Some people take on entrepreneurship, knowing which industry they want to be a ruler or what kind of business they want to start. However, it is very difficult for many new entrepreneurs to determine how to set up a business and which business is the best option for them. It is not possible for everyone to catch the perfect idea.
After all, if you are determined to start your own business, you should be sure of the following two facts: Do you want to be the boss of your own business or want to make a profit? As soon as you are sure of your answer, you can embark on an entrepreneurial adventure.
So, do you have any idea what you can do?
Or are you still trying to find the right business idea? So be inspired by our article about the five most profitable small businesses of 2020, which we have prepared for you.
It is possible to gather the most profitable businesses of 2020 under 5 headings:
- Mobile Businesses
- Child Oriented Enterprises
- “Sharing Economy” Businesses
- Online Education Enterprises
- Freelance Marketing / Sales Application Service Enterprises
These business types are growing rapidly day by day, meaning they can provide a quality life for both you and your family. Moreover, none require a large amount of capital to start with. With the right combination of diligence, determination and skill, you can have one of these profitable small businesses.
1-Mobile Businesses Profitable Small Business Ideas
Although the mobile application industry is the biggest demand of today, what we will talk about in this section has nothing to do with mobile phones. When we say mobile businesses, we are talking about businesses that offer their products and services to their customers everywhere, that is, they go to the feet of their customers. Earnings from the industry are expected to increase further in the coming days, but if we consider that consumers have less time each day, it is obvious that a profitable growth process awaits mobile businesses.
Take a look at the mobile business ideas we will list to help you take advantage of this rising trend:
It may be difficult to take your car to the mechanic, even for simple repairs. After all, most of us use our cars to go from place to place! This means that you have to hand over your car for repair, which means waiting for hours in the repair shop, renting a daily car or trying to coordinate with a friend or spouse to go somewhere. These options are both expensive and inconvenient.
The good news is that while some of the repair work requires complete equipment, there are already a large number of maintenance and repair service centers that require only a few simple tools to complete. If you are skilled as a mechanic, you may consider embarking on this industry. You can provide your customers with mobile services that will offer oil change, fluid filling, battery replacement, headlight repair and more while on the road or in the office parking lot.
It is thought that the idea of selling food with trucks will grow day by day. Because as rents increase in large cities across the country, it becomes increasingly difficult for an ordinary tradesman to finance a workplace located in busy city centers where customers are concentrated.
Food trucks offer a great solution to this problem. Set off and park at local events, farmers’ markets, the city square; Any place where you can reach the crowd is suitable for this job. Thanks to the low cost burden and increased geographic versatility of a food truck, you will be able to turn your grandmother’s famous dumpling recipe or any food sale idea you haven’t created yet into an enterprise that will grow day by day.
Note that large and trendy cities may already have a fairly busy food truck market; so if you start in a relatively small city, you can be much more successful. You should also take into account that the food truck industry has its own rules, commercial license and safety compliance standard.
Car Wash Services
Most people are willing to pay much more for a mobile car wash service that will reach their feet instead of driving miles for the car wash service. This is especially true for people with luxury cars that prefer a personalized service. As a mobile car wash service, you not only benefit from the unique value proposition of providing mobile services, but also get rid of the considerable initial costs of having a physical location.
Not sure how to start your own mobile car wash business? You can benefit from online distributors who sell detailed car wash starter kits and provide training for those who want to start their own business in this niche industry.
Electronic Tool Repair
We would not be exaggerated if we say that everyone in the world these days is breaking their heads with electronic devices. Because each of us spend most of the hours we are awake by looking at a kind of screen. This widespread technology addiction means that when something goes wrong, people will seek help as soon as possible.
This is the main reason for the popularity of mobile electronic repair services. You can be the solution for every broken iPhone screen, every Wifi card and every laptop battery. If we add this to the customer’s feet, okay, you hit the bull’s eye! Apple stores etc. electronic retailers are on the line of fire recently due to the long customer waiting times that can be favored by mobile providers. So it’s time to act to get started!
Although entering a mobile electronics repair business has expenses in the form of purchasing consumables, not having to have a fixed space will save you from the high cost of a physical location. This means that there will be much more money left in your pocket.
