If you are interested in starting your own business, you probably know that there are many options.
Perhaps you’ve looked at some of your options, watched a few YouTube videos, read a few blog articles, and seen lists of all the different things you can do.
The problem with a lot of the jobs you see on these lists is that they don’t pay a lot and you probably want to start your own business so that you can increase your income and have more flexibility and freedom and be your own boss, but be it because the job pays off appropriately, it will not.
In this blog post, I am going to share 12 different ideas for businesses that you can start with very high profits this year. Before I get on the list, I just want you to know that there are two different ways a business can make huge profits.
12 Most Profitable New Business Ideas For 2020
One is when the company is in a large industry where the company has the opportunity to make lots of money. In this case, the company could keep a large part of the profit even if the costs are also relatively high. For example, let’s say there is a company that has been in business a million years and has a million dollars in sales. Even if their spending is $800,000, they still have a profit of $200,000. So that’s a pretty big win. On the flip side, there are business opportunities that cannot be found in such large industries and may not have the opportunity to generate such large revenues. Take a music teacher, for example. You teach one student at a time or a small group of students and are only one person. The total amount of money they can make is limited, but their expenses are very low so their profit margins are very high. They can potentially keep 80% or even 90% of the money paid to them. If they make $ 100,000 a year, they can keep $80,000 or $90,000 and still make a very good living.
Check out this blog post to learn more about some of these different types of possibilities. Some of these are larger companies with higher earnings potential. Others are small businesses that can do everything themselves, just a one-man team, but keep a large part of the profits.
As you listen to each of these ideas, keep in mind that there is such a variety and that some of these ideas can appeal to you because you want to build a great business and others can appeal to you if you really want to keep things small and simple.
1. IT Support
Now let’s move on to the first of these most profitable business ideas. The number one business idea is IT support. With so many people using technology in so many ways, there are many ways that things could go wrong and people might need help.
An IT support specialist can step in here. You can do this yourself as an individual and keep the majority of the profits, or you can hire other people for your company. You would keep less of your profits, but you could serve more customers. At this point, you may already have the skills and knowledge to be really good at helping people with a particular technology, or you may need to train yourself to give your customers a great experience and be very good, very useful to them.
As I said, there are many different ways technology can help people. You could be helping people with general computer assistance or with their website, or you could be helping people with their phone, you could be helping phone fix, there are many different things you can do and most likely, if you are reading this article right now are you at least a little tech-savvy?
2. Application Development
Business idea number two is application development. To develop applications, you must have the technical skills and understand the coding languages to be able to create the applications. I want you to know that this opportunity is more than it first appears. It can be easy to believe that the only way to make big bucks with apps is if you are lucky enough to make some money creating an app that will take off and go viral, the reality is that there is a much greater chance and much more. reliable opportunity in building applications for other people.
There are all kinds of people with app ideas to be created and they hope it will take off. However, if you have the skills to build apps, you can serve these people and bring their ideas to life. and get paid for the job. Due to the technical nature of this job and the fact that not many people have these skills, application developers earn a high average salary. If you work as a freelance printer as an application developer or are freelance then you can keep a very high percentage of the money you make which means that the job is very profitable.
3. Rental of Clothes and Accessories
The number three profitable job idea is the rental of clothes and accessories. This is vastly different from the other jobs I have mentioned so far as it definitely falls into the larger company category with lower profit margins. These types of businesses rent clothes, accessories, or other items to consumers. This allows the consumer to pay a relatively low monthly fee to access a wide variety of wardrobe options.
You will need a good amount of startup capital to start this business as you will need to purchase the items that you want to rent. This will be one of your first issues. You will likely need to hire a few people to serve your customers as well. As you can see there is some cost involved along the way. This company will not cost anything to run, but it can serve a large number of customers and there is currently high demand for it. All kinds of brands have popped up and even large, well-established clothing companies offer this service, which is further evidence that it is indeed profitable.
4. Marketing Copywriter
The next profitable business idea is marketing copywriter. A marketing copywriter is someone who writes the words you see in marketing materials like advertisements. As I’m sure you know, people get paid for different types of writing.
