41 Money Making Startup Business Ideas to Start in 2020
Working for a 9 to 5 job can sometimes be disquieting, especially for those who want to be their own boss. Even while you are happy with your job, earning good still the satisfaction you get while you are your boss is exceptional. With the rise of the digital economy, more people have moved towards the start-up ideas of business. Having something of your own, brings more independence, greater job satisfaction, and potentially uncapped earning potential. While jumping on a new trend can sometimes be risky, it can be highly rewarding also. Everyone must have gone with the countless online business ideas once in life and imagined what life would be like if you could quit your job and generate money on the internet. But, after spending some time considering the ideas, ultimately we resort back to our comfort zones.
As Walt Disney said, “If you can dream it, you can do it.”
If you are also hustling your way into making more money or planning to have our own start-up, you have landed on just the right page. Here in this article, we are going to discuss some of the initial steps that are required to launch your startup and also some outstanding and money-making startup business ideas, choosing which you can start your journey of becoming your own boss. So, let's begin.
Listed are the steps to launch your startup
Dream Big and Start Small
First thing is to study and learn about your skillset. The time you take to study allows you to explore your talents and find the one thing you excel at. The story of college dropout success is not always true. A startup requires hard work and a lot of knowledge, as at an early-stage, investors look for your educational background and experience. Investing in your knowledge and skills is directly proportional to investing in your dream. Also, these days many IT companies are offering various product engineering services, which can help you with this.
Join the Community and Meet the Founders
A new startup means competing with intelligent, ambitious, and highly skilled people. Having a great community of entrepreneurs, developers, and designers for support is the key to success.
Find the Right Location
If you need an office to work, look out for co-working spaces. The cost of living and a place where like-minded people will be available is a good choice of investment.
Identify Good and Bad Ideas
There are tons of new ideas which comes daily in our mind as a founder. We need to look for something with real-potential and worth to invest. Be aware that most ideas that seem great in the first place, are either already taken or not so great once you’ve challenged them further. If investing in technology, you can hire experts from an IT consulting firm, who can do comprehensive market research for your idea.
Understand Trends and Markets
Before starting the business, you need to understand the market, the demand of people, and what is trending. As an entrepreneur, you start a company with long-term goals. You need to create something that stays and adds value to people’s lives, both your customers and your employees.
Raise Your First Round of Money
Either you can take all the risk on yourself and invest or find investors that believe in your company. If you want to take an investor on board, you need to be prepared with a working prototype, showcase the product you want to build.
Learn How to Hire and Maintain Your Company Culture
The hiring decision is quite sincere here as these will be the employees on whom you have to rely on. Don’t be scared to correct your mistakes quickly. Don’t try to hide anything from your team, talk openly about any kind of expectations and challenges, and try to be positive about it.
Be ready for Constant Change
Technology is constantly changing and along with it the working lifestyle also. Adapting your development strategy due to changing markets, modifying a fundraising strategy because of a financial crisis, replacing managers because of bad performances, these are all adjustments or changes you need to go through.
Lucrative Startup Business Ideas to Start in 2020
Today, tens of thousands of people are considering starting their own business, and for good reasons. 2020 is the year you can just not think about but can start your online business. There’s more opportunity than ever, and you should take advantage! Here is a list of some lucrative online business ideas, which you can commence as a startup.
Destination Wedding Planner
This is something in trend. Couples want their special event of marriage to be memorable; hence they look out for the area which is beautiful and capturing. If you don’t mind working for long hours and love to explore the places, a destination wedding planner startup idea is for you.
Parents often pay a lot for the education of their children and a lot of students seek for internet for difficult questions and their answers. You can start as a tutor if you have a good knowledge of a particular subject. If you are interested in blogs, you can write on topics related to coping with stress during exam time and providing useful studying tips and tricks. These days online learning solutions are in great demand, so you can also have your own eLearning software or any web portal to offer services in the domain.
The time has gone where people just like to wear plain clothes. People like to wear clothes with versatile designs. It is very much in trend and the choice of designs changes quickly. If you’re able to create fashion-forward pieces that have an edge to them, it is not difficult to find buyers of this category.
This could be a great startup idea if you have a sizeable knowledge base of the different ingredients and their beauty and health benefits. Scented soaps with health benefits are what everyone looks for. The initial investment in making these kits isn’t too much and you can get a good investment idea.
