Do you know that there profitable business ideas in North Dakota that you can take leverage on that will turn you into a millionaire in the long term?
Are you a person residing in North Dakota and you are looking for a lucrative business to venture into?
North Dakota is the 19th most extensive, the 4th least populous and the 4th least densely populated state in the USA which is good news if you have the mindset to start a business in this place.
North Dakota had overcome the recession of the late 2000s in America to emerge as a more virile and prosperous state in the USA.
5 Profitable Business Ideas To Start In North Dakota
Here are 5 business ideas in North Dakota you can take advantage of and get out of the financial mess you might be experiencing to a better life of financial freedom.
1. Tourism Firm
One of the biggest profitable business ideas that you can tap into is launching a tourism firm. As a result of the natural and man-made attractions in North Dakota, North Dakota plays host to a large number of visitors every year.
You can exploit this influx of people to set up a tourist consultancy service and organize tour guides, hotel accommodation, history classes as well as other sundry activities that will tickle the fancy of visitors.
North Dakota’s extensive terrain is covered by 90 percent by farms and similar holdings. The climate in North Dakota supports the cultivation and growth of several crops including spring and durum wheat, barley, sunflowers, dry edible beans, honey, oats, flaxseed, hay, etc.
As of 2008, North Dakota was the leader in the growth and cultivation of a good number of the aforementioned crops. Also, some farmlands are into the rearing of animals such as cattle, sheep, and hogs. There is a growing demand by North Dakotans for a fresh supply of meat and dairy products like milk and eggs.
An aspiring entrepreneur like you can acquire a parcel of land to engage in the cultivation and rearing of any of the aforementioned crops and animals. With adequate preparation, financing, and assistance from competent hands, you will be able to obtain a good return on your investment.
You will also be glad to know that North Dakota receives over 1 billion USD in agricultural subsidies from the United States Government yearly.
3. Food Processing facility
With an abundance of arable land and large yearly produce, North Dakota is a good ground for the savvy investor to get premium from the agricultural value chain. He/she can take advantage of North Dakota’s friendly fiscal policies and power infrastructure to set up a food and animal processing plant to churn out value-added products and services along the agricultural food chain.
A good example of a crop you can delve into is Canola, which can be processed not only to produce canola oil but to also obtain canola meals. This meal contains lots of protein that serves excellently as animal feed.
North Dakota owes a substantial part of its increasing GDP to the contribution of Information Technology and its affiliated products. The technology behemoth, Microsoft, has a campus in Fargo, North Dakota, that houses over 1,700 employees, while Apple runs a facility in Grand Forks that employs several hundreds of staff.
You can tap into this opportunity by offering value-added services in the IT chain by way of website design, development and hosting, software application development, computer hardware diagnostics among others. You can also teach programming languages to garner more revenue.
For the business to kick-off effectively, you will have to possess basic computing and programming knowledge, in addition to engaging competent hands to help in running the venture.
5. Child / Daycare Services
This is a very profitable business idea that can fetch you thousands of dollars monthly if you know how to run the business properly. Many mothers are not working so they too can contribute their quota in paying off bills in the family so they are willing to patronize the daycare service center.
You can take advantage of this business opportunity by offering home services for the well-to-do or you could set up a daycare /nursery for others who would prefer to bring their kids/wards to your facility. As with all other businesses, you will need to engage the services of competent and reliable hands, to help with running the service smoothly.
Also, you could provide other services such as extra-curricular teaching, musical instrument teaching, foreign language tutoring among others. You must build trust and loyalty among your clients, to receive referrals.