There are people who write fiction and non-fiction books, there are people who write magazine articles, and there are people who write advertisements. There are people who write the words on billboards and the words that are said in television commercials. All of these different types of writing pay different fees. For example, if you want to be a fiction writer, not only is there a lot of competition, but it’s also quite common for you to get paid between one and five cents per written word. For example, if you’re writing a 5,000-word short story that was published in a picture book or magazine, it’s quite common that you won’t get more than $ 50 or $ 100. At the other end of that spectrum are marketing copywriters who get a very high rate per word. It is not uncommon for a copywriter to write the words on a webpage that are no longer than 500 or 1000 words and get paid at least $ 5,000 for the job. If they write 1,000 words and they get $ 5,000, it means they get $ 5 per word, which is much more than one to five cents.
5. Supplementary Academic Material
Business idea number five is complementary academic material. Academics are big business. As I am sure you know, there are various schools, from elementary schools to colleges and universities to specialized commercial schools. While many of these institutions offer great learning, students often need extra help. You can go to a tutor or take a supplementary course online. These courses are not accredited but they really help the students. They help students perform better and get better grades in school, and they provide information that will help them in real life.
If you have a subject that you are an expert in, maybe you are a teacher yourself, you can create one of these courses online, sell it on your own website or on a public course platform and earn anywhere from $ 10 per course sold up to 500-1,000 US dollars per course you sell depending on the subject of the course and how it helps the students.
6. Business and Marketing Courses
The business idea number six comes with it and it is about marketing and business courses. Academics aside, the other big category that people create courses online is Business and Marketing. This is because two of the main areas that people want to be successful in life and in their education are first to want to advance their careers and then second to want to make money from their businesses.
In order for people to learn how to successfully grow their business, market it, and attract customers, they must somehow acquire that knowledge. In the past, people would often search for books, but as the world changed faster and technology advanced, not only was it impossible for books to keep up with all of the new information, but people found that too many of them enjoyed learning by video. If you have a background in business or marketing, perhaps have been successful in these areas, or have experience in these areas, you can create courses on these topics and sell them to people who want to learn those skills too. As these skills help people make more money, they are willing to pay more for these courses. These courses typically cost between $50 and $5,000.
Another thing about these teaching resource stores is that profit margins tend to be very high. Because you’re selling digital products, you don’t have to pay to design, manufacture, and ship the product to the customer. You can make and sell additional copies with the click of a button. It is very easy for you to sell many, many copies of your program and keep most of your profits.
7. Social Media Management
The 7th idea on this list is social media management. As many companies want to market their businesses online by increasing their number of followers on social media, they find that they need help in this department.
Creating content for social media can be time-consuming, and many companies simply don’t have the skills or knowledge to do it very well. They also don’t have the manpower, so they want to hire someone, perhaps someone like you who is organized and social media familiar and trustworthy, to post or help them create their content on social media. Since this is something that many companies are unable to do internally, they are willing to pay a pretty high rate and again this is something that will help companies make more money so they are willing to invest. in this.
The skills a social media manager needs are not very broad. As I mentioned earlier, if you are organized and knowledgeable about social media, familiar with platforms, and learned about marketing, you can be a great asset to these companies.
Also Read: Top 10 Technology Trends in 2020 – 2030
8. Bookkeeping and Accounting
Business idea number eight is bookkeeping and accounting. This business idea requires more skills, more education, and more study than many of the other jobs I mention on this list. However, this is a good time to introduce the idea that your current skills are not fixed. In the past, I’ve watched videos and read articles like this because I wanted to start my own business.
I felt a little discouraged reading these lists. I felt like I couldn’t implement most of the ideas I was learning so I didn’t know what to do, but at first, I didn’t realize that I had the opportunity to learn any of the skills. that he really had to use each of these possibilities. If, while listening to this list, you feel like you are not getting the job done or starting this type of business because you do not have the skills or knowledge, then don’t do it. let this stop you. The training is out there and available to you. There are plenty of free online training courses and other training courses that you can pay for if you want to go further with these various options.
