It’s the year 2020, and in keeping with my tradition on this blog, I bring to you the top 10 hot new business ideas for this year.
The year 2019 was a great year for me on this blog, I saw many highs and was able to horn my skills to provide more in-depth fresh content for you.
In this new decade, I plan to provide you with all the help you will require to start a new business.
I will also be shifting my blog towards not only encouraging you to start a home business.
But also giving you the needed skills, tips and ideas to be able to successfully run your home business.
I have often said that nothing empowers a stay at home mom like being able to replace the income she was earning while working full time.
That feeling alone is enough to spur you to achieve more.
Last year in my business I replaced my working income.
It was the best feeling in the whole world. I couldn’t be more grateful to God.
If you are staying home to care for your kids and you have not been able to replace your working income.
This decade is the decade to start again. To dream again and to strive hard to make your dreams come true.
Having studied some of the trends that are in season and will continue to be, I want to use this forum to introduce to you
Table of Contents
Top 10 hot new business ideas for the year 2020.
Before you go on to learn about the top 10 businesses for this year, you may want to sign up for my upcoming Skills2money course.
At the base of every business is your ability to acquire the skills that will make it work out.
That is why I am taking the time to equip you with 4 digital skills you will need to run any small business this year.
Skills2money course will be launching soon, take advantage of it by signing up below.
1. Gig economy
According to statistics, the Gig economy is becoming more prevalent in the American workforce as more and more people opt for a more flexible work option that allows them to choose what they want to do per time.
The gig economy is based on the freelance model that allows you to work as you like and get paid on your own terms
I currently have a freelance writer income stream where I offer freelance writing services.
Read my write up on how to start a freelance writing business, and how I made my first 1600 dollars from that income stream.
The Gig economy is cool because you get to choose what you want to do, how you want to do it and for how long.
In my freelance writing business, I get to pitch to my customers.
When I secure them we agree on terms that allow me to deliver within comfortable time frames.
If you have great writing skills and you want to start using your writing skills to start earning this year.
I recommend you take Elna Cain’s freelance writing course.
You will understand how to start a freelance writing business.
The course is so detailed that you will be able to finish it within a month and start your writing business.
I learned that I could offer that service as part of my blogging services just by listening to her.
Other businesses you could start in the Gig economy
- Website design
- Virtual assistant
- Business consulting
- Freelance writing
You can also read my post on how to go freelance in 30 days and land a client.
If you have been searching for hot new small business ideas that pay in the year 2020. This is definitely one of them.
2. Graphic design
With the continuous growth of social media, having a graphic design skill has become a necessity.
There was a time when it was a skill that was secluded to a few select people who had to learn how to use difficult to use software to be able to design simple fliers or posters or printables.
But with the advent of simple tools like Canva, you can now design any type of graphics you like, including making printables.
I use to see making printables as something that only a select few could do until I started testing and trying different methods.
I soon perfected a definite method of churning out printables.
That was when I realized that making and selling printables could be a business that anyone with little or no design skills could start.
I wrote a post on the ultimate guide to starting a printables business that is ranking on the first page of Google right now.
Since then, I have created a course called the Newbie Printables Business course.
When I created Version 1 and saw the hunger for more, I then decided to create a more comprehensive Version 2.
In my Newbie printables course bundle, I take you from knowing next to nothing about making and selling printables to creating a brand new business.
If you want to learn more about starting a Printables business, read this.
If you are so eager to start this business as a stay at home mom, don’t forget to grab my Work from home survival Planner to help you set up your work at home business and thrive while working from home.
Tap the picture below to get it.
Since the advent of the dropshipping business model, ecommerce has taken another high. As people discover that they can now start home businesses just by starting an online shop.
If you love selling things, online or in person, dropshipping will give you the opportunity to sell goods you don’t own.
I chose this as one of my top 10 hot new business ideas for 2020 because of the statistics below.
According to Statista.com, the global revenue expected from sales through e-commerce is projected to be $419,879M for the year 2020, This is for the US market alone.
The average spend per user of ecommerce online retail points is about $1568.87, while the revenue growth is projected to grow to about 9.3% between 2020-2024.
The pictures below depict the growth of ecommerce and the sectors that are doing well in ecommerce.
If dropshipping is a business model you want to adopt this year to start your online business. There are 3 things you need.
An online shop platform like Shopify
You can also learn how to get your suppliers from a platform that curates credible suppliers like Salehoo.
4.Digital marketing business
The digitization of businesses now requires experts in the digital marketing field.
Digital marketing is the 21st-century skill that every one that is doing business online should have.
Unfortunately, not everyone has this skill so a lot of businesses are willing to pay those who have this skill.