IT (IT) Support Services
Although we think we understand this job very well, the truth is that most of us need technical support. Some of us even make their computers or other devices vulnerable to hackers or identity theft. With their own hands! Unfortunately, the free call center support provided by the manufacturers when things go wrong is not very supportive or sufficient to solve the problem.
If you are a skilled in technology – and relatively patient – you may want to consider providing mobile IT support. At least you can try to do this work within the boundaries of the region where you live. All you need is time, transportation and expertise; that is, this low-cost business model yields almost pure earnings.
Turning your love of fit into a career doesn’t mean you have to work in a large, corporate gym – you don’t have to bear the cost of opening up a new place to train your customers. A few weights, bands and yoga mats that you will load into the trunk of your car will be enough to start your fitness show.
Give your clients the opportunity to take lessons in their own home, or give group lessons in a park or cultural center in your city. Making sports something easy for your customers can be an exit ticket that will bring both parties to their destination. The popularity of health and fitness businesses is increasing day by day as people attach more importance to healthy nutrition and exercise.
2- Child Oriented Businesses Most Profitable Small Business Ideas
The number of mothers who became mothers for the first time only in 2016 was 1.2 million. This figure means exactly for small business owners: Children are everywhere. And the same children represent job opportunities waiting to be activated.
How about taking a look at these child-oriented consumer needs that your small business may meet in the coming days?
Let’s start now:
Newborn and Post-Pregnancy Services
The need for services after pregnancy and for newborns is increasing day by day. In particular, the demand for maternity and breastfeeding coach counselors has increased considerably, and both business options have no significant costs other than training and certification costs.
After School Activities
The decrease in the budget allocated for education despite the increase in the number of children points to the existence of a new bread door for both academics providing traditional education and those enriching activities such as music, art and athletics.
As a result of the budget constraint, more and more parents are turning to private businesses for enriching activities outside the school. A new revenue gate has already been opened for gymnastics centers, music schools, swimming instructors, child yoga teachers and other child-centered activities.
If you have the ability to teach young students about one of these areas, you already have a profitable business idea.
Mobile Applications and Entertainment
If you are interested in technology or entertainment, how about directing this ability to the youngest consumers of technology? Research shows that children’s demands for tablets, apps and mobile entertainment are increasing, even if experts suggest otherwise.
Have an idea of an educational app for kids or parents? So now is the time to bring this brilliant idea to life for future generations.
3- “Sharing Economy” Small Business Ideas
We want to have fewer things every day. This is actually the main message of the sharing economy. The idea of sharing resources has made significant progress over the past few years, albeit due to environmental concerns, economic necessity, or simply a desire for more human connections. Moreover, although large-scale growth opportunities are large in the sharing economy, there are also numerous opportunities for local and small business levels.
Maybe your next Uber or Airbnb taste business idea is yours, what do you think? Or you prefer a much smaller enterprise.
Here are the profitable business ideas that you will benefit from the sharing economy:
Accessories and Clothes
“Cabinet” etc. websites take advantage of the sharing economy by offering second hand clothing and accessories sales service by confiscating a small portion of their purchase prices. There are also websites offering clothing rental services. In this way, such initiatives are profitable, since the same inventory will generate income more than once.
Do you think you have a fashion eye or style understanding that no one else has? Then you are ready to be the next “big event”!
Don’t panic, even if you feel ready to start a fashion startup worth millions of dollars, you can earn money from your local fashion sharing. For example, how about combining your favorite accessories or clothing choices and hosting a dress rental party for high school students before the end of the year ball? If you live in a city with a university, communicating with student clubs is another great opportunity to take advantage of the sharing economy fashion. And since you take the shipping costs out of the equation, you will also have a much higher profit margin potential than much larger enterprise companies!
Home Decoration Equipment
Are you a member of your neighborhood?
So, are you a neighbor who has all kinds of decoration equipment in his home and will not be happy to move the lawn, garden or home repair / maintenance equipment, even under the hot heat of the sun, if necessary?
If your answer is yes, why not take the job of moving the equipment one step ahead of your neighbor or group of friends and turn this advantage into a profitable business?
You might even consider investing in more specific and higher-cost equipment that will be useful to those around you. If a customer does not know how to use a particular vehicle, you can combine the equipment rental service with a mobile equipment user service so you can earn more money. This business can truly turn into a profitable opportunity.
