Highly Profitable yet Little Known Business Ideas

Business IdeasBusinesses come in all shapes and sizes, and some, such as fast food giants, software companies and others, are known for their inherent profitability even in harsh financial times. But what are some examples of profitable businesses which you might not think of immediately?

Leasing companies

Leasing in all its forms can be surprisingly profitable. This is because many other firms, particularly start-ups, would prefer to lease equipment rather than put in the full investment of buying up front. Leasing companies lease all kinds of things, ranging from factory equipment and plant machinery to office computers and company cars. According to the Finance and Leasing Association (FLA), 15% of office equipment is leased rather than purchased. With such a large market out there, it’s easy to see why leasing firms can be so profitable.

Music tuition

Many people would like to learn a musical instrument of some description and are prepared to pay well for the privilege. If you’re skilled at playing the piano, guitar or any other instrument then you’re ideally placed to take advantage of this market, while also feeling the rewards of helping others to learn and follow their passions.

Business consultancies

A lot of businesses need advice in the course of their activities, and expertise is a prized asset. Many experienced business people make a substantial living by sharing what they have learned through years of experience with others.

Hazardous waste disposal firms

Sometimes a business is profitable because it involves unpleasant and/or dangerous work. Those firms that have the willingness, the experience and all the necessary equipment can therefore charge handsomely for the tough work they do.

Industrial component suppliers

Often the firms that make the big money aren’t necessarily the ones that are making the consumer-facing products or the large pieces of machinery for industry, but instead those that make the smaller components used in such products. Such work is often highly specialised, and so the potential is there to earn big from the many different companies requiring components which may be in short supply.

Recycling and scrap metal

We live in an increasingly industrialised world where metal and other materials are abundant in domestic and commercial items. These of course all reach the end of their lifespan’s eventually, and so there is a need for companies that deal with this stage in the lifetime of consumer and industrial products. Recycling is one of the world’s fastest growing business fields.

Mobile app development

An increasingly popular field for entrepreneurs to move into, mobile app development taps into the public’s insatiable lust for new applications for their smartphones and tablets. With such a large market out there, anyone who develops the next ‘killer app’ can potentially score big. Of course not every app is a winner, and for every next big thing there are countless apps that don’t earn their developers a penny.

Construction

With the right skills and experience, a construction firm can grow substantially from a relatively small investment. As it grows it can move on to bigger and better things, and go from working on small projects to much larger commercial projects that pay big money.

Carlo Pandian is a management graduate and freelance journalists. He also edits how to guides for Intuit Malaysia accounting and loves sharing business advices with the online community of Think Entrepreneurship. When he’s not online, Carlo spends his free time visiting art galleries and volunteering in the a local community  gardening.


Category: Business ideas

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