Lucrative Business Ideas to Start in 2020

A new year usually comes with a renewed spirit, new expectations, and new opportunities for growth. And for someone starting a new business, this is a great time to begin—a time when the resolution is still fresh, leaving a burning desire to begin. If you are in this category, then you’re in luck, this article talks about just that. 

Before you begin, you have to decide what type of business you wish to start. Some businesses are evergreen and can be adopted at any point, while others are seasonal or outdated. Here is a list of lucrative business ideas that you can start in 2020.

eCommerce

New technologies and progress in internet facilities have made e-commerce easier and more effective than it was before. You can now reach a wider audience, and sell anything from mainstream products to custom and vintage antiques, and even digital products like e-books. When it comes to digital products, you don’t have to store inventory or ship anything, and you only have to create your product once and sit back and watch it make money for you even while you sleep.

You can also sell physical products but skip the hassle of inventory, storage, and even shipping—it’s called dropshipping. Dropshipping has grown massively popular over the past few years because of the many benefits the business model offers over regular e-commerce stores. Once you have suppliers all you need to worry about is marketing and customer support.

Your e-commerce store could also offer services. If you do not offer them yourself you can partner with local stores that do. For example, if you sell phones in your e-commerce store, you could partner with a phone repair service to fix phones in the local area. You can then optimize your site to come up whenever a potential customer Googles “iPhone repair near me.” 

Automobile Retail

This may sound like a scary one, but the retail of automobile cars can prove lucrative if you know what you’re doing. The first trick to avoid huge startup costs is to sell used cars. Used cars are more frequently bought than new cars both in the US and several other countries. With used cars, you get to skip all the extra costs and conditions associated with the sales of new cars.

Another great trick of this industry is that you can find businesses that sell cars used cars wholesale at dealer prices (which means lower than usual) to get a steady supply from. Some of the better wholesalers like Auto Auction mall can even help ship a car from USA to Nigeria. That’s how far their reach is. You can be a business in Australia, England, Canada or Nigeria and still access this service.

Virtual Call Center

As long as there are businesses there will be customers who have complaints and who need help. You can cash in on this by starting a virtual call center. All you need is a good laptop, a stable internet connection, a wireless receiver, and call center software. You can handle customer care for businesses, inbound or outbound sales calls, and other customer-related problems.

The call center software you use is important in this line of business as its features could either make your job easier or frustrating. For example, Bright Pattern’s call center software enables you to run an AI call center. They do this by combining the power of artificial intelligence with their cloud services to automate tasks that you would normally have to do, thereby increasing speed and the number of customers you can attend. All this results in higher productivity which means more money in your pocket.

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