25 Most Profitable Business Ideas to Explore in 2020

With lots of most profitable business ideas in the field of e-commerce floating around these days, it often becomes difficult to figure out the best ones you should be exploring. Especially if you’re just stepping into the small business landscape, then how do you know which domain would be the best for you? How do you know that your business ideas would surely yield profits? After all, you’ll want to explore business ideas that are not only heavily profitable today but would also be great for the long-term.

There’re lots of things you’d need to consider when it comes to exploring the most profitable business ideas. Click To Tweet Here, we’re going to discuss twenty-five such ideas from which you can take your pick comfortably to start your entrepreneurial journey.

Aspiring entrepreneurs usually don’t have lots of money and other resources to get the business up and running and hence should be thought properly before setting it up.

Also Read: Most Profitable Small Businesses

These days setting up an e-commerce website has become quite easy because of the availability of so many built-in tools. And that’s one of the biggest reasons people from across the globe are trying to step into this field.

Key reasons that inspire people to explore the most profitable business ideas

Let’s have a look at the top reasons that motivate people to establish small businesses.

  • Needs less start-up capital
  • Can be developed with fewer human resources
  • You can have your own unique business idea and earn hefty profits
  • It’s quite easy to develop a basic e-commerce store and get your business up and running
  • You can reach a much wider audience. These days, a huge number of people use the internet for shopping purposes.
  • You can be your own boss.

You can see the graph below to understand how the number of digital buyers is increasing and is predicted to increase further.Number of digital buyers

Courtesy: eMarketer

Such motivating factors have triggered a substantial increase in small businesses. However, exploring most profitable business ideas needs some thorough research. You need to know what is trending in the market and what people expect out of a small business.

It’s assumed that around 50% of the entire workforce would be freelancers by 2020. While this sounds quite interesting that so many people are willing to venture and start a small business, it’s also extremely important to get the perfect small business idea and inspiration. That’s why we have created the below list of some really cool business ideas that would help you create a profitable business.

However, before we delve deeper into the ideas, it’s important to understand that when you’re trying to find the most profitable business ideas perfect for you, you’ll have to answer some clarifying questions. Let’s have a look at the below ones.

  • What are your true interests?
  • Who should be your ideal client?
  • Whether there is an actual need in the market, and how can you satisfy that need?
  • What should be your ideal work environment?

Your answers to the above question should help you find your ideal direction toward specific industries. But if you want to learn about the recommended ideas instead of diving into self-reflection, the below twenty ideas should greatly help you.

Also Read: 12 Profitable E-commerce Business Ideas 

25 Most Profitable Business Ideas that you Can Safely Explore

Freelance Web Developer

Unquestionably this is one of the most profitable business ideas in case you have the right skills.

A freelance web developer is a high demand job and there is a lack of skilled people in the field. This is one of the key reasons for which it seems to be a good small business idea.Freelance Web Developer

Image: https://www.ryrob.com/

This field comes with different avenues that you can explore to start your endeavor. From offering service for backend setup or UI designing or creating a new website – a significant number of openings are there and all of them are equally in demand. Have a look at the below example.Significant number of openings for freelance web developer

Image: https://www.rapportrix.com/

You can even start your own store to showcase your expertise in the field as shown below.Own store to showcase your expertise

Image: https://www.rapportrix.com/

And in case you don’t have the required expertise, you can develop skills to work in this field within a few months with the help of free or inexpensive online education programs. With a lot of people, as well as, businesses looking for freelance web developers, this is certainly a business that can bring a huge success your way. Once you acquire command over the required skillsets, it can surely become a good source of income.

SEO Consultant

If you have adequate knowledge of search engines and know the required technical skills in platforms such as Google Analytics and Google Ads, working as an SEO consultant can be another most profitable business option for you. It may sound a little awkward but there are lots of small business owners who don’t realize the true impact of SEO (search engine optimization) on their business.

You can start your online SEO consulting business by helping those business owners on the true potential of SEO to help them transform their websites and, in turn, increase their profit.SEO Consultant

Image: http://corbitalsolutionsusa.blogspot.com/

With the help of your marketing skills, you can show the business owners the advantages of using strategic keywords, analytics data, and content structure to obtain more organic traffic.

