In what areas of business earn the most money? According to Forbes polls among several hundred billionaires, most of them made their fortunes in the following 10 niches:
- Production . It would seem that the industrial age has passed, but production is still one of the most profitable ways to make money. This is a niche that requires large investments and scale, however, some of today’s industrial concerns once started their business in a garage.
- Technologies . The largest business today is inevitably connected with the field of technology. It is here that startups appear, which in a short time turn into IT giants.
- Pharmaceutics . One of the most profitable areas, which, on the one hand, requires large investments in research, on the other hand, pays off with interest and gives companies billions of dollars in revenue. Especially during periods of rampant disease and deadly viruses.
- Energy . Energy – that is, the extraction and sale of energy carriers – is an industry where, in comparison with the processing industries, the costs are scanty compared to the income received.
- Food and water . As already mentioned, people will never stop eating and drinking, so those people who were able to offer the world how to eat and drink tasty, plentiful and affordable become the richest people on the planet.
- Media . They say whoever owns the information owns the world. What can we say about money. Now, due to the development of technology, the growth of the number of Internet users and coronavirus lockdowns, media giants such as Netflix periodically report record increases in profits.
- Clothes and Fashion . Clothing is one of the few things that almost every inhabitant of the planet has. It is not only indispensable without it, but it allows you to live in comfort and stand out from the crowd, so it is not surprising that its production and sale were in the top.
- Real estate . Among the richest people, the tradition of investing in real estate and making money on it is an unspoken law.
- Sports . Although sporting events have taken a big hit due to the coronavirus restrictions, there is still a huge amount of money circulating in this niche.
- Investments . This direction is especially beneficial because it is possible in many directions, because it is possible to invest in absolutely different areas in order to increase them.
Popular questions for new entrepreneurs
In this article, we have covered ideas on how to make money in 2022, mainly focusing on budget options. If you still haven’t found a suitable direction, we advise you to refer to other articles and collections of business ideas on the OpenBusiness Portal, as well as to consider some little-known ideas from abroad on the 1000 Ideas Portal . In conclusion, we will also answer some of the most popular questions.
How to find sources of funds for your business?
There are several main options.
- Use your own funds . Of course, they probably do not lie in your account in the form of a specific amount, but have the form of property, for example, an apartment, cottage or land, a car, motorcycle or bicycle, a piece of jewelry or a pile of used old things on the balcony.
- Take a loan . Although banks have special conditions for business, it is hardly worth counting on good preferences and especially low rates. You need to be especially careful when choosing the bank itself, guided by the ratings, because you will have to cooperate with it on many other issues, for example, to open a current account with it.
- State subsidies . The option is good, but not in every area, unfortunately, possible. Conditions or requirements for receiving subsidies are sometimes very strict, and regional authorities are sometimes unable to satisfy applications due to a hole in the local budget.
- Investor funds . Finding an investor is not easy. Moreover, it’s not enough to find, so you still need to correctly present yourself, develop a clear and convincing business plan (you can learn about its creation here , and you can find ready-made examples here ) and a vivid presentation that will make you believe in you.
- Raise funds with crowdfunding . Crowdfunding is raising funds to finance a startup with the help of a large number of small sponsors. Read more about this method and popular crowdfunding platforms in this material .
Is there a working formula for making a million from scratch?
There is no universal formula, otherwise it would have been known about it for a long time, and everyone would actively use it. However, there are tips on how to increase the likelihood of earning more.
- In any business, you need to invest. To make a profit from any business, one way or another, you need to invest something in it. It can be money, labor, time, moral and physical energy.
- It is necessary to constantly improve the level of education and financial literacy. Live and learn. If possible, you should spare no resources for education. And as for financial literacy, you can’t do without it. In many areas of activity, money needs to be made to work in a circle in order for it to work for you.
- It is desirable to have multiple sources of income. During periods of change and crisis, it is especially important to have not one or two, but at least several sources of income so that the loss of one of them would not be critical.
- You need to be able to count costs. Entrepreneurs, first of all, should not develop the skill of making money, but the skill of spending it correctly and appreciating the available resources.
- You need to make useful contacts. Dating is a very valuable resource that can come in handy in the most unexpected situations.
Should you buy a franchise business?
For many newcomers, acquiring a franchise seems like a panacea. And I bought a ready-made business, and it seems like the responsibility for its success is on someone else, but not on me. In the layman’s view, the franchising scheme sometimes seems to be some kind of passive income option , but this is fundamentally not true.
Buying a franchise is, of course, one of the tools to reduce risk. But at the same time, this does not mean that you need to treat such a business as if letting go of the reins, letting it take its course and blindly trusting the promises of the parent company.
There are many factors to consider before purchasing a franchise. How popular is the franchisor’s brand in your area? What does the parent company provide? How developed is its interaction with partners. Does he leave his franchisees without support after acquiring a franchise. How much will you overpay for buying a franchise, paying a lump-sum fee and royalties, rather than operating independently.
Also remember that when you buy a franchise in making many issues, you lose your self-activity. And if at first it may even seem like a plus, then in the future it will become a serious obstacle to the development of your business. You can read about the main trends in Russian franchising in recent years in this article .
Is it possible to earn big money without investments?
Can. Especially if you have already made such investments. Perhaps you are not fully aware of these investments. But, perhaps, in some business you have already invested your time, work, achieved some knowledge and skills. Now we need to try to monetize them.
The easiest option is to try selling your knowledge. This is the attractiveness of the infobusiness – there are practically no costs in it. However, trust in him today is falling every year, since in a beautiful package most often there is an empty place. Therefore, try not to always choose the easiest, cheapest and most obvious way.