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3 Business Ideas That Will Lead You to Financial Freedom

3 Business Ideas That Will Lead You to Financial Freedom

Most of us work to earn money and improve our living standards. However, the sad truth is that we need money in order to make money. However, not everyone agrees with this notion anymore.

Nonetheless, you cannot expect to live a luxurious life in the US with what most jobs pay. For example, teachers earn around $29,000 in some states, preventing them from living their lives the way they’d like to.

So, what do you do in such a scenario? The easiest option is to start a small business and see where it takes you. Now you may say, “I need money to start a business”. Worry not. There are some non-conventional business ideas that you can start without much savings. Also, they don’t require you to quit your job, as you can concentrate on both, your office job and your new business.

So let’s have a look:

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1. Use The Free Space that You Have

If you have a big house with free space you can use it in a number of ways. You may welcome a tenant, and enjoy monthly rent.

If you do not wish to bear the trouble of dealing with a tenant, you may use the empty space as a warehouse and rent it out. There are a number of companies and individuals looking at hiring space to keep their goods or just to hold business meetings. You will not have much of a trouble finding people interested in your space.

And not just this, you may even use your porch. If you live in a populated area, you may rent out your parking space at an hourly rate. This is a quickly growing business that doesn’t require much from you.

There are many websites where you may get registered and let people enjoy the benefit too. Plus, there are no expenses. You can post an add online, sign up at a website that helps you get in touch with tenants or just set up a banner outside of your house.

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2. Provide Training

If you are good at anything, you can use it to earn money. People all around the world are willing to learn, all they need is a tutor and you can be one.

For example, if you are good at makeup, you can start to teach makeup at your place or even online. This is a fast growing industry and some makeup artists are making millions. Some like Huda Beauty have started their own fashion line even, so the potential is unmatched. You may even become an MUA and offer your services to others.

However, makeup is not the only thing that you can teach. If you’re good at art, driving etc., you can start teaching that in your free time. However, some of these may require proper education and licenses so make sure to check with your local authorities before you begin your new business.

3. Start a Virtual Business

The Internet has billions of users, and the best thing is that you’re not limited in any way. It doesn’t matter where you live, you can reach everywhere with the help of the internet. All you have to do is come up with a saleable idea and go with it online.

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The good thing is that you do not necessarily have to sell a product to earn online. You can just have a blog and share your thoughts online and turn it into a business. There are several ways of doing so, they include:

  • Earn from advertisers
  • Become an influencer
  • Become an affiliate

All these ideas have a lot of potential, however, the right option largely depends on what you are capable of. For example, you can earn thousands from advertisers like Google Adsense, however, it’s beneficial only if you have a large number of visitors.

And to be able to reach a wide audience you will have to spend on online marketing and provide your users with quality content. On the other hand, being an influencer requires a lot of time and effort. It’s about getting so big on the web that people are willing to pay you to speak about them.

Lastly, the option to become an affiliate doesn’t require much. Concepts like multi-level marketing are also quickly growing and have changed people’s fate. The concept revolves around selling products using your website and even offline means to earn a commission. This may not look like a very good idea on paper, but a number of people have turned it into a successful business.

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Conclusion

These three small business ideas are non-conventional and anybody can start them. However, don’t get confused, concentrate on one that you think you can do the best.

For example, if you like to be on the web then you should consider going online and start doing something in the virtual world, and if things go great you should consider streamlining your business by setting up a sole trader or limited company, but before that you should be aware of advantages and disadvantages of forming a company, and be sure of what works for you in a given situation.

Lastly, if you think you work better as an entrepreneur, then consider other options. They may not look like major ideas, but they have the potential to be big if you work hard.

Featured photo credit: newsweek.com via s.newsweek.com

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Ahmed Raza

CEO of Samurais.co

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Last Updated on May 15, 2019

10 Most Successful Entrepreneurs and What We Can Learn from Them

10 Most Successful Entrepreneurs and What We Can Learn from Them

Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

1. Melanie Perkins: Know Your Worth and Keep Trying

    Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

    She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

    Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

    2. Bill Gates: Keep Learning and Exploring

      If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

      Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

      He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

      “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

      Gates’ success is built on self-improvement and the seeds of an idea.

      3. Elon Musk: Never Stop Innovating

        Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

        Elon Musk, however, breaks that rule.

        Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

        When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

        Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

        4. Richard Branson: Develop People First

          British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

          The billionaire is strongly particular about working with a team that shares his core values and aspirations.

          Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

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          A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

          Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

          5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

            Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

            For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

            While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

            While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

            6. Mark Zuckerberg: Start Small, Think Big

              Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

              “The biggest risk is not taking any risk.”

              He’s always daring to explore with a fearless mindset.

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              The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

              However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

              7. Steve Jobs: Live Your Own Dreams

                Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                8. Warren Buffett: Balance is Essential to Success

                  Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                  After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                  With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

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                  9. Jack Ma: Never Give up

                    On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                    Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                    His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                    Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                    10. Tan Min Liang: Passion Can Pay Off

                      Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                      Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                      The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                      So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                      Final Thoughts

                      In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

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                      Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

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                      Featured photo credit: Patrick Tomasso via unsplash.com

                      Reference

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