If you’re starting a business, chances are one of your primary goals is to make money. Whether you’re selling pallets of accessories or truckloads of Venturer electronics, keeping your business profitable is probably at the front of your mind. Some businesses are more conducive to success than others, though. For every key business idea you have, there are plenty of profitable business models that you may not have considered.
Selling Liquidation Merchandise
If you’re a savvy buyer and like to be smart about your inventory, you may want to consider acquiring pallets of merchandise from liquidation sales. Target liquidation auctions, in particular, are a great way to get quality big-box retail products at a fraction of the price. Often these product pallets will be in new condition, too.
Then you’re able to take the liquidation merchandise and sell it at a markup. The customer gets it for a cheaper price than they would in-store and you’re not taking a loss on the sale. Working with major retailers is often the optimal buying technique as they frequently offer the original one-year manufacturer warranty for their goods.
Deal Refurbished Electronics
Everyone wants the newest Android tablet, iPhone, or computer but they don’t want to pay Best Buy prices. Refurbished tablets, computers, or consoles are sold with added discounts due to the product not being in new condition; however, it has been tested, reconfigured, and is guaranteed to work.
To put customers at ease, offer a warranty even if you’re not able to uphold the original one-year manufacturer warranty. You can often buy pallets of refurbished goods by the truckload, so whether you’re selling an Apple refurbished tablet, an Android tablet, or iPad accessories, you’ll have a market of buyers who are interested.
Get into Plastics
High-performance plastic isn’t going anywhere. If you know the specific application of some commodity plastics and understand high-thermal stability, you may want to consider a career in plastics. High performance engineered plastics are always in high demand, especially if you’re familiar with mechanical properties, chemical resistance, and other engineering plastic fundamentals. Your skills in engineering plastic can often go a long way, whether it’s with nylon or other Grade-A plastics.
Consider Independent IT
Sure, you could sign up to be a member of the Geek Squad at Best Buy. Or you could take matters into your own hands and run your own troubleshooting and computer repair outfit. Whether you’re adjusting wi-fi connections or helping address a corresponding singular stochastic control problem, there is plenty of money to be made in the IT sector.
Make sure you have a clearly visible privacy policy if you have a website. Customers want to know that their data and sensitive information is safe at all times. Plus, unlike some businesses, you don’t need existing local or court approval because you’ll typically be operating as an independent contractor.
Website Design
If you believe you have Grade A design skills and are comfortable working with a wi-fi connection, this may be the business venture for you. With more and more individuals opening businesses, it’s never been a better time to be a web designer. Often, you can work remotely and on your own time as long as projects are completed by an agreed-upon deadline and you’re meeting (and hopefully exceeding) client expectations. Put those design skills to the test and see what takes shape.
These are just a small sampling of some of the most profitable business ideas that you may not have previously considered. If profitability interests you, think of businesses that you can run with nothing more than a wi-fi connection. The lower your overhead, the easier it is to succeed. Find your niche and see where it could take you.