Smart Wealth Insider (2nd Edition)

Welcome to Smart Wealth Insider

In today’s edition:

• Wealth tip of the week

• Wealth-building challenge of the week

• (Based on topic to be discussed)

• And more…

This is approximately a 3-minute read.

Wealth Tip of the Week

Wealth Building Challenge of the Week

Create a budget

Develop a detailed monthly budget using a budgeting tool or spreadsheet.

Goal: Gain control over finances by planning income and expenses.

Let me know the results of this challenge throughout the week so I can help where I can!

Top Businesses to Start in 2024

Looking to start your own small business but not sure where to begin?

Forbes recently published a comprehensive guide to small business ideas, ranging from low-cost, home-based ventures to more ambitious endeavors that require upfront capital.

Here’s a breakdown of some top ideas to help you find the right fit:

1. Online Business Ventures 

The internet has opened up a wealth of opportunities for budding entrepreneurs. Whether you’re interested in starting an e-commerce store or offering online courses, there’s no shortage of ways to leverage the digital marketplace. Some popular online business ideas include:

• Dropshipping: A low-risk e-commerce model where you don’t need to hold inventory.

• Affiliate Marketing: Promote other companies' products and earn a commission on sales.

• Blogging/Vlogging: Build a following and monetize through ads, sponsorships, or selling your own products.

2. Personal Services 

If you have skills that solve everyday problems, you can start a service-based business with little more than your expertise and minimal equipment. These businesses are highly scalable, and you can begin on a part-time basis. Popular options include:

• Freelance Writing or Graphic Design: Serve clients from the comfort of your home.

• Pet Sitting or Dog Walking: A perfect fit for animal lovers.

• Cleaning Services: Residential or commercial cleaning can be a profitable, repeat business.

3. Wellness & Fitness 

The demand for wellness services continues to grow. If you’re passionate about health, starting a business in this sector can be both fulfilling and profitable:

• Personal Training: Offer one-on-one or group fitness sessions.

• Yoga Instructor: Start with online classes and grow into in-person sessions.

• Nutritional Consulting: Help people improve their diets and lifestyle.

4. Creative Businesses 

For those with an artistic side, turning your passion into a small business can be a dream come true. Some of the most popular creative business ideas include:

• Photography: From weddings to portraits, there’s a wide range of niches.

• Crafts & Handmade Goods: Platforms like Etsy make it easy to sell your creations.

5. Food-Based Businesses  

Everyone loves food, making it a great sector to enter if you have a knack for cooking or baking:

• Catering: Serve food at events without the need for a brick-and-mortar location.

• Food Truck: Low overhead compared to a traditional restaurant but with the same delicious payoff.

With these ideas, you can choose one that aligns with your skills, interests, and budget.

Also, notice that these aren’t revolutionary ideas - these are all businesses that have made 1,000s, if not 1,000,000s of people into multi-millionaires.

So, don’t reinvent the wheel, choose something that already works and stick with it for at least 6 months; you won’t regret it.

Connect With Me

If you want to connect, reply to this email with your thoughts and what you’d like to see moving forward.

I’d love to hear from you.

Stay wealthy,

-Matthew Johnson

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