If you have great digital marketing skills, you can start a business that offers digital marketing consultancy.
This will mean that you have expertise in Facebook advertising, Instagram Ads, PPC, SEM, influencer marketing, etc.
A lot of businesses require these services because they know that the only way to remain in business online is to reach their buyers anyway they can.
They are also willing to pay anyone with the expertise that brings results.
If you want to start your digital marketing business, the first thing you will need is an online business website
This can be built on WordPress.
To start your online digital marketing agency, you need to buy a
Set up your online presence.
With these 3 requirements, you are set to start your online business this year.
If you want me to help you set up your online presence, contact me here. You will have your web presence in a week.
We are in an information age with a lot of people seeking information that will help them make better decisions and add value to their lives.
The ability for anyone to supply that information on a daily basis is a platform for making money.
A subscription-based business is not restricted to information alone.
It can also be used in selling physical products as you have in the subscription box business.
Subscription-based businesses provide a continual flow of income as more people sign up for the products.
Examples of businesses that use subscription-based models are
- Software businesses
- Business services
- Membership courses
- Online schools
- Resource libraries
- Facebook groups
This business model has opened the way for a lot of people to provide solutions to those who need it at minimal cost and great value.
Almost all paid services that I use for my blog is subscription-based.
This means they continually earn from me as long as I am in business.
6. Amazon FBA
Amazon is the number one online marketplace for shopping online.
With that platform comes a variety of opportunities for selling virtually anything online.
The huge market available brings you enough traffic to ensure that you make sales.
Fulfilled by Amazon is the track route of people who want to sell their goods with zero inventory business model.
Fulfilled by Amazon is a lot like dropshipping but with a slight twist. Amazon FBA enables you to beat the long wait of shipping times for your customers.
With Amazon FBA you can deliver faster to your customers which makes them happy.
Those who take part in Amazon FBA import the goods but Amazon takes take of the storage and shipping for them.
This leaves you with enough time to market your products without bothering with shipping, packing and storage hassles.
With Amazon FBA you can actually run a full-time ecommerce shop from your home.
7. Online coaching
Businesses that online need people to help them navigate the difficult terrain of starting a business and running it full time.
One of the major drawbacks of home businesses is the fact that you have to do it alone.
This is why you will need a coach who has been through what you are.
They can offer you deep insights that will make your journey shorter.
Starting an online coaching business could be one of the hot new business ideas you may want to consider in this year 2020.
If you love to help people, encourage people and champion them to success, this is one business you should try out.
Coaching requires a lot of patience and insight, which will make your customers not only buy from you but recommend you to others.
8. Sell online courses
Do you have specific knowledge about how something works?
It could be a skill you acquired or perhaps something you have perfected the art of doing.
Online courses are currently rising in demand as people turn to online platforms to search out information on how to solve their problems.
Courses have been known to cut down the time to market for people who want to start their business.
For instance, if you are interested in starting a printables business and you have never designed printables before.
My course the Newbie printables course is designed to take you from the place where all you could do was to click and drag a mouse to the place where your business is fully set up and ready to run.
In that course, you learn 2-3 years of experience in just one month.
That is the power of online courses.
I will advise anyone who wants to start a small business online to take the route of taking a course in that area you want to start out in.
You will save yourself a tonne of mistakes, time and cost.
Online courses are now the shortest route to entrepreneurship.
9. Print-on-demand Business
If there is an industry that has been disrupted by third party delivery companies, it is the printing industry.
Before now, if you wanted to print any design on a material and sell, you had to first get a graphic designer to make the design.
Then buy the materials in bulk, before going to the designers to get hem to print it on the material.
This wastes a lot of time and resources.
Not anymore, with third-party delivery partners like Printify.
You can now make your designs online.
Upload the design on all the materials you need, and have it delivered to your customers without you touching any product.
This has made starting a print on demand business as easy as anything that could happen.
Print-on-demand is consistently rising as demand increase from individual and corporate companies that want products for brand representation.
The health, fitness and food industry has a wide platform for anyone who wants to start a home business in this new year.
I lumped all of them together because they kind of work analogous to each other.
If you want to be healthy you need to eat well and keep fit.
How simple is that?
Yet we know millions of people struggle with obesity in America and they need help to get to their desired fitness levels.
There are many ways to play in this industry, some of them are :
- Selling healthy meals.
- Teach others how to make healthy choices when it comes to food- Via Blogging.
- Start an online fitness club online where you teach people different exercises that will help them keep fit.
- Becoming an online fitness or healthy eating or weight loss coach
- Sell weight loss accessories like protein powders, green smoothies, body detox, etc.
These and more are the top 10 hot new business ideas I have for you in 2020.
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