In case you are unfamiliar with the field of SEO or looking to brush up on the digital marketing skills, The Beginner’s Guide to SEO from MOZ can be a good reference to start with. However, it’s important to keep in mind that the algorithms of Google are always changing. So, you should be prepared to continue with your education to stay successful and relevant in the field of SEO.

Affiliate Marketer

Do you love leaving customer reviews on popular e-commerce sites like Amazon? If yes, stepping into the affiliate marketing field to start your entrepreneurial journey can be one of the most profitable business ideas.

Despite the emergence of various avenues, word-of-mouth still plays a crucial role when it comes to lead generation. And there are lots of businesses who are willing to share a certain portion of their profits with highly persuasive individuals who can promote their products/services to the public.Affiliate Marketer

Image: https://theathomeceo.com/

You can break down affiliate marketing into various levels of involvement such as involved, related, and unattached.

Involved affiliate marketing is probably the most effective among all these. Here you’ll be promoting an affiliate product that you truly use and enjoy. Related affiliate marketing needs you to have some amount of content and authority on the product that you are marketing, but you don’t use the product personally. You can consider unattached affiliate marketing as the basic pay-per-click model that requires zero to little involvement with the product that you are marketing.

If you have a good social media presence with a significant following or a personal website, affiliate marketing should be a profitable business for you. PR representatives keep on seeking out influencers and brand advocates they can send samples to. If you want to learn more about this field, have a look at this post.

Life/Career Coach

There are lots of people who need the guidance of a life coach or a career coach to get the right direction. While they may not be able to solve your problem always, they can surely provide you with a logical path.

Today’s stressful life has made people to look forward to solutions from a career coach or a life coach when it comes to getting some help in making career decisions.

Have a look at the below example.Life/Career Coach

Image: https://caffeinatedkyle.com/

In case you have the right expertise for being a career coach or a career counselor then this can be one of the most profitable business ideas to look forward. Another example is shown below.Career coach or a career counselor

Image: https://www.colleengeorges.com/

Similarly, you can also be a life coach. This again is a profession in high demand.Life coach

Image: https://agentofchange.com.au/services/life-coach-melbourne/

If you’re still unsure about why would people hire a life coach, have a look at theseinfographics to learn more about it.

Travel Agency/Travel Planner

If you like to travel and keep on browsing travel planner websites or searching for airfare sales, becoming a private travel agent would be a profitable small business idea. Lots of people book tickets, hotels, and apply for a visa or passport with the help of travel agents. Have a look at the below image to understand why people use the services offered by a travel agent.Travel Agency

Image: https://www.pinterest.com/

Being a travel agent, you can always start at a smaller scale and then expand gradually.Start at a smaller scale and then expand

Image: https://www.exploretibet.com/

You can start by arranging for local travels and then spread across slowly. In the current hectic lifestyle, people don’t find the required time to do enough research and pre-book hotels or tickets and this makes it one of the most profitable business ideas.

Here is another such example.Arranging for local travels

Image: https://www.ntainbound.com/agent/about_us/tour-quality-japan/

In case you don’t have any idea about how to step into this field, this guide should be of good help.

Remote Tech Support

There are lots of businesses that don’t have enough room in their budgets for hiring a full-time IT employee. As a result, when their IT systems go down, they usually call someone computer-savvy. If you love to work in the tech field and have enough experience working on computers, as well as, networks, you can help them out by offering immediate remote technical support.

Here is an example of such a company.Remote Tech Support

Image: http://www.royalinfosys.co.in/

Although businesses prefer you to have at least one technical degree, many will look only to your knowledge and experience instead. You can always start building your remote tech support business by letting your family, friends, and local business owners know about it. Additionally, there are some effective job boards that would help you get a good amount of business in this field.Remote tech support business

Image: https://fantastech.co/

If you don’t have any idea about the ins and outs of this field, there are lots of guides available like this one that would make your journey easier to a great extent. Depending on your know-how and situation, it might be one of the most profitable business ideas for you.

Ethical Hacker

Over the years, businesses have heavily invested in securing their IT and software systems. However, despite their effort, malicious hackers successfully continue to exploit the available vulnerabilities and crack into the infrastructure. And that’s one of the biggest reasons for which businesses have started to utilize the services offered by ethical hackers.Ethical Hacker

Image: https://www.lastline.com/

An ethical hacker is necessarily a computer security expert who tries to penetrate the networking system by identifying the security vulnerabilities that can be exploited by a malicious hacker. Once the ethical hacker is able to identify any vulnerability, he/she passes on all the related details to the organization. Then the organization takes a measure to fix that vulnerability and pays the person for his/her services.

