Not All Industries Can Make You Rich

You can turn almost anything into a business. There are people on Fiverr that can make a living from doing everything from content creation to recording fake testimonials. Sure, these aren’t going to make them incredibly rich but they can probably make a comfortable living doing silly jobs and doing things they enjoy. For many people around the world, that’s what ends up mattering; having the ability to enjoy the work you do and make enough money from it.

That’s why a lot of people turn to freelancing. They can utilize their skills in industries that appreciate what they do, and they don’t have to worry about things such as job security because they are in complete control of the amount of work they take in and how much they charge for their services. Freelancing is like an introduction to business, which is why so many people enjoy doing it. There aren’t as many responsibilities, you still get the thrill of finding clients and providing them with your services, but you don’t have all the baggage that comes with it such as hiring and taking care of employees.

However, getting just a taste of business usually isn’t enough—they want more! Sending out your invoices is a great feeling because you get to demand money from people. You’re providing them with a product or service and they pay you money for your work. It’s this great feeling of making your own money instead of receiving a salary that drives many people to start their own business. Sadly, it doesn’t always go as planned. Let’s face it, starting up a business is very different from having a freelancing job at home and there are some things that just don’t translate very well.

Despite the differences, that doesn’t put people off giving up their freelancing careers in search of something more fulfilling, but it’s not just a case of scaling up the amount of work you do and receiving more money. It’s all about balancing your expenses with the amount of money you’re making in order to make a good amount of profit. Once you make a profit, you then need to invest that money back into the business so that it can grow. It can be difficult deciding when you have to stop, but there’s one sad realization after you run a small business of your own for a couple of years; you aren’t making progress.

Not all businesses are born equal

It goes without saying that not every business is born equal. Some businesses make you more money, some don’t make much money at all, and others make way too much money. Take the oil industry, for example. It’s an industry that is needed by many people around the world to make their machines work. Be it cars, factory equipment, planes or even boats, oil is needed in many other industries. Another good example is technology, such as Google, Microsoft or Apple. The modern world is bustling with computers, so having a company that provides electronic devices and computers will make you more money than you can imagine.

There’s one thing in common with these examples: they are all relied upon by billions around the world. The number of computer devices in the world is constantly increasing, the use of cars and planes isn’t going to slow down anytime soon, and every computer needs and operating system which is why companies like Google (Android) and Apple (iOS) are making so much money. A humble business such as a coffee shop isn’t going to be needed by everyone in the world. For starters, you’re limited to selling your products locally, meaning you don’t reach a wide audience like a tech company. Secondly, coffee is available all over the world and although there are different brands, there’s no reason why someone should buy yours over another brand. Lastly, coffee isn’t required in everyone’s modern life because people can choose to drink water, tea or any other beverage.

Energy and oil

Energy is needed by everyone around the world. Whether you are operating renewable sources such as wind and solar or more traditional methods such as oil, there is plenty of space in this industry. However, it takes a lot of work to get yourself established in the energy industry and you have to be willing to take risks or innovate in order to get your foot in the door. For example, shale oil is becoming a popular resource for energy startups to take advantage of due to its booming industry. If you’re interested in getting a head start in an industry that isn’t affected by trends and will always be relevant, read more about shale oil and decide for yourself if it’s worth the effort, time and money.

Fashion

Would you pay upwards of $500 for a white shirt? Most likely not, but in the world of high-end fashion that’s a common amount of money to pay for something that looks like a regular white shirt that you can get in packs from Walmart or any other retailer. Fashion is an industry that can make or break you because you have to follow trends and fashion news. You can’t just create a piece of clothing and sell it for thousands because it also has to do with your reputation as a fashion designer. It is art, yes, but it’s also a long road to becoming famous because you have to get celebrity endorsements and you have to get people talking about your products in order for you to sell them. However, when you can manufacture a piece of clothing for a couple of dollars and sell it for hundreds, that’s a huge amount of profit that you won’t see in many other industries.

Food and beverages

We all need to eat and drink, which is perhaps why the food and beverage industry accounts for roughly 8% of the world’s billionaires. Think about fast food giants such as McDonald’s and Burger King, and then think about supermarket chains such as Walmart and Costco and you’ll realize how much we rely on these companies to get our recommended amount of calories per day. There are some value options and there are some luxury options which gives these supermarket chains the ability to target the wealthy but also the budget-conscious buyers as well.