Sageworks – Top 10 Successful Businesses
You have probably wondered what businesses are currently profitable. You may have heard of Airbnb and Paytm, but which of these has been the most successful? Sageworks has compiled a list of successful businesses for those who are looking to start their own business. Here are a few examples. Consider these businesses when choosing your business. You may even be able to start one yourself! There are so many business ideas to choose from – why not start your own!
Paytm
Paytm is an Indian payment platform. Its core business involves the facilitation of consumer payments and is divided into two categories – online and offline. Online payments include payment gateways and UPI-based payment methods. Business payments include nodal accounts, POS Billing software, advertising, and Business Khata. Financial services include salary accounts, mutual funds, and loans. In addition, Paytm Gold provides customers with insurance and a digital currency that is backed by a diversified business portfolio.
The company has invested a large part of its budget in security and fraud prevention. Its escrow accounts and commissions from customer transactions generate revenue for the company. In addition, it charges customers a small fee to use its platform. While many companies rely on commissions from transactions, Paytm makes its money from the commission it receives on recharges. This model also enables the company to compete with more traditional businesses in the financial and educational sectors.
The Paytm business model may not be easy to understand for retail investors. The company has several points to understand, including customer acquisition and derivatives. This complicated business model is unprecedented in the Indian stock market. The company’s revenue growth will remain high, even though many analysts are predicting a tough future for Paytm. With that in mind, Paytm is a great investment opportunity.
Apart from consumer and business payments, the platform also offers insurance, POS billing software, and escrow services. This makes the service even more useful for low-income Indians. In addition to financial services, Paytm also plans to tap into big data. With the RBI’s permission, Paytm is developing its own financial services that will serve as the ultimate destination for consumers and businesses. But how is this possible?
It is an innovation stage with significant security concerns. Its focus on cellular phones meant that many customers saw the computerized world as an opportunity to open a bank account. But when online installments failed to meet their expectations, Paytm presented itself as an improved option. It has been successful in establishing partnerships in a relatively short period of time. So, what makes Paytm different? A lot of factors are driving its success.
Vijay Shekhar Sharma, the founder of the digital payments giant Paytm, has been in the news lately. In the middle of a legal controversy, Sharma was arrested for allegedly hitting a car. Though he has been released on bail, his business has faced numerous obstacles. And Paytm has successfully overcome these challenges. But how can it continue to stay at the top? Here are some of the reasons.
Vijay Shekhar Sharma founded Paytm in 2010. The company initially focused on providing services to merchants and consumers. But over the years, it expanded its service portfolio to include wallet services, banking facilities, and e-commerce. With over 58 million users, Paytm has grown into a mammoth in India. It even has its own e-wallet. Paytm also provides services for landlords and tenants, educational institutions, and parking tolls.
Dropshipping
While dropshipping stores can have a wide variety of products and services, they often lack the flexibility of a small shop. However, a dropshipping business can give you an advantage in several ways. Not only is the business model simpler, but it also allows you to be flexible in terms of the products you sell. For example, you can limit your product line to a few popular styles.
One of the most successful dropshipping businesses in the world was launched by an Israeli boy at the age of 12 who made a mistake and his profit-making empire sank. His mistake was that he underestimated the cost of marketing. He assumed that selling products at a discount would be enough to make a profit, but he soon discovered that he needed to spend a lot of money to advertise. After the store closed down, he started another one, which was even more successful.
Another way to make a profit from dropshipping is to target customers who are passionate about the products you sell. This way, you can develop long-term relationships with customers who become brand evangelists. In addition to promoting your products and services, you must monitor your performance. Get acquainted with Google Analytics so you can analyze your business’ performance. Boost your activities on Pinterest and increase your social media presence.
Success is never achieved without hard work and persistence. The ability to keep trying new methods is essential. Without ambition, many dropshippers give up when faced with difficulty. On the other hand, those who are driven will persist despite the difficulties. In case of dropshipping, a 25-year-old man called Rafael Cintron managed to build a seven-figure e-commerce business in two years. His dropshipping journey began as a freelancer with a Shopify-based eCommerce store. He honed his skills and eventually quit his 9-to-5 job to start his own store.
The key to being successful with dropshipping is to choose a niche that you enjoy. The best way to do this is to research the products in your target market. Find out what the competition is selling in the market and analyze their strengths and weaknesses. A niche that has no competition will be challenging to compete with, so choose a niche that you have an interest in. It will make it easier for you to market your products and services, and it will be easier to get the best wholesale prices for your products.
While it may be easy to find suppliers, you must carefully select a supplier.
Remember that a good supplier is one with a reputation and a good return policy. A reliable supplier will be able to offer higher-quality products than competitors. You also need a good marketing strategy and exceptional customer service to succeed in dropshipping. If you cannot meet these requirements, you should avoid dropping your products altogether.
Airbnb
The core value creation logic of Airbnb evolved over years of trial and error. Airbnb captures value by connecting guests, hosts, and third parties. This value-creating model has been highly successful, with over 54 million active bookers in 2019. As of early 2019, the business generated $2.7 billion in revenue, with 327 million stays and 825 million arrivals. The company is on track to triple its revenue in 2020.
Despite its success, Airbnb’s business model remains opaque to outside observers, and it has evolved significantly between 2017 and 2019. In mid-2018, Airbnb CEO Brian Chesky said that he aims to build a true ecosystem that combines travelers and homestay providers. In other words, Airbnb wants to become more than just a marketplace for space trading. As a result, the company has diversified into a number of areas.
The company began by tapping into a pool of people listing their homes on online platforms and classified websites. It then leveraged this pool to attract more guests and earn more money. It also launched its own magazine, “Airbnb,” and developed a number of social media platforms. Airbnb is one of the top 10 successful businesses in the world today. Its business model is based on the “sharing economy,” where house owners willingly rent out their space are able to make a profit.
In addition to expanding its home sharing offering, Airbnb has expanded its categories of listings. Its inventory now includes boutique hotels, bed and breakfasts, and traditional vacation rentals. It even has luxury villas and entire apartment complexes listed. With the help of regulatory intervention, Airbnb also offers greater transparency in the European market. Listings now include the room rate, cleaning fee, and local occupancy tax. The platform has also expanded its focus on hotels by introducing “Airbnb Plus” listings, which feature a curated collection of inspected listings.
In addition to enhancing the convenience of its customers, Airbnb has implemented several initiatives to give back to local communities. For example, it co-designed 10% of its Airbnb Experience offererings with local non-profits and donated all of its revenues to participating nonprofits. While Airbnb has not taken radical action to address these social sustainability issues, it is committed to helping communities improve their quality of life. A recent report from the American Institute of Business showed that Airbnb was the top 10 successful business in the world.
Despite the many positive aspects of the company, there are also negative aspects. The negative impact of Airbnb is more apparent in cities with high tourist traffic. As the company has grown, it has created significant public-private partnerships to help cities improve the quality of life for their residents. While some cities have imposed regulations, Airbnb has responded by hiring dedicated lobbyists to influence policymakers. In the meantime, the company has implemented automated host listing availability caps, bans certain nuisance behaviours, and aims to implement cooperative agreements with local authorities. Moreover, the company also collects taxes and other fees for its hosts and forwards them directly to local governments.