Ethical hacking work can be found on websites such as Upwork where businesses keep on searching for efficient ethical hackers to test their systems. There is another popular platform called HackerOne where businesses hire ethical hackers and pay them when they find any security lapses.HackerOne hire ethical hackers

Image: https://securityaffairs.co/wordpress/90529/hacking/hackerone-bug-bounty-report.html

And if you think that only the smaller businesses are unable to invest lots of money on hiring security experts and thus, they use the services offered by independent ethical hackers, you might be wrong. Giant companies like Google and Facebook also have programs where they pay ethical hackers for finding bugs.

In 2018, Facebook paid a huge bug bounty to an ethical hacker. Therefore, if you have the required skills, starting an ethical hacking business can turn out to be one of the most profitable business ideas for you. If you want to learn more about this field, this guide should be a good starting point.

Photographer

If you love photography and have the required skills, becoming a professional photographer could be a quite natural way to turn your passions and skills into a highly profitable business idea. You can always start with building up a solid online portfolio, getting familiar with the process, and then create your own store.Photographer

Image: https://www.ryrob.com/

Professional photographs, portfolio building, and photography on different occasions like wedding photography are in high demand. With an online store, people can easily reach out to you to book an appointment.

Have a look at the below example.Photographs are in high demand

Image: http://www.scottkrausephotography.com/

You can also offer short courses or guides to help photography enthusiasts out. Here is such an examplePhotography courses or guides

Image: http://www.rakeshkurra.com/

And if you can make it right, this could become one of the most profitable business ideas for you with a happy clientele base that would be willing to refer your services to their family and friends. However, it’s important to have your own photography website to become really successful in this field.

Have a look at the below example.Own photography website

Image: https://crystalcoasttech.com/portfolio/professional-photographer-website/

Online Tutor

Almost every child needs access to tutoring at least at one point in his/her academic career and that’s one of the key reasons for which online tutors always remain in high demand. So, if you excel in science, math etc or are fluent in a popular foreign language, you can start a website to offer online tuition. With the increase in the use of webinars and podcasts, you’d be able to become an online tutor without much effort and help someone who would be willing to pay you for the services.Online Tutor

Image: https://www.moneycontrol.com/

Many times people don’t readily find tutoring services in their vicinity. In such cases hiring an online tutor becomes one of the most feasible options.

As your business grows you can hire more tutors who can work remotely for you. One such example is shown below.Hire more tutors who can work remotely

Image: https://buddyschool.com/

Here is another similar example.Another Example of online tutoring

Image: https://www.rcc.edu/services/tutoring/Pages/Online-Tutoring.aspx

Resell Web Hosting

For any website to perform, the files needed for the proper functioning of the website have to be stored on a server. This server is called a web hosting server. Almost everybody hosting a website prefers to rent a web hosting server from a hosting service provider to reduce the costs for securing and maintaining the server.Resell Web Hosting

Image: https://www.nirmal.com.au/

More the number of websites going online increases more will be the necessity of web hosting service providers. So, building a web hosting company can be one of the most profitable business ideas for you.

However, starting a full-fledged business in this field isn’t cheap and requires a huge amount of investment that makes it quite a risky option. There are lots of hosting companies that allow other businesses to resell their services under the brand names of those businesses. This is commonly known as white label hosting.Web hosting service

Image: https://marygerardine.wixsite.com/marygerardine/single-post/

All you need to do is purchase your preferred reseller hosting packages from a reputable hosting company and create your own website to sell them.

Freelance writer

If you are good at writing and are looking to put the skills to use, becoming a freelance writer would be a profitable idea. Though freelance writers come in all shapes and sizes usually you’ll either be writing content or copy.

Content can include a diverse range of different things – from reports to blogs while copy involves the sales and business aspects more. While you may not be able to get very high wages initially, with a solid portfolio and significant experience you’d surely be able to make a good amount of money.

