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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

small business ideas

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.

small business ideas

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! 

small business ideas

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.

small business ideas

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.

small business ideas

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!

small business ideas

Cookie Business

I met a highly successful Wally Amos of the Famous Amos cookies, who after his career fired him as a talent agent in Hollywood. Wally eventually lost control of his company to outside investors. However, he went back again with another line of cookies. Everyone loves a fancy cookie and it's easy to distinguish between them and charge a premium for it.

small business ideas

Cupcake Business

There's something magical about the cupcake that says fun and silliness and makes you feel good! You can take advantage of this feeling and make others happy. But if you specialize in cupcakes, people expect them to be excellent! And if you want to remember, it must be world-class!

small business ideas

Gift-Basket Design

Wouldn't it be fun to overflow the gift basket with a selection of really thoughtful and cute items? Of course, it would! You can get great relief by picking up special gift baskets that will delight your customers and drive sales!

small business ideas

Logo Design

There are many graphic designers, but not many people specialized in logos. But in the Internet age, a beautiful mantra is more important than ever! Most companies don't give enough thought to their logo and have a bad result. You can help them create a great logo, a logo that can help define your business and bring them to customers!

small business ideas

Personal Trainer

You can start as a personal trainer at a local gym. Then try it for yourself. Being known with specific experience can help. So one day you can open your gym. Maybe even franchise it and go global! This is another good example of a booming demand that you can start small with little business experience.

Also Read: Qualcomm's unit to invest ₹730 cr in Jio Platforms


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