top 10 business ideas

8/8/2019 Top 10 Business Ideas

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Top 10Business ideas

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Top 10 Home Businesses with Rapid Break-Even Time Businesses are not created equal. Some businesses are easy to start while others are morecomplicated. Some businesses can make money fast, while others take a longer time torecoup investments. Here are 10 businesses you can start if you want to break-even as fast astwo months to a year.

by Jenny FulbrightPowerHomeBiz Staff Writer

Business Plan WriterEvent or Meeting PlannerPublic RelationsComputer RepairMedical Transcriptionist

Carpet CleanerFinancial PlannerImage ConsultantPersonal ChefReal Estate Appraiser

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If you are looking for a business that allows you to earn profits as soon as possible, here are

some ideas you can try.

While the list is by no means comprehensive (and some people may even disagree), thesebusinesses were chosen based on our own research, readings from various business ideasbooks, and interviews with entrepreneurs. Some of the businesses that we have featured before-- e.g. computer consulting, web design, catering, etc. -- were excluded from the list even thoughthese ventures perfectly exhibit the characteristic. Of course, how short the period your businesscan breakeven will depend on various factors present in your venture, including demand for thebusiness in your area, ability to market the business effectively, capital to start-up, and yourmanagement know-how.

1. Business Plan Writer. The business plan writing service is an exciting business thatdemands a combination of writing skill, business expertise, and creativity. Your task is to helpnew or existing businesses develop an overall blueprint that includes medium-term and long-

term strategies, market positioning, financial requirements and start-up costs. This business isideal for areas where many new businesses are starting and existing businesses areexpanding.

However, not all new entrepreneurs prepare a business plan: many find the process too tediousor they lack the knowledge to make one. Your most probable clients will be those entrepreneurswho are seeking loans, attracting investors, looking for franchises, or businesses at the point ofbeing acquired.

To start in this business, you need a strong business background, good knowledge of financial


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statements, good business writing style and the ability to see a business both from theperspective of the owner and the financial source. It would help if you have already put togetherbusiness plans before so you know what questions to ask and what information to find. Studythe various business plan software available in the market, but learn to adopt it to your client'sparticular situation.

Start-up costs for this business can be low particularly if you already have equipment like

computer, fax, and Internet access. Your biggest cost may be professional liability insurance tohelp protect you when your recommendations for the future direction of the business turn south.Earnings, on the other hand, can range from $2,500 to $5,000 per project depending on the timeit takes to write the plan (usually three to four weeks) and the amount of research you need todo. Your price can increase to as much as $25,000 per project, particularly for big corporationsseeking new funding. You can also supplement your income through business editing andrevising existing plans because of the change in your client's circumstance.

Like any new business, finding the first client is the hardest. Networking and referrals are themost effective ways of finding clients. Join chambers of commerce and economic developmentgroups. Make contacts with bankers, venture capitalists, angel investors and organizations thatoffer business mentor programs or entrepreneurship centers. Hone your skills by preparingbusiness plans free of charge at the beginning, in order to have a portfolio of plans you canshow to prospective clients.

Resources:How to Write a Business Plan (5th Ed) by Mike P. McKeeverThe Prentice Hall Encyclopedia of Model Business Plans by Wilbur Cross, Alice M. RicheyThe Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan (Small Business Sourcebooks) byJoseph A. Covello, Brian J. Hazelgren

2. Event or Meeting Planner. If you have excellent organizational skills and enjoyarranging and organizing formal events and happenings, this business could be for you. Anevent or meeting planner arranges and coordinates meetings and other events for companies,professionals, non-governmental organizations, associations and large internationalorganizations handling everything from room reservations, airport pick-ups, dinner menus toentertainment. Meeting planners usually organize conferences, sales meetings, conventions,trade shows, fund-raising events, special banquets, hospitality events, shareholder meetings,international symposia, and other professionally oriented events.

The tasks of an event planner normally depend on the needs and requirement of the clients aswell as on the planner's specialization. Your main tasks are to establish meeting design andobjectives, select and negotiate with site and facilities, create the budget, handle housing andtransportation, plan the program, establish registration procedures, prepare back-up contingencyplans, manage food and drinks, produce and print meeting materials, schedule promotion andpublicity, manage exhibits, among others. To start in this business, you need to have aperfectionist's attention to detail and a wide array of contacts in the travel, presentation,transportation and hotel industries. In addition to handling a wide array of elements needed for asuccessful event, you should be adept at negotiations and troubleshoot crisis situations.

