You can still live the American Dream by setting up your own business today or become a reputable entrepreneur in your country by starting a profitable, low-cost business. If you desire to understand and pursue the most profitable businesses with low startup costs in 2020, you must sit back and evaluate each business idea fleshed out in this article. These future business ideas cut across several industries and are profitable business ideas that will stand the test of time.
There are hundreds of businesses you can run on the side without leaving your day job, but you must stop being a dreamer and become a doer to really become a business owner and an employer of labor. The low-cost business ideas evaluated in this piece range from web-based businesses to specialty craft, and they hold great promise if done the right way this year. These businesses for 2020 and beyond have been tested across many industries and they stand true.
The ideas highlighted here represent the top business trends for 2020 and are the best businesses to start with little money. They will work for anyone with vision and passion because they are low-cost business ideas with high-profit potentials for people in America as well as those in any country in the world.
Methodology Adopted For Our Ranking
Considering that there are millions of online entrepreneurs globally and thousands of wealth blogs online, we managed to speak to a few earning at least $10,000 monthly to compile our list. Many of the successful entrepreneurs and small business owners we consulted before arriving at our 7 most profitable businesses with low startup costs in 2020 generate up to $50,000 per month on their online and offline businesses, but we used the minimum of $10,000 per month as a benchmark to trust the credible opinions of our sources.
Another yardstick for including some of the businesses we did in this list is that many of them were established with less than $100 and require less than $300 to manage for profitability. Considering the global economic recession brought about by the COVID-19 pandemic, any profitable business with low startup costs and potential for expansion into millions in revenue qualifies to be on this list. More so, starting small guarantees hard work and dedication to growing the business, and our list constitutes the top business trends for 2020 and beyond
We also took care to review businesses that could be run from any country in the world and not necessarily the United States alone. All countries of the world have entrepreneurs that grew their businesses from nothing to big enterprises, and this means that wherever someone is in the world, it is possible to grow a profitable business into a conglomerate.
Another methodology we adopted in arriving at our most profitable low-cost businesses is that the model must be replicable by anyone, and must not necessarily require leaving one’s day job. To this extent, a small business runs successfully in the UK must be run successfully in Canada or Pakistan given the same online or offline factors. This will prove that the model can be taught others and replicated anywhere to obtain the same results regardless of time and space. Moreover, it should be managed as a side hustle without the need to leave one’s salaried job until the business is large enough to support the owner and others on a full-time basis.
Here then are the seven most profitable businesses with low startup costs in 2020 and beyond: