Planning to launch your new startup this year? Are you facing difficulty choosing the most profitable business idea? You are at the right place! We have compiled a list of the most profitable business ideas for 2020 that you can try.
But before heading on towards that, keep in mind certain things like –
- Today’s market is highly dynamic and is changing drastically each new day.
- There will be ups and downs in your economic conditions during the journey after starting your business, but be resilient in such cases.
- Strive towards betterment and improving your efficiency.
- Focus on hard work, perseverance and be dedicated and motivated to achieve your goals and attain success in the long run.
Also, to start a business, you don’t need to have a PhD degree, nor do you need to pursue a high professional course always. Today’s marketplace offers diverse business opportunities to do a start-up without requiring any extraordinary qualifications.
In fact, there are home-based business options as well, especially if you are a creative person. You simply need to explore your talents and skills and choose the best business opportunity that’s right for you.
So, here are the top best profitable business ideas for entrepreneurs willing to launch a start-up this year.
Due to budget constraints and inventory shortage, most companies find it difficult to store their products onsite. This is why they rely on third-party platforms and providers who help them to store their goods and fulfil all their orders.
In simple words, dropshipping is a retail fulfilment process in which a store purchases the item from a dropshipping business and gets them shipped directly to the customers. In this method, the store doesn’t stock the products themselves. The third-party provider offering dropshipping services is most likely a wholesale retailer or some other entity running a shipping operation and warehouse.
2. Virtual Assistant
Offering virtual assistant services is one of the most profitable business ideas as they are in high demand, especially in this digital world. Today, businesses and entrepreneurs need support and help to manage their day-to-day tasks more efficiently. They search for professionals who can organize their projects and tasks and take the burden off their shoulders.
Virtual assistants can manage multiple tasks starting from social media management, email marketing, scheduling events and meetings, event management, managing calendars, etc. In short, virtual assistants are self-employed workers who provide administrative services to remote clients, especially those working from home.
3. Online Tutoring
If you are a subject expert, say in Mathematics, Physics, Chemistry, History, Geography, or other professional spheres, and are interested in imparting your knowledge, the best idea would be to start an online tutoring class. However, an ideal prerequisite to start your online tutoring platform is to have a Bachelors’ degree in the specific subject you are willing to teach.
Also, to get the maximum benefits and profit, try to stick to your area of expertise and subjects relevant to it. This way, you can enhance your knowledge and skills in that particular subject, and most importantly, you can improve the learning experience of your learners.
There are several platforms to open your online tutoring sessions, like Tutor dot com and Skooli. You can even open your own tutoring website to deliver lectures or interact with your students over Zoom or Skype. Online tutoring is one of the best business options this year, considering the COVID-19 pandemic crisis since students and learners are relying more on online education.
4. Content Writing
If you have writing skills, this is a great business opportunity for you. You can hire fellow writers to grow a stronger team, thus serving more clients from diverse industries. Besides, if you have a niche, you can drive more clients. Some of the most profitable and highly demanding niches for content writers and bloggers include –
- Digital Marketing
- Healthcare and Alternative health (Yoga, DIY therapies, Essential oils, Chiropractic care)
- Food and Wine
- White Paper Writing
- Video Script Writing
- Email Writing
You can join popular blogging sites like BloggingPro, Blogger by Google, etc., and start publishing your blogs and monetize them. Alternatively, you can open a content wiring business and start taking clients looking for content writers for creating website articles and blogs.
5. Stock Photographer
Do you have the ability and passion for clicking stunning and lovely photographs, such as capturing candid moments or portraying images of reality? You can become a stock photographer and sell your photographs for thousands of dollars!
To get started, you can contact companies like Shutterstock, Getty Images, iStock, and Adobe Stock, who are continually on the lookout for attractive images. List down a few of your existing photographs or try to click new ones for that purpose and submit them on these platforms. Once submitted, wait for interested people to download them. Most stock photography platforms would pay you a royalty every time your photo gets downloaded.
Another option is to open your own photography website and sell your clicks directly to your clients. This is the best idea as you can set your own rates and rules, as long as you have the necessary resources to invest in promoting your products and services.
6. Web Development Services
More and more organizations are switching to online marketing strategies to drive maximum traffic and boost their sales. They are always searching for professional web designers and app developers to build and manage their websites and mobile applications.
So, web development services are in high demand amongst various industries, giving you endless opportunities to grow and work with diverse clients. The best part is, the initial investment costs have gone down due to the rise of smart and intelligent tools and applications. Similarly, website and app developers, too, are becoming quite affordable, especially if one outsources them.
7. Translation Services
If you are multilingual, speaking more than 2-3 languages, you may not know your earning capabilities and demand in the market! Research says that the translation services industry is witnessing significant growth by more than 5% annually.
Some of the most searched for translation services include website information translation for increasing accessibility to other non-English speaking viewers and document translation. The idea behind this growing need for translation services is to expand one’s services to several countries, mostly to the non-English-speaking markets.