You can still live the American Dream by setting up your own business today or become a reputable entrepreneur in your country by starting a profitable, low-cost business. If you desire to understand and pursue the most profitable businesses with low startup costs in 2020, you must sit back and evaluate each business idea fleshed out in this article. These future business ideas cut across several industries and are profitable business ideas that will stand the test of time.
There are hundreds of businesses you can run on the side without leaving your day job, but you must stop being a dreamer and become a doer to really become a business owner and an employer of labor. The low-cost business ideas evaluated in this piece range from web-based businesses to specialty craft, and they hold great promise if done the right way this year. These businesses for 2020 and beyond have been tested across many industries and they stand true.
The ideas highlighted here represent the top business trends for 2020 and are the best businesses to start with little money. They will work for anyone with vision and passion because they are low-cost business ideas with high-profit potentials for people in America as well as those in any country in the world.
Methodology Adopted For Our Ranking
Considering that there are millions of online entrepreneurs globally and thousands of wealth blogs online, we managed to speak to a few earning at least $10,000 monthly to compile our list. Many of the successful entrepreneurs and small business owners we consulted before arriving at our 7 most profitable businesses with low startup costs in 2020 generate up to $50,000 per month on their online and offline businesses, but we used the minimum of $10,000 per month as a benchmark to trust the credible opinions of our sources.
Another yardstick for including some of the businesses we did in this list is that many of them were established with less than $100 and require less than $300 to manage for profitability. Considering the global economic recession brought about by the COVID-19 pandemic, any profitable business with low startup costs and potential for expansion into millions in revenue qualifies to be on this list. More so, starting small guarantees hard work and dedication to growing the business, and our list constitutes the top business trends for 2020 and beyond
We also took care to review businesses that could be run from any country in the world and not necessarily the United States alone. All countries of the world have entrepreneurs that grew their businesses from nothing to big enterprises, and this means that wherever someone is in the world, it is possible to grow a profitable business into a conglomerate.
Another methodology we adopted in arriving at our most profitable low-cost businesses is that the model must be replicable by anyone, and must not necessarily require leaving one’s day job. To this extent, a small business runs successfully in the UK must be run successfully in Canada or Pakistan given the same online or offline factors. This will prove that the model can be taught others and replicated anywhere to obtain the same results regardless of time and space. Moreover, it should be managed as a side hustle without the need to leave one’s salaried job until the business is large enough to support the owner and others on a full-time basis.
Here then are the seven most profitable businesses with low startup costs in 2020 and beyond:
7.Start a Blog
Although there are millions of blogs in the universe, you stand a chance of generating thousands of dollars monthly on your blog if done the right way. And it doesn’t require an arm to set up or run – with less than $100, you can set up your personal blog and grow it into a money-making machine. To begin, you must purchase a good domain name for about $10 and buy hosting for about $25, you can install a premium theme with about $49 and then get it fully customized and rigged up for about $30 more.
While you can blog profitably about any topics under the sun, it is best to blog about things you’re passionate about. You can post your content yourself or get someone to write for you. You must find a way to monetize your website through Google Adsense, affiliate marketing, sponsored posts, paid reviews, product/service sales, and even direct advertising. The more your website grows in popularity, the more the money comes flowing in; but this may not be instant, it may take up to six months or even two years before people/businesses begin to approach you. With luck, you may earn $400 to $1,000 monthly at the minimum and upwards of $10,000 over the years.
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6.Real Estate/Property Manager
While it is everyone’s desire to run a real estate business, it requires a lot of investment that could run into hundreds of thousands of dollars. But you can still be in the real estate business by operating as a property manager. In fact, you can also operate as a property agent or broker. As soon as you register your business and put the word out in your neighborhood with business cards distributed out, then you’re in business.
As a property agent, you broker the sales or rental of housing and lands as well as shopping malls. You earn a commission when you make a sale or facilitate a rental. Your commission on a property sale could be between $5,000 to $10,000 and that’s a decent income if you’re able to facilitate one sale per month. But as a property manager, you work as the authorized agent of landlords and real estate firms by managing property repairs, facility renovation, and remodeling, as well as collecting checks from tenants.
