You can invest in a small business in two major ways. Fund a small business for a percentage of profits, or invest time and effort to grow the business. Whatever you do, the end goal is to turn a profit.
Choosing a profitable venture can be confusing—you risk losing your money. However, a glimpse at how the richest man in the world, Jeff Bezos, invests his money shows that he invests in businesses that impact lives, that’s a good place to start. So here is a list of profitable small businesses worth your time and money.
The best way to invest in customer experience is to invest in a business that leverages cloud-based call center software to provide call center solutions. Cloud-based call centers are profitable because call center software does not demand special equipment to function, and it offers complete solutions to outbound calls and inbound calls, integrations to other channels like social media, SMS, live chat, and CRMs like Salesforce, and real-time analytics and workflow and performance metrics.
The best call center software also leverages artificial intelligence and other automation and advanced features to ensure efficiency in customer relationship management.
Reasons to invest: Whether you’re funding this business or starting one yourself, you’ll impact customers’ lives by making it easier for them to access services, and, even if you don’t see it, you’ll be putting smiles on people’s faces.
Resale is the reselling of previously owned or returned goods (secondhand goods). These goods are usually returned from major vendors and retail sites, e.g. Amazon. It could also be selling off products from retailers that have surplus inventory. The point is reselling at a discounted price. The entire process is termed direct liquidation.
Reasons to invest: The secondhand market was worth $24 billion in 2018 and is growing as more companies take sustainable approaches to products. This venture also impacts people by providing quality products to those who cannot afford them at the original price.
You can invest in real estate at various levels. You could start from a small scale (renting out that extra room) to owning hundreds of properties, and everything in-between. The value of real estate only ever appreciates, and the industry is filled with success stories. You could take a buyer-seller approach or rent. Either way, you make a profit.
Reasons to invest: The real estate market is at its peak as the need for housing increases. You would also provide people with a place to live, and that is a social impact.
Food trucks are simple to start up, and fairly easy to run (compared to running a restaurant). You’ll need some legal documents like a business license, an employer identification number, health permits, food handling permits, and parking permits. Once you have these, you can start serving up delicious meals.
Reasons to invest: Food trucks are mobile and easy to maintain. You would also do a public service by satiating the stomachs of hungry citizens.
This may sound like a risky venture to the untrained entrepreneur, but it can be a goldmine for those with vision and creativity. While catering businesses can make good money catering to events and parties, they could get steady income by becoming official business caterers. Imagine how much the caterers who provide food for employees at Google and other tech giants make. If you direct your catering efforts to big businesses, you’ll find that there is money to be made.
Reasons to invest: People will always eat and companies that value workplace culture will provide food free or at discounted prices.