Profitable Business ideas for 2020
With the rise of the digital/ gig economy, we’re seeing a large number of new industry entrants. But with all these businesses popping up like mushrooms, we took a look at which ones might actually work.
According to Inc.com, over 63% of 20-somethings want to start their own business or even try out a part-time, online job (or WFH job).
We at the Entrepreneur believe that passion projects and hobbies can make you money, but you just need to know where to draw the line and how to evaluate these passion projects to ensure you’re still taking home some bank.
One thing remains true though – right now, low-cost, love-overhead, digital or gig economy businesses and brands are on the up-and-up.
1. Blogs, vlogs and influencers
None of these are new to our global or local communities, its just that we now have more access to this through social media. Traditionally blogs and vlogs were public relations articles and influencers were thought/ community leaders.
As a successful blogger, vlogger or social media influencer the way to make bank is to cater to your niche.
Most of these service providers, don’t require millions of followers (such as mega influencers – usually celebrities or artists who were popular for a skill not to do with social media, and macro-influencers – usually YouTubers or social media famous people) and instead can even be people with less than a million followers (micro-influencers and nano influencers) that are held in high regard within their niche communities and are considered more impactful than the former.
Check out how affiliate marketing could work for you as well as brand ambassadorships and sponsorships.
2. Online courses and services
With the need for social distancing, many brands that have been able to shift to online platforms in order to continue providing their services have begun to grow their market share exponentially. Examples of this aren’t just limited to educational courses, workshops or seminars but also relate to fitness programmes, health & well-being, counselling services, etc.
3. E-commerce websites
With people looking for online methods of purchase and service, becoming the e-commerce platform that facilitates this reduces your responsibility whilst also make you an integral part of the service provider as you connect customers with the service provider.
Sri Lanka is seeing a major shift to the gig economy and this is the prime time for Graphic Designers, artists, website creators, app creators, writers, coders and other project based-service providers to work via sites such as Fiverr, Upwork, etc to begin part-time work, testing the field. In fact, with a little bit of social media no-how, you could actually just promote yourself via Instagram or Facebook.
5. Photographers/ Videographers
Wedding photo/cinematography is always going to be needed, but another niche that no one really thinks about and is always taken for granted is the stock photographer role. Online resources do require stock photography and this is where photographers can starting bringing in extra cash, especially with the increase in “gigster” creatives and social media needs.
6. Cloud Kitchens
We’re currently inundated with options to eat-out or order-in, but with recent economic down-shifts, we’re still seeing the need for affordable order-in cuisine, especially towards the outskirts of suburban Colombo. Honed those lockdown baking skills? Put them to use, get on a delivery provider app and watch those delivery requests roll in.
7. Online Delivery Service
Coming off the neatly 3-month lockdown in places like Colombo, online homeware and outdoor-ware providers are on the winning end if they’ve sorted out their social media presence and have a delivery and online payment option available for customers.
once you get the right formula going, your business will only keep soaring to greater heights. So, choose the best business model you’re most excited about, and work at it.