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How can small amount of money make a big difference?
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Small amounts of money make big difference when
- they occur (u save for 10–20–30 yrs for example) repeatedly during the course of time
- they are urgently needed to solve a big problem right now and right here
- When u buy smth which has a small price but a huge value (like a book which can completely change your life)
- when u help someone for whim this “small” amount may seem very “big” or life changing (u spend couple dollars for food and give it to a starving person for example)
- when u need to see a small amount as a proof that your idea works (u worked hard for weeks or months on your ideas and so.
30+ Small Business Ideas That’ll Make You Money in 2020
With so many business ideas in 2020, it can be hard to figure out which are worth pursuing. And when it comes to starting a business, ecommerce has completely changed the way we view the global industry. To put it into perspective, global ecommerce sales amounted to nearly 3.5 trillion dollars worldwide in 2020. This goes to show that ecommerce is an increasingly lucrative option for businesses. You’ll want to create an ecommerce business that’s not only profitable today, but also great for the long-term. You may notice that a lot of the ideas on this list have been growing in popularity recently. While jumping on a new trend can sometimes be risky – it can also be highly rewarding. Some of the ecommerce business ideas on this list have been popular for a long time making it more competitive but less risky. However, all the niche examples below will help make you money.
30+ Best Business Ideas of 2020
If you have been asking yourself what business to start, then this list is for you.
Let’s take a look at the list of ideas that’ll make you money in 2020:
Low Investment Business Ideas
1. Blackhead Removal
If you’re looking for low investment business ideas, you probably want to start with products that are low cost but have mass audience appeal. Blackhead removal was one of the most popular opportunities in 2020, but it’s been growing again proving that this could be a long-term, low-investment business to start. The thing about blackheads is that they never go away. You can continue selling products for years to come and even expand into other verticals within skin care.
So, let’s break down how marketing can work for this business. First, you need to start with a blog. This is gonna be a long-term business, so writing about blackhead removal, skin care, and beauty from day one will help you become an authority in your niche down the road. You need to ensure your strategy is strong so be sure to write long-form blog posts of at least 1,000 words per article, update the article every six months for accuracy/content freshness, and optimize each article for one main keyword and three or four secondary keywords.
2. Back Massager
With people sitting in sedentary positions all-day long, it’s no wonder that back pain is such a huge market. Keywords Everywhere shows that there are 246,000 monthly searches for “back pain.” And most of the secondary keywords include words like relief, remedy, and causes. So, it seems like people are interested in knowing where the back pain stems from and how to stop it. By selling back massagers, you can help minimize the symptoms your customers feel while solving a massive problem. Not everyone can afford to get a professional massage to minimize their symptoms, but back massagers can help alleviate some problems.
To promote your business idea addressing back pain, you need to focus your marketing on the problem you solve. A little trick to find those with back pain issues is to create a blog post about back pain that mentions how to solve it. Then, on social media platforms like Twitter and Instagram, add hashtags while sharing your article. Install a Google or Facebook pixel on your website just before sharing so you can remarket to those who read your article. People who find your article and read it will likely be experiencing problems with their back. Once they visit your website, you can have a retargeting ad win them back. The interesting thing about this strategy is that it makes your ads more effective because Facebook will now better understand who your ideal customer is since you’ve driven qualified traffic to your website.
3. Photo Printer
While photo printers may seem like a blast from the past, the nostalgia element combined can help bring back print photos.
The key to marketing this business will be including two main components: a hint of nostalgia and a highlight of security. You can create funny ’90s themed videos of people printing their pictures and storing them in a box. Highlight that this is a way of keeping your memories on-hand at all times.
4. Voice Translator
As time goes on, the world becomes broader. Business ideas around translation will be a huge market to go after. Google Translate already gets 277 million monthly searches proving that people need all the help translating they can get. If you’re a business owner, selling to an international audience with text in different languages will help you reach more people. If you’re a traveler, you’ll be able to communicate your needs and wants with the help of a translator tool. Fortunately, you can sell products like voice translators that can translate several languages on the fly.
