2020 has brought severe turmoil and tension to the global economy, the COVID-19 pandemic being the biggest challenge. Countries have had to implement lockdown measures to contain the disease. Starting a new business won't be the same as earlier. Hence, following the right steps and working on the best small business ideas can help you establish your own business with little investment.
The dynamics of business have changed. New business trends in 2020 have come up and some existing ones have gained traction. This post focuses on the trends in the world of top small business ideas. An exciting feature of the top 10 small business ideas of 2020 discussed below is that even beginners can try them and that too with small investments.
There are over 4 billion internet users in the world, and 6 out of 10 small businesses have a website to serve these users. According to statistics, 73% of online businesses earn over $50,000 per year. Hence, most of the ideas in this post are online-oriented. If you want to start your own business in India and be your own boss, now is the time.
Here are the top 10 business ideas to start on a small-scale:
1. Virtual Assistance
3. Reviewing Products
4. Affiliate Marketing
5. Graphic Designing
7. Blog Monetization
8. Online Course Creation
9. Selling Products Online
10. Printing On Demand
First on the list is virtual assistance. Not every job requires you to be on-site. There are certain services which can be performed online without any hassle. Bookkeeping is one such example. If you know how to work with software like QuickBooks, accounting software or bookkeeping software, you can do online bookkeeping for someone. If you have a strong foundation in the basics of income, outgoings, etc., you can make a solid income through online bookkeeping. There are several such services which can be rendered through virtual assistance.
Freelancing is lucrative. Many people value freelancing over a day job. Be it side income or more than that, you can achieve a lot as a reputed freelancer. Sell your services at Fiverr.com and Freelancer.com. You could do voice-overs, translations, transcribe people's text, content writing, logo designing, or even programming. It's all about finding a match with the perfect client.
Established freelancers earn hundreds of dollars in a day's work. Working from anywhere and at your own timeline is another perk of freelancing. So freelancing is a tried-and-tested approach of starting a small business and making it big someday. This is the best small business idea because you can follow your passion and make money out of it.
Product review is an easy small business idea that can be started online with minimal investment. People like to read and watch reviews before buying products. Leverage this demand to build a small business around reviewing products. Has a new product launched? Procure it and upload a video on YouTube to share your review. You can also make tutorials on the features and functionalities of devices and other products. There are many out there who purchase fancy gadgets in a whim only to not use it the fullest. Act as their saviour through your reviews!
Consider the following example to understand affiliate marketing, You review a newly launched camera, make a video of your review, and upload it on YouTube. You also add links in the video description. These links are special because if anyone goes to Amazon by clicking on them and buys the camera from there within 24 hours, you get a certain commission from the purchase. This is why reviewers provide a plethora of links. If you are interested in affiliate marketing, do check out the Amazon associate program and Shopify affiliate program.
Content sells only when it's attractive. Logos are effective only when they are pleasing to the eye; hence, the everlasting need for graphic designing. If you have an awesome photo editing and designing skills, then graphic designing is the best small business to start.
Just visit freelancing platforms like Fiverr and Upwork to see the global demand for designing; the pay is mind-blowing and you get to build a nice clientele list.
Podcasts are booming. They are now seen as the modern form of information sharing and are equal in value to videos and written content. People now actively listen to podcasts. Joe Rogan podcasts are highly popular. With over 6 million subscribers and podcasts that are as long as 3 hours, Joe Rogan has become a brand.
Imagine the number of audio advertisements you can place in your podcasts! If your podcasts eventually gain pace, you can secure brand deals with sponsors like Squarespace or Audible. They pay a lot to be part of popular podcasts. You can also bring in affiliate marketing.
Podcasts don't require expensive investment. You can even use your phone's microphone to record an audio file. Upload it to a website like Anchored.fm which in turn will share your podcast around the world. Don't know how to do podcasting? Startuptalky will teach you how to create your own podcast.
Dollar spot is an excellent example of making money through blogs. This blog allows you to contribute posts on topics like banking, how to make money, how to save money, and how to invest. The people working on Dollar spot made three hundred and forty-seven thousand mental dollars blogging this January. Sounds made-up but they have put up revenue reports online for the public to view. This is an easy small business idea to earn money.
Use AdSense and affiliate marketing to make money from your blog. In fact, market your services through your blog! Creating your own blog won't be much difficult if you are passionate about writing.
Online Course Creation
What's common between Udemy, Coursera, and edX? They thrive on paid online courses. If you are highly knowledgeable about something, say machine learning, and know-how to explain complex content lucidly, then creating an online course is a good business idea for you.
Come up with an agenda and outline what topics you will cover. Then create videos on each of the topics. Make them visually appealing while not going overboard. Have transcriptions ready for the videos. Once all items are taken care of, bundle everything into a package and search for the websites that pay well for your course.
Sell Products Online
Sell Products Online is one of the best small scale business ideas. Creating an online store is not difficult today. Shopify is one such platform which allows you to create an online store. Professional templates that are super-easy to customize make it a child's play to sell products online through a store. Drop-shipping is another popular term that's related to selling products online.
Printing On Demand
There are situations when the design is ready but there's no way to print it. That's where print on demand comes into the picture. Someone else can design the T-shirts and you can make money printing them. If you can bring in the distribution component, nothing like it.
If you know about any other business idea that can be started on a small-scale, let us know in the comments.
How to Start a Business with No Experience?
- Get Business Related Qualifications.
- Turn Your Career or Hobby into a Business.
- Do Your Research.
- Create a Realistic Business Plan.
- Network and Find a Mentor.
- Hire Expert Employees.
What skills do I need to be a virtual assistant?
- Communication Skills. This is a crucial part of being a successful virtual assistant.
- Cloud-Based Knowledge. When working remotely you need a piece of comprehensive knowledge on how to share information and the best process for you and your clients.
- Time Management Skills.
- Take-Charge Attitude.
- Organizational Skills.
Why are podcasts so popular?
The main reason why podcasts are so popular is that they allow their audience to save time. At Edison Research, they explored the podcast listening locations and found out that most often people listen to audio blogs at home, in a car, while walking around or working out.