10 Small Business Ideas That’ll Make You $100,000+ in 2020

With the growing surge of the internet and almost an endless capability of businesses, it can be difficult to figure out which businesses are difficult to pursue. While jumping on a new idea or trend can be very risky – it can also be very rewarding. Remember that to get a reward you must take a risk. You might notice that a lot of these ideas are relatively new and unheard of. That’s because this will maximize profitability and maximize potential. The older business ideas that have been around awhile now will not offer that gap because the market will be oversaturated with these businesses. However we guarantee that all these businesses will give you ideas to make money.

If you’ve been asking yourself what business to start, then you’ve came to the right place.

Let’s dive into the list of ideas that can make you some extra cash in 2020:

1. Dropshipping

Are you interested in selling products online but don’t have the money to buy inventory or just simply don’t want to, dropshipping could be for you. All you need to do is set up an online store through Shopify and partner with suppliers who will be willing to produce, package, and ship your orders to your customers. We recommend using Oberlo to minimize time spend doing product research and finding product’s to sell. If you’re searching for an easy online business model, this might be the one for you!

The biggest bonus of dropshipping is that it doesn’t really require any skill or inventory to get into. Besides buying a domain and hosting, your business is free to start. Online marketplaces like Handshake allow small business owners to find unique, high-quality products and build lasting relationships with suppliers. It is definitely worth checking out if you want to supplement your dropshipping store and if you already have an item to sell.

2. Virtual Assistant

One of the best business ideas to offer in 2020 is virtual assistant. Especially with COVID-19, virtual assistants are almost necessary in every business. You can show off your organization skills to take some weight off business owner’s shoulders. Of course, it is very tedious tasks such as answering emails, scheduling meetings, and doing other scheduling and administrative tasks. You can land a few clients by finding job listings on platforms like FreeUp, PeoplePerHour, or Virtual Assistant Jobs. This is a proven business model and every business is looking for virtual assistants.

3. Translation

Speak 2 different languages? If people were willing to pay you for that skillset would you capitalize on it? You can start looking for clients on websites like Upwork and Flexjobs and slowly build a portfolio of investors. As you can successfully land more and more clients you can begin to scale your business and bring more multilingual employees in. It can help to offer your services and market your services through social media as it can broaden your audience.

4. Home Catering

Are you good in the kitchen? Do you already cook dinners for family gatherings? Why not get paid to do it? If you have a knack for cooking and see it as a creative outlet, you can make a decent income by opening a home-based catering business. The initial investment really depends on how big of an audience you want to cater for. Just remember the bigger the audience you cater for, the more money in your pocket you’ll be taking home. Most caterers start by creating a website and experimenting with recipes made from local food markets. You can also take classes from cooking experts to perfect your culinary arts.

5. Website Flipping

Website flipping is among the new business ideas that have got every from work-at-home to recent graduates excited. What you do is you buy an already running website, improve it and monetize it, and then sell it for a profit. There are quite a few places where you can buy and sell websites. Shopify has a marketplace for this called Exchange, which allows you to buy ecommerce websites that you can improve with content marketing, SEO, and other tactics. Once your site begins to generate more revenue than when you acquired it, you can sell it for more on the same marketplace.

7. Online Tutoring

If you’re an expert in art, math, or any other subject, you can start selling that in the form an online tutoring business. An essential prerequisite is having a bachelors degree in the area of subject you will be tutoring. You can find online tutoring gigs from a variety of different sites such os Skooli and Tutor.com. For the best results, always teach subjects that relate to your area of expertise because nothing can hurt this business more than someone saying you don’t know what you’re talking about. You are a teacher and you need to have a mastery level of expertise in that subject. You can deliver lecture and interact with your students over Skype, Zoom, or Google Hangouts. Making money tutoring online might be one of the easiest businesses to start.

8. Content Writing

Almost every company, if they’re smart ;), has their own blogs, product pages, and descriptions. As such, starting content writing, copywriting, or proofreading could be a great business to start. Popular websites to land a few customers could be on Remote.co, Problogger Jobs, and BloggingPro. You can also join content writing groups in your community or on Facebook to promote your business to a wider audience and build some relationships. There are so many things you can offer your clients in this business such as offering keyword optimization or custom graphics as part of your service.

9. Email Marketing

Are you good at writing emails? Have you figured out how to reach people and make them click on those annoying damn marketing emails. You may not know it but that is a multi-million dollar skill. If so you can step into entrepreneurship and open your own email marketing company. You can find companies that need some help on platforms like PeoplePerHour and Upwork. Once you demonstrate the skillset that you have, clients will be banging on your door to hire you. Startup costs will be investing in email marketing tools, which will make your life a lot easier by automating many of your tasks.

10. Video Production

Online video is one of the most consumed content on the internet. Whether it be for yourself, or for others, creating videos is a very valuable skill that you may have. If you have to skills to record, edit, cut, and publish high quality videos there’s defiantly a place for you out there. Upfront initial investments will be lighting, microphones, a camera (you can get away with an iPhone 10 or newer at the start), and editing software like Adobe Premiere or Final Cut Pro. See if you can find people who have this equipment in good quality but don’t have a use for it anymore. While creating content for others, you can also create your own content and monetize it. There is not specific type of video, but choosing a niche will make it a lot easier to land some clients.

That’s it! Now you have 10 new ideas that can make you $100,000+ money in 2020. To give yourself sanity and the best chance to succeed, focus on one skillset that you have a time. There are thousands of entrepreneurs in the world who have mastered some of these businesses. Don’t hesitate to reach out to them and ask them for some help. What’s the worst that could happen? They so no? … Then you call the next person. Whether your a college student, a professional stuck in a 9-5 job, or anyone in between or anywhere else if you possess any of these skills you can make a lot of money. Remember there are always plenty of opportunities and building a business is hard. Don’t be surprised if it takes more than 3-6 months to get the ball rolling!

Which of these business ideas are you looking to start in 2020? Share your ideas in the comment section! We’ll do our best to get back to you!

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