12 Profitable Home Business Ideas To Try In 2020

12 Profitable Home Business Ideas To Try In 2020

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Are you looking for profitable home business ideas you can start in 2020?

If there’s one thing this global coronavirus pandemic taught us, it’s good to work from home. Or get into a business that you can run from home.

Two to three decades ago, people had visions of flying cars in 2020. And back in the 80s, Tear For Fears had a hit song called “Everybody Wants to Rule the World.”

Who knew the rest of the world would be spending at least a month or so in 2020 at home?

Perhaps Tears for Fears can change the song’s title to “Everybody Wants to Work from Home.”

Luckily, we bid good-bye to dial-up internet. So with a high-speed connection and proliferation of sites and apps, there’s a lot we can do.

When it comes to entertainment, there’s Netflix and a whole bunch of other sites.

And if you want to get in touch with your friends and family, there’s social media.

But if you want profitable home business ideas, there’s a lot of them too.

In this post, we’ll discuss these opportunities.

Want profitable home business ideas?

In light of the global pandemic, there has been a lot of changing attitudes toward the nature of home-based work or business.

While it’s already a reality for millions around the world, they sound like a good idea more than ever.

Before the COVID-19, nearly one-half of the working American population work from home. That includes over 50 million Americans who are now into freelance businesses.

On the other hand, close to 80 percent of knowledge workers around the world also ditched the office-based setting.

With these numbers, it goes to show home-based work and businesses aren’t just a fad. It’s becoming an actuality for the world.

So if you ever had a dream of running your own business, now is the time to be alive.

With these profitable home business ideas, you can be your own boss. You own your time and work when you want.

Better yet, you can run the show even in your PJs.

Check out these profitable home business ideas.

With the many online resources in store for you today, it is possible to start any business from home.

And just like any other business, success is always attainable. But it is not guaranteed. You will need to work on it.

The increasing popularity of home-based work or businesses also gave rise to more competition.

Will it be difficult?

To some degree, yes, it can be challenging.

But like I said, success is attainable.

Don’t let the negative thoughts hold you back.

With the right research, preparation, and guidance, you can be one of the successful entrepreneurs, doing home-based-business.

Are you ready to take part in the booming home-based economy?

Check out these profitable home business ideas that you can try.

12 Profitable Home Business Ideas

From selling stuff online to partaking in photography, these activities don’t seem like work.

Best of all, you can do some of these in your free time. It’s a great side hustle to partake. A wonderful source of extra income for your household.

1. Freelance Writing

Can you piece together a series of words to form a coherent thought?

Then you might want to consider freelance writing.

All you need is a computer and an internet connection. Then you can get started.

Freelance writing is perhaps one of the cheapest profitable home business ideas. It features low overhead cost, and you can do it anywhere.

It helps to have expertise in the subject matter you’re writing about. But even if you don’t, you can learn about it online. Just browse and read; there are plenty of resources on the internet.

So here are the things you need to know about freelance writing.

First, there are different forms of writing.

You can write news articles or press releases. You can also write about marketing stuff; even a simple thank-you note.

Of course, there may be technical stuff that you are not yet familiar with yet. But as I said, you can learn about these things by a simple perusal on the internet.

Now, in addition to writing, you can also engage in editing.

To become an editor, you will need to have a good grasp of grammar and syntax. You should also be able to spot errors in spelling and punctuation.

In freelance writing (and editing), the key is to never stop learning and selling yourself. It’s a continuous process of looking for clients, working on projects, and looking for the next client.

You also need to network and maintain relationships with people in this industry. Establish rapport with your clients and link up with other writers,

Wondering where to look for freelance writing jobs?

Check out LinkedIn.

You can also find job ads on Facebook groups.

Plus, there are plenty of major job boards. Just go ahead and search for them on Google.

And to get the ball rolling, don’t be afraid to ask previous clients for more work.

This guide will help you figure out how to become a freelance writer.  

2. Online Selling

Have you considered selling stuff online?

There are Amazon and eBay as two of the most viable platforms for setting up this home-based business. And I’m sure there are plenty more of these sites.

The key to online selling is to maintain a good rating. Sometimes even a single negative review can sink a business.

So you need to focus on providing the best possible experience for buyers. That way, you won’t get a bad review or a negative rating, which can potentially bring you down.

Know that the competition is fierce. So arm yourself with thorough research and preparation.

A good strategy can go a long way. So know what you want to sell and identify your target market.

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3. Social Media Specialist

Did you know most businesses are on social media to market their products or services?

So for companies that are looking to establish their online presence, social media is the way to go.

This is where social media marketing comes in.

You can make a good living as a social media specialist.

To start with your online presence, you need to build a good following. Whether for yourself or for products, services, or brands you want to promote.

So you need to determine your target audience. Perhaps connect with the people and companies in that community. Also, join groups and other like-minded individuals.

Crank out content and get it to the right audience.

The more you build your online presence, the more likely you’ll easily get hired by companies.

4. Web Design

A lot of companies need people to design their websites.

And the demand for talent exceeds the supply. This is why it’s great to try out graphic design.

