There are so many incredible business opportunities to try in 2020. Of course, success in business always comes from laser focus. So choose one wisely. But there’s potential for success with every opportunity we’ve included on this list. So, let’s start brainstorming some business opportunities together to help you find the perfect fit.
Business Opportunities From Home
1. Dropshipping
One of the best business opportunities from home is dropshipping. Dropshipping has a low barrier of entry which makes it an excellent opportunity for beginners looking to build their first few businesses. In case you don’t know, dropshipping is when a seller sells a manufacturer’s products, but it’s the manufacturer who creates, packages, and ships the products to the customer. Thus, making it a hands-off and inventory-free business. You can sell products in an endless range of niches such as fashion, beauty, pets, home, automotive, and so much more. If you’re looking to start an online business, this is one of the most popular business opportunities you can capitalize on today.
2. Consulting
Consulting is one of the most common business opportunities. Many specialists start consulting to help a broader range of people with a specific skill. For example, you might be a Facebook Ads expert who consults with businesses on how to run effective Facebook Ads. Or you might be a beauty consultant who takes customers shopping to buy the right products for their skin tone. As an expert, you share your expertise with others to help them succeed too. So if you’re looking for some examples of business opportunities from home, think about what skills you excel in. Then, focus on finding people who need help with that.
3. Freelancing
Another business opportunity to consider is freelancing. Instead of consulting where you share your knowledge, in freelancing, you practice your skill for other businesses. If you’re looking for a more hands-off business, you can hire freelancers and delegate the projects to them, so your business scales better. Freelancing is an ideal business opportunity from home as it often entails remote work such as writing, graphic design, photography, and so forth. For example, your company might hire a team of freelance makeup artists and outsource work for various weddings, photoshoots, and corporate events while taking a cut of the fee.
4. Print on Demand
Ecommerce is one of the best business opportunities today. And just as dropshipping is popular, print on demand proves to be a worthwhile opportunity in itself. With print on demand, you design your products and a manufacturer prints, packages, and ships products to customers for you on your behalf. The critical difference between print on demand and dropshipping is that with print on demand you’re selling one of a kind products that nobody else is selling. The challenge is that you might not know what will sell well because you have no one to compare to. But the rewards that you’ll be the only seller make it a business opportunity to jump on.
Small Business Opportunities
1. Blogging
One of the best small business opportunities is blogging. Blogging is popular because there are so many potential sources of income. You could make money from affiliate marketing, ads, information products, physical products, influencer marketing, sponsorships, and gated premium content. With so many potential sources of income, bloggers focus on creating and marketing their content to build their website traffic. They promote via search engine optimization (SEO) and social media to gain new website visitors.
2. Affiliate Marketing
Small business opportunities, like affiliate marketing, are pretty common. You can become an affiliate of many top brands. An affiliate marketer earns a commission of every sale he brings in to a brand. Some brands like Amazon pay a small percentage of sales for every product an affiliate brings in. Other brands like Shopify pay up to $2,000 for every customer an affiliate brings in. You can build a blog, create posts on social media, or run ads with your affiliate link to generate sales for the brand you’re promoting.
3. App Creation
One of the most popular small business opportunities involves creating apps. You can build entertaining apps, such as addictive games or apps that are useful, such as a to-do list. You’ll need to know programming skills for either iOS or Android to make a successful business out of it. Of course, you can also outsource your app creation to a developer through a freelance website, but this can cost you tens of thousands of dollars upfront for a unique app. To promote your app, you can do media outreach, blogging, and backlink outreach on popular articles.
4. Online Course Creation
Online learning is one of the most significant business opportunities for the coming years. More people are taking to the internet to learn online. The e-learning market is expected to grow to $325 billion by 2025. You can create online courses in various niches. Whether you create the online courses yourself, hire people to create the courses for you, or let course creators use your platform, you can earn money doing this. It’s a worthwhile opportunity right now because it’s already popular and expected to continue growing.
New Business Opportunities
1. Cyber Security (Ethical Hacker)
With most of the world being online, we see a rise in cybercrime. Cybersecurity will be one of the most important business opportunities to consider. The industry is growing more prominent, and it solves one of the biggest online challenges people have today. There’s also ethical hacking which is slightly different but can work to help prevent cyberattacks or major hacks for big brands. Those who invest in starting a cybersecurity business will likely realize it’s a prominent business opportunity.
2. Artificial Intelligence
Artificial intelligence is one of the new business opportunities that still hasn’t made waves yet. Some fear that robots will take over the world. But artificial intelligence will be part of our society in some form or another. And who knows maybe humans will become half robotic in some way. The businesses that explore artificial intelligence will be part of one of the future’s biggest industries. Some are hard at work already, but we’ve yet to see what will be made of artificial intelligence which makes this an exciting business opportunity.
