If there’s one thing we all have learned in this pandemic, it is the art of being indoors and staying self-reliant. You also must have realized that you don’t need the things you thought you needed the most. 

Just like your life, the pandemic has an interesting lesson for your finances too – that you needn’t rely on a single source of income, i.e. a job and have a side hustle along with your full-time job.

Diversifying your income stream should be your #1 priority in 2020. It gives you more money to spend or invest in the future.

Source: https://www.bankrate.com/personal-finance/side-hustles-survey-june-2019/

Launching a business can be a great idea if you are thinking of diversifying your income. In this blog, we bring you some unique business ideas that have the potential to help you grow.

All the business ideas presented below are chosen keeping the growing digital nature of the world economy in mind.

Here is MoneyNMotivation’s list of promising business ideas that will earn you money in 2020 and beyond.

Online Bookkeeping

The best way to earn money right now is to serve other growing businesses. Every business in this world needs a bookkeeper.

Just like all the industries, bookkeeping and accounting has also gone online. Thanks to cloud software like QuickBooks and Zoho, bookkeepers no longer are required to visit business premises for managing the books of accounts.

Remote bookkeeping is a great way to begin if you have a background in commerce and accounting.

You can start small as an individual remote bookkeeper for businesses in the UK, US or elsewhere by applying on Upwork and other freelance platforms.

Source: Upwork Job Search

As you can see, there are plenty of bookkeeping positions open on Upwork alone. You can start with a small project and gain some experience.

Once you get some confidence, you can build a team and start offering services on a large scale, maybe create a complete outsourcing agency.

  • Suitable for: Commerce Graduates, Accounting Enthusiasts
  • Investment: Low
  • Growth Potential: Amazing

Virtual Call Center

A virtual call center is an amazing opportunity especially for someone in India. Companies around the globe hire virtual assistants to manage their customer service operations.

India is the world’s top country for Business Process Outsourcing. (Source)

Clearly, there’s a booming ecosystem for outsourcing and you can run your own virtual call center with a bit of effort and moderate investment.

You’ll need to set up a center or hire a remote team, install equipment and bring in deals for inbound process, or outbound telemarketing.

Though there is limited potential for serving Indian clients but if you manage to sign up a contract for outsourcing the call center operations of a foreign company, you can quickly grow without much fuss.

  • Suitable for: Graduates with strong networking skills
  • Investment: Moderate
  • Growth Potential: Immense

Dropshipping or eCommerce Store

This is one of the most popular and profitable small business ideas in India which can give you phenomenal results in a short time.

The best thing about launching a dropshipping business or an eCommerce store is that you can start it on your own without much help. Platforms like Shopify allow you to launch an eCommerce store within hours if you have a product in your hand.

Now, let’s come to the difference between an eCommerce store and a dropshipping store. If you have your own product, you sell the same in your eCommerce store.

A dropshipping store owner serves as a mediator between the supplier and the customers and earns a markup.

You can think of launching a dropshipping store easily with the help of tools like Oberlo that automates everything from product sourcing to managing the store and customizing the product. Just that you need to be a bit smart at marketing to benefit from an eCommerce store in the long run.

  • Suitable for: Offline traders, marketers and people with entrepreneurial spirit
  • Investment: Low
  • Growth Potential: Great

Discover More: How to Start Your Own Dropshipping Store in India?

Smart Home Contractor

The world will be run by smart devices- smart TVs, smart cars, smart assistants and what not. They’ve already entered our homes and manage everything from security to lighting and entertainment. This creates a once-in-a-lifetime business opportunity.

People are still learning how to transform their home into a smart home, and you can offer them the service at a premium. Build a team of smart home specialists and help people convert their homes to a smart home.

You can also add products in your kitty and take complete projects as a contractor to grow your margins. Right now, this segment is unexplored in most of the Tier-II and Tier-III cities and can give your business an amazing boost. 

  • Suitable for: People with technological background, tech enthusiasts
  • Investment: Moderate
  • Growth Potential: Phenomenal

SaaS Product Owner

Do you know about SaaS as a business model? If not, you’re definitely missing out on a big opportunity. The software-as-a-service business model allows individuals to use a tool, service or an online product in return of a small monthly fee (think of Shopify or Spotify).

You can launch your own SaaS product for a niche market and onboard customers to start a recurring stream of income. Though it will take some time to develop a product, but if you manage to pull it off, you will enjoy a predictable monthly income.

  • Suitable for: Internet entrepreneurs, bloggers, coders and developers
  • Investment: High
  • Growth Potential: Amazing

Rounding it up

That’s it. You have it now – 5 fresh ideas for the entrepreneur in you. So, what are you waiting for? There can’t be a better time to start your own business than now. The whole world is experimenting after the pandemic.

So, why not spend your free time in building an income stream that will prepare you for financial freedom in the future?

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