In 2016, more people chose to leave their jobs and start their own businesses. According to the Kauffman Index, the rate of startup growth was 58.5%, which was nearly 12 percentage points higher than 2015.
If you are interested in starting your own business, there are many great opportunities in 2017. Here are some business ideas that could make you a lot of money.
1. Sell Organic Looseleaf Tea
Demand for tea is growing significantly. According to data from the World Tea Expo, the U.S. market for tea rose by $10 trillion in 2014. Many young adults are also interested in loose-leaf tea. This is a market many distributors like Teavana don’t serve.
Unfortunately for tea enthusiasts, the climate in most parts of the U.S. isn’t ideal for growing tea. This is a great opportunity for savvy entrepreneurs with the right contacts.
According to NPR, many great fortunes have been built by tea exporters over the years. However, the barrier to entry was high, so it was difficult for new entrepreneurs to enter the market. There is a much better opportunity for entrepreneurs on a low budget in 2017, since the market is growing and globalization makes it easier for business owners on a small budget to start their own tea importing business.
2. Import and Re-Sell Goods
If we learned one thing from the past election or the Brexit fiasco, it is that people are very nervous about globalization. While globalization is a threat to some people, it’s a huge opportunity for clever entrepreneurs.
You don’t have to start a new business from scratch. If you are already selling on Ebay or your eCommerce website, you can consider expanding your supply chain to China, India or another country. You can mark those items up and resell them on eBay or your own website. An entrepreneur on Reddit created a business importing goods from China and make nearly $7,000 in the first couple of months. Many other entrepreneurs are doing the same.
3. Resume Writing Service
Although the economy is getting better, many people aren’t thrilled with their jobs. Last year, Gallup reported that about 51% of employees were actively seeking a new job.
You can create a booming business helping struggling job seekers. The easiest way is to create a resume generation business. Even many professionals have difficulty creating their own resumes, so this could be a great way to make a nice income.
Cost Helper estimates that resume writers charge between $80 and $349 per resume. Since job seekers have to tailor their resumes to different clients, you can earn several hundred dollars helping a single client.
4. Create a Coupon or Consumer Review Blog
Many people aspire to make a living as a blogger. Unfortunately, most people fail, because they create a blog about something they are interested in, even though there isn’t a large demand for it.
People that make a lot of money do so by coming up with a blog topic that appeals to a large customer base. Coupon blogging is one of the best. Reviewing products is another great way to earn a living blogging.
Louida, an Atlanta woman that created her own coupon blog a few years ago, earns close to $10,000 a month from her site.
There are a few ways that you can earn money as a coupon or product review blogger. You can rely on advertising from Google Adsense or other advertising platforms. However, affiliate marketing is a better way to earn an income. You can encourage your visitors to visit client websites and get paid whenever they signup for an email newsletter, request a free sample or buy a product.
If you are skeptical about the money that you can make running a coupon site, then you should read about Coupons.com. In 2014, the company filed for a $100 million IPO. The site generates about $200 million in sales every year.
5. Tutoring Services
Tutoring is another great way to earn money. If you have a degree in a specialized field, you can charge $50 or more an hour to help struggling students.
Tutoring is also a great way for professionals to make extra money on the side. During slow periods, lawyers can tutor recent law school graduates to help them pass the BAR exam. Engineers can also work with students at their local engineering school.
Start Your Own Business in 2017!
There are plenty of opportunities for intelligent people to start their own business. The hardest part is taking the plunge. Do you plan to launch a business this year?
Featured photo credit: Pexels / Paul Kunitsky via pexels.com