There are many untapped opportunities out there in the business world. I’m not talking about Billion Dollar Businesses, but business ideas, which can bring a few thousand dollars to hundreds and thousands of dollars a year.
People make money in various ways and it’s just that it’s not picked up by the media and made popular. Here are some ideas that we’ve listed.
Making Money in Singapore
- Creating your rental empire
Airbnb is here to stay. They have revolutionized the travel and accommodation space and have severely affected the hotel business. This has given rise to a new set of entrepreneurs who are cashing in on the opportunity.
Some people in the world are taking control of houses and spaces and putting that on Airbnb. They do this across locations and cities. The best part about this business is, you don’t own the property. Most of the people pay rent to the owners and sub-let it to outsiders. Through Airbnb, you can make much more money than what you would get when you let it out.
Having properties across cities can make you a multi millionaire.
- Creating an App empire
People are building apps left right and center. Not a lot of people are actually killing it in terms of money. There are a truckloads of opportunities and just a few people are tackling it. Apps that cant cater to a niche where users use it everyday can be a great application to make money out of. These don’t have to be complicated at all.
An example : Scientific calculators are used a lot by engineering students and apps that cater to this niche make at least $60 a day through advertising. Building 5 apps that cater to different niches can bring in at least $300 a day. This is on auto-pilot. If you don’t know how to build an app, you could always hire a developer and profit share with him or her.
- Becoming an Executor
The business world is hard and it’s safer to have the safety net of a job. A lot of people do have app ideas, business ideas that they don’t have the complete confidence to embark on. Enter a new form of business.
There are people who are Idea executors. These people take a certain amount of money and execute ideas on behalf of somebody. They do the design, development, marketing and so on. They completely follow the vision of the people who pay them. If the business picks up and does well, they look to quit their jobs. If it doesn’t work out then they still have their jobs.
- Co-working spaces while running your business
For our business we needed an office space that could stock our products. We were looking at spaces and they were very expensive. So much cash outflow for a young startup was detrimental. We saw a big space and decided that we would use a few chairs here and there give the rest to other young companies. We redid the place and put in nice decors and also hired a cook who would make lunch.
The companies would pay monthly per chair and also had a cook. Our rent was taken care of, there was no extra work that we had to do. Also, we ended up making a profit.
There are many untapped opportunities that require minimal effort on a daily basis. What are some of your ideas?
Read also: How to Invest Gold in Singapore this 2018?