Are you looking to enhance your income? It may be that you want some extra cash for an upcoming holiday, or you want to maximize your savings to buy your dream home or save up for retirement. Whatever the case may be, it is essential that you find a source of income that offers lucrative rewards. To help you decide what your next venture will be, you should take a look at some of the most thriving industries which could enable you to spend and save as you wish.
Digital
The digital sector is arguably one of the most lucrative industries in the world and is still growing with start-ups going into business every day. One of the biggest trends in the digital sector is the ‘digital detox’, which is the perfect tool for everyone who is addicted to their phones – whether they admit it or not. Major organizations like Google have got involved with this notion, as they have developed technology which enables uses to keep track of their screen time. If you’re digitally gifted, you could find a way to help reduce the use of smartphones which will enable you to benefit from massive profits that could be put towards a new idea or fund a lucrative lifestyle. It’s interesting that so many tech companies are interested in reducing screen time for the benefits of health rather than increasing it for their own gain, but it’s all about finding the right balance between what is good for the consumer and what will also make them want to use your product or service more. With so many companies wanting their consumers to follow their products wherever they go, It’s easy to see why so many are choosing the ‘as a service’ model as a business strategy, aiming to enrich the user’s life and keep them going back for more consistently, almost in routine.
Another lucrative business idea is digital marketing, which is a new-age type of marketing which can help businesses grow their online profiles. There is also demand for smartphone apps and virtual reality, which is set to be worth $40 billion by 2024. This is constantly being improved for applications such as gaming, films, social media, real estate and more. Rather than delving into digital marketing directly as a project to work on, if you simply want to increase the visibility of your work portfolio or business online, you should start by creating/optimizing all of your social channels to ensure they are reaching as many people as possible. Take a look at what some of your successful peers or competitors are doing with their social profiles, taking inspiration to ensure that you’re reaching as many people and getting as many leads as possible.
Real estate
The real estate sector is one of the best industries to invest in, as there is always demand for housing, office buildings, hotels and more, so profits are all waiting to be made. While some find success in development, the majority tend to opt for residential or commercial property investment which is a source of finance that can be put towards your retirement fund.
The buy-to-let market is a great place to start for first-time property investors, as you can invest in anything from a studio flat to an entire apartment building – dependent on your budget. To help you find the right property, you should seek help from a property investment company like RWinvest, for example, that can help you with all the information you need to succeed, while also offering you exclusive access to lucrative properties with assured rental yields. This will enable you to benefit from consistent income, as well as the potential for capital appreciation when property prices surge.
Currently and going forward, the UK market is looking promising. Again, as long as you have the required amount of money saved away to be able to commit to this strategy for the long term, there is plenty of opportunity. Northern areas such as Liverpool, Manchester and Leeds are among some of the best spots at the moment, thanks to their ongoing development/regeneration, and increasing rental yields as a result. In fact, Liverpool is currently the only city in the entire country to offer rental yield averages of over 10% in the heart of its L1 city center. This means that those who own property in Liverpool and let it out to tenants stand to make a higher consistent secondary income than in any other area – against what they paid originally, of course.
For the beginner, the north also tends to have a much more affordable asking price for property than say, London, for example. In the capital, while the properties might in some cases be more desirable and prestigious due to the high population and tourism draw, their asking prices often dwarf those of the north, and the rental yield averages are also nowhere near as high.
Tip – If you like the idea of investment but don’t have the right amount of capital or savings stored away to be able to go ahead with the strategy, you could look into the possibility of getting a buy to let mortgage if you’re an existing homeowner. This works very much in the same way as a traditional mortgage, and can move you up the property ladder to get you earning without the need for huge reserves of cash in the bank. Alternatively, you might even decide to look into alternative forms of investment, such as stocks and shares.
Remember to treat any investment strategy that you decide on as a business and with care, if you’re serious about making as much money possible, as this can be difficult to do with something as intimate as a home, or a share in a company you might feel personally aligned with.
Beauty
In recent years, the beauty industry has experienced a massive boost, as YouTube and Instagram influencers have shared their beauty secrets followed by releasing their own bespoke products, including makeup, perfume, hair care and more. While it helps to help millions of followers and subscribers, it is not compulsory as there are many people who have found success in the beauty industry without a verified tick by their name.
To achieve success in this industry, it is important to be as different as possible to ensure that your product or service has a unique selling point that stands out. Considering the response to the inclusive beauty trend, which was led by the biggest brands in beauty, including Fenty and Huda – you should consider developing a business idea to suit everyone. This could be promoting brands that cater to all or creating something that does the same. This could enable you to generate massive profits that will help you achieve your financial goals. It might be a difficult task to find your niche in what is quickly becoming an oversaturated market, but you should do your best to look at your inspirations and think about what you might be able to do differently.
If you’re worried about automation affecting your employment opportunities, you can check this article.
