If you have determined that you would be a good candidate for working at home with an online business, then you are likely feeling a little apprehensive about what is involved and how to choose the best products and services to offer. The field of Internet businesses is wide open, with anyone being able to […]
12 Most Profitable Business Ideas to Start in 2020
12 Most Profitable Business Ideas to Start in 2020
– If you’re interested in starting your own business, then you’re probably aware that there are a lot of opportunities out there. Maybe you’ve looked around at some of your options, you’ve watched some videos like this already, read some blog articles, and you’ve seen the lists of all the different things you can do. The problem with a lot of the jobs that you’ll see on those lists is that they don’t pay very much and you probably wanna start your own business so that you can increase your income so that you can have more flexibility and freedom and be your own boss, but unless the job pays reasonably well, it’s not gonna do that.
I’m gonna share with you 12 different ideas for businesses that you can start this year that have very high profits. Before we get into the list, I just wanna let you know that there are kind of two different ways that a business could have high profit. One is if the business is in a big industry where the business has the opportunity to earn a lot of revenue. In that case, even if the expenses are also relatively high, the business could keep a lot of the profit. For example, let’s say there’s a business that earned a million years, they make a million dollars in sales.
Even if their expenses are $800,000, they still will keep $200,000 in profit, so that’s a fairly large amount of profit. On the other hand, there are business opportunities that aren’t in such big industries and maybe don’t have the opportunity to earn such large amounts of revenue. Take for example a music teacher. They’re teaching one student at a time or a small group of students and they’re just one person. The amount of money that they can earn total is limited, but their expenses are very low, so their profit margins are very high.
They might be able to keep 80% or even 90% of the money that is paid to them. If they earn $100,000 a year, they’re able to keep $80,000 or $90,000 of it and they can still earn a great living. In this article, you’re going to see some of each of these different types of opportunities. Some of these are bigger businesses that have bigger potential for earning. Others of them are small businesses that you could do all on your own, just a one man team, but you’re able to keep a lot of the profits.
As you hear each of these ideas, just be aware that there is that variety there and that some of these ideas might appeal to you because maybe you wanna build a big business and others might appeal to you if you want to keep things really small and simple.
With that being said, let’s get on into the first of these most profitable business ideas.
Business idea number one
Business idea number one is IT support. With so many people using technology in so many ways, there is a lot of opportunity for things to go wrong and people to need help. That’s where an IT support specialist can come in. This is something that you could do all on your own as an individual and keep a lot of the profits, or you could hire other people for your company. You’d keep a smaller amount of the profits, but you’d be able to serve more customers.
Right now, you might already have the skills and the know-how to be able to support people really well with some specific type of technology, or you might need to get some training yourself to be able to provide your customers with a great experience and be very, very helpful to them. Like I said, there’s a lot of different ways you can help people with technology. You could help people with general computer support, or with their website, or you could help people with their phone, you could help fix phones, there’s all sorts of different things you can do and most likely, if you’re readin this article right now, you’re at least a little bit tech savvy.
Business idea number two
is app development. In order to develop apps, you do need to have the technical skills and understand coding languages so that you can create the apps. I want you to know that this opportunity is more than it might seem at first. It can be easy to think that the only way to make a lot of money with apps is if you get lucky, if you make an app that happens to take off and go viral, but there is actually a much bigger opportunity and a much more dependable opportunity if you create apps for other people.
There are all sorts of people out there with ideas for apps that they want to see created and that they’re hoping might take off, but if you have the skills to create apps, then you can serve those people, bring their ideas to life, and get paid for the work. Because of the technical nature of this work and because not very many people have these skills, app developers are paid a high average wage and if you are working as a solo printer on your own as an app developer or you are a freelancer, then you will be able to keep a very high percentage of the money that you earn, which means that this job is very profitable.
Profitable job idea number three
is apparel and accessory rental. This is quite different from the other jobs that I’ve mentioned so far because it definitely falls into that category of a bigger business with lower profit margins. This type of company rents out clothing or accessories or other things to consumers. In this way, the consumer can pay a relatively low monthly fee to have access to a lot of different wardrobe options. You do need a fair amount of start-up capital in order to start this business because you have to purchase the items that you are going to rent out.
That will be one of your first expenses. You’re probably also going to need to hire some people to serve your customers. As you can see, there will be some expenses along the way. This business isn’t going to cost nothing to run, but you are able to serve a large number of customers and there’s a big demand for this right now. All sorts of brands have been popping up and even big well-known established clothing companies have started to offer this service, which is just additional proof that it is in fact profitable.
