Looking for the Top business ideas for 2020? With the rise of the digital economy and the “economy of the individual,” more people than ever want to start a business and be their own boss.
This guide will cover the best new small business ideas – many with low start-up costs and the ability to work from home.
What Are the Best Business Ideas?
1. Top Online Business Idea: Start a Profitable Blog.
When you start an online business, you’re most likely selling one of three things:
- Your time (coaching or consulting).
- Your own products (ecommerce or SaaS).
- Someone else’s products (affiliate marketing or ads).
With a blog, you can sell all of these from one website and make the most money of any online business idea out there.
For example, when I first started my blog in 2019, I sold high-end SEO consulting services. Once I got more traffic, I added a few digital resources and sold them to my email list.
Today, I’m in over 200 affiliate programs and make over $80,000/month from this blog promoting SaaS software with a profit margin of over 92%.
So how do you get started?
First, you need to reject common blogging advice and learn how to blog like a business from day one.
A lot of common advice from successful bloggers (who all started 5-10 years ago mind you) is to “write about your passions” so that you can make a decent side income within a few years.
I never liked this generic advice. I always felt that it was written to appeal to the widest possible audience and it never gave tactical step-by-step guidance on how to grow from zero.
The entire reason I started this blog in 2019 was to prove that most blogging advice is outdated and you absolutely can make life-changing money in months, not years.
You just need to scale and treat it like a business.
If you’re interested in learning how to start a blog and follow the exact formula that made me over $200k year one and pacing to seven-figures year two, check out my ultimate guide to starting a blog:
2. Online Courses and Coaching.
It has become easier to share your knowledge or expertise via online course platforms. If you are a subject matter expert or passionate about something, then you can convert it into a substantial income.
Offer online coaching classes to students, build a community to help while building your online coaching business. You can set up a Facebook page or even a podcast where you can reach out to people looking for online coaching classes.
3. Graphic Design.
Companies are always on a lookout for graphic designers for branding purposes.
From designing marketing collaterals, including banners, posters, and logos to creating stunning designs of landing pages, the opportunities here are immense.
You can pitch your design skills to small business owners or individuals to start your gig. Graphic designers can also join freelance websites like Flexjobs to find relevant work.
If you have prior knowledge of this field, then getting clients would be helpful. However, learning the basics of graphic design from scratch is pretty easy, with a vast number of online courses.
You can leverage graphic design software like Adobe InDesign or Photoshop to learn the foundation of graphic design.
Alternatively, you can use other user-friendly online tools like Visme to hone your graphic design skills further.
Here are some amazing graphic design courses that will give you a great head start in this career:
- Fundamentals of Graphic Design (Coursera)
- Graphic Design Fundamentals: Getting Started (Creative Live)
I recommend you get started with Adobe Photoshop as part of Creative Cloud.
4. Web Development.
There are over 4 billion internet users in the world. And to cater to this massive online population, 6 out of 10 small businesses have a website. This is why web development is a valuable skill to cater to the surging demand for launching and upgrading websites.
Start by developing websites for your friends and family to polish your skills. New businesses are always looking for efficient coders at cost-effective prices. You can kickstart your career by offering competitive prices for your services and then slowly transform it into a more lucrative business plan by solidifying your portfolio.
5. Data Analysis.
Businesses are becoming data-driven to make more informed decisions. Talented data analysts, who can make sense of heaps of data and bring actionable insights on the table, are in high demand. If you are great with numbers and have sufficient technical knowledge, then this is the job you would love.
You can learn more about data analysis by taking online courses from edX and Coursera. Once you build your data analytical prowess, you can search for both remote data analysis jobs on platforms like Flexjobs.