If there’s a question that’s never getting old, we’re sure it’s the “what are the best possible business ideas to make money?” question. We understand that as long as people exist, there’s always going to be a need to make an income. Whether on a large scale or from just a passive business that’s profitable. That’s why we’ve put together some of the most unique and profitable business ideas that you can utilize to make money.
Here is our list of the most profitable business ideas in 2020.
In this Article
A. TUTORING
1.Online Courses/Tutoring
There’s a high chance you’ve acquired or mastered a skill that’s helped your life, career or business grow. There’s also a higher chance that there are people out there who will be willing to pay to acquire the same skill. So, why not take advantage of that and turn your expertise into an online course that can profit you?.
All you need to do is figure out the knowledge you intend to pass across (be it business strategy or relating to self-help) and package it into a course style (modules). You may (or may not) get other persons to help facilitate the course to make it appear more credible. The most important part is having a good understanding of the skill you want to pass across.
You may also decide to teach a specific subject –say Art or Chemistry –if you’re an expert. It’s very advisable to teach subjects that relate to your area of expertise
Thankfully, websites like Teachable and Tutor.com allow you to create, host, and sell online courses, making online tutoring one of the most stress-free online businesses to launch.
2.Career Consulting
One of the best business ideas you can get started with today is offering and helping other people solve their career search problems.
The labor market keeps getting saturated as the days go by, and what seems to matter right now is staying relevant. If you happen to be someone who knows the ‘secrets’ that can help people choose the right career paths and remain relevant, you can consider starting a consulting business in that line. You can steer your client in the right career path, teach them how to ace interviews, and all they’ll need to succeed in their chosen careers. Career Consulting can be done as a lucrative side business that will not take so much time. Dedicating a few hours to consulting sessions is a great idea to make money because there’ll always be people you can teach. A platform like Coach.me is an excellent way to curate these kinds of clients.
3.Language Tutoring and Translation
People who can speak more than one language are always going to be in demand. So, if you happen to be a polyglot, you may begin to consider working on this unique business idea. There are different options available to you.
First, translators are in high demand at the moment. For someone who is just setting out on this path, using a site like Upwork to get jobs and build your portfolio is a good idea. With time and a good portfolio in hand, you can go ahead to apply and offer your services to companies directly. Also, you can decide to teach English as a second language. It’s possible to teach English without necessarily being bilingual. This is a great business idea because not only is it mostly profitable, it can also be done from the comfort of your home. All you are required to do is be a native speaker, get TOEFL accreditation, register as a tutor, a remote tutor on sites like Remote.co and indeed, apply for jobs.
4.ebooks
This is probably one of the most untapped lucrative business ideas available today. One other way to teach the secrets or skills that you already have effectively is to write a downloadable eBook, market, and sell it to those who are willing to buy them. Sometimes, you may find out that you already have an existing body of work; you only need to put it all into a structure and monetize it. Whatever the theme may be –advancing careers, promoting business, teaching a new skill – as long as you have valuable information to give, you’ll have an audience. The extent to which that audience goes will largely depend on how far you market it.
B.WRITING
1.Email Marketing
Knowing your way around words as proven to be one of the best skills anyone can have today. One way of utilizing this skill is through an email marketing business. Companies, especially startups, know how productive an excellent emailing game can be for them. So, if you know how to write good emails, write attention-catching subject lines, or help grow an email list, you can begin to make money with this lucrative skill. You can decide to check out platforms like Upwork or PeoplePerHour for individuals or businesses who seek to adopt a good email strategy. Or, you can just reach out directly to those companies you want to work with through cold emails –what better way to show the skill you want to offer than actually showing it?
2.Copywriting and Content Writing
Moving from the last business idea, another way to utilize your writing skills is by starting a content writing business. First, almost every business today is tied to the internet. And for a business to be linked to the internet, it either has a blog, website, social media account, app, or all at the same time. One thing that all these have in common is that they need content for promotion, to stay relevant and keep growing. And that’s why content writing is one of the best businesses to start today, even with little money. There’s always going to be a company that needs a copy or content writer to promote their products, services, ads, or posts. You can start as a freelance content writer and build your portfolio on platforms like Upwork, Fiverr, BloggingPro, and so on. To get more jobs and visibility, it’s advisable to join writing networks and groups. Content is king of our current world, and that’s why content writing is one of the most successful small business ideas that have the potential to become big.
