The best cashflow generating business to start today is a Digital Agency. A digital agency simply helps people or other companies setup their website.
Yes, a digital agency can do so much more than that, but we are only going to focus on setting up websites for now.
The reason we want to only focus on setting up websites is because it’s primed and ready for generating cashflow.
You see it’s never been easier to setup a high-quality, professionally designed, fully responsive website. Not only is it easy, it’s also really cheap. And you can do it without knowing anything about design or programming.
You might be thinking, “If it’s so cheap and easy, why doesn’t everyone just do it themselves?”
You see, there is a massive market of people that don’t want to deal with anything tech related, yet they need to have an online presence in order to run their business.
If you do a quick search of some local businesses in your area, I’m sure you’ll find so many sites that are old, outdated, and look broken on a mobile device. It’s not that these business owners don’t care about their site, they just don’t have the time or energy to try and update it.
That’s where a Digital Agency comes in. An agency would email each of these businesses offering to update their site’s design.
Most of the time, these agencies don’t build or design the site from scratch. That wouldn’t be cost effective. They usually find a theme or template and simply update it with the potential client’s information using an appropriate CMS.
They would then charge an initial setup fee and a monthly maintenance fee. It’s this monthly fee that really kickstarts their cashflow because it really doesn’t take any time or effort to maintain a site.
If it costs $10/month to maintain/host a site, you can charge your clients $20/month. That’s $10/month in your pocket. If you can land 500 clients, that’s $5000/month in positive cashflow.
As you grow, you can start to automate every aspect of the business. Things like answering support questions or emailing potential clients can all be automated. It’s this ability to automate that really makes a digital agency an amazing investment.
Although a digital agency has the potential for generating a substantial amount of cashflow, you need to make sure you have the right perspective in order to run it successfully.