You can be put in charge of an entire estate when your property managing business has become fairly known in your town or city.
5.Tax Preparation
Millions of people in the United States and other countries have a problem with filing their tax returns and even preparing their tax papers in the first place. Most of these people cannot hire a professional accountant, yet fear running afoul of the IRS; but you can help and make good money in the process. Millions of individuals and small businesses will be willing to hire you for a good fee if you are good with tax preparation and filing.
With millions of potential clients to serve, you could make this a low startup business by printing cards and setting up a service website as well as putting out the word in your neighborhood about what you do. With bookkeeping and auditing skills as well as legal knowledge of what obtains in your state of operation, you stand to grow your business every tax season and with time, people and businesses may begin to even consult you on tax matters for a juicy fee.
4.Content Creation
Everything about the internet is about content; content makes the internet alive and dynamic. The content comes in various forms – articles, videos, photos, music, and other files. Every content on the internet is created by people who are mostly paid for the service, and you can tap into this online marketplace to create a paid content creation service for global clients. These range from article writing, proofreading and editing, graphics design, coding, digital marketing, and social media management, etc.
The first way to go about it is to register with an online platform and get clients to hire you, and the second way is to set up your own website where clients can reach you. When you register with platforms such as www.upwork.com, www.fiverr.com, and www.freelancer.com among others, you bid on posted projects and clients can hire you for as much as you are worth, while the platform takes a small percentage of your earnings.
To make this a real business, you can set up your own website so that businesses requiring content can hire you directly. But more ambitiously, you can establish a marketplace where clients can post their jobs for a fee and freelancers can get hired for a commission of their earnings. This way, you do nothing beyond maintaining the platform and rake in thousands of dollars in cuts every month.
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3.Catering
If you are skilled at cooking and preparing various recipes for social events, then you are in business. Just register your business and print out cards to advertise your services in your town to keep customers coming to you. With enough culinary skills, you can make a business out of your cooking pastime and even employ temporary staff to work with you.
Your skilled expertise at cooking various dishes and mixing cocktails will endear your catering services to people, and you might be hired to cook for wedding receptions, homecoming ceremonies, and other social parties. Depending on your fees and the budget of your customers, you may expect to earn a profit of up to $3,000 after deducting necessary expenses. Catering is a low-cost business that can grow into a restaurant business over time.
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2.Social Media Manager
Billions of businesses around the world now engage in online marketing, and they need a knowledgeable person to help them manage their online presence. These businesses are moving away from maintaining dynamic websites to marketing their services on social media platforms since the majority of their potential customers congregate perpetually on social media.
You could monetize your presence online if you always spend the majority of your time on Facebook, Twitter, Instagram, Pinterest, Reddit, LinkedIn, YouTube, and Quora among others. As a social media manager, you will manage the social media accounts of your clients – and serve as both the PRO and the customer service representative. A social media manager earns up to $1,000 monthly per client, and with five or more clients…
You will schedule periodic posts, respond to customer concerns, attend to product/service queries, and generally keep the social media accounts active. The ultimate purpose is to acquire more online customers and keep the image of your clients positive with target audiences. By registering your business as a social media consultant, you will take on as many clients as you can handle after an initial, low startup cost.
1.Build custom software and mobile apps
Given that more than half the world population is now accessing the internet for various online activities, the launching of business mobile apps continues to grow in leaps. If you are a software programmer or coder, you could build custom mobile apps for businesses and expect to earn between $5,000 to $50,000 per job.
Thousands of businesses with online presence now seek a way to reach people directly through their mobile phones, and that is where a functional mobile app would help. Even those with existing apps want them modified and reconfigured in more ways. And you could make a killing if you’re very good at this. This is a business that you could do from the confines of your bedroom so long you have a high-speed computer; and once you have a very satisfied customer, you can expect more to be referred to you.
