It should go without saying that 2020 has been a beast of a year for the entire world, but letting it go without saying so does not feel right. 2020 has been filled with extraordinary circumstances, tragedies, and so much uncertainty – there is no denying that. 2020 has also been a year of change, not just on a personal level, but on a business and global level too coming up with profitable business ideas can be a challenge.
I honestly do not think that any one of us will ever be the same again after this is finally behind us. With all the changes that are happening to businesses on a mass scale, here are 7 profitable business ideas for 2020.
1. Plant-based paradise
Create a plant-based or vegan supermarket or make meat-free magic with prepped meals for these niche markets. The sale of plant-based foods reached almost 4 billion dollars in 2018 and it is predicted to grow exponentially from there. Plant-based and cruelty-free skincare is another boomer of an industry to look out for. Both of these can be started with a relatively small budget but can be profitable if marketed correctly. Once you have your store idea nailed down, be sure to compare card payment processing fees to ensure you are getting the best deal possible for your start-up.
2. Drop shipping jewel
If you are looking to sell products online but you do not have an inventory of your own, drop shipping can be the perfect solution to your problem. Drop shipping is an eCommerce business model that does not require products of your own. You can partner with suppliers who have stock ready to go to their customers and all you would need to do is lead the one to the other. There has never been a better time to be a middle man (or woman), all you need to do is set up your online store and find businesses you would like to partner with and then you will be well on your way to becoming a drop shipping guru!
3. Virtual assistant, yes please!
With so many of us working from home, we might feel overwhelmed with everything that needs to be done to achieve a healthy work/life balance. You can capitalise on this increasing gap in the market by setting up a virtual assistant business. You can start on your own and then freelance yourself out, or you can hire a team of assistants and go out into the virtual world and find people who need help. From personal shoppers to errand runners – the opportunities are almost endless.
4. Remote applications
Remember when we used to joke around with each other with the “Are you working remotely or remotely working?” thing? Now, more than ever, more and more companies are starting to realise that there are real world benefits to working remotely. Cutting down on overheads and paving the way forward for the new normal, these companies are going to be looking for remote applications to make their work, and their lives, easier. With a strong focus on cyber security and anything time saving, you could have an award-winning business plan overnight.
5. Home cooked with love
There was Love in The Time of Cholera, and now we have Food in The Time of Corona… With all the madness going on in the world this year, each country has created their own laws and rules for getting through this pandemic (as unscathed as possible). This does mean we have all had to learn to live with a number of changes to our day-to-day routines. Many people simply cannot find the time to cook dinners anymore and would love the convenience of having someone else to do that for them.
6. Flipping websites
I mean that in the best way possible, no cursing involved here… Buy a bunch of already running websites, spend some time improving their design and user experience, and then sell them for a tidy profit. There are many places on the internet where you can buy and sell websites, with just the right amount of effort and time you can have a profitable website to market in no time.
7. Clean as a whistle
Now is the best time to start a cleaning service company. With the sheer number of businesses and households looking to deep clean their spaces regularly, this is a fantastic opportunity. Be sure to obey all the guidelines set out for cleaning and you will be able to start your cleaning empire before you know it!
There you have it 7 profitable business ideas for 2020!