If you’re an entrepreneur looking for your next business idea, it can seem like the possibilities are endless. After all, with so many great ideas it might be hard to whittle down your options to which idea seems the strongest for the current moment. That being said, it’s important to commit to an idea and begin forging a path forward if you really want to build your wealth.
Here are five of some of the most lucrative ideas and trends that any crafty entrepreneur can use to take them to the top.
Flip merchandise on an online store.
The internet makes it easier than ever to set up your own storefront, but many people aren’t quite sure where to source their inventory from. One of the best ways to source inventory is by finding merchandise from big-name retail stores like Walmart, Amazon, and Lowe’s.
Thankfully, there are online liquidation websites that enable you to buy refurbished or returned goods from major retailers via online auctions. When you buy pallets of merchandise, you’ll be able to access name-brand clothing, electronics, and other in-demand merchandise that will sell much better than trying to buy wholesale goods completely new.
Buy and sell domain names.
Another popular way to make money is to buy and flip domain names. Especially if you’re a creative thinker, coming up with some hot or trendy domain names before they get popular can be a great way to make a big windfall in the future. While it does take a bit of research and luck, in due time you’ll have a knack for picking great domains that are sure to go up in value.
Get in on the dropshipping game.
Dropshipping merchandise is another option for selling goods online. With drop shipping, you don’t need to house the wares you’re selling. Instead, you just send orders to the supplier that fulfills orders for you as they’re made. While dropshipping is one way to source inventory, it’s worth noting that your profit margins will likely be much higher if you’re buying customer returns or refurbished goods from a liquidator.
Find a creative niche to exploit on Etsy.
Sometimes, making money online comes down to coming up with the most out-there business idea. An example of this is finding a niche to exploit on a website like Etsy where customers are always looking for creative gifts to purchase. For example, some people make plenty of money selling potions online, a niche product that would be hard to find in-person.
Self-publish a book on how to become a successful entrepreneur.
Self-publishing a book is another path to success as an entrepreneur. Selling your eBook on websites like Amazon.com is easier than ever and offers you access to a global marketplace. Keep in mind that the only people who really made money during the Gold Rush were the people who were selling shovels—if you offer people a way to get rich by offering your own tips and tricks, you, too, can profit.
Of course, all good entrepreneurs know that having a great idea is only half of the formula for starting a winning business. Without the right mentality and a strategy for scaling your company and achieving your goals, you’ll likely flounder after the heat from your initial successes begins to die down. That’s why focusing on key results by using an OKR framework can be incredibly advantageous to sustaining your new business venture.
Also known as objectives and key results, OKRs were pioneered by the entrepreneurs who took Google to the next level, providing a framework for setting and measuring goals. Best of all, new OKR software solutions make it easier than ever to implement your OKRs across teams and keep everyone aligned to the goals and priorities that matter most to you and your business.
OKR software can also help you with performance reviews for all of your team members since you have the ability to clearly measure how each employee is stacking up against the benchmarks you’ve established with your OKRs.
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