Tuesday, September 22, 2020

Top 20 Business Ideas to Make Money

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A high-quality list of best business ideas to make money.

Setting up a business may sound hard and a very big deal. Sometimes it is, and sometimes it isn’t. But it all comes down to the motivation, willingness, leadership and management skills, market knowledge, and a vision for the future that drives businesses and makes it easy or hard. Good guides and lists for various businesses, their setup and risks, and perks involved are as essential to study, as running the business.

Business Ideas to Make Money:

  1. Service Industry:

    When it comes to the service industry, several parameters define it and many sectors that fall under it.

    Some examples of the service industry are IT Services, which involve CRM outsourcing, data management, and software outsourcing, vehicle maintenance auto shop/garage, travel service agency like assistance in the booking of railway, flight, bus tickets.

    Also, the examples include operating sports centers and arenas that provide the privilege of playing outdoor sports like Football, Cricket, Basketball, Tennis, on a per hour/monthly/annual fee basis.

    business ideas to earn money
    Image is taken from Wikipedia
  2. Hospitality:

    There are several ventures in the hospitality business sector. For the ones with a budget without restraint, the hospitality business can involve ownership of hotels or renting of spaces to set up your own hotel cum lodge.

    With the newer trends emerging of providing private spaces, on a per-day rent basis to travelers, the hospitality business has expanded its horizons. Individuals with existing real estate properties that aren’t in use can be registered on hospitality service websites like Airbnb, Oyo, MakeMyTrip, etc.

    Even individuals/families who have extra space in their homes/apartments/property can rent out to travelers or tenants, a common practice in tourist cities/countries.

  3. Freelancing:

    This is one of the most popular business ideas to make money. Freelancing has become a part of the culture since the early 2010s. Freelancing includes a spectrum of so many activities.

    Photography, content writing, content/digital marketing consultation, social media management, graphic designing, Human resources/administration, programming. The best part of being a freelancer is that you can do it as a side business for some extra cash.

    You do not need to have a degree specific to the freelance profession you want to get into, to do the job you are expected of. Several freelancing sites/portals provide jobs or internships. Register yourself now!

    business ideas to make money
    Image is taken from Flickr
  4. Export/Import of Goods:

    Although it may sound hard and tricky at first, the import/export business requires skills like knowledge of the market you are going to be engaged in, e.g., the commodity market.

    Also, negotiation skills, good contacts with vendors, distributors, shipping agencies. And a nominal investment for your first few orders, which can vary on the size and quantity of your lot.

    Competition in this particular business is quite high with many players, but going slow and keeping your feet on the ground will gain you a lot of skills.

  5. Printing, Packaging, & Design:

    Although this sector comes under the service industry as well, the printing and packaging industry has enormous growth potential in developing nations.

    With the growing trend of the implication of graphic designing for the branding of products and businesses, designing will be a huge additional asset to this business type. Similar to most developing sectors, competition here is high, especially from large businesses.

    But, retail printing business owners have a lot in store for them, from annexing the business of local food outlets to the industrial area, as the appetite increases, the opportunities increase.

    business ideas to make money
    Image is taken from Flickr
  6. E-commerce Website:

    The process of starting up and operating an e-commerce website has become so easy and convenient that more and more people are getting into it.

    There is no cost involved in paying rent for stores, electricity bills, managing multiple employees, and paying their salaries, maintenance, and care of stock. All the cost-cutting that precedes starting an e-commerce website should really encourage you to open one by yourself.

    More and more people are buying stuff online, clothes, shoes, grocery, vehicle accessories, electronics. With proper customer satisfaction, service, handling of queries, and maintenance of genuine stock with a high market value and demand, your business will pick up very fast.

  7. Retail Shop:

    An age-old proven and tested formula. It can start as a small business, requires a nominal investment, can span many types of shops like medical, electronic, hardware, agriculture products, commodity, and cosmetics.

    There are a few skills that will take your retail shop business from the ground level to sky high reach. It could be good knowledge of the market, products that are in demand in your area/locality/city, and domain.

    Also, a plus, good relationship with the distributors, vendors, marketing agents, and most important customers. Proper maintenance and management of your stock should be there. And the most important, good and skillful management of your staff/workers is the skill that you should possess.

    business ideas to make money
    Image is taken from Wikipedia
  8. Food Catering Service:

    Partially falling under both the hospitality and service industry sector, catering service has been one of the most effective business ideas to make money. It can start from the kitchen of your house and with significant growth and success can move to large kitchens, mobile or non-mobile.

    The advantage of the catering business is the high demand it fetches in specific seasons/times of the years. For e.g., during festivals, marriage, social events. And in regular events like marriage anniversary, business inauguration/anniversary, birthday parties, traditional events.

    Proper planning, procurement of raw material, handling of the staff, hospitality service and deliverance of best quality and taste will not just earn you money, but a reputation that becomes unmatchable.

  9. Domain Investing:

    Although an investing strategy, it can also be considered as a side business to make extra cash, which at times can make you a lot of money. Domains investing is one of the best business ideas to make money.

    Domain names are required to make a website. Once you have registered a domain name, whatever it might be, you have sole rights on the name, and you can use it as long as you want.

    People buy domain names or available domains for a specific price and can sell it for profit when demand for the website is shown. You can also rent the domain name for money.

    There are several websites on the web that will effectively guide you from the basic steps of registering a domain name and will also assist you in finding potential buyers.

    business ideas to make money
    Image is taken from solvibrations.org
  10. Housing Maintenance/Service:

    Many activities fall under this subsection of the service industry. Some of them are  Homecare/cleaning, plumbing, electrician service, painting, home decor/interior decoration consultation and management, AC care/cleaning service.