Have a look at the below example.Freelance writer

Image: https://www.alignable.com/new-york-ny/dli-writing-services/freelance-writing-services

You can also become a freelance proofreader and editor. As long as words will be written, there will be editors always. In addition, as a freelance proofreader and editor, you’d not only be able to get an attractive hourly wage but would get the chance to read about a lot of interesting topics too.

Here is a relevant example.Freelance proofreader and editor

Image: https://twitter.com/

You can find a lot of job postings from individuals and companies in need of writing, editing, and proofreading services on the internet, which makes it one of the most profitable business ideas.

Online Bakery

Baking is yet another business that you can scale up easily.

In case you have adequate baking experience then this is a profitable business idea to open your online store. You can always start small with less investment and then spread gradually.

If you don’t have enough experience in this field, you can start getting prepared by mastering the oven, kneading flour, and appeasing everybody’s sweet tooth. And once you have mastered the simple things, you can start offering exquisite artisanal fare.

For a lot of people, going to a bakery shop every time may not be a feasible option. In such cases ordering online would seem time effective and easy.

Here’s an example of an online bakery.Online Bakery

Image: http://fifthavebakery.com/

Similarly, you can display images of the product to better showcase and let the users customize it as well.

Here is a perfect example.Display images of the product

Image: https://cakesprice.com/heb-cakes/

Catering Services

While we have several hotels and restaurants, they seem to be expensive options when it comes to daily meals. You can start providing specific nutritional food or a home-cooked food catering service. Diet based meals aren’t only in high demand but they aren’t readily available as well. So, it may turn out to be one of the most profitable business ideas for you.

You can easily start with investing a low capital. Ventures such as Blue Apron are a great inspiration to start such meal-kit services.

Gradually you can move into offering subscription services and target specific areas. Here’s a perfect example.Catering Services

Image: https://shwetas-home-catering-services.business.site/Create a store app for catering services

Image: https://shwetas-home-catering-services.business.site/

Eventually, you can also create a store app through which people can order food on the go. Many catering services focus on customizing food based on the likes and allergies of their customers.

Here’s an example of a mobile catering service.Mobile catering service

Image: https://kicbjamii.blogspot.com/2017/02/nolin-mobile-catering-services.html

Blogging

Many people may think that having a blog and earning through it has become an outdated business strategy, especially when nearly everyone already has one. But this shouldn’t deter you from exploring this online business option.

If you have important information to share and are good at writing, becoming a blogger may be a highly profitable business for you.

Here’s a perfect example of a food blog.Blogging

Image: https://www.huffingtonpost.in/

These days, starting a blog to use as a business has become highly simple with website builders like WordPress and Weebly. However, the key to success lies in quality and consistency, and you must continually write and generate high-quality content that offers value to your readers in order to obtain a steady following. Content that informs, entertains or educates the readers gives them a true reason to follow you.

Here’s an example of an informative blog.Example of an informative blog

Image: https://www.gnuworld.co.za/

Once you have mastered the creation of valuable content, you can start making a good amount of money through the blog by selling digital coaching, e-books, webinars, online courses etc. You can also accommodate sponsored posts or sell ad space. This strategy may take some more time and effort to bring a significant amount of money your way, but it can turn out to be one of the most profitable business ideas in the end.

Virtual Assistant

If you have exceptional task management abilities and organizational skills, becoming a virtual assistant or VA would be a profitable business option for you. You can put the skills to great use to earn a significant amount of money.

Typically, VA services consist of fundamental administrative tasks such as making travel arrangements, answering phone calls, entering data, among others. Though it’s good to have previous experience in the field, it’s not essential.

Here’s a perfect example.Virtual Assistant

Image: http://www.lighthouseva.com/

Companies like zirtual and TaskRabbit make it easier for VA professionals to find a suitable business. They allow you to create a profile on their websites and sign up for the tasks you want to perform – including virtual assistance, data research etc to begin building clientele.

Boutique

Starting your own boutique may turn out to be another profitable business idea for you. Here you can exclusively focus on specific dress types or even start taking wholesale orders according to your preference.

For any person, going to a boutique every time may not seem to be a feasible idea. And that’s the key reason for which people often prefer online boutiques over physical ones when it comes to purchasing specific items.