Profitable business idea number four
Becaming a marketing copywriter. A marketing copywriter is someone who writes the words that you see in marketing materials such as advertisements. As I’m sure you’re aware, people get paid for different kinds of writing. There are people who write fiction books and nonfiction books, there are people who write articles for magazines, and there are people who write advertisements. There are people who write the words that are on billboards and the words that are said in TV commercials.
All these different kinds of writing pay different rates. For example, if you wanna be a fiction writer, not only is there a lot of competition, but it’s also quite common to get paid anywhere between one and five cents per word that you write. For example, if you were to write a 5,000 word short story that got published in a book of short stories or in a magazine, it would be pretty common to get paid no more than $50 or $100. On the far other end of this spectrum, you have marketing copywriters that are paid a very high rate per word.
It is not uncommon for a marketing copywriter to write the words on a webpage that might be no more than 500 or 1,000 words and get paid $5,000 or even more for that work. If they’re writing 1,000 words and getting paid $5,000, that means they’re getting paid $5 per word, which is a lot more than one to five cents.
Profitable business idea number five
Business idea number five is supplemental academic course-ware. Academics are big business. As I’m sure you’re aware, there are all sorts of different schools, everything from elementary schools to colleges and universities to specialty trade schools.
While many of these institutions provide great learning, often times, students need some supplemental help. They might go to a tutor or they might take a supplemental online course. These courses aren’t accredited, but they really help the students. They help the students to perform better in school and get better grades and they also give the student information that will help them in real life. If you have a subject that you are skilled at, maybe you’re a teacher yourself, you could create one of these online courses, sell it on your own website or on a public course platform and earn anywhere between about $10 per course that you sell all the way up to around $500 to $1,000 per course that you sell depending on the topic of the course and how it helps the students.
Profitable business idea number six
Business idea number six goes right along with that and that is business and marketing course-ware. Aside from academics, the other big category that people create online courses in is business and marketing. That’s because two of the main areas that people want to be successful in life and first of all, their education to advance their career and then second of all, earning money with their businesses. In order for people to learn how to successfully grow their business and market their business and attract customers, they have to somehow get that knowledge.
Often times in the past, people would look to books, but as the world has continued to change more and more quickly and technology has advanced, not only was it impossible for books to keep up with all of the new information, but people also discovered that many of them liked learning through video. If you have a background in business or marketing yourself, maybe you’ve had success in those fields or you have expertise in those fields, then you can create courses on these topics and sell them to people who want to learn these skills as well.
Because these are the sorts of skills that help people to earn more money, they’re willing to pay more for these courses. These courses typically sell for anywhere between $50 and $5,000. One more thing about these course-ware businesses, the profit margins tend to be very high. Because you’re selling digital goods, you don’t have to pay for the product to be developed and manufactured and shipped to the customer. You can create and sell additional copies with the click of a button. It’s very easy for you to sell many, many copies of your program and keep most of your profits.
Profitable business idea number seven
The seventh idea on this list is social media management. As many businesses want to market their businesses online by growing a following on social media, they realize that they need some help in this department. It can be very time consuming to create content for social media and a lot of companies simply don’t have the skills or the knowledge of how to do this very well. They also don’t have the man power, so they want to hire someone, maybe someone like you who’s organized and is knowledgeable about social media and reliable, to post their content on social media, or help them create that content.
Because this is something that a lot of businesses don’t really have the skills internally to do, they’re willing to pay a pretty high rate and again, this is something that helps businesses earn more money, so they’re willing to invest in it. The skills that a social media manager needs are not very extensive. Like I mentioned, if you are organized and you are very knowledgeable about social media, you’re familiar with the platforms and you’ve learned a little bit about marketing, then you can be a great asset to these companies.
Profitable business idea number eight
Business idea number eight is bookkeeping and accounting. This business idea does require more skills, more training, more study than many of the other jobs that I’m mentioning on this list, but that just makes this a great time to interject the idea that your current skills are not fixed. In the past, I watched videos like this, I read articles like this because I wanted to start my own business. As I read through those lists, I felt a little bit discouraged. I felt like I couldn’t do most of the ideas that I was learning about and so I didn’t know what I could do, but what I didn’t realize at first was that I had the opportunity to learn any of the skills that I needed to really take advantage of any of those opportunities.
As you’re listening to this list, if you are feeling like you’re not able to do this job, or you’re not able to start that type of business because you lack the skills or you lack the knowledge, don’t let that stop you. The training is out there, it is available to you. There’s lots of free training available online and there’s other training that you can pay for if you want to go even further with any of these different opportunities. With that being said, let’s talk about bookkeeping and accounting.
