option. Unless you’re Seb Smith, that is.

Back in 2013, the U.K.-based resorts marketer First Choice issued a public notice to fill one of the company’s most coveted positions: full-time waterslide tester. Smith beat out more than 2,000 other applicants to secure the dream job, and today he earns about $32,000 per year to travel the world and test out SplashWorld’s waterslide system.

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waterslide

    Source: Flickr

    5. IMAX Screen Cleaner

    When you sit down to catch a flick in an IMAX theater, the main draw is obviously the massive screen on which the film is projected. And while these huge 72-by-52-foot IMAX screens are perfect for showcasing special effects and superb cinema in spectacular fashion, they’re also great at attracting dust and dirt.

    Just like your television screen at home, the standard IMAX screen is eventually coated in a thin layer of airborne particles and other grime. But instead of balling up some paper towels to address the problem, IMAX theater owners rely on special screen cleaners to get the job done.

    For an average annual salary of $45,000, members of an IMAX screen cleaning team climb tall ladders and wield vacuum-like devices to remove the usual dust and debris, along with Gummy bears, spit wads, and other oddities which tend to accumulate on them.

    6. Food Truck Operator

    The food truck fad of a few years back may not be driving full steam ahead any longer, but competent cooks capable of carving out a niche for themselves can still make a great living.

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    Depending on your locale and the level of demand there, opening up a food truck can be a great way to combine your culinary skills with an entrepreneurial spirit. Rather than taking the risk which comes with opening a full-fledged restaurant, first-time food truck owners can make a relatively small gamble. If things don’t work out, the truck and equipment can be resold to recoup losses, but if your food finds an audience, food truck ownership can easily produce a six-figure salary.

    7. Video Game Tester

    Growing up, many of us had dreams of being paid to play Nintendo games all day, battling Bowser and saving the Princess in exchange for a paycheck.

    Today, with major companies like Sony, Microsoft, and Apple investing heavily in the gaming industry, demand for video game testers continues to grow. Offering an hourly wage which averages between $12 and $18 per hour, companies like EA Games devote entire teams of testers to their Quality Assurance department.

    There’s no need to resign yourself to a well-paid job you dislike or take a massive pay-cut for a dream position that means you practically go pro bono. If up until this point you’ve struggled to put your finger on a profession that makes you happy, rest assured there are plenty of unconventional jobs out there that offer great opportunities to learn, grow, have fun, and be more than reasonably remunerated.

    Featured photo credit: Flickr via flickr.com

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    Published on December 13, 2018

    How to Start a Company from Scratch (A Step-By-Step Guide)

    How to Start a Company from Scratch (A Step-By-Step Guide)

    If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

    But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

    So how to start a company?

    Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

    1. Do an Honest Evaluation of Yourself

    Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

    These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

    Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

    You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

    2. Evaluate Your Idea

    If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

    There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

    First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

    Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

    After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

    Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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    3. Make a Business Plan

    I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

    Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

    • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
    • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
    • Market Strategies – How are you going to penetrate the market and sell your product.
    • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

    A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

    Playing up the positives while minimizing the negatives is almost expected in a business plan.

    Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

    4. Decide on a Business Structure

    You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

    Sole Proprietorship

    This is a common way for small businesses to get started.

    The pros being:

    Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

    Finally, sole proprietorship’s are relative easy to dissolve.

    The cons of using a sole proprietorship include:

    You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

    If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

    Partnership

    A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

    The pros of a partnership include:

    Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

    For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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    As far as the cons go:

    It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

    Some employee benefits may not be able to be deducted on income tax returns.

    Limited Liability Company (LLC)

    This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

    The pros of an LLC include:

    Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

    Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

    There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

    Corporation

    A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

    The pros of a corporation include:

    Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

    A corporation can raise capital much easier just by selling more shares in the company.

    Cons of corporations include:

    Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

    Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

    5. Address Finances

    Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

    So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

    Now, how do you get that money?

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    Self Funding

    If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

    Friends and Family

    They can be a good source of funding your business if they can see and understand your vision.

    Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

    For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

    And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

    Banks

    These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

    It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

    You should also brush up on everything in the plan so that you can answer any questions they have with authority.

    Crowdfunding

    Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

    6 Crowdfunding Tips To Get Your Project 100 Percent Funded

    6. Register with the Government

    As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

    Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

    7. Assemble Your Team

    Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

    Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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    Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

    What about marketing? You can hire someone in-house or out-source that too.

    Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

    Check out this guide and learn how to delegate effectively:

    How to Delegate Work (the Definitive Guide for Successful Leaders)

    8. Buy Insurance

    No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

    We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

    9. Start Branding Yourself

    Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

    I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

    If you aren’t sure how to kickstart branding yourself, check out these ways:

    5 Ways to Build your Personal Brand & Make More Money

    The Bottom Line

    Starting a business from scratch can be one of the most rewarding experiences a person can have.

    But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

    More Resources About Entrepreneurship

    Featured photo credit: Tyler Franta via unsplash.com

    Reference

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