The allure of entrepreneurship lies in the potential to turn innovative ideas into lucrative earnings. For many, the importance of making money as an entrepreneur stems from the desire to control their destiny, escape the 9-to-5 grind and build something of lasting value by starting a business.
How to make money as an entrepreneur
Choosing the right idea
Choosing the right business idea is crucial for entrepreneurial success—involving a balance of profitability, sustainability and personal values. Successful business ideas share traits like a clear value proposition, defined target market, scalability and a competitive advantage. Aligning your business idea with your personal interests and skills is key to fostering passion, dedication and innovation. Thorough market research and self-assessment are essential to ensure the chosen idea meets market demand and resonates with the your vision and capabilities as an entrepreneur.
15 ways to make money as an entrepreneur
Entrepreneurship opens up a myriad of opportunities for making money. Here are 15 scalable business ideas suitable for entrepreneurs looking to carve their path to financial success.
01. eCommerce store
Starting an online store is a popular way to make money as an entrepreneur. And with an eCommerce website builder, like Wix, making an eCommerce website has never been more accessible. Profitability potential is high, especially with the right niche and a strong marketing strategy.
eCommerce businesses you can start to make money include:
Selling t-shirts
Gifts
02. Social media consulting
For those with a knack for social media, offering consulting ideas and services can be a good way to make money as an entrepreneur starting out. Businesses always need external help with their online presence and marketing strategies and a social media consultant can provide valuable ideas to improve engagement and sales for them.
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03. App development
The demand for mobile apps is growing which can make app development a good idea for entrepreneurs looking to make money. Entrepreneurs with coding skills can develop and sell their apps or work with clients to bring their app ideas to life.
Learn more: How to make a website into an app
04. Online courses and coaching
Turning expertise into online courses or coaching services is a lucrative, scalable business model. Whether you're a teacher offering exam prep courses or a nail technician sharing tips, digital products can be sold repeatedly without extra costs. This approach suits various service businesses, providing entrepreneurs with a pathway to increased income and scalability.
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05. Freelance writing
Content is king in the digital age and skilled writers can earn money as entrepreneurs by creating content for businesses, blogs and publications as a freelancer. This means you can work remotely and have control over your own schedule while still making money as a freelance writer.
If your passion is writing, turn it into a business by starting a blog and monetizing it. You can start a blog, with a blog maker, on almost any topic:
06. Affiliate marketing
By promoting other companies' products and earning commissions for sales, affiliate marketing can be a profitable online business with minimal startup costs. It’s a good way to make money as a beginner entrepreneur if you’re looking for something that’s easy to start and low risk.
To get started with affiliate marketing you’ll need to begin by making a website or blog. Then you’ll need to create content that resonates with a target audience, in order to get website traffic to your pages with affiliate links. The challenge here is balancing making money as an entrepreneur with building an audience and trust for the products or services you’re leading people to.
07. Real estate investment
Investing in real estate and renting out properties can provide a steady stream of passive income and help you make money as an entrepreneur. It requires more capital upfront than other ways to make money but can be highly profitable in the long term. It also helps if you have some experience in real estate and using it as an investment tool.
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08. Dropshipping
Dropshipping is an eCommerce model where you sell products without holding inventory. It's a lower-risk way to start an online business, with profitability hinging on finding the right suppliers and niche.
Some popular dropshipping ideas to make money:
Looking to start a dropshipping business? Get started with Wix dropshipping.
09. Subscription box service
A subscription box service delivers curated products to customers on a regular basis. This type of business model encourages repeat business and can build a loyal customer base.
Subscription box services are a popular way to make money as an entrepreneur, some ideas of these include:
Specialty food, such as jams or cheeses
Make-up, cosmetics and beauty products
Books
10. Digital marketing agency
Starting a marketing business can cater to the vast need for businesses to improve their online visibility. Services can include SEO, PPC, content marketing and more. If you’re a marketing expert looking to make money as an entrepreneur this is one way that can be successful and rewarding as it taps into your skills, experience and passions.
11. Web development
With every business needing a website, web development services are in high demand. This can be a highly profitable venture for those with technical and programming skills. Make money as an entrepreneur specializing in web development by creating websites from scratch or by working with advanced website creation tools, like Wix Studio.
12. Graphic design services
Graphic designers can offer their creative services to businesses and individuals needing logos, branding materials or other visual content as a way to make money and shift into entrepreneurship. You’ll need to create a portfolio website in order to showcase your work to potential clients.
13. Event planning
For those with organizational skills and a love for planning, event planning can be a profitable business and a way to make money, by catering to corporate events, weddings and other functions. Some examples of events you can specialize in when making money as an entrepreneur include:
Weddings
Religious events, such as Bar Mitzvah and Christenings
Corporate events for employees, or company product launches and client events
Celebrations, including birthdays and anniversaries, or baby naming ceremonies
Consider making an event website with Wix in order to market and manage your business.
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14. Handmade crafts and art
Selling handmade crafts online through your own website, or through platforms such as Etsy, allows creative entrepreneurs to make money by reaching a potentially large global audience.
Craft business ideas to make money as an entrepreneur:
Knitted toys and baby gear, such as blankets and booties
Handcraft paper cards
Be inspired:
15. Fitness coaching
With health and wellness being a priority for many, fitness coaching can be a rewarding and profitable business and a great way to make money as a health-focused entrepreneur. With the option of offering in-person or online fitness sessions, there are multiple ways to make money and find clients when starting a fitness business.
Learn more:
How to start making money as an entrepreneur
The journey to making money as an entrepreneur begins with laying a solid foundation for your business. Here are the essential steps to get you started on the right foot:
Research and plan your business idea
Begin by conducting thorough market research to validate your business idea. Understand your target audience, analyze competitors, and create a business plan that outlines your strategy, financial projections and goals.
Legal structure and registration
Choose a legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation and register your business with the appropriate government bodies. Don't forget to obtain any necessary licenses or permits.
Branding and identity
Develop a strong brand identity, including coming up with a business name, logo and brand message. This will be crucial in differentiating your business and building customer recognition.
Financial management
Set up a system for managing your finances. This includes opening a business banking account, setting up accounting software and planning for taxes.
Build a team
If necessary, start building a team that can support your business operations. This may include employees, freelancers or outsourcing certain tasks.
Launch marketing efforts
Develop a strong marketing strategy and plan using social media, content marketing and email campaigns to connect with your audience effectively. A professional website is essential in the digital age, serving as the central hub for your brand. It establishes credibility, widens your reach, and, when optimized with SEO, attracts organic traffic.
How to make money as an entrepreneur FAQ
What are the first steps to becoming an entrepreneur?
The first steps include identifying a viable business idea, conducting market research, creating a detailed business plan, securing funding if necessary and establishing a legal business entity. It's also important to build a strong brand and online presence from the outset.