Let’s talk about bookkeeping and bookkeeping. Ironically, it has been reported for many years that accountants and bookkeepers always have the highest profit margins in almost all fields. If you look at a list of the industries with the highest profit margins, you’ll see accounting above. If you want to develop the skills that can help you make a good hourly rate and keep a good amount, bookkeeping is a great option for you.
9. Industry-Specific Advice
Business idea number nine is industry-specific advice. In consulting, you will advise experts in a specific area to help companies or individuals to be more successful or to complete projects.
There are many different types of advice, actually everything from academic tutoring (it’s a type of advice) to business advice where you advise companies on the best strategy, but some of the best areas of advice are specific to the industry. Consultant. If you have in-house knowledge, possibly based on years of experience or previous education, or on results you’ve achieved successfully, and can help companies or individuals in that particular industry achieve results similar to yours, then I could do in the Achieve past.
Consulting is a type of business with a very high-profit margin, as your expenses are practically zero, especially if you consult over the Internet and not travel to your clients or maintain an office.
10. Marketing Strategy Services
The next profitable business idea is marketing strategy services. In order for companies to make money, they need to acquire customers. One of the most important things you have to do to get customers is to promote yourself. This can include anything from posting on social media to running ads on Facebook, Google, or YouTube, putting up billboards, or putting up signs in various locations. However, there are many options here for these businesses that can be tricky for them. to find out which option is right for them and how to get the best results with that option.
There’s no point in spending money on Google ads if those ads aren’t strategically designed to attract customers. You may be wasting your money completely. Instead of taking the risk of gambling, most companies choose to hire a marketing strategy advisor or marketing strategy specialist to get the best results with the type of marketing they choose.
New types of marketing and new platforms are developed every year. This means that this is an ever-growing industry, always offering new opportunities and never being saturated. It is a great industry for you to develop skills if you are looking to work as a marketing strategy advisor.
11. Virtual Support Services
The 11th business idea is virtual assistance services. A virtual assistant is someone who provides basic help to a manager or individual over the Internet. Like an assistant who may be working in an office with an executive, a virtual assistant provides similar services online.
One thing that you will notice as you look at the different options is that the more specialized and technical they are, the higher their pay and the more general they are and the easier it is to learn the skills required. the less you pay.
Virtual assistance is definitely on the lower end of that spectrum, not because anyone can do it without training, but because the training required is quite simple and straightforward, and anyone can do it when they complete the training. Because of this, virtual assistants earn a lower hourly rate than many of these other jobs I talk about. However, virtual assistants who are native speakers typically still earn between $20 and $30 an hour, which is well above the minimum wage. That being said, this is one of those very high-profit margin jobs. Not only do you make $20 more an hour, but you can keep over 70% of the money you make.
12. Editorial Services
After all, the 12th profitable job idea on my list is providing editorial services. Editorial services are actually quite a broad field, encompassing everything from technical editing to typing, but here I am mainly talking about the editing side, editing, technical editing, content editing, and so on. as a format.
These are skills that are relatively easy to learn but will be of great help to your customers. They can help improve the books significantly, which can make the book much more successful later on, and so people are willing to pay quite a high hourly rate for these editing services. There are also many different ways that you can use these skills here.
You can freelance one-on-one with clients, set up an agency, hire people to work with you, and collaborate with more people, or you can get a job using the editing skills you have learned. As a freelance publisher or editorial consultant, you can keep a large portion of your earnings, which makes this a very profitable type of business.
If, on the other hand, you choose to work with an agency, you can work with many more clients and still keep a relatively large percentage of your income for an agency. That brings us to the end of this list with 12 of the most profitable business ideas.
Hope you heard an idea on this list that caught your attention and that sounds interesting to you. Again, don’t limit yourself to the skills you currently have. Take any of these opportunities that you found most interesting, enjoyable, or that sounded like the best opportunity. I promise you that if you focus on it and get the job done, you can learn these skills, get the experience you need, and make use of any of them.
Thanks again for reading this blog post and don’t forget to share your thoughts in the comments box.