To promote this opportunity you could focus on job titles. If you’re targeting people on Facebook, you can target people with roles that require a lot of travel like CEOs, entrepreneurs, flight attendants, pilots, and digital nomads. They’ll likely find the device helpful in their communications with business partners or those involved in everyday interactions.
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5. Reusable Bags
As people become more conscious of the waste they produce in their homes, some are starting to use reusable bags to lower the amount of plastic waste. Business ideas centered around preserving the environment can help you build a socially conscious brand. On Oberlo, we’ve seen increased sales lately for reusable bags showing that people do want to minimize their waste. Mesh bags can be used to store produce, toys, or other household items.
Socially conscious ideas need to showcase the environmental impact a customer can have with a simple change. You can create content about saving marine life or lowering plastic waste. And by showing that your product is the solution to these problems, you can help customers take action with their change.
Business ideas like athleisure stun the world by changing the game. Athleisure was virtually nonexistent prior to April 2020. But with the sudden growth in athleisure being used for everyday wear, even workwear, it’s seen a sudden spike that continues to grow. By 2022, the athleisure market is expected to be worth an astounding $215 billion . Holy smokes! And when experts are asked if this trend will soon pass, the experts consistently say “no .” So, if you’re looking for an opportunity that is popular, profitable, and here to stay, athleisure is a safe bet.
Taking your athleisure business to the next level can be done with the help of influencer marketing. Take a look at mega-brands like Fabletics for inspiration. Since it’s a larger-scale brand – and happens to be co-owned by Kate Hudson – the brand has worked with influencers like Demi Lovato and Kelly Rowland. When starting out, don’t feel discouraged. You can actually tap into micro influencers to help you promote your business. You could focus on Facebook ads, Instagram, and Pinterest to promote your products.
The streetwear niche has been steadily growing over the years. The $300 billion dollar industry can hold its own weight in the fashion world proving that fashion sub-niches can still be ultra profitable and successful for new business owners. Startup ideas like streetwear are perfect for business owners looking to cater their fashion lines to men as men’s streetwear is especially popular right now.
Streetwear is a niche example that can be marketed on popular social platforms like Instagram. Having influencers take custom photos with your streetwear clothing can help you create a professional brand as younger people are starting to lean towards luxury streetwear brands. You can also run ads on both Facebook and Instagram to find your target audience. If you’re targeting a younger demographic, you can also create a Student Rep program and pay influential students to promote your brand to people throughout their campus for some strong word-of-mouth marketing.
8. Women’s Dresses
Venture ideas that involve women’s dresses are ultra competitive, but they’re also super popular. We’ve been scouring women’s fashion websites for a while now and have noticed an interesting trend. While most fashion online stores include drop-down menus, we’ve noticed that many brands actually include “Dresses” in the top navigation while bundling everything else under a “Clothing” dropdown. The prominence of “Dresses” proves that it’s one of the most popular women’s fashion items for many retailers.
Ecommerce business ideas like selling women’s dresses can be heavily promoted via ads. The great thing about clothing ads is they’re often great at capturing the impulse buy. A shopper sees a dress they like on Facebook or Instagram, pulls out their credit card and makes a purchase without carefully contemplating the decision. Running ads on Facebook and Instagram will likely be your best bet for attracting the sale. Also, if you have an audience built up, you can also run email campaigns to drive traffic to your website.
Workwear is one of those small business ideas that you can take in a number of directions. There’s the work safety niche, which has specialized workwear such as safety shoes, scrubs, eye protection, and more. Or you can go into the business man’s workwear, and sell suits, ties, dress shoes, and other men’s fashion. There’s also workwear for women that could involve professional dresses, blazers, blouses, and more. It doesn’t make sense to combine all of these niches since they all serve different audiences. However, within each of these ideas, there’s a lot of room to expand into other verticals.
Marketing your workwear brand depends on which audience you serve. For example, if you sell specialized workwear, you’ll likely be targeting people who work in the trades such as construction or nursing. You’d be selling products like safety shoes and scrubs. However, even within that niche, you’d find that you can’t do a one-size-fits-all ad. The person who’d buy safety shoes is very different than a nurse looking for scrubs. Men’s workwear may even be considered men’s fashion in some aspects. For example, if you sell suits you might choose to target those who work in finance or law. In the women’s workwear niche, you’d likely market to women aged 23-34. If you sell professional work apparel, you might choose to target women who work in business, public relations, law, administration, or within a government role. As you can see, this is a business idea that can be taken into many different directions, depending on which niche you focus on.