3.Blogging
Before choosing an online sales channel, you need to consider the pros and cons of every option you are considering. Some channels might have higher competition. Others might require you to pay higher fees in exchange for a better client flow. To successfully get your product out there, you have to know every advantage or drawback of the platform you intend to use.
C.HOBBIES AND PASSION
1.Virtual Assistant
Having a knack for effective planning and organization can also turn out to be a skill that can be converted into a high-rising side business. C-Level Officers, big companies, and even celebrities always need help in organizing their daily activities and transactions. You can offer your organizational skills as a virtual assistant to these kinds of people and get paid for running their administrative ‘errands’ for them. A perk to this business idea is that it can be started from the comfort of your home. You can begin to get gigs from websites like Upwork, PeoplePerHour, Virtual Assistant Jobs, and other similar sites.
2.Personal Stylist and Shopper
Long gone are the days of making good money from only ‘serious’ businesses. You can now turn a hobby into an elegant and profitable business venture. Say you have a good fashion sense, and everyone around sees you as the go-to person for styling advice, you can turn out to be an exceptional personal stylist and shopper for other people. What’s required from you is to evaluate your clients, figure out the style that suits them best, and help them get the best clothing items to fix their styling troubles. It’s possible to run this business without meeting your clients in person. Meetings and shopping can always be done online. This is a great business idea for those who have a keen interest in fashion, and it doesn’t require any form of educational qualification.
3.Photography
Do you already own a camera or enjoy taking pictures of people, objects, or nature, and capture candid moments easily? Photography is a great and profitable business idea that you can jump on right away. There are some options that are available to you. First, you can try different types of photography to figure out what your niche could be. It’s mostly advised to start as a portrait photographer –take pictures of friends or family, get familiar with the editing process and build your portfolio (with a website and or Instagram). This way, you can refer people to the works that you’ve done and start getting paid for your services. You can also register some of your best photos on platforms like Adobe Stock and Shutterstock as a stock photographer, and get a royalty on every download your photos get. Lastly, if you don’t want to wait for downloads from stock image sites, you can open a privately owned website, upload your photos, effectively manage them and sell the images directly to people.
4.Personal Fitness Training
Being a fitness buff doesn’t have to be physically rewarding alone; it could also be a business idea that rewards you financially. You can work as either a part-time or full-time trainer if you’re huge on fitness. You also have options with fitness training –you can choose to own a studio where you can train your clients, or just go virtual. With virtual training, you’ll have to invest in video conferencing software to host your classes. Whichever way you decide to go, you’ll need to combine it with charisma and a good business sense to optimize the opportunities that you have. Building a reputation amongst your family members and friends and utilizing social media is always an excellent way to start. Putting in enough attention and having a good marketing plan can turn fitness training into a full-time career for you.
5.Mobile Catering Services
The food industry is always going to be a lucrative one because people are always going to eat. You can take advantage of this if you have more time on your hands or just see cooking as a creative outlet to make a decent income. But instead of opening a restaurant in town, you can run your kitchen business from your home and cater to people based on orders. If cooking is genuinely what you enjoy, you can start by catering for small events for your friends or family, joining cooking platforms, and experimenting with your skills. You can then create a website, market your services, especially to your local community and make some extra earnings (or living as the case may be) from this business. Another trending and available option to you is the new trend of starting meals-to-go businesses. Instead of owning your large kitchen, you can share a well-equipped rental kitchen space with other caterers in your neighborhood and make cuisines available to customers on demand for as long as you have the kitchen. The Kitchen Door is a platform that allows for commissary used kitchens.
AD. DESIGN
1.Visual Designing
If you’re a person who has a knack for good designs or is naturally good at combining art colors, you should look at a business path in visual designing. Of course, visual and graphic designing isn’t something you go into without getting basic training. But the beautiful thing is that it can be learned quickly, and you can start making money off it before becoming pro. Today, platforms like Canva and Stencil make it easy for almost anyone to make a quick income by creating beautiful designs. Once you’ve gained the basics, begin to look for individuals or businesses who need good designs and sell to them. Going pro, you can learn to use Adobe Photoshop and Illustrator to make more personalized designs. Another way to use the designs made is to create custom greeting card designs for sale. Greeting cards aren’t going to go out of style soon, so you can tap into this creative business. Once you start making your cards, you can start looking for clients on Etsy, Facebook, and Instagram
2.Print-on-Demand
Another successful business idea you can utilize with design knowledge is printing on demand. What it entails is making different custom designs –for mugs, t-shirts, phone cases, and whatnot – and marketing them on various sites and stores like Shopify. When you get orders, you send them over to suppliers who make the prints on the product and deliver them to the clients, without you doing so much work. This business is quite lucrative and doesn’t require rigorous effort to execute. Working with collaborators (suppliers) and social media influencers is a very effective way of reaching a broader audience.
