Times have changed dynamically and so has the market trends. Opportunities, in today’s era, have widened its horizon to a un-imaginative extent. It is like digging with each inch beneath arises more curiosity to get deep. It applies to business too. While there are thousands of business ideas, only a few of them are Most Profitable. If you are looking for the list of most profitable businesses to start in 2020, this article is for you.
These ideas are filtered based on higher profit margins that can be generated. However, in initial time, the margins could be lower, but in medium to long term, they would reward with high profits.
1) Insurance Agency
‘Precautions are any day better than cure.’ The area of precaution nowadays has not only confined to the medicinal part but has also introduced elements of safety via Insurance to all levels. From getting your life insurance to general insurance, the agency shows concern for you as well as immediate ones beyond your life. To create a sense of belongingness amongst the employees as well, companies like Reliance, TATA, Birla and now every such other organization have provisioned for an Insurance Policy for their staff. While companies are providing insurance to their employees, every individual need to have life insurance and health insurance from their side too. Since this is basic in financial planning, this could turn into one of the most profitable businesses to start.
2) Real Estate Agency
With urbanization and globalization booming in the current scenario, more and more people are searching for good space to settle in. That’s how the Real Estate sector has gained a lot of importance. A survey forecasts, real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13 percent of the country’s GDP by 2025. This has led to establishing a large number of Real Estate Agencies all over. The agents tend to showcase great project deals to the clients and yield high-end margins out of the same. You can start this business and earn 2% to 6% commission on the property value.
3) Labor Contractor
Contract Labor means a specified individual who signs a deal with you for providing any type of specified labor work. In today’s time, manpower being one of the most valuable ingredients to every business is a requisite to any venture, be it a construction project or production line or any other sector. Nowadays the success of a project especially depends on the smooth workflow and that depends only on the labor that is working for you. Handling and arranging labor these days are a very tedious task. But you can’t take a chance on that! So to strike a balance, a different group of Contractors is there to offer you some valuable and quick service of labor supply. If you are looking for good margins, this could be one of the most profitable small businesses to start.
4) Co-working Space Venture
With land becoming one of the scarce and expensive tools, the trend of future services offices is going to change. With the high rise in rental accommodation for professional services, it is very difficult and more struggle-some for startups and small businesses to afford a separate office space. So, to make businesses more viable and cost-optimal, they have come up with an idea of sharing the working space. Such an innovative mindset not only helps with reducing rental expenses, but also enable the sharing of expertise and skills. If you have a vacant space that can generate a productive platform, you can instigate this Co-working Space Business.
5) Cleaning Service Business
Scrap business has become one of the most ongoing, flourishing and esteemed businesses of today’s time. With the slogan such as Swacch Bharat Abhiyaan spreading everywhere enormously, the awareness drive for maintaining cleanliness has raised to another level. Also dumping zone areas like re-cycling of resources, re-utilizing things to the best have been given a significant vocal these days. So, to add some brownie points to the social responsibility line, you can initiate with the Cleaning Service Business just like a Rags tag team, Dirt Devils. Thereby adding value to your business profile and the society.
6) Affiliate Marketing
It is being forecasted that businesses that stand for the collaborative economy model will invite immense fruitful responses in the coming years. Some of the prominent examples are Amazon, Flipkart, Awis, MaxBounty, Flex Offers. Such services not only accredit the final consumer but also facilitate the service provision and ultimately fetch great commission margins. As an example, you can earn as much as Rs 40,000 per month with Amazon Affiliate marketing business even without requiring any team under you. This affiliate marketing is one of the most profitable businesses to start from home.
7) Travel arrangements
The only thing that people will look forward to in today’s times- Food & Travel. Travel plan sets out to be one of the most alluring and fast-growing business in recent times. If you are a travel freak or loves to explore places, you will enjoy settling down with this Travel arrangement business proposal. You can earn a handsome package by exploring different places, something that you love doing. What best can you ask for, if you get all in one! Businesses like Makemytrip are upgrading themselves, each season with new travel ideas and how making it even more engaging.
8) Organic Farming and other Consumables
Selling organic has become one of the fanciest businesses of current times. Individuals owning personal farmhouses or vacant land have the opportunity to instigate organic farming and sell them at a high price. Such an organic business proposition can turn out to yield lucrative businesses. Apart from consuming food, people have also started adopting an organic way of life like dressing in Khadi and pure cotton, barring plastic over brass utensils, etc. Since people are moving towards consumption of organic farming products, this is one of the most profitable business to start in India with low investment.
9) Wedding Planner
Organizing a wedding ceremony has turned out to be a great saga. An enormous amount of planning, from booking the destination to arranging a makeup artist for the bride, goes behind making a successful wedding happen. And that’s why Wedding Planners play a significant role in engaging a wedding proposal to happen. Turning such a Wedding planning course into an entrepreneurial segment will help you not only earn a lucrative business, but also develop a networking channel, thereby managing multiple things at one time. If you are good in planning and executing, this could be one of the best and high profitable business ideas for you.
10) Fashion Boutique
Every other individual aspires to become a great Fashion Designer. Why? Such professions are convenient concerning mobility and breaking the monotony with routine life. Opening a fashion boutique is one of the most on-going and eye-appealing business in today’s time. If you can sense the market preferences and choice to the point, this professional is meant for you to become a highly esteemed stylist.