What is a Business Venture? With Examples + How to Start

Updated Feb 14, 2023.
Business Venture definition

Are you looking to become a business owner? Have you wondered what a business venture is and how to create one? Do you have a small amount of money and don’t know how to start?

Starting a business may seem intimidating, but it can be incredibly rewarding with the right knowledge and strategy. With a successful business venture, the sky is truly the limit with regard to earning potential.

If you’re ready to begin your entrepreneurial journey and start a business, I’m here to provide you with the necessary information and inspiration needed for success.

This blog post will define a business venture and examine some successful examples of what you can sell and how to grow fast. I’ll also provide some advice about how to find a profitable business venture. So read on for all the information you need!

What is a Business Venture?

A business venture is a project or undertaking where entrepreneurs create, organize, and manage their companies. Usually, this involves seeking an opportunity to develop and market a product or service in exchange for money. It can include opening a restaurant or launching a clothing line.

Most business ventures are frequently referred to as small businesses since they usually start with an idea and quite limited finances. They are typically supported by one or more angel investors who have faith in this business concept.

Amount of Capital needed to start a business
Source: lendingtree

Any new business venture often starts from an existing gap in the market. It could be a demand for a product that consumers require or simply because of the lack of services available to them. No matter what business you are launching, you must have an idea to provide customers with a specific value.

How to Find a Profitable Business Venture

When looking for a business venture, it is important to look for an opportunity you can capitalize on. Your venture should have the potential to create a profit within a reasonable amount of time to stay in business.

There are many different business ideas to make money! However, to make a better choice, answer the following three questions:

Question 1: Can I craft a convincing offer that people happily pay money for?

The first question to ask yourself when considering creating a successful small business venture is whether you can craft an offer that people will be willing to pay for. You need to provide something of value, a good business idea that customers feel they need, want, and are happy to pay for.

Think about what kind of product or service your potential customers would benefit from. The key is to make sure the offer solves a problem or fills people’s needs and provides them with something they would be willing to pay for.

So, priority number one is straightforward – identify what your potential customers desire and provide them with exactly that. Additionally, make sure you’re appropriately targeting the right individuals at a time when they will be most inclined to purchase.

Question 2: Can I systematically attract leads at low costs?

Once you’ve identified a great product or service, the next step is to focus on attracting potential customers. When it comes to marketing, it’s quite important to focus your efforts on tactics that will cost you as little money as possible.

It could mean taking advantage of organic social media posts, creating content (such as blog posts or videos) that can be shared and liked, or setting up partnerships with influencers who already have a significant and loyal following.

Traffic Sources
Source: zeropark.com

One of the most cost-effective strategies for attracting leads is email marketing. Email newsletters are an excellent way to reach out to potential customers and ensure that your offer is always in front of them.

You can also create targeted ads on different social media platforms such as Facebook, Twitter, and LinkedIn to reach out to people likely interested in your services or products. Ad campaigns like this can be especially useful if you want to sell products and services quicker and without much hassle.

It’s also worth considering offering a discount or giveaway to customers to entice them to make a purchase.

Question 3: Can I convert those leads into customers with relatively low CAC relative to CLV?

It’s not enough to attract leads – the key is to convert them into customers. It means that your offer must be compelling and attractive enough for potential customers to actually purchase it.

To ensure you’re getting a good return on investment, focus on calculating your customer acquisition cost (CAC) relative to your customer lifetime value (CLV). The CAC is how much you spend to acquire a customer, while the CLV considers all revenue generated from that customer over time.

Customer acquisition cost
Image Source: Smile

To discover your CAC, divide your marketing costs by the number of customers acquired in a given period.

Custome Lifetime Value
Image Source: Product Plan

The CLV is calculated by taking the average purchase value multiplied by the number of purchases made over a given time frame.

All businesses should strive for a CLV to CAC ratio of 3:1 for each marketing segment. If you spend too generously (for example, 1:1), it can be unprofitable as customers won't cover the cost of acquisition. On the other hand, if you under-invest in customer acquisition and set your bid cap low, then it could mean missing out on profitable customers who have an above-average cost per acquisition.

By taking the time to answer these three key questions, you will be able to determine whether your venture has the potential to create a profitable and sustainable business. The key is to make sure that you are providing something of value that customers feel they need, want, and are happy to pay for!

23 Profitable Business Venture Examples to Inspire You

If you’re looking for some inspiration and ideas, here are 23 profitable business ventures you can consider:

