8 Profitable Business Ideas for 2020

August 24, 2020

8 Profitable Business Ideas for 2020

CONTRIBUTOR:

Eve Grzadzinski
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Profitable Business Ideas to Start a Business

It almost appears the word ‘entrepreneur’ became a trend with millennials stepping into the marketing scene in 2006. Now with online businesses streaming everywhere there’s a multi-billion-dollar influx of millions of people with start-up companies leading to huge success. From liquor store owners to a household icon, anyone, anywhere with any background can be a business owner with small profitable business ideas. Somewhere along the way entrepreneurs have sprung outside corporate America taking charge of their lives, schedules and incomes. You no longer must rely on “The man” to provide a quality of life with so many opportunities, you create your own destiny.  If you’ve become tired of making everyone else wealthy and working on your own financial freedom, we’ve got some juicy tips for you on low cost business ideas with potentially high profits. Here are a few profitable business ideas for 2020 you can launch yourself and if you proceed could find your own business just as rocketing to profitability. 

“In the business world, everyone is paid in two coins, cash and experience. Take the experience first, the cash will come later.” ~ Harold S. Geneen
Profitable Business Ideas for 2020

What type of business should i start?

1. Dropshipping is Hot for Small Business Owners Looking for Extra Income

Dropshipping is one of the hottest jobs on the market for people who work a full-time job and want to supplement income. Successful entrepreneurs claim fame by selling courses on things like affiliate marketing and dropshipping as another tool for them to gain capitol. Regardless, the dropshipping business is becoming widely used as a way for new business owners who want to expedite, and turbo charge their income.  This is a great way for people like yourself who want to make extra coin while launching other avenues of your business. Great thing is there’re no products for you to store in your roommate’s closet or worse, your mom’s basement. Instead, you can start a Shopify store promoting for manufacturers who will mail products directly to the consumer. Sound hokey? That’s how The Home Depot got started so who’s saying this hasn’t already worked? Here's a list if you're looking for the best shopify apps for dropshipping to increase sales.

affiliate marketing business

2. Affiliate Marketing is Easier and More Profitable Than Ever Before 

Next, Affiliate Marketing is on the rise and becoming easier than ever to become a good business to start from home. If you’re someone who enjoys blogging, has a specific niche you enjoy and are passionate enough, you can make six-figures working for yourself. Not to say there’s no work to affiliate marketing because that would be untrue. Travel bloggers, mommy bloggers and fashionistas all have work to do to triple-x their profits. But, if you’re into becoming your own boss and aren’t afraid of cutting the grease, then you might want to consider A.M. as your next venture. 

cleaning business

3. Cleaning Businesses and Start-Ups are Simple with Little Overhead

Cleaning services is another great business venture to build with low-upfront fees and turn your work into gold. You’ll be able to create your own hours, and much of your clients will come from referrals without you having to spend on advertising.  This small business idea is ideal for someone looking to expand their horizons while working another job. You can work nights and weekends to accommodate clients’ needs and your own. Now, that’s some squeaky clean, obscene ways to make some serious cash while looking to branch out.  

cooking skills

4. Turn Your Cooking Skills into a Profit-Making Business 

Personal chefs can turn a day job into a dream career. This is a high demand service for people looking for help with the chore of cooking. While it’s good to know how to cook, you don’t have to get a degree from a culinary school to work as a private or personal chef.  However, it will be important to learn about safety with food and the kitchen before you start. If you’re confident, you won’t burn down the house and understand the rules of food preparation and security, then you might just enjoy a career as a chef. 

What's a Good Business to Start Up?

dog walking business

5. Work with Tail Wagging Clients in Your Spare Time 

Dog walking and training is in high demand especially in areas where ‘Fido and Fee-Fee’ are an integrated part of the family. This is another field where you don’t need a degree or education but experience working with animals is important to your success. Having a small business like this requires special skills for teaching pets how not to be pests and behave. Many people work with Rover.com when just starting out but beware of these types of sites as they aren’t always good for getting clients. Instead of relying on one site to bring you in work, you can offer your services to local veterinarian offices. It might take a while to build your brand, but once you do everyone will wag their tail wanting to work with you. Also, dog walking is a terrific start up home business idea for teens and college students. 

videography business

6. Videography and Drone Operators are Flying High with Demand

Videography is one of the most lucrative fields in today’s marketing world and it will only get bigger with the high demand. If you’re someone who loves to be behind the camera and has an eye for editing, this is one job worth your time. You can even get more specialized with becoming a drone operator or special effects videographer reaching out to local ad agencies and film production houses looking to add in their repertoire. There’s no limit with this creative career. 

city guide business

7. City Guides are Huge Among Touristy Areas and Small Business Owners

Becoming a tour guide is simple if you enjoy working with the public and have intel on your city or town. This career works extremely well if you already live in a touristy area such as San Diego. Depending on your start-up budget you can do a walking tour, a jeep tour, or bicycle tours.  Let your inspiration turn you into a business owner and enjoy being outdoors at the same time. Now, how cool is that? 

“Strive not to be a success but rather to be of value.” ~ Albert Einstein

business consultant

8. Consultants are in Need Resulting in the 6-Digits  

Consulting is another field where many newbies in the business world are booming. Whether you’ve worked in the food industry or construction there are people who will pay you big bucks to dissect their businesses sifting through the dust. Marketing yourself as a part time consultant is probably one of the fastest ways to get into an income where you’ll need deep pockets to stuff the money you’ll be making. 

While these are a few of the most popular business ideas you can start, there’s a huge world of others to consider. Many of these fields don’t require college degrees and extensive training. Take what you know and turn it into the best business you can.

Money magazine has recently updated an article that you may also find useful in your search for Small Business Financing at https://money.com/best-small-business-loans/

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8 Profitable Business Ideas for 2020

CONTRIBUTOR:

Eve Grzadzinski