Business Ideas for 2020

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What is a Business?

A business is defined as an enterprise or organization engaged in commercial, industrial or technical activities. Businesses may be for-profit purposes or they may be nonprofit organizations working to fulfil a charitable goal or to support a social cause.

Generally, a business starts with a philosophy of the idea and a label. Depending on the nature of the organization, detailed market analysis will be required to decide if it is possible to transform the concept into a business and whether the company will provide customers the best value.  The brand name can be one of a company's most important assets; considerable thought should therefore be given when deciding it. Businesses starting with imaginative names must be licensed with the government.  

What to do after planning a Business?

After the creation of a business plan, which is a formal document outlining the goals and objectives of a business and its plans for achieving the goals and objectives. When borrowing capital to start businesses, business plans are almost necessary.

Determining the legal structure of the organization is of much importance. It may be necessary to secure permits, conform to registration standards, and obtain licenses to legally operate, depending on the type of business. 

Ready to start a business so that you can eventually quit your nine to five?

Hi everyone, Broke Researcher here, and welcome to my blog. It’s the time to get started on creating your business that will help you maximize your productivity and stay motivated. Don't forget to subscribe to my blog if you are ready to take action towards starting and growing your online business.

2020 is the start of a new decade and we all need to get with the times and realize that creating a business is more accessible than ever. I personally grew up thinking that going to college and getting a good job was the only way for me to make money.

I believed that you need to have a ton of money to start a business. But came to find you really don't need a whole lot of money or even an educational background nowadays to start a profitable business. This doesn't mean don't go to school or anything. I just personally don't believe anymore that you need a structured school environment or degree to earn something.

If you're starting to explore other opportunities for money, then you've come to the right place. In this article I'm going to give you 20 ideas that you can run with in 2020. If you're ready to get started, please let me know by dropping a comment below.

So here are 20 Best Business Ideas for 2020 that will help you be your own Boss!

  • Blogging
  • Graphic Designing
  • Reselling
  • Virtual Assistant
  • YouTube Channel
  • Remote ESL Tutor
  • Social Media Manager
  • Travel Consultant
  • Sell on Etsy
  • Photography
  • Catering
  • App Developer
  • Writer
  • Personal Fitness Trainer
  • Backing
  • Child Care
  • Event Planning
  • Makeup Biz
  • Organizer
  • Consultancy

Blogging

Blogging is a lucrative market if done properly. You can get money from ads, whether it's private ads or third party programs like Google Ad Sense. There's affiliate marketing and also digital products like eBooks you can sell on your blog. If done properly you can build a strong community and eventually launch a shop directly related to your blog and audience. The best news is, you can start a blog for under $100 and you don't need to know how to code.

Create & Sell Graphic Designs

Creating and selling graphic designs have never been easier. Not good at creating graphics? That's okay.

As long as you have an idea you can bring them to life for under $50 by using sites like Fiverr and Upwork with these graphics you can upload them to print on demand websites, which are sites that will basically print your designs on shirts, hats, mugs, you name it. Some of these sites can even be integrated with your website so that every order could be drop shipped to your customers automatically once you receive the order without you actually having to affiliate yourself.

Not interested in print on demand?, you can even sell the best digital prints if you like. Use your imagination.

Resell Items

Don't have your own product? That's okay, there are thousands of products out there that you can buy from different wholesalers all over the world and distribute on your own. Just make sure you find a low competition product that's in demand and does not have a patent or copyright on it. You can sell these products on your own website or use online marketplaces like Amazon and Ebay.

Virtual Assistant

Are you good at helping others in a wide range of things and want to work from home? You can be a virtual assistant and help the overwhelmed and busy get their life together. Make your own hours and work when you want to.

YouTube Channel

YouTube is a great way to make passive income through views, ads, and affiliate marketing. In order to start making money on YouTube you need 1,000 subscribers and 4,000 watch hours.

Remote ESL Tutor

I know a few people that do this. Fun fact, I actually used to teach English in South Korea for a year.

While I was out there I definitely thought about making it a home-based business but decided to explore other opportunities. I know a few people that I met around Asia during my time abroad that currently create their own hours and teach English as a second language from all over the world.

Social Media Manager

Do you love social media? Have a huge following and lots of engagement on your profile, help others get their social media together and manage accounts that need help growing.

Travel Consultant

Traveling is becoming more and more accessible. This is another business that I thought about in the past because lot of friends and family come to me for traveling advice. I love traveling and I did it alone the majority of the time, and I always made it a point to also travel off the beaten path, not just the touristy stuff.  And I know firsthand that planning trips can be stressful and confusing sometimes and if traveling is something that you're experienced in and enjoy doing this may be the right one for you because there are a lot of people out there that want to travel but don't know how. Help people create memorable, affordable, and safe trips.

Sell Handmade Goods on Etsy

You can create and sell things on Etsy. Each item costs 20 cents to list and Etsy gets 3.5% of the profit when sold. That 3.5% may seem high but you don't need to pay the cost of maintaining a website and you can gain success on Etsy using Pinterest ads and proper SEO. I personally use Etsy for one of my streams of income, and even without any marketing I am still able to generate a lot of money.

Photography

Someone is always looking for a photographer. If you have a DSLR camera it could be your chance to start your own photography business. You don't need a studio and you can even list yourself on Groupon and Living Social to gain exposure.

Catering

Love to cook? Start your own catering business.

You can become successful through your love of cooking without owning a restaurant. You can cater at weddings, parties, and at other events.

Develop an App

Have a really good idea for an app? Develop it. Nowadays you don't need to know how to code and develop because you can outsource help. All you need is an idea.

Writer

Do you have a way with words? Try being a ghostwriter or freelance writer

or write an eBook that you can sell. Plus, publishing books has become a lot easier and I know quite a few published authors myself.

Personal Fitness Trainer

In this day and age lots of people are wising up and trying to get healthy, especially in the new year. If you like working out and love fitness, become someone's personal trainer, meal planner, or even create an online fitness subscription.

Baking

Do you enjoy baking and seeing people's faces light up when they take a bite of your delicious home baked goods? You can sell your baked goods to shops, farmers markets, and even at events. I've also seen some sell theirs online but you have to check out the requirements for where you live.

Child Care

Have lots of space in your home and love taking care of children? Turn your space into a child care facility. You can work from home and when you are done playing with children the great news is you can give them right back to where they belong.

Event Planning

There will always be events, weddings, birthday parties, retirement parties, reunions, you name it. Create a biz to help people plan them. Don't want to do that? How about you create your own events like popup shops and venues.

Home-Based Makeup Biz

This is a fun one for all your makeup gurus out there. If your friends and family are always asking you to do their makeup and for tips? You may as well start making money from it. You can travel to them or they can travel to you.

Organizing

Do you love to organize? Great news for you because not everyone does, so this is a wonderful idea that you can run with. Make helping others get organized into a business.

Consultancy

Don't have money for a product but are an expert at something? Then you're in luck because you can sell what you know to people that don't have time to master it on their own, whether it's an IT, management, business, social media, whatever you know like the back of your hand, make your knowledge into a business.

Conclusion

And those, my dear readers, are my 20 business ideas for 2020. I'm so excited for the endless possibilities life has to offer. Comment below which one of these ideas help you the most. I am so excited for you all to take action in creating a business for yourself. Don't forget to share this post with those who you think might benefit from it.

 

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