Are you planning on relocating to the United States and you’re wondering the profitable business you can start in the country? Apart from having a steady source of income, it is often advised that people should seek multiple sources of income if they want to get financial freedom. Seeking multiple sources of income can be in the form of investments or starting a business. Piling and storing up money will only make it lose its value, so it is often advised that people should have their money in circulation.
As a newbie who wants to relocate to the United States, or perhaps you have been living there for some time and you want to start up something a venture that would be making money for you, then you have come to the right place. In this article, we will examine the different business ideas you can build upon that will end up being profitable if you are living in the United States.
Get Up to $100,000 Student Loan for Your Master in US or Canada - See if you are eligible
Table of Contents
Important Things To Consider Before Starting a Profitable Business in the U.S
One of the mistakes people often make when it comes to starting a business is improper planning. Oftentimes, people just generate ideas without properly analyzing the different variables that will make it work. They run with these ideas and then end up being disappointed because they do not end up getting the desired results. When it comes to starting a business, there are some important factors you need to consider before going ahead to launch if you want your business to be sustainable and profitable. We have listed these variables below:
1. Have a Business Concept
Before you start a business, you must identify the major thing you are going to sell. People often say “Make your passion your professíon” but if you are seeking to make a profit, then this may not necessarily be the case. Rather, you must do a market survey in your area and find out the particular goods or service that is lacking. Identify the major need in that locality and you have a profitable business idea already. Alternatively, you can also leverage the area of your strength, and market it as a product to those who need that particular service. Some important questions you can ask yourself include:
- What is my strength and my best skill?
- What am I very good at?
- What are the people in my geographical area lacking?
- What value can I offer them in exchange for money?
2. Consider the Market Structure
Another important factor to consider is the market structure. After writing down the ideas you have based on the previous point above, do a market survey and consider the market structure. This will help you plan and strategize better so that you can be successful in your business structure. Ask yourself questions like:
- Who are my competitors?
- How long have they been in the market?
- What are they doing differently?
- How can I structure my business to be successful despite the competition I have?
- Will the current market structure favor my business?
Read also: 10 Profitable & Popular Jobs In Finland – All You Need To Know
3. Consider your target audience
Additionally, this is another important factor to consider before starting a profitable business in the United States or even anywhere. Identifying your target audience will help you curate the perfect price list for the products and services you offer. It will also help you identify the basic needs that you can meet and the best way you can meet them. While identifying your target audience, ask yourself the following questions:
- Who are the consumers of my products or services?
- How can I meet their needs?
- What is their age bracket?
- What is their income bracket?
- Where do they live?
4. Consider your unique selling point
Your unique selling point (USP) is what sets you apart from your competitors. It is that different value you are offering to your target audience that will transform them into loyal customers. For instance, if you are selling a hair-growth cream, you can make the size and quantity of your product slightly bigger than your other competitors. You should do this in such a way that you are still able to maximize profit. Your unique selling point would be that you are offering “more value” for their money. Something like “more for less”.
5. Consider funding
Funding is like the backbone of any business. No business will thrive without funding. If you desire to start a profitable business, then you must consider funding. As yourself questions like:
- How will I get the money?
- Should I use my savings?
- Do I take a loan?
- How can I get the money to keep sustaining the business in the long run?
6. Consider branding
Furthermore, another important thing you must not forget to consider is branding. Your brand is like the aesthetics your target audience sees before they make a move to patronize you. There is a popular saying that “the way you dress is the way you will be addressed”. The same thing goes for branding. Your audience will react to the way they perceive your physical outlook. Although branding is important, you must also ensure that the product or service you are offering is top-notch. Some of the things to consider in branding include your business name, your logo, your brand colors, your product shape, and so on.
7. Consider regulation and regulatory bodies
Also, if your business is focused on products, especially the ones that people ingest, then you have to make regulations and regulatory bodies important. If you are going to be selling food products, ensure that you are licensed to do so, if not it will become a criminal offense and you be punished according to the provision in the law. Ensure that you are licensed and covered by the appropriate regulatory body before you launch your business.
Read also: 5 Profitable & Popular STEM Courses In Canada For International Students
8. Have a business plan
You certainly cannot start anything sustainable without proper planning right? It is therefore important that you write out a comprehensive business plan that will serve as a guide as you launch your business. Your business plan will be like a textbook that guides the day-to-day activities as you run your business. It includes your mission and vision statement, financial projection, your products/services, your competition, your goals, the people you will need to employ, your vendors if any, and so on.
Having considered the necessary factors you will need to examine before you start your business, let’s now look at the different profitable business ideas you can start in the U.S.
10 Profitable Business Ideas You Can Start in the US
Some of the profitable business ideas you can start in the United States include:
1. Mobile Food Truck
Food is part of the most important needs of man. As long as humans are alive, they will always be hungry and in need of food. Starting a food truck business is very lucrative. You can position yourself in parking lots or busy centers and get your customers to taste your mouthwatering offers. If you have experience in cooking, and you have really good recipes you want people to try out, you are good to go. Alternatively, you can partner with someone good at cooking, and agree on the responsibilities and earnings. Additionally, you can also offer catering services. You can start by cooking for small events like church get-togethers, naming ceremonies, and others. However, because it is a food business, you must consider and get the necessary permit you need to run the business.