For many years now, it has been ironically reported that bookkeepers and accountants consistently have the highest profit margins of just about any field out there. If you look at any list of industries with the highest profit margins, you will see accounting right there at the top. If you want to develop the skills that can help you earn a good hourly rate and keep a lot of it, then accounting could be a great option for you.
Profitable business idea number nine
Business idea number nine is industry specific consulting. Consulting is where you provide expert advice in a specific field to help businesses or individuals become more successful or complete projects.
There are many different types of consulting, really everything from academic tutoring (is a type of consulting) all the way up to business consulting where you’re advising businesses on the best strategy to pursue, but some of the best consulting fields are industry specific consulting. Where you have inside knowledge perhaps based on years of experience or prior training that you’ve gotten, or results that you’ve successfully achieved yourself and you’re able to help companies or individuals in that specific industry to achieve similar results as you’ve been able to achieve in the past.
Consulting is a type of business with a very high profit margin because your expenses are practically nothing, especially if you’re consulting over the web and you’re not traveling to your clients or maintaining an office.
Profitable business idea number ten
The next profitable business idea is marketing strategy services. In order for businesses to make money, they need to get customers. One of the main things that they need to do to get customers is to market themselves. This can involve everything from posting on social media to running ads on Facebook or Google or YouTube to putting billboards up or posting signs in different locations, but here’s the thing, there are a lot of options for these businesses and it can be tough for them to figure out which option is right for them and how to get the biggest results with that option.
It won’t do any good for them to spend money posting ads on Google if those ads aren’t strategically designed to actually attract customers. They might be completely wasting their money. Instead of risking that gamble, most businesses choose to hire some sort of marketing strategy consultant or marketing strategy specialist to help them get the best results with their chosen type of marketing. Every single year, new types of marketing and new platforms are developed and that means that this is an ever growing industry and an industry that always has new opportunities and one that is never saturated.
It’s a great industry for you to develop skills in if you want to work as a marketing strategy consultant.
Profitable business idea number eleven
Business idea number 11 is virtual assisting services.
A virtual assistant is someone who provides basic help to an executive or an individual via the internet. Just like an assistant who might work in an office with an executive, a virtual assistant provides similar services online. Something that you’ll notice as you look at different opportunities that are out there is that the more specialized and the more technical they are, the higher they pay and the more general they are and the easier it is to learn the skills that are required, the lower they pay.
Virtual assisting is definitely on the lower end of this spectrum not because anyone can do it with no training, but because the training that is required is fairly simple and straightforward and it’s things that anyone can do if they complete the training. Because of that, virtual assistants do earn a lower hourly rate than many of these other jobs that I’m talking about. However, virtual assistants that are native speakers do still typically earn between $20 and $30 per hour, which is significantly above minimum wage.
Aside from that, this is one of those jobs with very high profit margins. Not only are you going to be earning $20 plus per hour, but you’re also going to be able to keep more than 70% of the money that you earn. Finally, the 12th profitable job idea on my list is editorial services. Editorial services is actually a rather broad field that includes everything from technical editing to writing services, but here, I’m talking mostly about the editing side of things, copyediting, technical editing, substantive editing, and things like formatting.
These are skills that are relatively simple to learn, but are a big help to your clients. They can help to vastly improve books, which can make the book much more successful later on and so people are willing to pay a pretty high hourly rate for these editing services. There’s also a lot of different opportunities here with how you can use these skills. You could work as a freelancer working one-on-one with clients, or you could start an agency, hire people to work under with you and work with more people, or you could get a job with the editing skills that you learn.
As a freelance editor or editorial consultant, you’re able to keep a very large amount of your profits, making this a very profitable type of business to run. On the other hand, if you choose to go the agency route, you’re able to work with a lot more clients and still keep a fairly large percentage of your revenue for an agency. That brings us to the end of this list of 12 of the most profitable business ideas. I hope that you heard an idea on this list that really stuck out to you, something that sounds interesting to you.
Again, don’t limit yourself to the skills that you currently possess. Pursue one of these opportunities that sounded the most interesting or the most enjoyable to you or sounded like the best opportunity. I promise that if you put your mind to it and you do the work, you can learn these skills, you can get the experience that you need and you could take advantage of any of them. Again, if you’d like to see more videos about entrepreneurship and success and personal development and you haven’t yet subscribed, then do that now.