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Four Low-Risk Businesses That You Can Start Today
December 22, 2017
Four Low-Risk Businesses That You Can Start Today

Four Low-Risk Businesses That You Can Start Today

December 22, 2017
Do you dream of being your own boss? If so, you might benefit from starting a small business! Unfortunately, there are risks that come with opening a business. According to a study by the Bureau of Labor Statistics, almost 50 percent of small businesses fail within the first five years. To avoid business failure, it is important to consider starting a business that is less likely to fail than certain ventures, such as opening a restaurant.

Before starting your business, read this post to learn about low-risk industries to pursue. Hopefully, you’ll be able to start a profitable project, without endangering your finances.

1. Consulting

If you want to start a lucrative business, you should consider utilizing your talents or hobbies. For instance, if you’re a skilled editor, you could start a copywriting business. Or, if you are a technology expert, you could start a computer repair business. Building a consulting business will allow you to use your skills to gain a client base. Plus, you can invest as much as you want into your consulting business; you can keep your operations small, or aim to grow your business into a large market.

So, whether you have experience in technology, marketing, web-design, or other areas, consulting can be one of the best business options to pursue!

2. Tutoring

You might not realize it, but if you are fluent in a language, or are an expert in an academic subject, you could make money through tutoring. If you live near a local college or other organization, advertise your tutoring business to this audience. This is low-risk business because it won’t require a lot of costs. Aside from some teaching tools and marketing materials, you shouldn’t have too many expenses. Plus, you won’t need a business location – you can provide tutoring services at a nearby coffee shop, library, or recreational center.

3. Direct Sales

You probably know someone who sells inventory for Avon, LuLaRoe, Tupperware or other companies. Why not start your own business, selling products for an already-established brand?

These companies hire sales representatives to sell their products independently through shopping parties, online marketing, and other creative measures. By pursuing a business through these mediums, you can earn immensely without having to invest a lot of money in startup costs. Typically, you’ll have to purchase the inventory, but most companies sell them to sales representatives at an affordable price.

In this role, you can earn as much money as you want, depending on the amount of time and effort you want to put into this venture. Another perk of this business is the flexibility – you can sell products when it is convenient for you, or even work part-time.

4. Service-based business

Like a consulting business, you can start a service business based on a task that you are good at or enjoy. If you like working with kids, open a child care service. Or, if you are an animal lover, start a dog walking or pet sitting business. Another option is a cleaning service business, especially if you are a thorough cleaner. Aside from the tools and equipment needed, you can start one of these service businesses without major financial risk.

If you’re serious about success, do research prior to starting your service business. If there are similar businesses in your local area, you might not make as many sales. Aim to target an area that doesn’t have your service, and you’ll be able to build major clientele.

Start a Low-Risk Business Today

If you’re serious about starting a small business, try to start an endeavor that is low in risk and has the potential to be lucrative. If you’ve started a business in one of these categories, tell us about your experience in the comment section below!

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Guest Post by: Joseph Payne
Joseph Payne is the marketing manager at CouponsMonk.com, deals and discounts provider company. He is passionate about money savings, investment and finance industry. In addition, Joseph also supports non-profit agencies that provide healthcare solutions to handicapped and disabled people.
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