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12 Most Profitable Business Ideas to Start in 2020

 

12 Most Profitable Business Ideas to Start in 2020

12 Most Profitable Business Ideas to Start in 2020 if youre interested in ing your own business then youre probably aware that there are a lot of opportunities out there maybe youve looked around at some of your options youve watched some videos like this already youve read some blog articles and youve seen the lists of all the different things you can do the problem with a lot of the jobs that youll see on those lists is that they dont pay very much and you probably want to 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 a pay is reasonably well its not gonna do that so in this video Im gonna share with you different ideas for businesses that you can this year that have very high profits now before we get into the list I just want to let you know that there are kind of two different ways that a business could have high profits 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 profits so for example lets say theres a business that earns a million dollars having a million dollars in sales even if their expenses are eight hundred thousand dollars they still will keep two hundred thousand dollars in profit so thats a fairly large amount of profit on the other hand there are business opportunities that arent in such big industries and maybe dont have the opportunity to earn a such large amounts of revenue take for example a music teacher theyre teaching one student at a time or a small group of students and theyre just one person so 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 or even percent of the money that is paid to them so if they earn a year theyre able to keep or thousand of it and they can still earn a great living so in this video youre going to hear 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 as a oneman team but youre able to keep a lot of the profits so as you hear each of these ideas just be aware that there is that verb there and that some of these ideas might appeal to you because maybe you want to build a big business and others might appeal to you if you want to keep things really small and simple one last thing before we get into the first idea and thats just if youre new here and you want to learn more about entrepreneurship and success then be sure to subscribe my channel because I make new videos on those topics every single week okay with that being said lets get on into the first of these most profitable business ideas 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 and thats
Where an IT support specialist can come in now 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 youd keep a smaller amount of the profits but youd be able to serve more customers now right now you might already have the skills and the kno
Whow 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 but like I said theres a lot of different ways you can help people with technology you can help people with a general computer support or with their website or you could help people with their phone you could help fix phones theres all sorts of different things you can do and most likely if youre watching this video right now youre 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 but 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 theyre hoping might take off but if you have the skills to create apps then you can serve those people bring their ideas to and get paid for the work because of the technical and 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 now this is quite different from the other jobs that Ive mentioned so far because it definitely falls into that category of a bigger business with lower profit margins this type of company runs 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 now you do need a fair amount of up capital in order to this business because you have to purchase the items that you are going to rent out so that will be one of your first expenses youre probably also going to need to hire some people to serve your customers so as you can see there will be some expenses along the way this business isnt going to cost nothing to run but you are able to serve a large number of customers and theres a big demand for this right now all sorts of brands been popping up and even big wellknown established clothing companies have ed to offer this service
Which is just additional proof that it is in fact profitable the next profitable business idea is marketing a copywriter a marketing copywriter is someone
Who writes the words that you see in marketing materials such as advertisements now as Im sure youre 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 are at 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 want to be a fiction writer not only is there a lot of competition but its also quite common to get paid any
Where between one and five cents per word that you write so for example if you were to write a word short story that got published in a book of short stories or in a magazine itd be pretty common to get paid no more than fifty or hundred dollars now on the far other end of the 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 web page that might be no more than or a thousand words and get paid five thousand dollars or even more for that work so if theyre writing words and getting paid five thousand dollars that means theyre getting paid five dollars per word
Which is a lot more than one to five cents business idea number five is supplemental academic course
Where academics are big business as Im sure youre aware there are all sorts of different schools everything from elementary schools to colleges and universities to specialty trade schools and
While many of these institutions provide a great learning oftentimes students need some supplemental help they might go to a tutor or they might take a supplemental online course these courses arent 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 so if you have a subject that you are skilled at maybe youre 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 any
Where between about ten dollars per course that you sell all the way up to around to per course that you sell depending on the topic of the course and how it helps the students business idea number six goes right along with that and that is business and marketing courseware so aside from academics the other big category that people create online courses in is business and marketing and thats because two of the main areas that people want to be successful in life are first of all their education to advance their career and then second of all earning money with their businesses now 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 oftentimes 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 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 youve 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 theyre willing to pay more for these courses these courses typically sell for any
Where between and oh and one more thing about these course