3. Cryptocurrency Investor
While cryptocurrency has already proven to be one of the most popular business opportunities, it’s still not at its peak. We’re unsure of how cryptocurrency will continue to evolve and grow. However, cryptocurrency investors may end up winning big if more companies and banks accept cryptocurrency as payment. Of course, there are always risks involved, and you may lose more than anticipated. But all great business opportunities have risks. Just be sure to do your homework first.
4. Automation
One of the new business opportunities you can jump on is automation. We’ve seen automation businesses grow substantially. Whether you’re automating retargeting ads or a repetitive task, the automation tools created can help save people time and money. And that’s why people end up becoming customers. It solves a significant problem. And those are the best business opportunities to go after.
List of Business Opportunities
1. Real Estate Investing
Real estate can be tricky as housing prices don’t always go up. We’ve also seen a major real estate market crash happen in our lifetime. However, the money you make from owning several rental properties can be enough to help you live a comfortable life. This business opportunity is too good to pass up. As the properties get paid off by the renters, you can choose to sell the properties if the value has gone up. To save on taxes, you can also reinvest the money earned into buying a bigger property such as a duplex or condo.
2. Dog Walking Business
The pet industry is one of the biggest industries. With so many people owning dogs, we’ve seen the rise in dog walking businesses. Dog walking is a business opportunity that works well in major cities. You can hire dog walkers to walk packs of five or fewer dogs of the same size. As dog owners become more informed about the separation anxiety their pets experience, they turn to dog walking services to help their dogs socialize and get some fresh air. This business opportunity has already proven to be popular, so it’s a worthwhile one to start if you’re passionate about dogs.
3. Housekeeping Business
In major cities, people continuously search for housekeepers and cleaners to keep their home tidy while they’re at work. Housekeeping poses a potential business opportunity for a savvy marketer. If you know how to find potential customers, you can hire cleaners to clean those customers’ homes. You’ll pay the cleaners an hourly fee. However, you can earn a sizable income from the rate you charge your customers. And at scale, the dollars add up.
4. Tutoring Business
Business opportunities are common in the education space. So many people want to learn. That’s why tutoring businesses are still popular. If your goal is to create a job for yourself, you can be the tutor. However, if you’re looking to own the business, you can hire students to tutor younger students. You’ll simply need to find customers for your business. The more customers you have, the bigger your business will grow. You can rent out office space for a couple of hours in the evening instead of investing in your own office space to cut costs. This can help you build a sustainable business.
5. Influencer Services
One of the most modern business opportunities involves influencer marketing. If you have a massive social media following, you can partner with other businesses to promote their products to your audience. When starting out, you might partner with affiliate programs to see how well your audience grows. And as your audience scales, more business opportunities come your way. You can focus on building various accounts. Maybe one where you build yourself or a pet as an influencer. Then perhaps another where you build fan pages for a specific topic or niche.
Business Opportunities Near Me
1. Uber or Lyft Driver
If you’re looking for local business opportunities, you can become an Uber or Lyft driver. Keep in mind that this business opportunity is popular right now. But with the expectation that there will be self-driving cars in the future, this business opportunity may be short-lived. But if you love capitalizing on business opportunities fast, you can start a driving service using Uber or Lyft to find clients. This is particularly helpful for limo drivers who are looking to earn more income beyond what they can earn from a limousine company.
2. Food Delivery
If you’re continually Googling ‘business opportunities near me,’ you might’ve noticed that food delivery services are growing quite big. You can choose to drive, bike, or walk for your food delivery business. And you don’t necessarily be the person delivering food to capitalize on this business opportunity. You can also own the business with the food. If you own a convenience store or restaurant, you can sell the food, snacks, or drink that people are ordering. This can be a way to expand your business’ reach.
3. Rent on Airbnb
Airbnb is one of the most attractive business opportunities in the real estate niche. It can be challenging to find people to rent your unit or spare bedroom to. So, broadening your audience and renting to travellers is an excellent opportunity to capitalize on. You can charge a price that’s on par or close to the cost of a hotel’s day rate. Thus, if you were booked up for the whole month, you would’ve made more overall than if you were renting out to a tenant the traditional way as standards are different.
4. Open a Food Truck
Many entrepreneurs are passionate about food. That’s why so many people aspire to open up a restaurant. However, with rent fees being sky-high in popular cities and competition fierce, many restaurants end up failing in only a couple of years. Thus, opening up a food truck is an excellent business opportunity for aspiring restaurant owners. It allows you to serve your own dishes but with a much lower risk.
Conclusion
The most life-changing business opportunities are the ones you explore. Recognizing an opportunity is only one part of success. But the most important part is taking that first step to start the business. Let these business opportunities serve as a guide for what has potential. And try to choose the one that is aligned with your skills and passion. Which opportunity will you jump on today? Let us know in the comments!
Want to Learn More?
- 30+ Business Ideas That’ll Make You Money in 2020
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- 10 Business Tips for New Entrepreneurs in 2020
- 50 Ecommerce Tips for New Entrepreneurs
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