There are many benefits to starting a new company. As a business owner, you can manage your hours, focus on what you are passionate about, and have the freedom to make your own choices. Being an entrepreneur can also bring you financial stability, something which most people want.
Many times, the problem lies in having the right idea, something that will make you money and give you happiness. While some might have a clear picture in their heads, this is not the case for many others. They may have the money and the desire to start a business. They could also have the right connections and partnerships. Yet, the idea isn’t there.
For those of us belonging to this group, there are certain types of businesses we could look into. They are medium-scale, stable businesses with great potential for success.
Commercial & Housing Property Rentals
People will always need a place to live in. The same goes for companies. Without an office, they cannot conduct their work. This is true regardless of time, population, economy, politics, or education. As such, the opportunity to have a business in real estate will always exist.
Instead of buying a single unit and renting it out to a person or family, why not invest large-scale? In the long-run, buying an entire housing complex is more profitable, not to mention much more stable. If you have some money but not quite enough, you could look into getting a housing or apartment building loan. A reputable company will give you flexible, affordable payment terms and other information useful to begin your business.
If it sounds like a risk too big to take, you could go into business with others. You could start a partnership instead of a sole proprietorship enterprise. As far as stable income is concerned, there are few things better than property rentals.
Parking Lot and Carwash Services
Another great medium-scale idea is starting a parking lot. But instead of providing only space, you can also offer car wash services. All you need is a place to do it. If you don’t have one, you can either rent it or buy it. Once you do that, other factors to consider include:
- How much will you charge? Will you charge on an hourly or daily basis? Can the cars stay inside overnight?
- How can you guarantee car safety? It is best to have the parking insured as this will avoid unnecessary future problems.
- Is my parking lot only open to the public? Are there any outsourcing options I could consider? Examples are renting your space to restaurants or businesses within your area.
- Is washing the car included in the parking fee? What kind of paperwork and equipment do I need?
These and other questions will assist you in making the right decision. As with housing, consider going into business with a partner. Even though profit numbers might go down, it also represents a smaller initial investment on your end.
Warehousing and Delivery
Starting a warehousing and delivery business is another interesting option for those looking at medium-scale opportunities. Perhaps the biggest advantage of having a warehousing business is market size. You can offer your services to both individuals and corporate clients. You could also work with other larger warehouses. If you still have enough space, you could either set up delivery services on your own or partner with major delivery companies like DHL or UPS.
If you take the time to do the research, you will find the right clientele to cover your expenses and needs.
When thinking about a new business, most people often look at large enterprises or small, service-based alternatives they can start with very little investment. Many times they fail to recognize the importance of medium-scale businesses and the vast opportunities in them. Three fantastic options are multiple commercial and housing rentals, parking lots, and warehousing and delivery.
By considering these options, you too can reap the benefits of what being an entrepreneur brings.