With the onset of this digital era, small individual businesses have taken up a hike. Everyone aspires to own a business and be their own boss. These businesses have a lesser number of employees. They make a lesser profit than the regular sized or big businesses which involve a huge investment. They are majorly small corporations, partnerships, or self-proprietorships.
All you need is the right idea for you to make it big. Some of the best small business opportunities in 2020 are listed further:
- Create a profitable blog: When you start earning online, you make a profit out of three things:
- Your time and intelligence. E.g. Online coaching, financial consultancy, franchise consultancy, etc.
- Your products and services. E.g. eCommerce, SaaS, freelancing, etc.
- Someone else’s products and services. E.g. affiliate marketing.
You can make a business from any of these with the help of a blog. This makes more money than any of the online business ideas out there.
- Start with graphic designing: Brands and companies are always in search of graphic designers for branding purposes. Their jobs are not only based on designing marketing collaterals like visiting cards, logos, or banners but also creating stunning landing pages for their websites. A business of digital art never gets old in this era of technology.
- Start your podcast: The podcasting market has gone through a steep rise in these years. In 2006, the percentage of adults in the U.S. was 22%. In 2020, it jumped to 75%. You make money with podcasts through partnered advertising. Your earnings are based on your popularity. The more popular you grow, the more money you know.
- Become a web developer: To cater to the massive population over the internet, every business needs a website. This hits the top list of small business opportunities. This works as a valuable skill to cater to the trending demand for online identification.
- Become a consultant: From starting a business to running it, everyone needs expert advice. If you find your wisdom and expertise in any field, consultancy can be the best opportunity for you. From giving financial consultancy to help people manage their finance better to giving franchise consultancy to help people know which franchise will be best for them, this field finds its diversity. Consultancy, among many other small business opportunities, has the least preliminary investment.
- Own up a franchise: Owning up a franchise is very advantageous. It has the least probability of failure. This is because when we invest in a franchise, we are owning a pre-established concept. A concept that has been successful and has established its name in the market. Statistically, franchises have a greater possibility of being successful than any other small business opportunities. In some cases, franchises might demand a big investment. However, it is still a good idea to own up a business so secure ensuring some credit from a third party like a bank.
Choosing the best business opportunity among them is difficult. Every opportunity has its own set of advantages and disadvantages. However, owning a franchise stands better than all of these because of its security and a faster pace of development.