Here, the key advantage is that you can display the dress, available colors for it, and specify available sizes. One such example is shown below.Starting your own boutique

Image: http://www.thedaintydarling.com/

You can exclusively focus on traditional dress types as shown in the example below.Traditional dress types

Image: https://www.mangaldeep.co.in/

Or, you can focus on selling trendy ones like this one.Focus on selling trendy

Image: https://www.zando.co.za/

As a boutique, you can not only focus on selling garments but sell other items or accessories as well.

Library/Book Shop

Starting an online library or book shop is yet another profitable business option. This lets people read books according to their preferences at leisure while not worrying about going to a library physically and getting the book.

An online library allows users to place an order and delivers the book at their doorstep. Once the book is read and the user notifies the library, the book is picked up.

Here’s a perfect example.Library/Book Shop

Image: https://www.phoenixpubliclibrary.org/

This also allows people to donate books and get a subscription or let the existing users give a subscription gift to someone. This is a unique business idea that greatly helps people who don’t have enough time or ability to go all the way to the library.

Similarly, you can also open a book shop. Here, you’ll be categorizing books into specific categories and selling them online.

Have a look at the example given below.Categorizing books into specific categories

Image: https://turbatonlinestore.wordpress.com/

Books are something a lot of people prefer to order and a dedicated bookstore offers people the flexibility to take their pick from a wider search option.

Here’s another relevant example.Wider search option

Image: https://www.doorstepbooks.com/

App Developer

Mobile applications have become popular than ever with a lot of people willing to pay a significant amount of money to have ways that can help them manage their lives from smartphones. If you know how to code and can come up with an innovative idea you can step into the world of the app development business.

By becoming an app developer you can also help businesses looking to create specific apps.App Developer

Courtesy: https://www.youtube.com/

However, both the options will need you to understand the basic aspects of software design and some common programming languages such as Python, SQL, JavaScript etc.

If coding isn’t your cup of tea but you have a great idea for an app, there are lots of software developers who’ll be willing to collaborate with you on app creation to accomplish your goals. Also, there is a good number of websites, like in the example below, which would help you find a freelance software developer.Freelance software developer

Image: https://www.collectiveray.com/

Depending on your technical know-how and situation, you might be able to make it one of the most profitable business options for you.

Domain Flipping

Believe it or not, domain names are in huge demand. At the end of Q4 of 2018, there was a whopping number of 348.7 million registered domains, according to VeriSign. This report reveals why it has become extremely difficult for businesses to find preferred domain names especially if they are looking for a domain name with the most popular extensions. Over the years, it’ll become even more difficult to get good and desired domain names.

Domain flipping is the business where you invest money to purchase good domain names that you think individuals, as well as, businesses might be interested to buy. Then you can put those domain names to auction them at websites like the one in the below example or sell at a fixed price.Domain Flipping

Image: https://flipweb.org/

Good domain names are commonly sold at very good prices like exceeding $1000. However, this isn’t an easy business to succeed. Professional domainers generally have a portfolio that lists a lot of attractive domain names. Also, there are several domain names that remain unsold for years with some of them aren’t sold ever.Good domain names

Image: https://thisonlineworld.com/

Despite this downside, domain flipping is one of the most profitable business ideas since domain names can be purchased for extremely cheap prices at some websites.

So, if you think that you have the ability to find worthy domain names which people might be interested in purchasing and you can afford to hold several domain names for a long time, domain flipping is surely something you can try.

If you want to learn more about this trendy business, this post should be able to give you a good idea.

Pharmacy

Online pharmacy is another profitable business option that you can try out. People from every walk of life can use these services.

An online pharmacy store eases out the hassle of medicine buying. It allows people to upload their subscriptions, verify it, and place an order for the medicines.

However, to start this business, you’d need to maintain the necessary mandates and have the expertise to run such a store.

Have a look at the below example.Online pharmacy

Image: https://tracyfeith.com/

Here’s another similar example. Such websites sell specific medical equipment as well.Specific medical equipment

Image: https://www.pharmasavemonroe.com/

Handicrafts

This is one of the most profitable business options that would let you sell a wide array of things – from handmade paper bags to jewelry to a huge number of other handcrafted items.

People have become more conscious about using biodegradable products and they constantly look forward to buying eco-friendly products.

