In this article we take a look at the 7 Most Profitable Businesses With Least Investment in 2020. Click to skip ahead and jump to the 3 Most Profitable Businesses With Least Investment in 2020.
Are you looking for the most profitable businesses with the least investment in 2020? If you've been wanting to start a side-hustle without leaving your corporate job, this list is for you. Many people dream about owning a business that is profitable enough to leave their 9 to 5 jobs. Others want to start a small business and make it profitable enough to make it big in the future. Whatever reason you may have for starting your own business, this will drive you to a painful process yet if you put in the work, will lead you to success and growth.
According to the 2020 Small Business Profiles, 41.7% of the private workforce is employed by the United States' small businesses. With the recent government-mandated lockdowns and health authority restrictions due to COVID-19, the unemployment rate in the US climbed up to 14.7% in April 2020 from 3.6% in the previous year. So how do we start with your business idea in the middle of a pandemic? Start small, start with the least investment- capital and resources. But put in maximum effort in boosting your business' presence online. Many businesses pivoted to online selling. If you will look closely at the e-commerce platforms like Amazon (NASDAQ:AMZN) and eBay (NASDAQ: EBAY), they develop their sites to be easy to access and user-friendly. Online sellers at Etsy take advantage of using online tools like eRank to boost their presence online. You may check out the 7 Most Profitable Etsy shops in 2020 here if you're planning on investing in the handicrafts business and get a hang of how things are in the handicrafts product categories.
One of the business models you've been hearing a lot this time is drop shipping. Score an in-demand product, get a reliable supplier, study logistics of your product, invest in marketing- SEO and copywriting which you can learn in the process of building your online business. With the growth of drop shipping, e-commerce marketplace AliExpress a subsidiary company of Alibaba Group Holding Limited (NYSE:BABA) is taking advantage of this skyrocketing demand in e-commerce. If you are looking for a unique list for the Indian market, you might want to check the 11 Most Profitable Businesses with the Least Investment in India.
We've come up with the list of the most profitable businesses with the least investment that you can start today in the comfort of your home. We made a ranking out of a points system of the top profitable businesses with a low investment (little to none to be exact). For example, offering translating services ranked first on a website it will get 7 points. It then appeared on a different source and ranked at second place, the score will be six. On the third source, if it was rank in third place, the score will be five. We summed up all the points and we are able to come up with the list of the most profitable business industries.
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7. Online Clothing Store
Score: 4 pts The United States has the largest apparel market in the world with a revenue of 360 million U.S. dollars in 2019. With the steady growth of the apparel industry, global retail sales are expected to rise to above three trillion U.S. dollars by 2030. The TJX Companies Inc (NYSE: TJX) is the leading U.S. apparel retailer. If fashion is your passion, you can set up an online clothing store and make a decent profit from it without splurging a big capital! The fashion market is expected to recover and reach $672.71 billion in 2023 at a CAGR of 11.48% from -8.59%.
6. Content Writing
Score: 8 pts
Got a laptop and a creative mind? Content writing might be a good side hustle for you! Half of the small businesses improved their online presence thru quality content creation that increased their online reach. With the modernization of the marketplace, almost most companies need to revamp their online presence. Starting a content writing business will cost you zero investment. Mostly, it will take up your time to study the techniques in copywriting and Onsite SEO writing for example. Yet you don’t need a certification or an exam to start. How to land high-paying clients? Match your writing skills with another killer skill. Content writing and digital marketing are one of the high paying jobs you can be a part of. A content writer could earn $46,443 annually on average.
Score: 8 pts
Ever heard of PlannerKate1 on Etsy (NASDAQ: ETSY)? She has over a million sales transactions on a single Etsy shop. If you have an eye for arts and handicrafts and you know how to market it, you'll be able to take advantage of the steady growth of the handicrafts industry. The best part is you can start selling art and crafts materials at home! With the recent global market watch, the global Arts and Crafts market size are projected to reach USD 54530 million by 2026, from USD 43340 million in 2020, at a CAGR of 3.9% during 2021-2026.
4. Translating Services
Score: 8 pts
The face pace of globalization calls for a huge demand for global language service, translation is one wherein one language needs to be directly translated into another. The market has doubled in size over the last ten years, hitting the US $ 46.9 billion in 2019 and is projected to grow to 56.18 U.S. billion dollars in 2021. One of the popular companies in translating services is Lionbridge Technologies Inc, (NASDAQ: LIOX) which generated a revenue of approximately 705 million U.S. dollars in 2019. On the other hand, the average hourly pay for a translator job in the U.S. is $29 per hour.
Click to continue reading and see the 3 Most Profitable Businesses With Least Investment in 2020 Disclosure: No positions. 7 Most Profitable Businesses With Least Investment in 2020 is originally published on Insider Monkey.