October 28, 2020

Profitable Business Ideas You Should Consider In 2020

Business Ideas:- The cost of setting up a new business has never been so low. Digital technology has made starting your own business simple, affordable and possible. For some business, all you need to start is a phone, a computer, and an internet connection.

Coming up with a good business ideas is often one of the hardest hurdles. Ideally, your business idea should consist of three things:

  1. It should be something you like doing,
  2. It should be something you are good at, and
  3. It should be something people would spend on.

Once you are able to identify a profitable business idea and are willing to follow through persistently, you’ll soon have something to be proud of.

To help you get you started, we have put together a list of in-demand and profitable business ideas you can start in the New Year. Number 11 is a new and hot opportunity today. We just had to reveal the secret to you. Keep reading to find out.

1.     Sell Hand-made Goods Online

Footwear, knitting, jewelry, natural body-cream… there are so many handmade goods out there. Unfortunately, prospective entrepreneurs often overlook this one because it isn’t one of the ‘fancier’ busines options. But it is absolutely viable, and there is a huge market for it. There is especially a market for these types of goods when they are marketed with your own personal story.

For example… let’s say that your baby has sensitive skin, and can’t use regular sunscreen. Maybe he or she breaks out in a rash if they do, because their skin is just extremely sensitive. If you can come up with a sunscreen that actually works and that’s non-toxic, and safe for your baby’s skin, and made with natural ingredients… That’s a real, viable product! And the fact that you can market it using a real-life story is really powerful. You can end up building a brand of your own.

2.     Solar and Inverter Sales and Installation

The world is moving away from fossil fuels and moving towards more sustainable and renewable energy. People are embracing solar energy and are even using it to become completely self-sufficient. The technology is advancing to the point where solar power won’t just be a great source of clean energy; it’ll be an obvious choice for everyone.

Starting a business that provides solar power solutions could be a very clever idea. Most governments offer tax breaks for companies who are developing clean energy products, and this is a huge benefit. A solar power company can provide complete solar installation for homes and businesses to cut down on power bills. You can learn this skill by taking related online or offline classes. This is a business of the future.

3.     Ride Sharing Business

Anyone who considers himself or herself a good driver can sign up with Uber or Bolt and make a living driving people around town. While working as an Uber driver may not sound like an exciting career, it’s certainly a great way to put food on the table when you find yourself in between jobs.

4.     Beard Care Products

Beards are still a thing and they will probably remain to be for some time. You can start your own beard care brand with just a few cheap ingredients that you can buy online. When you manage to make a good product, all you need is good marketing strategy and bulk manufacturing.

5.     Virtual Reality and Gaming Arcade

VR Computing is a huge technological advancement which provides the user with realistic sensory experience. It’s been expected that by 2020 the global size of the VR market will be in excess of $40 Billion. A good chunk of that revenue could be in your pocket. Virtual reality is the perfect fit for arcades which could bring new life to the dying business. VR escape rooms and Lounges are expected to experience phenomenal growth. If you are tech savvy and a gaming fan, this could be your perfect business opportunity in the New Year. To get started, you have to learn how to develop immersive VR and AR experiences. The internet is full of resources and communities of like-minded people to help you along the way.

6.     Software Development service

Software developers create, test and maintain software. The demand for software developers is expected to increase by 17% each year through 2023 with good pay. With computer technology advancement, the scope for software developers looks bright. Besides, most big companies will need networks that are faster, more seamless, and more secure. Providing these solutions through a software company could make a very profitable business.

7.     Freelancing

According to various reports, the way we work now will be changed in the future. The outsourcing business will boom by 2020. 50% of Americans are working independently and making money through their own small businesses online.

Due to the high cost of hiring full-time employee startups are outsourcing their work to minimize expenses and maximize profits.

China and India are examples of counties where operational costs are relatively low. India over the years has become a hub for outsourcing service like call centres due to its English speaking population and low operational cost. You could tap into this growing industry and work as a freelance writer, graphic designer, video editor, photographer and so on. What’s more? It’s totally flexible and you get to choose when and how you get to work.

8.     E-commerce store Business Ideas

This is one business that keeps growing each year and will only get bigger in the new decade. In fact, there’s been an average annual growth rate of 25.6% in ecommerce sales from 2014 – 2018.

Over the past few years, people have become quite accustomed to shopping online. Unique niche marketplace is introduced every day in the e-commerce business.

There are ample opportunities to start a profitable online store to fulfill consumer needs.

You don’t need to compete with the countless online stores that deal on clothes, shoes or electronics; you could open an online food delivery store or even baby items.

9.     Affiliate marketing

Don’t have time to create your own products to sell? Why not sign up as affiliate to market other people’s product and make money from home each month?

Affiliate marketers promote products of other people and earn commissions on their sales. Amazon is currently the most popular platform for affiliate marketing, but there are many international and local alternatives like Amazon, Jumia, Alibaba, and other online stores.

Affiliate marketing is often combined with blogging to create a seamless mix of content and promotion. Anyone can start an affiliate marketing business, with little to no cost.

10. Digital marketing campaign manager

Marketing has gone digital, and it’s the job of digital marketing campaign managers to produce the best results possible. You can start your career as a digital marketing campaign manager by studying freely available online resources and experimenting on your own. You’ll need to understand things like advertising, Search Engine Optimization, landing pages, calls-to-action, and social media marketing. Once you know what you are doing, try cold-calling local businesses, and ask them whether they would be interested in your digital marketing service.

11. Sell Standing Desk and Adjustable Laptop Stand

The most innovative business ideas often start by transforming an everyday product into something different. We all know that sitting all day at the office isn’t the best thing for our health. And that’s why there’s actually been a rise in standing desks. Since about January 2011, there’s been a sudden and consistent growth in search volume for “standing desks.” There’s actually 15,000 monthly searches for “standing desks”, proving that people really don’t want to spend their entire day sitting. I’ve just let you in on a secret. Now you can go run with it. You can resell existing standing tables or start making yours.

12. Drone Videographer

If you like piloting drones, perhaps you should consider working as a drone videographer. You get to go to interesting places, meet cool people, and eventually develop a portfolio that could land you big ticket jobs. Professional drones are very expensive, but you can start small with a mid-sized drone and a GoPro camera and go from there.

13. Teach Online

The success of Khan Academy, a non-profit educational organization created in 2006 by Salman Khan, has proved the effectiveness of online teaching and paved the way for talented educators and their students. You can sell your expertise as video content on YouTube, or create your own website and charge your students on an hourly basis for Skype lessons.

Also, one of the most popular platforms where people can access massive open online courses, Coursera, has more than 15 million users, who are hungry for knowledge. Such online courses go far beyond the traditional high-school curriculum. If you have any skill that you think people might be interested in, there’s nothing stopping you from giving it a go. All it takes is a web camera, capture software, and basic editing skills.

14. Hostel Owner

You heard that right, you can start you own hotel business right from your home. With services like Airbnb, you can turn your house, garage, or just a single room into a unique accommodation for tourists and travelers from all around the world.

The online platform will take care of the initial exposure and will provide a way for owners and clients to conveniently communicate.

No matter what type of business you would like to start or how much money you have to invest, at least a few business ideas from this list will make a big difference in your life.

Just remember that the idea alone is not enough. It takes hard work.

You have to show passion, persistence, and dedication to overcome all challenges as they arise. If you do, nothing can stop you from joining the ranks of successful entrepreneurs and business owners.

Which of these business ideas do you find most interesting? Tell about it in the comment section. Thumbs up and share this with friends.

Leave a Reply

Your email address will not be published. Required fields are marked *