Where businesses the profit margins tend to be very high because youre selling digital goods you dont 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 so its very easy for you to sell many many copies of your program and keep most of your profits 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 can be very time consuming to create content for social media and a lot of companies simply dont have skills or the knowledge of how to do this very well they also dont have the manpower so they want to hire someone maybe someone like you
Whos 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 dont really have the skills of internally to do theyre willing to pay a pretty high rate and again this is something that helps businesses earn more money so theyre 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 youre familiar with the platforms and you learn a little bit about marketing then you can be a great asset to these companies business idea number eight is bookkeeping and accounting now this business idea does require more skills more training more study than many of the other jobs that I 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 my own business and as I read through those lists I felt a little bit discouraged I felt like I couldnt do most of the ideas that I was learning about and so I didnt know
What I could do but
What I didnt 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 so as youre listening to this list if you are feeling like youre not able to do this job youre not able to that type of business because you lack the skills or you lack the knowledge dont let that stop you the training is out there it is available to you theres a lot of free training available online and theres other training that you can pay for if you want to go even further with any of these different opportunities with that being said lets 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 so 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 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 now 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 youre 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 year of experience or prior training that youve gotten or results that you successfully achieved yourself and youre able to help companies or individuals in that specific industry to achieve similar results as youve been able to achieve in the past consulting has a type of business with a very high profit margin because your expenses are practically nothing especially if youre consulting over the web and youre not traveling to your clients or at maintaining an office the next profitable business idea is marketing strategy services in order for businesses to make money they need to get customers and 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 heres the thing there are a lot of options for these businesses and they 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 wont do any good for them to spend money posting ads on Google if those ads arent strategically designed to actually attract customers they might be completely wasting their money so 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 an industry that always has new opportunities and one that is never saturated so its a great industry for you to develop skills in if you want to work as a marketing strategy consultant business idea number eleven 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 youll 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 now virtual assisting is definitely on the lower end of this spectrum not because anyone can do with no training but because the training that is required is fairly simple and straightforward and its things that anyone can do if they complete the training because of that Virtual Assistants to earn a lower hourly rate than many of these other jobs that Im talking about however virtual assistants that are native speakers do still typically earn between and dollars per hour
Which is significantly above minimum wage and aside from that this is one of those jobs with very high profit margins so not only are you going to be earning twenty plus dollars per hour but youre also going to be able to keep more than of the money that you earn and finally the twelfth profitable job idea on my list is editorial services now editorial services is actually a rather broad field that includes everything from technical editing to writing services but here Im talking mostly about the editing side of things copy editing 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 theres also a lot of different opportunities here with how you can use these skills you could work as a freelancer working oneonone with clients or you could 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 youre able to keep a very large amount of your profits making this a very profitable type of business to run and on the other hand if you choose to go the agency route youre able to work with a lot more clients and still keep a fairly large percentage of your revenue for an agency all right well that brings us to the end of this list of of the most profitable business ideas I hope that you heard an ID on this list that really stuck out to you something that sounds interesting to you again dont limit yourself to the skills that you currently possess pursue one of these opportunities that sounded the MOE interesting are 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 youd like to see it more videos about entrepreneurship and success and personal development and you havent yet subscribed then do that now click that red button below to subscribe to my channel for new videos every single week and dont forget to ring the bell as well so you get a notification
When the next video comes out and of course if you liked this video and found it helpful then click the thumbs up button below because that will help more people find this video as well before you go Ive got one more cool opportunity to share with you if youre interested in earning more profit this year if youd like to learn more about how to actually increase the profits of your business or youre thinking about ing a business and you want to get it ed right from day one then Id like to invite you to join us for the profit planning challenge this is a free four day event that takes just about minutes per day and guides you through the process of writing a profit plan for your business a private plan is a lot like a business plan except is focused on one key objective driving your business towards making more profit
While allowing you to work fewer hours in your business basically it will give you a framework to earn more for every hour that you work if that sounds like something that you would like to do for yourself and for your business then join us for the next profit blending challenge theres a link down below
Where you can sign up right now and like I said its completely free hope to see you there thanks again so much for watching and I look forward to seeing you again next week '
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