Lucrative Businesses to Start

It's heartening to note that the US economy has grown by 3.5 percent in the third quarter of 2009, after four quarters of economic contraction. However, one cannot ignore the unemployment rate that has risen to 10.2%, the highest in 26 years. Although, it's difficult to imagine that entrepreneurial ventures may thrive in hard times, a number of new business models seem to have emerged as a consequence of the sub-prime crisis. The list of most lucrative businesses to start in times of duress, is as follows:

Businesses to Bank on
The following is the list of lucrative businesses that may help one fulfill one's dream of entrepreneurship. While some business models have withstood the ravages of time, others are yet to prove their mettle.

Restaurant Business
This is one business that prospers in both the good and bad times. However, starting a restaurant business involves huge up-front capital investment. For instance, the entrepreneur would be required to buy expensive commercial kitchen equipment, viz. warming drawers, cooking ranges, ovens, grills, dough equipment, cookware, kitchen tools, food processors, mixers, wire shelves, food storage containers, walk-in freezers, commercial sinks and dishwashers. These are essential for launching any restaurant business. Considering the cost involved, it would be sensible to buy used commercial kitchen equipment rather than investing good money in new equipment. The entrepreneur would also be required to purchase real property. Leasing real property is advisable as compared to an outright purchase, since leasing is akin to renting. The entrepreneur saves on venture capital that may be put to better use. A lease contract with option to buy may also be possible in certain cases, resulting in the restaurant owner eventually becoming the owner of real property.

Mortgage Loss Mitigation Consultant
This is a good business proposition for solo entrepreneurs who would like to cash-in on the booming business of foreclosure prevention, mortgage loan modification and short sales. Of course, one needs to have significant experience in the mortgage industry and be professionally qualified to advise people regarding the best ways of handling these situations. Since most mortgage loss mitigation specialists are either employed by insurance companies or by mortgage lenders, the business can hope to gain ground only by way of referrals. Generally, people prefer working with mortgage loss mitigation specialists that are employed (or referred to) by insurance companies, rather than those employed by the lender. This is because private mortgage insurance companies have more to lose if the defaulter's situation is not resolved amicably.

Niche Newsletter
Newsletters that cater to a niche audience are emerging to suit the needs of a select group of people. The biggest advantage of a niche newsletter is that, one can capitalize on one's talents and choose to publish in one's chosen field of interest. As long as one is able to find an interested audience, one will be able to market the newsletter. A number of printable newsletter templates are available on the internet. One may choose to use these or create one's own template.

Answering Services for Small Businesses
An entrepreneur, who is uncomfortable about starting a business that requires him/her to invest or lease real property, may be better off starting an answering service. Although, an answering service can be started from the comfort of one's home, the entrepreneur may still require some capital. Small Business Administration (SBA) loans may be the way to go for entrepreneurs who feel confident about their ability to repay the borrowed sum. Answering services for small businesses can be virtual or live, and can help small businesses keep track of unattended messages and revert to the caller at the earliest.

Credit Repair Services
A credit repair service acts as a middleman between the credit bureaus and the consumer by helping the latter address mistakes in the credit report. Although, the consumer can always take up the matter directly with the credit bureaus, the time and the effort involved deter the consumer from addressing the issue. Moreover, a credit repair company can resolve the matter within 72 hours while a consumer requires at least 20-30 days to sort out genuine errors in the credit report. For instance, a Chapter 7 bankruptcy discharge may not get recorded. In other words, the debt balance after bankruptcy discharge may still be positive. In such cases, the credit repair company can ensure that only the history of delinquencies get reported and not the absolved debt.

Hopefully, the above article on the list of lucrative businesses (to start) would have provided tips that may prove handy for professionals as well as people with keen business acumen. The above list is not exhaustive but it does give one an idea of how to go about the process of establishing each of the aforementioned businesses.