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Top 7 Profitable Business Opportunities in 2020

In the following article, you can check the list of the best business opportunities based on current trends and demographic changes. 

Just like anyone, you can also start your own business in 2020. It is as simple as filling out a few forms, obtaining the necessary permits, conducting some form of advertising, and that is it. Running a business to make a profit is an entirely different story.

Whatever your intentions are for launching a business this year, you should know that this is still going to be a challenging but rewarding experience. There are thousands of possible business ideas to choose from, yet it always seems like everything has already been done. So with all these businesses to choose from, where do you begin? If you want to build something in 2020, you are welcome to the list of the best opportunities based on current trends and demographic changes.

Best Small Business Opportunities for this year

Here are some business opportunities that Hans Jakobi has tried and tested that right for 2020:

  • Online Tutoring

If you are looking for an online business opportunity, you can start from the comfort of your home; online tutoring is worth considering. You do not need to have a teaching degree or any specialized training to become an online tutor. If you consider yourself an expert in math, science, language, arts, or any other subject, then you can start an online tutoring business. You must teach something related to your field of expertise because you can share constructive knowledge to enhance the learning experience.

  • Dropshipping

Before you start whipping up a business plan to start a small business, think carefully about what kind of products you will be offering. What makes drop shipping work for so many people is choosing a fast-selling product. Dropshipping is a new model where the merchant does not stock the inventory, but purchases the product from a third party and ships directly to the customer. The best thing about dropshipping is that you can test out multiple products with limited downsides. The key to successfully launching a dropshipping operation is to identify a product that resonates with the right audience. It is a stress-free business model that is perfect for building a profitable business.

  • Print on Demand

Physical products are a perfect canvas and a great tool for monetizing your creativity. Anything from t-shirts to backpacks and books, you can add your spin to and sell online. Instead of holding on to inventory like the traditional way, you can print-on-demand to avoid holding on to what is not selling. That means you will not have to pay for a product until you have sold it. Design plays a vital role in the success of a print on demand business. The good thing is that you do not have to be a full-time designer to be able to source original designs. You only need to understand a few concepts to be able to start an online business and work effectively with designers.

  • Stock Photography 

Shooting stock photos is one of the home-based business opportunities and an excellent way to make some extra money from a hobby. You can even earn some extra income with the hundreds, perhaps thousands, of unused photos lurking somewhere in your hard drive. However, you should know that it is not quite as easy as it sounds. The supply of stock photos is vast and quickly outpacing the demand. This means that for you to succeed in the field, you have to work harder and smarter than everyone else. The good news is that you can earn enough within no time. You only need to jump-start your creativity to compete with hundreds of contributors.

  • Self-publishing 

Earlier, when you wanted to publish a book, you had to look for an agent and get a publisher to look at your manuscript. It used to be extremely hard to get a publisher to look at your script if it did not come from an agent. This made publishing books hard. However, today you can independently publish a book on a platform like Amazon without the backing of a publisher as one of the many home business opportunities. You only need to write a book you are proud of, then get the book edited, create an excellent cover design, and format. After settling on a self-publishing platform, upload your manuscript and hit publish.

  • Dog Walking 

Perhaps working with a tail-wagging client is something you can find to be profitable to start my own business. This could be the ideal business for someone who loves dogs. You do not need any special training or qualification either to do this. However, you should know that dogs can be quite a handful but adorable too at the same time. So you should at least understand canine behavior. It is also essential to keep the best interest of the dogs at heart, especially if you are looking to be walking several dogs at once. Also, you might want to invest in customized clothing with your business logo and phone number of marketing.

  • Translation

There are a lot of small steps that you will need to take before you can start working as a freelance translator. For starters, one thing you need to ask yourself is whether you want to go at it alone and be your boss, or you would rather get a partner. There are upsides and downsides to either route you choose. After you have cleared these two issues, you can browse through popular translation websites to find the prices offered. This will give you a good idea of what to charge for your services. As a freelance, your clients could include people in the medical and legal fields, as well as government agencies.

Your turn

If none of these opportunities sounds like something you can leverage, then you can take one that cuts close and alter the narrative to your liking. These are only seven out of the thousands of small business opportunities out there in the world. Take your time to evaluate what you know and find a way to turn it into a business opportunity.

Written By

Lori Wade is a content writer who is interested in a wide range of spheres from business to entrepreneurship and new technologies. If you are interested in M&A or virtual data room industry, you can find her on Twitter & LinkedIn or find her on other social media. Read and take over Lori’s useful insights!

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