5 Great Business Ideas For Millennials To Make Money in 2020

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One of the first questions you ask yourselves when you start a business is: Does my business solve an actual problem? Does my product or service fulfil a genuine market need?

If you don’t have clear answers to this, you might have to rethink your approach to the market. 

There are a whole lot of things to consider when it comes to choosing a business to start, the most important question is: Do I have money-making business ideas? Or in what industry should I start a business?

There being so many industries today, it’s likely you’re confused as to which industry proves to be the best.

Choosing which idea makes sense is frustrating as you can either have 10+ ideas, all of which are great business ideas to make money or you have no plans whatsoever.

Whatever the case be, the money-making business ideas mentioned below can be your next million-dollar business, provided you put in the time and efforts, ready for it?

It’s not the money you invest that grows the business; it’s time you invest that grows the business. 

I hope you like at least one of these ideas to start and build your business empire.

5 Money-Making Business Ideas That Are Too Good To Be True

1. Build a Cosmetics brand

cosmetics business ideas to make money online

We live in a world where everyone wants to look beautiful. Even if the saying that Beauty is not that important, what’s important is talent, more than often people try their best to look their best. The market audience for cosmetics? – Every single person on earth. 

Even men use some form of cosmetics to enhance their appearances. If you start a business in this space, there’s a high chance your business will be a money-making business. There are two main things you need to focus on in the cosmetics niche.

  1. Competition

With a vast market audience comes enormous competition. Thousands of cosmetic companies are born every year, and thousands of them fail the very next year. Why exactly? Because they don’t bring anything new to the market.

Customers like innovation, they like to see and try something new and unique; they won’t shift their focus from a known brand if you’re not offering something unique. 

  1. Ingredients

Gone are the times when a company can easily fool their customer, stating that they use all-natural products without any chemicals. People are smart; they can see right away if a company is making false claims.

Not only that, but the market trend is also shifting from all chemicals to all-natural. If you’re not all-natural, nor are you one of the big brands, you might as well not do business in the cosmetics space.

2. Build an Online Course

No matter what industry you’re in, there’s something you do at work. Some skill which you possess which you’ll happily teach others if you can make money out of it right? That’s why you should build a course. What are you learning right now? Are you in college? Do a class on your favorite subjects. Are you working in a company? Make a course of the work you’re doing. 

There are two things you need to focus on:

  1. Learning in-depth about the topic

If you like python lectures, go deep and learn about python, what all you can do with it, how companies can use it to simplify their work. Take some time and effort to learn about what you are comfortable doing and start creating a course around it. 

You can use Google and YouTube to learn anything in-depth. Skillshare and Udemy are among the top course-based platforms. Once you create your classes, you can publish them on one or both of these platforms.

  1. Marketing your course

Well done, you’ve successfully created your first online course. But does anyone know about it, other than yours truly? For that, you need to start marketing your online course. 

It sounds complicated, but you’re already using the marketing platforms. Instagram, Facebook, Twitter, LinkedIn, Reddit are great platforms to start marketing your course.

3. Holiday or Event planner

event planners business ideas

If given a choice to choose between a holiday planned by you or a holiday planned by a professional holiday planner for you, what would you choose? Of course, you would like some pro to design your beautiful holiday. 

We live in a busy world where people outsource anything that may take their time. Find out what people like to outsource and get started on building an audience around it.

Creating a website and writing about travel/events is the best way to get started. It may take some time and a lot of effort to get people to engage in your services, but once you start getting traffic, there is no limit to how much money you will make. 

Ask around, and you’ll find a few who don’t need an event planner but would appreciate it if they could get one. Talk to them, make a deal, and go all in and above to make their event a great success. If the event is a success and everyone had a blast, you’ve just made contact with hundreds of people who may hire you or refer you to someone else in the future. 

4. Publish your Book

Publish a book

For years, the norm for publishing books has been so difficult, first you’d need an agent, then a publisher and enormous advertising campaigns and loads of other things hoping to sell 1000 copies of a book worth Rs 500. If my math is correct, selling a thousand copies won’t even break you even due to the high costs involved in finding an agent to help you, pay the publisher and run ads on newspapers and various magazines. 

Fast forward to 2021, you need to publish a book? Write it and go to Amazon Kindle and publish it. It’s done. No, I’m not trying to make it sound easy. Amazon has an enormous customer base, and it has made it so easy to publish a book that anyone, I mean anyone can write and sell a book online. 

Enough of publishers telling you your book isn’t what the audience wants. Write on something you feel has the power to touch everyone and use platforms like Amazon to sell it. 

5. Tech support

Tech support

Our parents aren’t well versed with computers and phones. If there’s an error, they panic and don’t know what to do. Then they call a tech expert to solve the error, that’s where you come in handy. The more we get technologically advanced, the more problems we’re likely to face. 

Forget your parents; most of my friends don’t have necessary computer skills, some don’t even know how to transfer a file from the phone to a computer. And that’s okay because they’re good at something else at which I’m not. So when electronically challenged individuals face a problem, the best solution they have is to call a tech expert (that’s you) to solve their problems. 

And you can charge the right amount of money for menial work like transferring a photo from their iPhone to their MacBook. The great thing about this space is that the competition is not that much.

You can get it and make a successful and profitable business out of this quite easily. For this, you need to know Everything about a flat-screen which includes laptops, desktops, phones, smart TV’s, etc. 

How To Make Money With a Good Business Idea

Too many entrepreneurs today focus on the wrong goal. Instead of focusing on solving a problem and fulfilling a person’s needs, they find already existing solutions. Instead of finding a problem and creating a solution, they’re seeking solutions for previously solved problems. 

And that’s not entirely wrong, many entrepreneurs find their way and find their problems, create new and unique solutions after they start their business.

For instance: I want a digital marketing agency to promote my business online. I want someone who stays in my locality. Take a guess how many agencies should be located near my area? Two or three at most. Yeah, that’s what the numbers should be, but in reality, there are over ten agencies. 

Instead of wasting time trying to emulate the same business strategy which your colleague did, take some time and think about what new can you bring to the market.

How could you make your customer’s life easier? How is your marketing agency different from all the others out there? Start asking yourself questions and think hard for a right answer. 

Note: Starting a business is all about getting creative, so brainstorm on ways to get creative, and you’re ten steps ahead than the others. 

Great businesses are those where the customers Love to purchase and are not forced to buy.

Lastly, get this straight and clear. The answer to success in the business world isn’t raising money or chipping in all of your savings. The greatest asset you have isn’t your money; it’s your time. So keep investing your time and start seeing some real growth in your business.

If you want to learn how to start a profitable cookie business from home, this article is for you.

Read More >>> How to Start a Money Making Cookie Business

Do you have a business idea? Which business idea are you planning to start? Let me know down in the comments.

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