11 MOST PROFITABLE BUSINESS IDEAS FOR 2020

It's a new year and you're ready to be your own boss. So let's dive into the 11 most profitable business ideas for 2020. First and foremost, I have created several businesses over the last couple of years. Well, actually over the last decade, which is weird and makes me feel old, but I started when I was like 14 so it's fine. I've built quite a few businesses in quite a few different iterations, and I've learned a lot about which kinds of businesses actually generate the most profit for you, which really is all that matters. Your total revenue in your business, it doesn't mean a lot, because a lot of businesses make a lot of money, but their expenses are equally as high, so they actually aren't making any profit, and profit is just the take-home money. So, the amount of money that you make minus any of your expenses equals your profit.

We want to basically help you create a business that actually is going to create cash flow for you and bring in profit. The most profitable businesses take very little money, and your time also isn't ... you're not slaving away at the business. So very little time and ideally, very little money up front. So, you have high cash flow like I said, and you have freedom in your time and your resources. These came from my own experience. It also came from looking at the trends that are happening in business right now. It also comes from the fact that I work with thousands of people inside of my programs, and they're pretty much all entrepreneurs, so it's really interesting for me to watch and I've been able to watch for the past couple of years which business owners and which entrepreneurs and which niches tend to be the most profitable.

So, if you're excited about this and you're excited to hear these profitable business ideas that you can get started on right away. Okay, so here's the thing, if I'm going to give you this list, you need to actually take the action on them. The first thing that I want to go over, and the first profitable business idea, is not a course ... I will get to that in a second. Courses are amazing, but it's under the category of infopreneur, and I made this video about business plans for 2020 and you want to check that out, because I talked a lot about infopreneurs and why it's such a great niche or type of business to start, because it takes very little cash up front and you can also scale it very easily because it's an online business.

      1.  Coach or Consultant

So, the 1^st thing I'm actually going to tell you is becoming a coach or a consultant, because that's generally ... if you want to create a course, the first step is always being a coach or consultant. Creating a course without any sort of real world expertise or experience in working with people is a really dangerous game to play, because you don't actually know who's going to buy it. Also, if you don't have an audience right now, you don't have an audience of people to buy that course that you've made and spent time on. So instead, to immediately start your business, the best thing to do is to start a coaching or consulting business, which we help people do inside of our Authority Accelerator program. So, coach or consultant is first. It allows you to work one-on-one with people, it allows you to charge a higher rate because you're actually spending your time one-to-one with your clients, and you can start without any investment. You don't need any investment upfront, you don't need any help with it upfront and you can just start working with people. So coaching or consulting, and if you're an expert or have an expertise in anything, it's a great place to begin.

     2.  Courses

The 2^nd business is courses. The course industry is expected to be a billion-dollar-a-day industry by 2025, so there is so much room in the course industry, and the really amazing thing that I love so much about it, which also is part of the reason I love YouTube so much, is because you can create a course based on you, based on your own experience, based on your own story. You have a problem you can solve and you want to check out this video about how to develop your million dollar business idea because it will help kind of work through a lot of this. But if you have a problem that you've solved for yourself, that could be your course idea or your consulting or coaching idea, and you just need to basically develop it into this productized course.

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You know that I've created a multimillion-dollar course business, and I know how powerful it is to create courses and to be able to sell them passively on autopilot every single day. And I highly recommend it because it does allow you to go from working one-to-one with people to allowing you to scale to work with thousands of people. I had my little consultancy. I was able to work with like 10 clients at a time, but then when I started making courses, we've now worked with over 6000 people all over the world. I am one person. I couldn't possibly work with each of those individual 6000 people in the past couple of years by myself. So, being able to package my expertise, my methodology, and my system into a course that anybody can study at any time has allowed us to scale the business to multiple millions in the last couple of years. The courses are amazing.