This business is ideally suited for those with background in public relations, communications ortravel. You can start by volunteering to coordinate an event for an employer, a friend's company,

church or other groups. You can also start by working with a meeting planner in your area andtaking on a portion of the tasks. This will allow you to gain skills in organizing events, and a first-hand look at what it takes to succeed in the business. The best ways to get ahead in thisbusiness is through networking in business groups and associations, contacting visitor's bureauand city's convention to learn of forthcoming events.

Typical annual revenues for this business ranges from $45,000 to $60,000. You can chargeeither by the hour, by the day, by the number of attendees, or by the project. The average hourlyfee is $40 to $60 per hour, while daily fees can run from $400 to $500 per day. Or if you areexpecting 50 attendees, you can price the event at $40 per attendee. Others may charge 15 to


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20 percent of the projected total budget for the event.

Resources:Meeting Professionals International http://www.mpiweb.org Convention Industry Council http://www.c-l-c.orgProfessional Convention Management Association http://www.pcma.org Event Planning : The Ultimate Guide to Successful Meetings, Corporate Events, Fundraising Galas, Conferences, Conventions,Incentives and Other Special Events by Judy Allen (0471644129)Dollars & Events : How to Succeed in the Special Events Business by Joe Jeff Goldblatt, Frank Supovitz (0471249572)

Affairs of the Heart : How to Start and Operate a Successful Special Event Planning Service (3-ring binder) by Nancy DeProspo(0963808508)

3. Public Relations. A typical public relations specialist promotes people, products andevents to the media or other resources in a variety of ways including press releases, specialevents and press conferences. However, according to the Public Relations Society of America(PRSA), there are fifteen elements of public relations: community relations, counseling,employee/member relations, fund raising or development, government affairs including lobbying,industry relations, investor or financial relations, issues management, marketingcommunications, media relations, minority or multicultural relations, public affairs, publicity,research, special events and public participation.

As a public relations specialist, you can specialize in a variety of ways. Some specialize in crisiscommunications, Web publicity, copywriting, annual reports, non-profit sector, or authors andwriters. To start in this business, you need to gain training and experience. You may want to getprofessional accreditation as an APR or Accredited in Public Relations (in the U.S., check withthe PRSA). You may start with your own business by developing a plan publicizing your newventure and credentials to the right market. You can also offer volunteer to do publicity for yourfavorite charity, your friend's business, or even a local candidate.

Earnings from a home-based public relations business can range from $65,000 to even as highas $175,000. Overhead expenses are low to moderate at 20 to 40 percent of income.

Resources:Public Relations Society of America (http://www.prsa.org)National Investor Relations Institute (http://www.niri.org )Public Relations Kit for Dummies (For Dummies) by Eric Yaverbaum (Editor), Robert Bly

4. Computer Repair. As more and more households and businesses embrace computertechnology, the demand for repairing broken computer hardware will continue to increase. As acomputer repair technician, your job is to maintain and fix computers at a customer's businesssite or at home. Your service could include swapping motherboards, data recovery, disasterrecovery, repairing network problems, removing viruses, installing software, troubleshootingmodem and communication problems, repairing notebooks, and others.

To maintain and repair computers, you need first to know how they work and what to do whenthey don't. You need to know the mechanical workings of a computer, their interfaces andconnections. If there are parts that need replacement, you must know where to get thecomponents. You can develop your technical knowledge through reading books, taking courseson computer repair, videos and hands-on experience. Succeeding in this business, however,entails more than technical know-how. You need to have the personality and ability to provide ahigh level of service, as this is a customer-service oriented business.

Computer repair is one of the most lucrative home businesses available. You can potentiallyearn $48,000 to $60,000 a year, assuming your billable hours are about 1,200 to 1,500 a year at$40 an hour. Some computer technicians charge as high as $85 an hour. You can also chargefor either travel time or a flat fee for a service call. Overhead costs for this business is moderateat about 25 percent or less.

Resources:Start Your Own Computer Repair Business by Linda Rohrbough, Michael HordeskiUpgrading and Repairing PCs Quick Reference by Scott MuelleTroubleshooting and Repairing Computer Printers by Stephen Bigelow Troubleshooting and Repairing Computer Monitors by


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Stephen Bigelow

5. Medical Transcriptionist. If you love typing and the medical lingo, the medicaltranscription business is for you. A medical transcriptionist transcribes the medical recordsdictated by a healthcare professional, including letters, histories, physicals, progress reports,and chart notes. With the growing complexity of medicine, mounting threat of litigation andincreasing demand on their time, the healthcare industry has relied on keeping dictated notes to

document all aspects of their patient's history and pushed the medical transcription business intoa $50 billion industry.