Holiday House Rental Opportunities
Airbnb and VRBO-style sites make it easier than ever to make a profit from your unused holiday home or even your extra bedroom you don’t use. If you live in a holiday resort that is the center of attention for tourists, you can rent your home at an affordable price and make new friends in this process!
4-Online Education Businesses
In which sector are you an expert?
What information exactly do you want to share with people around the world?
Online business owners earn serious money by providing course services either through training platforms or independently, i.e. through their own websites.
You need very little to get started online. There’s nothing you can’t do with an online platform (you can think of Udemy or Rainmaker), some content and a little bit of audience. In order to find your audience or attract more viewers, you may need to set your target audience well and spend some money on marketing methods. When you complete these steps, there is nothing else you will spend or you do not need to limit your number of participants.
If you’re not sure where to start work, check out if any of these niche topics are the right option for you:
Whenever we think about education, our mind immediately shifts to traditional university courses. Although academic subjects are not the only subject suitable for online courses, this is a highly viable option.
As long as schools make efforts to prepare students for both standardized tests and out-of-class life, teachers and specific subject matter experts will have ample opportunity to earn income through online courses.
Try providing a course supplement for grade level math, science or history, or even preparation for standardized tests. You can even give an accelerated course for parents to help their kids with their math homework! If you’re creative, your possibilities are truly endless.
You don’t have to limit academic courses to high school or even university. In these lessons, you can also share your interest in political history, Buddhist theology, or anything that is not very complicated. Don’t say, “Who cares about what I say?” If a topic has managed to attract your attention, you are more likely to encounter other people who will be interested in the same topic.
Foreign language education
As communication opportunities increased and the borders became blurred, almost everyone around the world increased their interest in languages. Whether you are an expert in English, Turkish or Urdu, you will definitely find someone who wants to study language. And it is certain that these people will be willing to pay you. If you can speak one of the most sought-after languages, especially for 2019 and beyond, you are holding a business opportunity that will grow day by day, such as Arabic, Spanish and Mandarin.
If you are an expert in a less common language or are particularly interested in teaching a more widely known language, it would be a profitable initiative to create an online language-based education platform.
Business and Marketing Training
Even though social science education provides critical thinking, many university students graduate from their schools without basic marketing skills that will enable them to be successful in the business world. Do you think you can fill these gaps using your own expertise?
Congratulations, you have had an incredible income opportunity with very little initial cost.
What skills / lessons have you learned the hard way about your own business or career? Share your expertise with other entrepreneurs through an online course focused on business and marketing. Popular course topics include bookkeeping, QuickBooks accounting, WordPress web development, graphic design, customer proposal development, or even cover letter or resume writing.
Personal Health Services
Are you a therapist or counselor or a yoga instructor or a life coach? Are you someone who has been meditating for a long time? If you have a deep passion for personal health, you can help others find their “zen”. On the one hand, you get considerable income. All you have to do is share what you know.
Every person desires to improve himself, and this is the main purpose of online courses.
While most of the courses are designed to improve education or career opportunities or to promote a big life change, you can easily design an online course in any hobby or interest. Have an interest in calligraphy or handmade beer? Or do you think you are a master in a particular video game?
Why not turn these interests into business opportunities?
You will be amazed at the number of people willing to pay money to learn about the topics they are interested in.
Not sure how to start designing your own online course? There’s even an online course on how to start an online course! So you no longer have the slightest excuse to postpone this job.
5-Freelance Marketing / Sales Application Services
Small business owners of 2019 look to the future with optimism. They earn more income, pay less taxes, and hire more people. However, all of these activities mean that small business owners need more marketing and sales services.
For most businesses, hiring freelancers is an excellent way to get the job they need while avoiding paying extra wages or a long-term commitment. If you have these skills that small business owners can demand, you have a very profitable business opportunity. You can start by marketing your services through Bionluk, Upwork, Guru or other platforms that offer freelance business.
Check if any of the jobs we’ll list below are suitable for you:
Bookkeeping and Accounting
Accounting or bookkeeping, that is, money management is the inevitable fact of owning a business. However, this is the worst part of owning a business for most entrepreneurs. Whether you’re a licensed sworn-in financial advisor or a QuickBooks wizard, you get a clean start on starting your own business by keeping your entrepreneur friends’ personal or small business financing organized. With a net profit margin of 19.8%, bookkeeping, accounting, tax preparation and payroll services have long been one of the most profitable businesses for entrepreneurs.