However, graphic design requires a certain level of expertise. Not to mention, you’ll have to buy the software and other tools.

So unlike freelance writing and social media marketing, engaging in web design may entail costs.

But the good news is you can get by with just the bare tools. You don’t really need expensive applications to get started.

Eventually, you’ll earn money that you can use to upgrade your software and equipment.

Just remember, graphic design is not that common of a skill or expertise. As demand outweighs the supply, there are plenty of job opportunities for you.

5. Transcription

Did you know this is one of the most in-demand home-based jobs today?

So if you’re looking for profitable home business ideas, you might want to consider doing transcription jobs.

There are three types of transcription work: general, legal, and medical.

In most cases, you will have to undergo a bit of training to get started on this gig. So you’re not going to start immediately with the work (unless you have previous experience).

However, the earning potential for transcription jobs is fantastic. You can get around $15 to $20 an hour. That’s just the beginner’s rate. Plus, there is an increasing demand for the service.

If you can type fast and have excellent listening skills, why don’t you give this one a try?

Here are a couple of free courses if you think this is something you would enjoy:

  1. Free General Transcription Course
  2. Or learn about the specialized niche of legal transcription

6. Bookkeeping

You’re probably thinking you need to have an accounting background to get started on this job.

Well, you don’t have to have previous experience to start an online business from home.

If you have the willingness to learn the skill, you can go ahead with bookkeeping.

Why bookkeeping?

All businesses need bookkeepers—people who will record their day-to-day transactions, keep track of their sales and expenses, etc.

So the demand is always there.

If you’re looking for a side hustle, check out online bookkeeping. It’s one of the most profitable home business ideas today.

I highly recommend checking out this free 3-class series on becoming a bookkeeper to help you decide if it is something you would like to pursue.

7. Virtual Assistant

Here’s one of the highly popular and profitable home business ideas.

As a virtual assistant, you get to enjoy independence and flexibility.

Just like freelance writing and social media marketing, being a virtual assistant doesn’t entail high overhead costs.

Would you like to know more about the role?

Being a virtual assistant means you’ll be handling tasks and responsibilities accorded to an office assistant. The only difference is that you’ll be doing it virtually. This means you can perform all the tasks from home.

As a virtual assistant, you’ll be responsible for the admin stuff. This may include website management, data entry, appointment scheduling, and even bookkeeping and writing.

There are many possibilities for you when you take on the challenge as a virtual assistant.

And what’s great about this gig is the income potential.

A newbie can earn between $25+ an hour. The more experienced and skilled you are, the higher the pay.

Plus, you can take on as many clients as you can.

So imagine multiplying that hourly rate by two or three clients!

Discover the income potential when working as a virtual assistant. It’s one of the best profitable home business ideas.

If you are interested in becoming a virtual assistant check out this blog post that outlines how to become a virtual assistant.

8. Taking Surveys

A lot of brands value what their customers have to say. So they pay good money to learn about their customers’ opinions.

This is where surveys come in.

If you have the time to answer surveys, then you might get extra cash in the process. What a great way to earn money in your spare time.

You can check out Survey Junkie and Swagbucks for these survey gigs.

9. Party Planning

Do you have a knack for putting a good party?

You might want to try party planning.

For this gig, you need to have excellent organizational skills. It’s also important that you build rapport with your clients.

The best way to start is by organizing your family and friends’ parties. Eventually, the word will spread and you’ll start getting clients outside your circle.

Go further into specialization by offering costume parties for kids. You can also organize dinner plans at a local restaurant.

10. Catering Service

This pairs best with the party planning gig.

Imagine setting up a party and serving them with your culinary delights.

Starting a catering service brings a whole new set of food-oriented challenges. And on top of that, there are food safety regulations that you need to comply with to operate your business.

A catering service is a relatively low-cost business. And it’s fun; that is if you have a passion for cooking and preparing food.

With minimal investment, you can start with your first set of dishes for your customers.

So if you are looking to turn your interest into a lucrative career, go ahead with a catering business.

11. Podcasting

The key to success in podcasting is not just about getting many listeners. You need to get listeners that are engaging.

So even if you have a small, engaging group that follows your podcast, it’s better than a big, passive one.

But in order to get a loyal following, you need to specialize in a particular area of discussion. Cater to a specific niche so people know what to expect when they listen to your broadcast.

Wondering how do you drive revenue through podcasting?

First, it’s through sponsorship.

You can also earn income by selling a few ads.

12. Home Day-Care

Do you love kids?

Then starting a day-care center in your home may be a viable option. This is perfect if you have neighbors who are busy, working parents.

Knowledge of CPR and first-aid emergency procedures is a must.

Are you ready to join the work-from-home movement?

With these profitable home business ideas, you can build a fulfilling career in the comfort of your home.

What is your favorite home business idea?

McKinzie Bean
McKinzie is a mom of two, and a personal finance enthusiast. She loves teaching other moms how to save money, make money, and take control of their financial situation. She has started five profitable businesses and in college, she double-majored in Financial Planning and Psychology. You may have seen her in publications like Forbes, The US Chamber of Commerce, Yahoo Finance, Money.com, The Penny Hoarder, & more.

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