Will Starting a Business Make Me Rich?
Looking at successful business owners like Bill Gates and Steve Jobs, it’s easy to assume that you can quickly make money if you start your own business—but does it really make you rich?
Starting a business will not necessarily make you rich—or will it guarantee that you will make money at all. However, with the right marketing and sales tools, you can easily reap the rewards of a regular income, especially if your business is online-based.
Starting a business means you are an entrepreneur, but it takes certain qualities to succeed. In the remainder of this article, we will cover what you can expect when starting a company, including salary and benefits. We’ll also review which industries are best for launching a business so you can improve your chances of making the most money possible with your new venture.
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Will Starting a Business Help Me Get Rich Quick?
It’s important to remember that entrepreneurs don’t always get rich quickly; it usually takes years to get a business established and growing—so a new company may actually cost you money in the first few years.
However, over time and with the right business practices, you can eventually get rich from the endeavor.
How Much Do Entrepreneurs Make?
Part of the beauty of being an entrepreneur and a business owner is that your salary is flexible. As your business grows, so will your salary; this means that in a good year, a raise is in order. However, this also means that your salary will suffer with the company’s revenue during a bad year.
But, assuming that your business is booming, you can still expect a steady increase in income as you grow.The following data from PayScale shows the average salary made by a new business owner over time:
| Years in Business | Average Salary |
|---|---|
| Less than 1 | $39,000 |
| 1-4 years | $54,000 |
| 5-9 years | $62,000 |
| 10-19 years | $69,000 |
| 20+ years | $81,000 |
What Influences How Much Entrepreneurs Make?
Of course, there are many variables which can influence an entrepreneur’s salary when they first start a business:
Location
Where your business is based can determine how much you’re able to make within the first few years of operation. For example, small business owners in Boston earn, on average, more than small business owners in Los Angeles. The state with the highest average salary for entrepreneurs is Rhode Island.
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Industry
Of course, revenue also depends on the products or services you offer and how much demand there is for them. The following list has various industries a small business owner can enter, in order of highest to lowest average salary for that industry.
- Consulting
- Mechanics/Repairs
- Coaching/Training
- Sales
- Bookkeeping/Accounting
- Design
- Marketing
As you may have noticed, many of the above industries are easily accessible; entrepreneurs can launch and operate businesses within these industries online.
How to Make the Most Money with Online Businesses
Starting a brick-and-mortar business has many risks involved, and more importantly, many overhead costs. So, if you want to maximize your income, the easiest way to do so is to start a business online.
Starting a business online is a great way to become established with lower fixed and overhead costs, and still leaves an opportunity for growth and expansion in the future.
The following is a list of industries which are great to start a business in and have plenty of opportunities for growth and money making:
Sales/Resale
This can be clothing, books, subscriptions, crafts, etc. You can make the product yourself or find it somewhere else. Selling through a platform (such as eBay or Etsy) will cost you in fees, but it is an excellent way to gain exposure and a safe way to handle transactions when you are just getting started.
Tips to maximize income in sales/resale:
- Unique and conscientious marketing can help set your product apart from other listings or businesses.
- With a little bit of knowledge, study, and experience, you can find good deals on high market value products. Online shops, thrift stores, and flea markets can be gold mines for reselling products at high prices.
Tutoring/Lessons
During the COVID pandemic 2020, there was a boom in online tutoring through video conferencing platforms such as Zoom. If you already have some skill or knowledge to share with others, get started through an online business!
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Tips to maximize income with tutoring:
- Find a niche skill you can teach—ideally a subject that’s not overly saturated on online learning platforms. (For example, there are plenty of math tutors.) Advertise your specialty to the few people who might need it and be willing to pay for it.
- Teaching English, in particular, is a great side hustle, and almost anyone can do it with no additional cost for training or materials! Keeping costs low and revenues high is the path to riches. Check out my video here for more information on teaching ESL.
Blogging
This is a great way to make passive income and can be done through affiliate marketing, writing reviews, or ad revenue. And it can be free—or at a very low cost—to start using website builders such as WordPress or Wix, thus leaving more money for you.
Tips to maximize income with blogging:
- Monetize your blog in as many ways as possible (affiliate links, ads, sales funnels, products page, etc.)
- Affiliate marketing programs can earn you over $1,000 per day! Click here for more information.
Consulting/Advising
This is such a broad field and can range from legal and financial consulting to interior design consulting. It usually requires some type of license or certification—but becoming an independent consultant is a great way to branch out and work for yourself.
Tips to maximize income consulting:
- Build a reputation and clientele. Using a referral system can help you reward current clients, encourage their business, and get warm leads for more clients.
- As an entrepreneur and business owner, you may hire subcontractors or employees to work for you and then keep a percentage of the business’ consulting fees.
Web Development/Graphic Design
While these are not exactly the same thing, they both have to do with online content creation and distribution. It does require some prior knowledge and skill to do this, but today, there can be a lot of money made in this industry.
Click here for a free ebook and training to start an online business
Tips to maximize income with web development or graphic design:
- Learning to code will set you apart from others.
- If you can’t code—hire people who can. Like consulting, leverage your entrepreneurial skills and plan to hire people to work for you at a lower cost than what you charge.
As we have seen in 2020, working online and from home can be a safer and less costly way to do business. For a FREE E-book on how to start an Online Business today, click here.
Final Thoughts
Starting a business involves a lot of hard work, patience, and responsibility. You must have good foresight, financial skills, and business acumen. That being said, the rewards can be great!
Small business owners make more than the average U.S. income; it is also the case that with most businesses, the longer you have been in business, the greater your salary. However, it’s important to remember that with any new business, you won’t get rich right away. Although, with dedication and smart business practices, there’s no reason why you can’t.
On top of this, after the first years, entrepreneurs can usually reduce their schedules and take advantage of being their own boss, meaning there are plenty of benefits to start your own business that goes even beyond riches.
If you’re ready to get started, click here for a free ebook to start an online business.
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