  • Bird Tricks – Bird Tricks is an online business that specializes in providing online pet bird training classes. They use various marketing channels, such as YouTube and Instagram, to attract customers.
  • Learning Herbs – Learning Herbs is an online herbalism education business. They earn financial gain via classes, webinars, and digital products to help people learn about herbs and their uses.
  • Management Consulted – A great enterprise that provides management consulting to organizations, as well as individual and group training sessions. They attract customers using webinars, blog posts, and social media campaigns.
  • Bonsai Empire – A community-based business that specializes in bonsai trees and care for them. They achieve profits through digital products, such as e-books, videos, and tutorials.
  • The Online Dog Trainer – This business venture is based on providing online dog training services. They use YouTube advertising and targeted marketing campaigns to attract customers.
  • Make a Living Writing – A practical venture that focuses on helping you become a successful freelance writer. They generate profits through digital products such as e-books and online courses.
  • Goins, Writer – Need some inspiration? Goins, Writer, is a great business venture that focuses on helping people become successful writers. They use social media and blogging to reach out to the audience and profit from selling e-books, workshops, and courses.
  • How to Program with Java – A highly successful business enterprise that specializes in teaching Java programming. They attract potential customers with YouTube video tutorials and online courses.
  • Donald Robertson – Want to learn how to apply ancient philosophy to everyday life? This business venture is perfect for you. It provides online courses and sells books on Philosophy.
  • Study Hacks – This start-up enterprise helps students become more productive and efficient in their studies. They use blogging and Youtube to reach out to the audience while generating profits through digital products such as e-books and courses.
  • TaskRabbit – A great business venture that connects customers with skilled taskers who can take care of any task. They promote via Google Ads and generate profits through commission on each job completed via the website or app.
  • Wealthy Affiliate – Ready to create a flourishing digital business centered around your passions and hobbies? Look no further than this all-inclusive platform, designed to help you reach success with ease! They generate profits through subscriptions and membership.
  • AuditionHacker – A business venture designed to help aspiring musicians. They offer online courses and one-on-one coaching, helping musicians improve their performing skills.
  • GooseChase – Looking to add something unique to your business? GooseChase is a perfect choice! This venture provides customers with mobile-based scavenger hunts that can be used for different events and settings. They generate profits through commission fees.
  • Edx – A great business venture that specializes in online education. They provide online classes and certifications and generate profits through enrollments and subscriptions.
  • Skillshare – Another great business venture that specializes in online learning. They use targeted ads and offer an annual subscription to generate profits.
  • The Salon Business – This business venture focuses on helping salon owners manage their businesses. They use various marketing tactics, such as webinars and social media campaigns, to attract customers.
  • La Vie En Code – Need to learn a programming language? This business venture offers online coding courses, and they generate profits through enrollments.
  • Make Fabulous Cakes – Want to make a name in the cake decoration industry? This business venture provides support in online tutorials on cake decoration. They attract their customers through YouTube videos and generate profits through e-books, online courses, and digital products.
  • WODprep – A great network that focuses on helping CrossFit athletes become more efficient and effective. Through subscription fees, online courses, and digital products, they are able to generate substantial profits.
  • WoodSkills – Want to learn woodworking? This business venture offers online tutorials and e-books on the subject. They generate profits through their online courses and subscriptions.
  • The Ultimate Disneyworld Savings Guide – A business venture geared towards helping customers save money when visiting Disneyworld. They use targeted ads and e-books to reach their audience and increase profits.
  • Hardcore Music Studio – Looking to learn how to create a professional music studio? This business venture specializes in teaching aspiring producers and musicians the fundamentals of music production. They generate profits through online courses and digital products.

Here are just some of the many profitable business ventures out there. With the right strategy, any venture can become successful! The key is to identify your target audience, understand their needs, and develop a product or service that meets those needs!

Business Venture vs Startup

Stratup Company
Source: Statupsavant

Small businesses and startups have a lot of commonalities, but there are also some key differences between them. Small business ventures typically involve one or two people taking risks to generate income from an idea or product. This type of venture usually requires less capital investment, and the goal is often to create a steady stream of revenue that can sustain the business.

On the other hand, startups are typically larger undertakings involving a team of people and more substantial capital investment. The goal of a startup is to create something new or disruptive that will quickly scale up to generate large profits. Startups tend to focus on growth rather than stability and often exploit technology to reach their goals.

Another key difference between small business ventures and startups is the level of risk involved. Small businesses tend to involve less risk, as there is typically less capital investment and a steady revenue stream.

Startups, however, involve much more risk due to their focus on rapid growth and disruptive technology. As a result, the potential rewards from successful startups can be much higher than those of small business ventures. Still, the risk of failure is also greater.

Finally, small businesses and startups take different marketing approaches. Small business owners typically focus on established tactics such as direct mail, print advertising, and word-of-mouth referrals.

Startups often rely more heavily on digital marketing methods such as search engine optimization, social media marketing, and content marketing.

Overall, small business ventures and startups have different goals and approaches regarding risk, capital investment, and marketing. While both types of businesses can be successful, understanding their differences is key to setting realistic expectations for success.

Bottom Line

A business venture is a great way to start and grow a successful business. However, creating a new company requires writing a careful business plan, understanding the target audience, and developing services or products that meet their particular purpose.

Having an idea of which type of venture is right for you, be it a business venture or a startup, can help you make the proper decision and maximize your chances of success.

Consider the amount of risk you’re willing to take on and how quickly you want to make money. With the right strategy, any venture can be successful! Good luck!

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Anastasia Belyh

Editor at FounderJar

Anastasia has been a professional blogger and researcher since 2014. She loves to perform in-depth software reviews to help software buyers make informed decisions when choosing project management software, CRM tools, website builders, and everything around growing a startup business.

Anastasia worked in management consulting and tech startups, so she has lots of experience in helping professionals choosing the right business software.