     3. Virtual Assistant

Now, the 3^rd thing I wanted to talk about, the next business idea, is a virtual assistant. Oh my goodness gracious. I say this because this was probably the biggest game changer that I had in my business. I have an amazing executive assistant on my team who actually has been promoted on my team because she's so awesome. And every entrepreneur, once you get past the solopreneur phase, this is generally the first hire that you make, so there is a huge demand. If the course industry is going to be at a billion dollars a day by 2025, that's a lot of people who are going to be creating these very lean businesses and online businesses who are going to need help. So getting yourself trained as a virtual assistant right now is a really smart idea. So you can do things like manage content, social media. You can help with landing pages, funnels, customer service. A virtual assistant really is a Jill or Jack of all trades, and if you can learn those skillsets or even hone in on one of those skillsets, you're going to have a lot of demand in the coming year, in the next couple of years, because there are a lot of people like me who need someone like you, especially as this industry continues to grow. The next business idea,

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     4.  Micro Agency

The 4^th business idea, is something I like to call micro agencies and I've just seen this idea popularize over the last couple of years, and I've actually even thought about starting one myself. But if I were an expert at one particular platform, I would definitely think about starting a micro agency. A micro agency is basically a very small, lean agency that does done-for-you services, so you actually do the work for your clients. But by micro, I mean that you focus on one thing. There used to be a need for overall social media agencies, but what I've seen as a trend is that these overall social media agencies, they don't know how to do everything well because social media has changed so much and the demand has changed so much. When I started my consultancy a long time ago, I was doing every social media platform. But when I honed in on YouTube was when I was able to actually grow exponentially, and the same thing is happening now.

So, focusing on one platform and becoming a micro agency for that platform. So let's say you're just an Instagram agency. That's all you do. That makes you magnetic for everybody who needs Instagram help and you can master that one thing. Check out this video, I'm a Million Dollar Secret to dive more into mastering that one thing and why it is such a brilliant and profitable idea for you. But micro agencies go hand in hand with that thought process, so that's something else to look at, Pinterest agency, Facebook agency, YouTube agency. I would really look into starting something like that.

     5.  Content Creator

The 5^th profitable business idea for 2020 is content creator, because guess what, if there's a lot of course creators, if there's a lot of solopreneurs, if there's a lot of online businesses that are getting started and a lot of personal brands out there, and there are more and more by the day, we, people like me, need help with content creation. We need videographers, we need editors, we need photographers. We need help with those things once you get to a certain point in your business. So, having the skillset of video and photo content creation and even writing copy content creation is so valuable, and it's something I'm seeing more and more demand for. The other thing that's really cool about this is once you learn the skill set of content creation, there's also so many sites out there now, things like Shutterstock, where you can actually sell your content, your stock photography, stock videos. You can sell your content for people to use in their businesses. There are multiple ways that you can benefit and create a profitable business by being a content creator.

So, really good place to start. And I know a lot of you are already doing that, so now it's thinking about how you can generate even more income doing that. I would also suggest if you're going to be a content creator, one thing that I've noticed in that space as well is if you specialize in one particular niche, you tend to do better. So if you're like a fitness content creator and you're the go to for creating badass fitness videos or fitness photos, you're going to have so many clients wanting to flock to you because it becomes this word of mouth thing where everyone's like, "Well, that's the person you want to go to for fitness videos or fitness photos." But, you could pick any niche, but honing in on one niche as a content creator is a really profitable idea moving forward.

     6.  Contractor

The 6^th thing is becoming a contractor. Contracting is a really great, profitable way to start a business. If you don't have any idea where you want to start, you don't have any experience right now, becoming a contractor is generally the first step. It's how I started my business. I just started taking on these little clients and doing social media work for them. I was a social media manager, and that was the contract position that I was able to start my business with. There are so many opportunities right now to become a contractor, things like becoming a channel manager for big YouTube channels, because there are people out there who just aren't able to manage their channels on their own. Managing comments, doing the research for their channel, just little things like that. A lot of people need help with that. And becoming a member of our YouTube for Bosses program allows you to train yourself in being able to do that. Just a little hint. You want to learn more about YouTube for Bosses, click the link below this video, bossyoutubestrategy.com.

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The next thing is things like building funnels. When I say becoming a contractor, focusing on one specific thing and being the go to contractor for that thing. So building funnels, becoming a YouTube channel manager, a personal trainer, working one-to-one with people, a dog walker, a cleaner, a house cleaner. This allows you to do the work and get paid to do the work. It actually builds up cashflow, so then you're able to scale the business. You don't have to be doing the work anymore, but you could hire somebody else to do it for you and have even more clients, which allows you to grow and become more and more profitable. So, becoming a contractor is a great place to start in building your profitable business.