2. Day Care Start-Up
Parents who work full-time and are busy might have a hard time babysitting, so they will opt for a daycare service. You can start by using word-of-mouth publicity, asking your neighbors and friends to bring their children. If you are good at handling things well, the business will expand. However, it is important to note that in the United States, you must have a proper license before you start this business. Additionally, you have to be very thorough and ensure that your business environment is conducive for children to stay. You can also venture into other types of children-related services like enrichment activities, mobile apps and entertainment for children, and so on.
3. Dental Office
This is another profitable business you can start in the United States. You do not necessarily have to be a dentist before you start. If you have the appropriate resources, you can set up a dental office and hire a skilled person to work there or rent it out while you make a profit. Although
it is important to note that this venture can be capital intensive, it is sure to pay you afterward if managed and run well. However, you must ensure that you have enough information before you invest in this type of business. You can reach out to people in the field to get more enlightened.
Read also: 14 Business Ideas You Should Consider This Year
4. Real Estate Agent
Just like the food business, the housing business is another lucrative and profitable one. Working as a real estate agent allows you the opportunity to match people with their dream homes. However, you should know that you will need to take courses and pass the required exam before you can become a certified real estate agent in the United States. Also, you will need excellent people skills and you will need to be a good marketer to thrive in this space.
5. Pet Sitter
Many families in the U.S. have pets, and just like children, busy parents may not have all the time to spend so they need help in this regard. You can afford to be a pet sitter. All you’ll do is watch over your employer’s pet, feed them, and walk them where necessary. You will also update the owners about their conditions regularly.
Alternatively, you can also open a doggy daycare center or a pet daycare center where can receive pets from their owners and take care of them until the time the owner comes to pick them up. You will need to be an animal lover you to be able to take care of pets.
6. Social Media Manager
You can also start a social media management business. Remember we talked about branding earlier right? A social media manager works on the overall outlook of the company in the face of the customers. You can help companies and other brands work on their social media pages to attract followers that will convert to paying customers. According to the 2121 Digital October Global Statshot Repory, there are currently 4.5 billion social media users.
Additionally, you can create courses if you are a very good social media manager and train other people for a fee.
7. Self-Published Author
Do you love writing? Do you have an interest in stories? Well, this might just be the perfect fit for you! The advent of technology and the creation of new sites has made it easy for authors to navigate their way in the market. With the tools available, you start writing novels and putting them up for sale online. Your readers will get to pay a fee before they can read it. You do not necessarily have to go the traditional route of hard-cover printing before you become a successful writer. You can write, edit, and publish a book just using your smartphone!
Alternatively, you can also start a blog as a writer, if you do not want to tow the book publishing part. Or, you can work as a freelance writer.
8. Online Courses
After the global lockdown in 2020, online courses became surprisingly popular. Everyone saw the need to embrace technology even schools and other learning platforms. If you are very knowledgeable, you can start creating online courses for people to learn from. It can span across any topic across any field or sector. It could be in cooking, finance, health, education, anything. Ensure you have the right tools and you have a defined target audience. You can also upload your courses for sale on e-learning platforms like Udemy, Coursera, and other platforms.
Read also: Study Business Management – 25 Business Management Short Courses
9. Logo/Graphics/Website design
This is another profitable business you can start in the US. Still referring to the branding we talked about earlier, many companies, startups, and establishments will constantly need graphics design. Startups will need logos and companies/establishments who want to embrace technology will need websites. They will also need to maintain and update them regularly. You can team up with a group of other professionals and start a business. Alternatively, you can also teach the skill to other people who are willing to learn at a cost. To build your customer base, you can run a referral system where you give discounts.
10. Project Management
There will be a demand for project managers as companies seek to improve their project delivery and then increase their efficiency. This is what makes project management a profitable business you can start in the United States. You can team up with other professionals, or, if you have the resources, you can start an outfit and employ professionals to work together with you. As you grow, you take on bigger projects and continue to expand.
In conclusion, there are many businesses you can start in the United STATES. It is however important that you obey the regulatory guidelines and gather enough information before launching to prevent crashing.
Start with us
Do you desire to start a career in STEM? The first thing is to pursue a degree in STEM. Wondering how to go about pursuing a postgraduate degree in STEM courses abroad? We can guide you through your journey and make your dreams come true. Reach out to us at EdXtra to access opportunities that will help you on your journey.
Enrolling in the top universities in the world can increase your chances with employers. Unfortunately, it can be quite expensive to study abroad due to the current economic crisis. But this shouldn’t limit you as there are other options you can explore to enhance your career.
MPower Finance and Prodigy Finance are some of the best student loan providers for international students. They also do not require any cosigner or collateral before application. At EdXtra Associates, we can help you with your loan application process. We also provide educational consultancy services for international students to help make your journey easier and faster. You can reach out to us, as we’d love to guide you through this journey.
