The average United States household has under $5000.00 sitting in their savings account. At the same time, domestic unemployment is flirting with all-time lows…
What does that disconnect say to you?
It says that a lot of people are working in America but most of them aren’t making very much money. That reality is what inspires millions to ditch their 9 am to 5 pm jobs and start working for themselves.
If the prospect of being your own boss sounds great but you can’t think of any innovative business ideas to take the leap, we’ve got you covered. In this post, we share ten ideas that we think are among the most lucrative business prospects that you can chase down in 2020.
1. Professional Gamer
If you love to play video games and feel like you have the aptitude to game at a high level, you could make a career out of gaming professionally.
Professional gamers make money by competing in tournaments where prize pools can be worth well over a million dollars. They also make money by streaming themselves on websites like Twitch.
Even if you’re not a great gamer, if you have a great personality, you could make a living just streaming yourself gaming casually while entertaining your audience with commentary.
2. Airbnb Host
Airbnb has been an absolute revolution in the hospitality industry for both guests and property owners. If you’re a property owner and have a spare room or a freestanding property that you don’t use, becoming an Airbnb host can be an extremely lucrative venture.
To be a good host, you’ll want to get the space you’re renting situated with any amenities that your guests might enjoy (internet, TV, etc.) and may need to hire on a cleaning crew that you can rely on to turn over your property between uses.
The average Airbnb host makes around $1000.00 per month in passive income.
3. Amazon FBA
FBA was one of the most innovative business ideas back in 2010. Is it still as hot of a prospect as it was back then? Not exactly due to Amazon restricting small operations to help bolster bigger companies selling in its marketplace.
Still, if you pick unique products, a small FBA seller can still make a good profit by selling on Amazon.
4. Online Marketer
There are billions of websites online right now. The vast majority of them get little to no traffic.
That’s where you come in!
Website owners all over the world hire digital marketers every day to help them cut through the online clutter and get website visitors. If you’re good with web copy, search engine optimization, social media and more, you can make tons of money as a marketing freelancer or as a full-time digital marketing manager.
5. Information Products
People pay hundreds of dollars to take online courses from experts in various subjects. If you have information that you think people might be interested in learning, build an online course, market it and see what happens.
The beauty of selling courses and information products is that once you’ve produced them, you can keep selling without any additional expenses beyond whatever your course’s hosting platform charges.
6. Handmade Goods
People are moving away from buying factory-produced, big-brand products and are now finding interest in handcrafted goods. You can cash in on that trend by creating everything from handmade soaps to custom buttons.
Marketplaces like Etsy make for fantastic mediums to sell handmade goods. You can also sell goods locally at craft fares and farmer’s markets.
7. Virtual Assistant Work
Not everybody that’s doing well financially is organized. As a matter of fact, very few successful people aren’t leveraging an assistant to help them keep their lives in order.
In theory, you could be that assistant and could do your work 100% online.
Virtual assistants (or VA’s as they’re sometimes called) might manage multiple clients online and help them do everything from scheduling meetings to basic data-entry work.
With enough clients, this innovative business ideas favorite could make you tens of thousands of dollars per year full-time or part-time.
8. Real Estate Wholesaler
You might think that it costs money to get into the real estate game. If you’re a wholesaler, that’s not the case.
Real estate wholesalers find and negotiate good house deals. They then get them under contract and resell that deal to others at a profit.
This process costs wholesalers absolutely nothing beyond whatever they may spend marketing the contracts that they need to resell.
9. Digital Therapist
There are several applications today that allow people to seek therapy services online. If you have a degree in psychology, you can be one of the therapists offered through these applications and generate an income serving clients from anywhere in the world.
Given that America is chronically unhappy, there’s no doubt that you’ll be able to drum up clientele.
10. Professional Investor
Investors can make millions of dollars every year pouring money into everything from spray in bedliner dealers to marijuana companies. If you feel like you have a good read on the stock market or have the confidence to invest in the private equity space, do it.
With a few well-placed bets, you could revolutionize your financial life.
Try Out Any One of Our Innovative Business Ideas and Change Your Life
Life can feel like a drag when you’re grinding for somebody else and not making any money. To break that cycle, we can’t recommend enough that you take a chance on one of the innovative business ideas that we’ve just shared with you.
Many of our suggestions cost little to nothing in the way of startup costs so you’ve got a whole lot to gain with very little to lose.
If you’re looking for more business inspiration, read more of the outstanding content that our team publishes on our blog, weekly!