As an accountant, you can process invoices and payrolls, compile expense reports, and more. If you have a financial advisory license, you can help business owners write taxes, create balance sheets and other accounting documents, and provide professional advice on your client’s net balance sheet.
If you have been in business for a long time, people will be eager to get a piece of your industry knowledge and expertise. So why not turn your expertise into a new career opportunity where you will start as an independent consultant? You can speak at industry conferences or events, provide consulting services for a new business that has just entered the market, or have your expertise leveraged to shape an existing business strategy on a contract basis. Whatever your talent, establishing your own consulting firm is a great way to have your dream income while working on your own rules.
As the number of brands competing fiercely in attracting consumers’ attention increases, it has become more important than ever to create a bright image for small businesses. Regardless of whether they have the funds to pay for a large-scale advertising or marketing agency, almost every small business will sooner or later require some graphic design work.
How much do you know to use Photoshop, Illustrator and InDesign? Have you taken a design lesson or are you familiar with branding? If your answer is positive, you can turn your skills into income sources as a freelance graphic designer. You will have almost no expense and you will be charged hourly to handle this job that small business owners cannot do.
What are you waiting for?
Start creating great marketing graphics as soon as possible.
Social media management
The young generation was born and raised in social media. This means that future customers will expect a business to take a strong stance on social media and to be sensitive to social customer service.
However, although most small business owners know they need to be active on social media, few have the time or expertise to manage all of their social media accounts.
If you are actively using Twitter and Facebook or acquired your current business through LinkedIn, you should consider providing support to business owners who need help with social media management by turning your social media expertise into your own initiative.
Marketing Text Writing
Similarly, you can use this ability to write text for the marketing efforts of various companies, especially if you are skilled in words. The net value of the content marketing industry is expected to reach $ 412 billion by 2021.
If you can create a catchy slogan or write a detailed description of a company’s offers, and if you are doing this as an independent employee, we are sure that you will earn a remarkable income for your services.
Virtual Assistant Services
At one time, each entrepreneur, manager, or leader had his own personal assistant. Even after years, this has not changed, each with a workload and a full program (if not necessary) that will make an assistant useful, but the majority still do not want to or pay for a more full-time helping hand.
Virtual assistants used to fill this gap have become the most important common point of the sharing economy and freelance sales / marketing services. As a virtual assistant, you can choose your customers and perform all the essential tasks to manage your client’s emails, schedule their meetings, make travel reservations, that is, make your customers’ lives run more smoothly, and create a timing system that suits them.
To do this, a laptop and an internet connection will be sufficient.
Things to Do Before Starting a New Job
Before deciding what type of job to take, you should know a little more about the steps you need to take.
The steps to start a business vary from entrepreneur to entrepreneur, but we can summarize the process in three easy steps.
Step 1: Find The Perfect Idea And Do Your Research.
Every business comes from a good idea. However, to make this idea a reality, you need to do a good research and measure whether your idea will succeed. Before you go any further, you should go through an idea verification process, including market and competitor research and financial feasibility analysis.
Step 2: Get Organized and Make the Job Formal.
When you are sure that you have a good idea to work, it is time to build the logistics of the business with a well-formulated business plan. When you are sure to put everything in writing, take the necessary steps to make it official. This includes choosing a business structure, applying for a license, and obtaining the business license and records you need to open your business doors.
Step 3: Find the Right Financing.
Every business needs capital to grow, and this does not change when it comes to venture companies. However, as the owner of a new venture, you may find it difficult to qualify for traditional business loans in a short time. Therefore, we recommend financing your initial growth with a commercial credit card. It will be much easier to get a credit card than to get a credit. In this way, you will have started your business loan story and will earn points or rewards as you spend.
Although industries such as healthcare technology, finance and commodity production dominate almost the stock market and the economy, the same industries cannot always be the most profitable or accessible option for small business entrepreneurs.
If you think you will have a hard time getting into a big business, you should look to take advantage of any of these profitable industries that are more suitable for small businesses.