    There are so many more spectrums involved in this sector, but you get the point. For a long time and even now, services like plumbing, electrical work, and painting are considered independent and separate businesses.

    But, what if you could merge them all under one portal? Providing schemes/discounts on one service if you avail the other. It will become one of the best business ideas to make money.

  11. Online Consultancy Services:

    There has a sharp up-trend when it comes to consultancy services in the last couple of decades. It has quickly become one of the most effective and convenient business ideas to make money.

    What does it need? Well, all it needs is a skill, experience, capability, and proof of success (not necessarily always) in the domain/field you are providing consultancy for. Sounded easy initially, didn’t it? Consultancy service is a prestigious business that will find success from your primary job/business of work.

    Doctors providing online consultancy, lawyers providing legal services, stockbrokers providing analysis on stocks, marketing professionals providing marketing consultancy.

    Hustle at your primary career, and you will find a very big door open for you in the form of consultancy services.

    business ideas to make money
    Image is taken from jphotostyle.com
  12. Social Media Influencer:

    One of the most popular choices in the last decade for people of all ages, races, sexes, orientations, nationalities, backgrounds. That is the beauty of social media. It has also become of the best business ideas to make money.

    Like taking photos or being creative? Be an Instagram influencer. Like making videos? Become a Youtube influencer. Want to promote your brand or someone else’s brand for money? There is always Facebook.

    There are so many avenues available for social media influencers. It isn’t always necessary to be good looking; skills are important too.

  13. Edtech:

    You don’t necessarily have to be a coder to make a market-shaking edtech app, although being a coder is always helpful. You can market yourself on edtech apps, education websites like Coursera, Udemy, Edx.

    Suppose you are an expert in a niche like stock marketing, business management, social skills, or subjects like physics, advanced mathematics, biotechnology. You can always make a good quality tutorial/education course, and publish it to edtech platforms, and you will earn money for it.

    You can also conduct online tuitions, lectures, tests to grow your brand. Just rely on your abilities.

    business ideas to make money
    Image is taken from news.uct.ac.za
  14. Franchise:

    Own a franchise of an established business model. For e.g., popular restaurants/cafe/bars that bring in high customers, retail pharmacy chain, wholefoods chain franchise, dealership of an established electronics, cosmetic, pharmaceutical, or beverage company.

    Establishing and owning a franchise can be executed in several ways. If you are good for it, you can put in your own money, you can partner up with your friends/relatives/individuals you trust, to divide the investment, or in the end, you can finance your venture.

    Franchises are one of the best business ideas to make money.

  15. Wholesale:

    It comes close to the department of retail but differs on the scale of investment, agenda, and management.

    Wholesale can involve the procurement of cosmetics, food products, vegetables and fruits, drugs and pharmaceuticals, hardware supplies, electronic goods, and so many more products.

    The biggest hurdle in wholesale is raising capital. But if you have good business running skills, management abilities, and market knowledge, then you can finance yourself without blinking an eye or open up with a partner.

    business ideas to make money
    Image is taken from asnthanhan.blogspot.com
  16. Event Management:

    All it requires is an event management diploma or degree, sometimes not even that. Event management has become a very important requirement in today’s world where social, cultural, traditional, family and corporate events require special attention.

    Good event management firms make thousands and sometimes millions in their local currency when responsible for organizing weddings and corporate events.

    If you have good communication, management, and reliability, people will hire you.

  17. Caregiving Service:

    Caregiving is not just limited to the elderly. Its branches have spread to so many sectors, namely, child care services, elder care homes, pet care services/hostels, services for disabled individuals.

    Caregiving business is not about exploitation, like many might believe it to be. It is actually about care. Your top priority should always be providing the utmost care, attention, and fulfilling the requirement of your clients.

    All you will require is a good staff, a rented space, essential commodities like beds, water supply, food, and you are good to go—one of the best business ideas to make money.

    business ideas to make money
    Image is taken from Wikimedia
  18. Beauty Parlor:

    If you have good knowledge of the right beauty products, makeup products, cosmetics that will satisfy customers, then why use your skills to make money. Rent a space, buy the necessary supplies and appliances, hire fairly skilled staff, and start your business.

    Individuals who care about their appearance and are fond of makeup will pay any amount to get their hair, nails, and face done—one of the best business ideas to make money.

  19. Gardening:

    With the generational change, more free time for individuals, and a love for the environment, gardening has become an increasingly popular hobby. Most hobbyists prefer to hire gardeners who know their basic botany.

    You don’t necessarily have to know botany or gardening, although having it is always a plus. A small business with a nominal investment for appliances, machines, instruments can be set up easily.

    Hire a skilled staff and send them to on-call gardening jobs. One of the emerging business ideas to make money.

  20. Food Truck:

    Falling under the hospitality and service sector, Food Trucks are getting increasingly popular among the youth and as street food culture. You can rent or buy an old vehicle/van and convert it with the help of designers and experienced individuals to an attractive food truck.

    It can serve many types of food and beverages like Chinese food, Indian food, Mediterranean food, Italian food, or good ole American Hamburgers.

    Food Truck involves low capital; the only thing required is a good helping hand, tasty, high-quality food, and convenience of access to the public—one of the best business ideas to make money.

    business ideas to make money
    Image is taken from yournorthcounty.com

Several more ideas and types of business can be included in the list of business ideas to make money. But, these are our top choices. If you have unique business ideas to make money, comment below, and let everyone know!

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