Strategist Highlights Two Underrated Business Ideas That Can be Highly Profitable
The idea of turning your passion into a side hustle and then a full-fledged venture as an alternative to the nine-to-five grind is attractive but also highly romanticized. This is why entrepreneur and business strategist Leo George William Smith (@10xnetworking) encourages budding entrepreneurs to think beyond passion and take into account aspects like profitability and quality of life in his thought-provoking TikTok. The video focuses on two highly profitable but frequently overlooked fields of work, namely painting and accountancy. As per the creator, these ventures are ideal for beginner entrepreneurs as they need a minimal initial investment and hold the capability for expansion as well as higher profits. He also lists out the key advantages of going into these businesses.
Low startup costs
You don't need a fortune for a start since painting and bookkeeping are low-cost hobbies that are available to a wider audience. The initial costs are low, whether it's the price of painting tools or some simple bookkeeping software.
Focus on growth, not manual labor
The author stresses that you should work on your business, not in it. Instead of being confined to daily operations, these businesses provide you the freedom to assign responsibilities and concentrate on strategic growth.
Remaining revenue
Imagine receiving regular payments from clients over time. This perk comes with bookkeeping because if you get a customer and give them good service, they will probably continue with you for years to come, giving you a steady source of income.
High demand
Because of the increasing demand for qualified bookkeepers, this is a promising industry going forward. The same is true for painting, particularly in light of the ongoing requirement for upkeep and remodeling.
AI-powered future-proofing
Although artificial intelligence (AI) in bookkeeping is on the rise, the video makes a case that bookkeepers won't completely be replaced by AI. Instead, it will transform the sector, opening doors for those who can adjust and use AI to improve their offerings.
Users watching the video agreed with the creator. "I LOVE this! It’s SO true, I own a bookkeeping company and we live by 'Obliterate the status quo' and work to deliver more to our clients and it works!" said @teviahoalst.
"My bookkeeper charged me $400 a month to go into Quickbooks Online and balance my account. Took her 20 minutes " said another user.
The creator encourages more investigation in his video. He recommends bookkeeping and painting as potential business ventures if you are looking for inexpensive beginning expenses, great demand, and the possibility of residual revenue.
The creator also poses the following questions to get viewers to reconsider their present business situation. Am I in the right industry for my goals? Is my business designed to give me freedom or keep me tied down? What kind of lifestyle do I want my business to create?
Once you take these aspects into account, you may make an informed decision about your business path that could result in improved work-life balance.
@10xnetworking 2 Most Profitable Businesses in the WORLD 🌎 Bookkeeping and painting. They require very low capital to produce huge profits. How does artificial intelligence Affect bookkeeping future? #mostprofitablebusinesses #profitablebusiness #Startup #startups #Startingabusiness #startingabusinessadvice #startingabusinesscheck #Bookkeeping #housepaintingbusiness #paintingbusiness ♬ original sound - Leo George William Smith
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