Are you interested in starting a new business in 2020 but have no idea which kind of business you should start? Let’s see what are the most profitable businesses in 2020.
First of all, you have to pick an industry that can generate a higher profit margin for you. Below we mention some of the most profitable industries that you should never doubt investing your money and starting up your new business.
- Accounting, tax preparation, bookkeeping, and payroll services.
- Offices of real estate agents and brokers.
- Lessors of real estate.
- Legal services.
- Office of the dentist.
- Specialized design services.
- E-businesses etc.
Above mentioned industries are some of the most profitable industries. Some businesses need more theoretical and industry-related knowledge and other business may need more creativity and imagination skills. You should have to consider your set of skills and your area of expertise while choosing a business to carry on. If you chose the right path you can develop your business to one of the best in the market.
Let’s see some examples for the most profitable businesses to start in 2020
Services such as tax preparation, payroll services, bookkeeping, personal financial planning, and financial consultancy are coming under the accounting services.
Why you should start a business providing accounting services?
- Accounting is one of the core functions every business perform. Therefore, in the market, there is a huge demand for accounting service providers.
- You never lose your business. If you are having suitable professional knowledge and qualification you may service in the industry for years.
If you are looking forward to starting up a business providing accounting services always keep in mind that you need not only the right set of professional skills but also the qualification and license.
Providing party services have become one of the populists business so far. Even though, there are down terms in economy people still keep enjoying their lives right? That is why this is something you should indeed try doing!
Why so profitable?
- You do not need to have a formal education to provide party services. All you need is the skill of planning and managing the event, props and other needed things and a lot of creativity.
- Party services contain a wide scope. You can choose the exact service you need to provide. (Catering, bartending, event planning, decorations, etc.)
No one can escape from death. This means you can survive in the market until you provide your customers with a good and quality service. You can maintain a steady stream of customers. A funeral service is more related to customers’ emotions. You should value his emotions while maintaining the profit of the business.
The startup cost of this business is high than other businesses and you should have the required qualification, at least a bachelor’s degree in mortuary science.
If you are a person who is rich with language skills and having a good imagination then this is the right path for you!
Why this is considered as one of the most profitable businesses in 2020?
- You do not need any formal education to do this. Creativity and language skills can take you a long journey on this path.
- The internet plays a major role in everyone’s lives nowadays. People use the internet as a source of knowledge. This creates a huge demand for people who are doing copywriting.
- If you are someone who does not have time to do a full-time job then this is the correct path for you! You can work from home and the most important thing is you can do this while continuing your studies.
If you are someone who is having years of experience in the business field and not having the further interest of keep working this will help you to take a benefit out from the experience and knowledge you gained. By working in a particular field for years and having the knowledge of that field help you to clearly recognize what your customers really want from you.
Web design and logo design
If you are not a person who would like to stick into office walls and a person who is having a good knowledge of it at the same time, web design and logo design may create you a business to do.
Is it profitable?
Indeed yes! It is profitable. Even a small business owns a company website and every kind of products, services and business have their own logos. The business world is a place where you can sell your uniqueness and creativity and of course, you’re your profit is high! Even though. The business is conducted by someone else since the beginning their customers get to know the business through the logo or the website you design. So you can decide your price. Do you know the best thing about this? You can work from home and you do not need an office space.
Nowadays people seek the support of the internet doing their day to day things. The traditional classroom also has replaced online courses to a certain extent.
Why is it profitable?
- You can conduct online courses by depending upon the area of your expertise as an example if you have a good knowledge of the stock market you can conduct lessons on the stock market.
- Once you establish a proper base of students you can enjoy the continuous profits from your business.
- No need a physical workplace which means you are having a low startup cost.
- Can avoid the difficulties in a traditional classroom.
Social media do a vital task in today’s business world. If you are having a considerable amount of followers in your Instagram account you can use it as a method of pursuing others by using their trustworthiness upon you.
Normally a mid-level influencer can demand $200-$500 for a post. Now you know why this is considered one of the most profitable businesses in 2020.
Virtual assistants provide services to companies from a remote location. If you are having required computer skills, word processing skills, oral communication, and writing skills and a passion for continuous learning you can try this.
This is one of the most profitable areas as the demand for virtual assistants is continuously growing. Organizations have identified hiring a virtual assistant is more cost-efficient than hiring employees. Virtual assistants can demand a rate of $15 per hour on the low end and they can go up to nearly $50 per hour. If you need to know more please check our previous article on “benefits of hiring virtual assistants for your business”
Most of the people are getting really busy with their work and they run out of time to give good care to their children because of single parenthood and nuclear families. Such kind of parents who are not capable of finding enough time to look after their children indeed seek the help of these kinds of business.
Spending time with children is a method of relaxing your mind, the scientists have proved that. If you are having experience of spending your time with children you can start a business like that. Make sure that you are truly passionate about the field you chose as unlike in other businesses you are spending your time with little children.
As the people are getting busier with their work, trying to make everything done by spending less time. So, the market based on the internet is getting bigger. We have presented you with the most profitable businesses in 2020. If you are having the right set of skills we think you will succeed in the future. Good luck!