Superior listening skills, fast typing speed, and aptitude for science and language are required tosucceed in this business. You need to have an understanding of medical diagnostic proceduresand the medical specialties you work with, enough to know the medical terms and spell themcorrectly. This business is a good fit for those with medical background. If you have not studiedor worked in the medical field before, you can take home-study course, correspondence courseor classroom training in a vocational or technical school. To get clients, check with your existingcontacts, other transcription services or solicit clients directly. You can also check out Internetsites that contract medical transcriptionists and use the Internet to send out documents.

You can charge for your transcription services in a variety of ways: number of lines (10-20 centsper line), number of characters, per page (typically around $5-$6 per page), minute of dictation(from $15 to $50 per hour depending on the level of difficulty to understand), or the number ofkilobytes in a text file. While actual earnings depend on the type of work done and the equipmenused, average earnings of a medical transcriptionist ranges from $30,000 to $90,000).

One downside, though: the emergence of voice-recognition technology where doctors could sitdown on their computers and dictate their notes while the computer "types" may reduce demandfor the medical transcriptionists. Nonetheless, even with the presence of this technology,medical transcriptionists will still be needed as it allows medical professionals to dictate notes onthe tape recorder or over the phone while driving, walking or in the elevator. In addition, suchtechnology can even be a boon for transcribers as it allows them to focus on their editing skillsinstead of typing speed.

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Top 10 Home Businesses with Rapid Break-Even Time

Businesses are not created equal. Some businesses are easy to start while others are morecomplicated. Some businesses can make money fast, while others take a longer time torecoup investments. Here are 10 businesses you can start if you want to break-even as fastas two months to a year.

by Jenny FulbrightPowerHomeBiz Staff Writer

Business Plan WriterEvent or Meeting PlannerPublic RelationsComputer RepairMedical Transcriptionist

Carpet CleanerFinancial PlannerImage ConsultantPersonal ChefReal Estate Appraiser


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planning credentials include the National Association of Estate Planners and Councils (forAccredited Estate Planner), Institute for Investment Management Consultants (for CertifiedInvestment Management Consultant), Association for Investment Management and Research(for Chartered Financial Analyst), and American Society of Certified Life Underwriters andChartered Financial Consultants (for Chartered Financial Consultant).

A financial advisor can expect to earn anywhere from $40,000 to $90,000 per year. You can

charge by the hour (typically $50 to $150 or more per hour), a percentage of the assetsmanaged in the portfolio, or commission from investment products sold. If you are working on a$1 million portfolio for a client, your 2 percent commission could give you $20,000. You canustify your costs by showing clients how to increase return on investment by an amount greaterthan the commission.

Resources:The Financial Planning Association (http://www.fpanet.org)Wealth Management: The Financial Advisor's Guide to Investing and Managing Your Client Assets (The Irwin/IAFP Series inFinancial Planning) by Harold R. EvenskyThe Wealth Management Index: The Financial Advisor's System for Assessing & Managing Your Client's Plans & Goals (Itwin/Iafp Series in Financial plan by Ross LevinBest Practices for Financial Advisors (Bloomberg Professional Library) by Mary Rowland, Michael R. Bloomberg

8. Image Consultant. As the world turns more competitive, the question of "looking

good" in the eyes of an increasingly demanding customer could spell the success or failure of aperson's business goals. From finding a job to landing a contract, impression and image counts.As an image consultant, your job is to enhance a client's image by improving personalappearance, diction, clothing, and professional etiquette. You will offer clients advice onwardrobe planning and personal shopping; analyze their coloring and advice on make-up,hairstyle or coloring; coach clients on effective speech techniques; or offer corporate clients withworkshops and seminars on personal grooming and professional etiquette. Think of your job as"impression management" and "strategic corporate dressing."

Given people's desire to look good, everyone can be your potential client. The bulk of yourcustomers, however, will be individuals, mostly professionals and corporate executives needingguidance on how to look best as they climb up the corporate ladder, self-employed individualswho must market themselves effectively, people seeking employment or changing fields, andthose in specialized occupations such as television. To get clients, network extensively and

build a referral base. For this kind of business, clients want assurance that you can deliver whatyou promise, and may be less inclined to check out the Yellow Pages. If you have successfullyconsulted people, ask for a letter of recommendation or other references. Establish yourself asan expert in your field by writing a book or articles for magazines and newspapers. Get yourname out to a wider audience by speaking to social and civic groups.

