Best Profit-making small business ideas 2020

Unfortunately, many people go about choosing small business ideas in the wrong way. They more or less stumble upon it. Maybe they followed the best advice about a particular business or event they read about and it sounded like fun. This informal approach to finding your business idea is risky. Maybe you end up with a good idea. And it may not do that. I see that many people use this approach and end up wasting a lot of time and money on a bad business idea.

Profit-making small business ideas you can start with as low as Rs 20,000

Art Gallery

I see two ways to be successful in this business: 1) Focus on artists who have established followers that you are comfortable that you can sell or 2) Take lesser-known artists on a consignment basis, meaning you don't actually buy artist drawings until the day of their sale. This can be a difficult business: people's tastes can change and a successful one-year exhibition can be quite difficult. So keep managing your overhead and watch the changing trends.

Cake Making

I can barely "cook" a frozen dinner, but you may have the cooking skills that I'm lacking! People will pay good money for a really great cake for special occasions. Get great cake photos on your website, promote your event planning skills, and develop your clients! 

Clothing Boutique

My kids did an upscale sneaker and related goods boutique. This can be a lot of fun, but it can be difficult for you to earn money through these small business ideas. First, make sure your site has great foot traffic- stay there and count the heads before signing a lease! Then create a unique marketing plan and don't be afraid to decide what isn’t moving.

Coin or Stamp Dealer

I loved collecting stamps and coins as a child. Today, some coin and stamp dealers still have retail websites, but many other websites work primarily online. This is a great job to start part-time and then think full time later. Or is it just a hobby with the chance to earn big bucks? American President Franklin D. Roosevelt spends many pleasant hours with his stamp collection.

Coffee Bar/Tea Salon

Yes, you can compete with the Starbucks and Dunkin Donuts of the world following these small business ideas! However, these chains have raised the bar, so your coffee or tea should not only be good but also great. It is better to have a good atmosphere too. Your site should also be good. Also, you must be special. One way to stand out is to complement your world-class drinks with good food. So yes, you can compete, but you have to shoot all the cylinders in this competitive space!