     7.  Affiliate Marketing

The 7^th business idea is affiliate marketing. I did a whole video about this right here. You can check that out and I talk to you about passive income and how I generate my passive income in my business. And honestly, it's probably the easiest and most profitable way to start generating revenue in your business, because you don't have to create anything of your own and you don't have to put your time and effort really into creating something new.

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You can sell things that already exist. But in doing that, you want to check out this video on my passive income secrets on how to strategize around creating affiliate income, because there are definitely ways that you need to attack it to make sure that you're honing in on one thing and you become the magnet for that one thing, so you can make more and more money through affiliate marketing. And you want to drive traffic with targeted contents. When you're making content online for affiliate marketing, it should all be related to one niche. I always give the example of if you're a food blogger or a food YouTuber, stay focused on food, because your audience is going to want to know about food, accessories having to do with food. Then you sell those things as an affiliate and that's how you generate that income. But if you're talking about food, and then all of a sudden you're selling cat toys, no one in your audience is going to want to buy the cat toys because they're not there for that. So, you want to stay focused on one thing.

     8.  Amazon

Number eight, Amazon. Amazon is an amazing, amazing tool for new entrepreneurs. I have a lot of people in my programs who use Amazon to build businesses, things like drop shipping businesses. The cool thing about Amazon is you can find a product that you want to sell and create your Amazon store, Amazon inventory, and you don't actually have to have a warehouse like in the old days, where you have to house all that inventory. You can basically just sell it on demand. And so you don't have to have that cost of keeping all that inventory or potentially lost costs if you don't sell that amount of inventory. So, Amazon is an amazing world and there's a lot of great channels and YouTuber's about it. If you have recommendations for people who you want to follow for Amazon, put them in the comments below. But Amazon is an interesting thing to start looking into.

     9.  Airbnb

Airbnb, so amazing. What a cool time to be alive, but you don't need to own a home to rent a home. Airbnb is an amazing business idea and a really profitable business idea, especially if you have a room in your house that you can just start renting out, because that is just money coming in. Maybe it's a little bit of money, but it's still money coming in. Can you rent a room in your house even for a couple of weekends a month? If you live in a desirable city, you're definitely going to be able to rent it. I have a friend who has a place in Vancouver, they rent out their basement and they make about three to four thousand dollars a month doing that. Airbnb is awesome. Here's the other thing that's happening with Airbnb that I'm seeing more and more of, is that you don't actually need to own a home in order to use Airbnb to your advantage or build a profitable business around it. There's this whole thing now with property managers for Airbnb, so people who specifically manage one property and they're in charge of constantly renting it out and bringing in renters and revenue for the owner of the home. That's a whole other way to build a business around Airbnb. That's something to also dive into and look into. It's something that I will be looking into in the next year.

     10.  Meal Prep

The 10^th thing that is an amazing business idea for 2020 is meal prep. I know that sounds kind of weird, but our greatest currency is time, and people have less and less time. Or, they just get to a point where they're like, "I don't want to spend my time cooking." I'm one of those people. I started doing meal prep last year, and I pay a couple hundred dollars a month to get my meals prepared for me for every lunch during the week and some dinners. And so if you're a cook and you like to cook, I can guarantee you that you would be able to find clients within your friend circle, within your network, who would pay you to meal prep for them. And if you're already doing it, you're already spending your time doing it, that's an amazing way to bring in some extra revenue and cash. And again, you could start that doing it yourself. Once you build it up, you could potentially hire people to scale the business and make it even more profitable.

      11.  Bookkeeping and Accountants

Now, the last profitable business I wanted to mention is bookkeeping and accountants. Holy smokes, there is such a need for this and it's kind of a weird gap right now because there are people who are solopreneurs who need financial help and guidance, but maybe don't have the revenue to be hiring somebody full time. So there is a huge opportunity for contract bookkeepers and accountants who have that expertise, who can basically work with people on smaller contracts but still be generating a good income from it.

If you have an expertise in the financial area, there's such a high demand for these entrepreneurs who are working online and building very profitable businesses but need help actually managing the finances and the money behind it, and it's a job that you can do from home, and it's a job that doesn't require a lot of money upfront to grow it. Again, highly profitable business idea and heightened demand business idea for 2020.