One-on-one wardrobe consulting can bring you $25,000 to $40,000 a year in gross earnings,with hourly rates ranging from $50 to $250, with $125 the average. You can expect higherincome if you do speech coaching, where you can charge from $75 to $300 an hour. Seminars,however, produce the biggest income potential as this can give you fees ranging from $750 to$5,000 a day, depending on the number of participants and the nature of the workshop. Themore corporate work you do, the higher your income potential. Overhead costs for this businesscan be as low as 20 percent of gross earnings.

Resources:Association of Image Consultants ( http://www.aici.org )Image Consulting in the 21st Century by Brenda York-McDaniel (0970359500)Professional Presence : The Total Program for Gaining That Extra Edge in Business -By America's Top Corporate ImageConsultant by Susan Bixler (0399136584)Attention to Detail: A Woman's Guide to Professional Appearance and Conduct by Clinton T. Greenleaf III, Stefani Schaefer,Patti Schaefer, Holly Strawbridge (Editor) (0966531930)The Etiquette Advantage in Business: Personal Skills for Professional Succes s by Peggy Post, Peter Post (0062736728)

9. Personal Chef. This is one of the fastest growing home businesses with great incomepotential, minimal start-up costs, and allows for flexible schedule. Entrepreneur Magazine calls it"one of the hottest trends in today's marketplace" while the U.S. World News and World Report


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called it a "hot track career." In 2000, this business was estimated to reach over $100 millionand is one of the rapidly growing segment of the home meal replacement market.

As a personal chef, you prepare meals one or two times a month in your clients' homes,providing enough food for two to three weeks. Given the shortage of t ime and increasing level ofactivity, more people are paying $7 or $8 a meal per person to a personal chef to come to theirhomes, prepare several dinners and leave them in the refrigerator or freezer. When they come

home, they have several choices of tasty and nutritious meal to choose from, instead of fastfood fare or TV dinners.

To become successful as a personal chef, you need to prepare customized and personalizedmenus that allow you to make profit while making your services cost-effective to clients. If youprepare 10 meals to a family of five costing them $340 per visit, each dinner costs around $6.80apiece an amount lower than the $12 to $15 per person a family would typically spends in arestaurant. However, you have to be careful that excess costs do not devour your bottom line.Personal chefs can make monthly income of $3,000 to $4,000, while potential annual revenuescan $40,000 to $50,000.

While you can get clients through advertisements, this business primarily thrives on word ofmouth. Since you will be working in your clients' homes, they need to be comfortable andfamiliar with you (although it helps to get theft and liability insurance in the event an untoward

incident occurs in your clients' homes). You can also do cooking demonstrations and writearticles in magazines and other publications.

Resources:United States Personal Chef Association ( http://www.uspca.com)Hire-a-Chef (http://www.hireachef.com)

10. Real Estate Appraiser. Real estate appraisers determine the value of propertyand structures. Real estates need to be appraised prior to its sale, when refinancing or getting ahome equity loan, when getting insurance, in the event of foreclosure or bankruptcy, forinvestment decisions, and for other decisions needed on a property. Your tasks includechecking real estate records, inspecting and measuring property, and calculating value basedon local and industry guidelines. Potential customers for this business include banks when theygrant a mortgage or foreclose on a home loan; lawyers in estate distribution or dispute cases;

individuals prior to selling or buying a home or contesting real estate taxes, government when itcondemns a property or reassess taxes; and insurance carriers prior to agreements on propertydamage settlements.

To start in this business, contact your state licensing division for the licenses and certificationsneeded to become a real estate appraiser. Credentials through training and experience are veryimportant in this business. To help you get some idea of what licenses and training to get, studythe ads for appraisers in the local telephone book and real estate sections of newspapers. Theassociation where they belong to is usually listed. You also need to create some samples ofyour work to show to prospective clients of your business, to help establish that your estimatesare not wild guesses. As with any other business, networking with the right group of people isessential, and in this case you need to develop personal contact with mortgage companies,savings and loans, and banks to get on their list of approved appraisers. Joining nationalassociations can also give you some referrals.

Potential earnings in a year could reach from $35,000 to $75,000 for residential appraising,while commercial appraising could bring you $100,000 per year. Appraisers normally charge bythe hour at a rate of $40 to $80 an hour. Overhead expenses for a home-based operation aremoderate at about 30 percent.

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