Smartwatches & Wearable Technology
Wearable innovations have taken the market by storm and are more focused on body-borne computers, miniature electronic devices that can be worn on the face, wrist, clothes, or even shoes. These wearables just not act as monitoring too but also add a fashion statement. Smart assistants in the home and on the phone have led to an increased demand for wearables. These days there is a high demand for wearable app development services by business owners who are looking to invest in this technology.
Smart Home Appliances
The popular devices such as the Google Home, Amazon Echo, and even smart toothbrushes and cutting boards are aimed at helping consumers improve their day-to-day lives. These smart devices are now a part of our lives and are very popular. It is the future and investing in this startup can lead to a good investment.
Affiliate Sales and Marketing
If you create an impressive and engaging video on YouTube, you can earn revenue by the number of views. All you have to do is join one of the big affiliate networks such as ClickBank or ShareASale and you can turn your existing content mediums into a source of passive income.
You can start your podcast or you can crack some sponsorship deals to turn it into a source of income. Make sure the content you are creating should be engaging and relevant to the audience. This hobby of yours can be turned into a passion.
AI-powered chatbots are the new storm. Businesses are now using chatbots to automate systems, especially when it comes to customer service. Its use has grown exponentially as no one wants to wait for long to get the replies. Many businesses that create these digital products are increasing in demand day by day.
Start a Profitable Blog
Blogging is the ultimate low-risk, high-reward startup idea. It just takes your time and will take a while to get exposure and grow your audience. It is thriving in today’s time and there are over a billion websites and blogs, and over 200 million are active. The best part is it is free to start with and all you need to have a good knowledge of SEO.
If you have a good knowledge of languages, with internet access you can start teaching languages at the comfort of your home. Translators are always in demand, but high-quality translators are rare to find.
If you are good at writing, you can take this as a full-time business. Though this is very less known and there are very few quite talented writers who get paid for their content. Many CEO’s use ghostwriters to write speeches, blog posts, journals, reports, etc. for them.
Freelance Content Marketing
There are multiple companies seeking content marketers to build their brand. Experienced freelancers earn anything approx. $1000 to $5000 in a week. From blogs to articles and proofreading for any website offers you the opportunity to earn from any location. You can turn your skills of writing engaging content into a freelance writing business.
Build a Niche Website
You can start your website of what you have an interest in. For instance, a blog where you can write about solo travel stories, cooking recipes, or something to which the audience will relate to and find relevant. As many people just like to read and always want to read something new from which they can learn something or feel interesting. All you have to do is to sift through the internet to search for ideas to build a profitable niche website.
Real Estate Broker
With the change in time, there is a huge demand for smart real estate solutions in the market. You can have a real estate website or software where buyers and sellers can meet and finalize the property. You can also start working as a real estate broker. Investing yourself under a real estate broker helps in building a healthy pool of clients by assisting them in buying and selling commercial and residential properties.
There are big opportunities in this business as the fashion of handmade jewelry never goes out. With no big corporate players in the field, the entry to this segment is also easy. There are numerous different materials that you can work with to make jewelry – glass, plastic, dabs, plumes, even wood, to name some.
Organizations have diverted their ways towards data-driven work to make more informed decisions. If you are great with numbers and have sufficient technical knowledge, then this is something you can start as your startup. An average data analyst earns around $60,000 per year. Companies are always in need of data analysts who can handle their help of data and bring an actionable item on the table.
Food Ordering System
As per a survey since 2014, about 30% of dinner has been ordered by the restaurant through the website via smartphone or tablet, which increases the need for food and restaurant solutions in the market. A food ordering system helps people to order food in one tap and also helps in quick table booking at the restaurant.
Job Portal for Job Seeker
Having a job solution app or website can help job seekers to job consultants. There are millions of people searching for a job, but not able to get the correct direction. A website creation that connects people to a job can help you in multiple ways. There are premium services also which may add benefits to the job seeker and can help you earn a bunch of money.
A steady stream of content with a monthly subscription to access it can help you as a good startup. Topics like cooking, fitness at home, tutorial programs, etc, with the membership fee, can lend you a good part of the money and all require is your content.