So, you can start one such store as shown in the below example. This store is entirely dedicated to eco-friendly products.Handicrafts

Image: http://www.caleidoscope.in/eco-ideaz/fascinating-collection-of-eco-friendly-products

You can start a dedicated handicraft online store as shown below.Handicraft online store

Image: https://www.slideshare.net/Unique crafts

Image: https://theindiacrafthouse.com/

The above store accepts bulk orders, as well as, allows gifting as shown below.Craft House

Image: https://theindiacrafthouse.com/pages/gift-ideas

Florist

Starting your own online flower and bouquets delivery shop can certainly be one of the most profitable business ideas. For a lot of occasions such as birthdays, anniversaries etc people book bouquets. By establishing an online store you can allow people to place orders which can be delivered to their specific locations on specific dates.Florist

Image: https://www.deloacheonlineflorist.com/

You can also allow customers to add customized messages or send additional gifts. It would help them send a gift to their loved ones easily.Allow customers to add customized messages

Image: https://www.nagpurflorist.com/

Event planner

Event planning is yet another attractive and highly profitable business option. As a generalist, you’d be able to get a huge number of business opportunities – from weddings, birthdays, and seminars to concerts, corporate events, conferences, holiday parties, and a lot more.Event planner

Image: https://www.orlando-eventplanners.com/

You’d be surprised to know that it can become one of the most profitable business options for you even if you focus on weddings only. It would bring you a fountain of business opportunities – from jewelers, wedding dresses and coats, food caterers to photographers and videographers, venue providers, performers, travel agencies together with a wide range of other ventures.

Have a look at the below example.Wedding packages as a highly profitable business idea

Image: https://www.a-dreamwedding.com/

Now just imagine if you can provide a would be couples a wide range of hassle-free wedding packages as a highly profitable business idea. Though the process is a time-consuming one, it can be pretty great in terms of offering you a significant profit.

Website Flipping

Earlier in this post, we have talked about domain flipping which can bring you good profits. And website flipping can offer you even better results. In website flipping, you purchase a website, modify and add value to it, make it ranked on SERPs through the knowledge of SEO, and sell it at a premium price.

Have a look at the below example.Website Flipping

Image: https://alphainvestors.com/

But website flipping is a little bit more difficult domain flipping. In order to get you a good price, your website needs to contain high-quality articles and at least some of those articles should be ranking really well on SERPs.

In addition, the website needs to have a clean backlinks profile coupled with a decent domain rating and domain authority.

Website flipping can be one of the most profitable business options for you if you are really good at spotting the right one. However, before you actually step into this field, we would strongly suggest check out marketplaces like Flipping Enterprise to obtain a clear understanding of the process.Flipping Enterprise

Image: https://feinternational.com/

SaaS-based Software Seller

SaaS or Software as a Service is a software distribution model where the software is hosted on the cloud on a centralized basis and customers can access via their web browser. Usually, the licensing is offered on a subscription basis.SaaS-based Software Seller

Image: https://vmokshagroup.com/tag/saas-service-provider/

These days, lots of customers prefer SaaS-based software over traditional ones and there are some reasons behind it. First of all, in a SaaS-based model, the software doesn’t require any installation and customers can use it from anywhere. Secondly, the customers don’t have to worry about the upgrades as that aspect is taken care of by the company.

From the developers’ point of view, it’s beneficial because the marketing expense for virtual software is generally lower than a physical one. In addition, when it comes to upgrading virtual software, developers don’t need to replace the software entirely which encourages more people to go for upgrades. It lowers down the possibilities of piracy to a great extent.SaaS-based model

Image: https://www.roya.com/

Due to the above-mentioned advantages, SaaS-based software is getting a great amount of attention which makes it one of the most profitable business ideas that you can explore.

Also Read:15 Profitable Fashion Business Ideas for 2020

Final Thoughts

These days, online businesses have become the need of the hour. In reality, finding some of the most profitable business ideas is perhaps the most difficult part. Over here, we have discussed several such business ideas that you can explore to start your entrepreneurial journey. However, it’s important to focus on your key expertise and look for a business that requires less initial capital when you are just starting out. Click To Tweet

If you can blend the above-mentioned business ideas with creativity, they can all become extremely profitable down the line. All of these online business ideas are in high demand and can greatly help you pave the road to success.

Leave a Reply

Your email address will not be published. Required fields are marked *