E. TECH-RELATED
1.App Development
When we talk about the most profitable business ideas of today, we cannot but mention app development. The simple reason for this is that almost every company requires an app to function. You may think that there’s already an app for everything, but there’s hardly any day that goes by without a new app being added to the different stores because there’s always going to be a problem to be solved. Tapping into this opportunity isn’t as tight as it used to be because you can learn to develop apps affordably on software like Grasshopper. All you need to do is get the necessary skills, find a problem that you can solve with your proposed app, or register on platforms like Fiverr and Upwork as a freelancer app developer and create apps for consumers. Monetizing the latter is pretty straightforward, but when you want to make money off independent app development, a few strategies (like in-app purchases or premium version payment) need to be adopted
2.Website Testing
One of the best ideas for making passive income is getting hired by brands with websites to test and give honest feedback about their sites. These feedbacks are needed to address the issues that app developers may not have noticed while developing the app. It can also serve as a huge business opportunity for you. Not only can you be an individual website tester, but you can also put together a team of website testers to form a company to get significant hires. You can get these kinds of jobs on platforms like Ferpection, TryMeUI, and UserTesting
3.Website Flipping
Website flipping is usually top on the list whenever reference is being made to hot new business ideas. The process is as simple as BUY-IMPROVE-SELL. This is especially good for people who have web design experiences already. Instead of designing a website from the start, this entails purchasing a site that’s already in existence, work around its design, and then sell it off for a better and higher price. Shopify’s Exchange is a platform where you can buy websites, improve their SEO, content marketing, and any other applicable process, and go back to resell. This is a good business idea to take advantage of, as it isn’t as saturated (yet) as many other opportunitie
F.SOCIAL MEDIA
1.Social Media and Community Management
Social media has become such an essential tool for pushing businesses and brands today. But while a lot of people know this already, they may not have the luxury of time to engage with their audience on social media. You may be spending a lot of time on social media, and as a result, have the required expertise in handling community management and wondering if you can make anything out of it. Yes, you can help brands build their presence and manage their social media and turn it into a business venture. You can also get social media management jobs on sites like CareerBuilder and Flexjobs. Usually, clients on these sites work with the same freelancers once they can be convinced on the first trial. With time, you can move on to creating and running Facebook Ad campaigns for the brands you handle.
2.Social Media Consulting
Almost every individual and company owns at least one social media account. As a matter of fact, social media is better enjoyed with more followers and engagements. However, not everyone knows the secrets that drive engagement on these media. If you happen to have a lot of followers and engagement on your social media –emphasis on Instagram, Twitter, and Facebook business pages – you can utilize it and be paid to teach others the tricks of these engagements. You can teach your clients how to compose fascinating bios, create engaging captions, handle engagements, and promote their ads and everything they may need to maintain their social media accounts. You can either get your clients directly or market your business as a freelancer on the different platforms. The beautiful thing about this business idea is that it can be managed from a smartphone. With enough improvement and consistency, you can take it a step further and handle the brand’s entire communications strategy.
3.Podcasting
Podcasting can be a great way to make a good income once you have acquired the right level of consistent audience that attracts sponsorship. If you already have a show on a podcast where you create content regarding a specific topic, it may be time for you to monetize what you have, cause more traffic on your podcast, and get the sponsors to pay for ads on your talk show. While you can kick start a fresh podcast if you don’t have one already, it’s very profitable to build on an existing audience. Imbibing the habit of storytelling into your podcast is the right way to promote and increase your audience reach, therefore making your podcast more profitable..
Conclusion
There goes our list of the best business ideas to make money in 2020. If a few of these ideas appeal to you, we advise that you pick out one of them, make sure it aligns with your abilities, and focus on it with hard work and sacrifices. Many people have utilized these ideas before now, and one thing most of them can tell you is that you’ll have to put in your time and effort to make anything out of it.
Is there any viable idea we missed out? Which of these are you looking to start working on? Let us know in the comment section.
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