Five Great New Business Ideas
The prevailing conditions of a global economic slowdown have created new challenges, but at the same time given rise to new business opportunities as well. With a little innovativeness in your choice of business, it is possible to make the best profit margins. New businesses that have come up in recent years are making good money for the entrepreneurs.
Conference Call Transcriptions Business
Transcriptions business has grown hugely in recent years, and conference call transcription is a niche opportunity in this area with high profit margins. Many companies require transcripts of their investor conference calls, employee conference calls or client conference calls each time such a call takes place. The companies are outsourcing this job to small businesses that hire a network of home-based online workers who deliver these transcripts in quick time. The entire business can be conducted online with minimum overheads and very attractive profit margins.
SEO Marketing Services
A number of global, as well as local, businesses are increasingly turning toward online marketing as a low cost method of promoting their products and services. Small and medium businesses and leading professionals such as doctors and lawyers are hiring firms that specialize in SEO marketing campaigns. This is a highly specialized area and the results are demonstrable in terms of high search rankings on the search engines. Due to a dearth of top SEO experts and growing demand, the business is able to command best profit margins.
Professional Web Content Providers
Millions of individuals and small, medium and large businesses are developing their websites around the world. This requires gigantic amounts of professional website content that needs to be outsourced. Furthermore, professional content is also required for the purpose of online article marketing campaigns, email marketing, newsletters and press releases that are effective marketing tools in an increasingly Internet-centric world. High quality writing in specialty areas is a rare talent that commands best profit margins among new businesses. The demand continues to outstrip supply in this business, leading to better command over pricing.
Home-Made Detergents Business
This was an age-old home business that was taken over by large multi-nationals around the world. However, as the global economy passes through tough times, people are again looking for ways to cut their household expenses. It is possible to make equally effective detergents at home as the factory-produced ones. Profit margins can be incredibly high because the multi-national companies spend a large part of their costs on marketing and advertising, which are saved almost entirely by a home business operator.
Home-Based Concrete Products
Very few people are aware that it is very easy to produce concrete blocks and many other concrete based products right out of your garage. Due to low overheads, the cost of production is reduced drastically and the quality can be as good as any machine made concrete item. A home business would usually supply the product in his local market. This cuts down the costs of transportation as well, which can be very high in this product line. All these cost savings can result it extremely lucrative profit margins for the entrepreneur at the end of the day. There are plenty of customers looking for low cost options in a difficult economy, so the business can thrive and produce nice profits for the entrepreneur.
If you have other ideas for businesses with lucrative profit margins, feel free to leave them in the comments section below. All businesses struggle for the best profit margins - new businesses, especially.
Photo Credit: svilen001 www.sxc.hu