Regardless of your current financial situation, you’re probably looking for more ways to increase your income and generate more wealth for you and your family. However, finding profitable business opportunities can be challenging.
Keep reading to find out the top three business opportunities for 2024 and how you can get a head start making more money with less stress next year.
#1 – Rental Property Investing
Real estate investors know the value in renting properties to tenants, which is why it’s been such a lucrative investment for many decades. Regardless of the current real estate market, rental property investing has proven to deliver consistent rental income as well as the benefit of capital appreciation.
To get started with rental property investing, you’ll need to assess your current financial situation. Real estate investors should prepare to make a down payment of 20 percent for an investment property. This means a $400,000 home will require a down payment of $80,000 when used as an investment property.
Next, it’s time to look at properties within your budget with an experienced real estate agent. These professionals know how to find homes ideal for rental property investing. They can also help negotiate the best deal for the property so you don’t overpay for your first investment.
After acquiring the property, you’ll need to determine your maintenance plan and upkeep for the home, as it’s crucial to have a solid plan in place if maintenance issues arise.
Additionally, you’ll need to find qualified tenants to occupy the property to avoid vacancies. We recommend vetting each new tenant to verify their creditworthiness, employment status, and criminal background to avoid issues down the line.
#2 – Search Engine Optimization (SEO) Consulting
Search engine optimization (SEO) is the practice of ranking websites high in search results on Google and attracting visitors to a website. The reason SEO is so important is because, without being on the first page of Google, no one will be able to discover your business and inquire about your services.
Most business owners know they need a website, but they don’t know how to rank the site on the first page of Google. This means that many business owners are willing to work with an SEO expert, but first, you’ll need to demonstrate your expertise.
Luckily for aspiring business owners, there’s tons of free information available online to learn about the basic and advanced aspects of SEO. YouTube is a great resource for beginners as well as books, podcasts, and local networking events about digital marketing and SEO.
After acquiring the SEO skills needed for success, it’s time to market your SEO services and find clients for your new business. Unfortunately, competition for SEO and digital marketing services is highly competitive, but not impossible to overcome.
Start by telling your personal connections and social media network that you’re offering SEO services and explain how your skills will help them grow their business. Many new SEO consultants reduce the rate of their services in the beginning to build a portfolio and get experience with actual clients.
Other client acquisition models that successful SEO agencies use include cold calling, social media advertising, print advertising, Google Ads, and using freelancing platforms like Upwork and Fiverr.
#3 – Fix and Flips
Shows on HGTV like Flip or Flop and Property Brothers have brought house flipping to the mainstream. The ability to take a rundown home and turn it into a beautiful property is attractive to many aspiring real estate investors (not to mention the profits that come with it).
While it’s true you can make a pretty penny flipping homes, it’s important to know the downsides as well. House flipping is risky and requires capital, not only to purchase the home, but also to make the needed renovations and repairs before selling. Additionally, working with unreliable contractors throughout the rehab process can cause headaches and delay your timeline for completion.
Those who understand the risks and have the capital to get started will find that fix and flips can be a profitable business venture. It starts by choosing a market– most often your local market or nearby areas where you can travel to and from easily.
Next, you’ll want to work with a local real estate agent to identify properties that could be a good opportunity for a fix and flip. Your real estate agent may also be able to help you find off-market deals and convince owners of dilapidated homes to sell without publicly listing their property.
Once you’ve found a suitable home for a fix and flip, you’ll need to create a renovation plan and get to work. This process can take several weeks or more, and it’s possible that unexpected challenges may arise.
Once your renovations are complete, it’s time to sell! We recommend getting back in touch with your real estate agent to list the home on the market. Be sure to discuss an acceptable listing price with your agent so you, hopefully, can make a profit on your investment.
Finding a new business opportunity with a high chance of success isn’t easy. But, if you want to find a profitable side hustle or full-time gig, it will take lots of hard work and effort.
All three of the business opportunities we’ve discussed have the potential for high profit margins and steady income when done the right way. It’s up to you to choose which one fits your skillset the best.
Are you ready to get the home buying process started? The Kim Holland Homes team is the #1 real estate team on Long Island. Contact us or call Kim today at 516-236-6303 to start the process of finding your dream home.