10. Plus Size Clothing
Last year, we saw more callouts for inclusion and diversity, which is why plus size clothing is one of the top business ideas of 2020. More retailers are expanding their store collections to include clothing that fits every body. And since more manufacturers are offering greater size collections, there’s also more variety in clothing styles. Plus size clothing, as a standalone niche, allows you to fine tune your marketing directly to the plus sized audience. It also allows women to shop on a website without worrying about finding the right size. You could expand on this idea and also add plus-sized clothing to your fashion store. However, avoid creating categories called “Plus Size Clothing,” as that can be a loaded term. For example, retailer Suzy Shier calls its collection “Curve Appeal” while its URL is optimized with the keywords “plus sizes.”
Plus size clothing can be marketed in countless ways. You can go the organic traffic route and optimize your website for keywords like “plus size dresses” or “plus size clothing.” As a fashion business venture, you can also successfully market on Facebook or Instagram. While you can include product posts on Facebook, you can also add a viral element to your posts that can help skyrocket your page’s engagement and following. You can add body-positive images, inspirational articles, and viral videos about loving yourself no matter what. Videos, especially, can help skyrocket your page’s engagement over time. You’ll also want to run winning Facebook ads, which will help boost overall engagement.
11. Wireless Earphones
Selling wireless earphones is a startup idea growing in popularity due to the advancement in technologies such as Bluetooth and Wi-Fi as well as the sheer convenience of the product. You can dropship wireless earphones, with many suppliers offering free ePacket shipping that makes it affordable for consumers. When building a brand, you’ll want to create articles about wireless earphones and different target audiences who’d use them. You also want to showcase the convenience of having them. You could create videos of people using them while they run, commute to work, or take them out of their backpacks without the hassle of having to untangle them.
12. Posture Corrector
One of the fastest growing business ideas to make money right now is in the chiropractic field. With so many people constantly hunched over their phones and laptops, it’s no surprise that there’s been a rise in back and neck pain. Interestingly, the keyword “posture corrector” actually gets about 74,000 monthly searches proving to be a powerhouse startup idea for new entrepreneurs.
It’s true – you can sell products around posture correction on Oberlo. However, the niche is still wide enough that you can also create a ton of content as well. You can write blog posts to attract more people to your products. You can create ebooks about neck or back pain and some potential solutions to earn some passive income. And by zeroing in on the chiropractic field, you can gain some credibility by becoming an expert in a growing business niche.
Startup Ideas 2020
1. Beard Oil
One of the most popular niche products targeting men is beard oil, a part of the male grooming industry that makes approximately $6 billion in annual sales . Approximately 39 percent of American men have beards, which is a significant increase of 15 percent from 2020. There are many successful stories of flourishing beard companies making tens of thousands in sales each month catering to the “beard lifestyle.” Other companies are selling hundreds of thousands worth of beard grooming products each year. The men’s toiletries industry is worth approximately $3.4 billion, surpassing the men’s shaving industry by over $1 billion.
While the beard oil niche market is competitive, there’s still room for new players. You can grow your brand by dropshipping grooming products and beard oils. You should consider buying a few products to take your own professional images. It’ll help position your brand as a reputable beard oil company. As such, this business idea could benefit greatly with a strong social media presence. Your social media platforms should have tons of pictures of perfectly groomed beards for people to use as inspiration, while alsoallowing you to grow organically.
2. Phone Case
The phone accessories industry may be worth as much as $121.72 billion by 2025. While it may include products other than phone cases, this new business idea still offers a lot of flexibility for you as an entrepreneur should you decide to tap this niche market.
While there are a lot of phone case businesses, there’s still room for new stores to emerge. You can find thousands of phone cases to sell online on Oberlo . You can dropship iPhone phone cases, Samsung phone cases, wallet phone cases, and more. When you target women, you can have feminine phone cases that include floral patterns, cute animals, or lace and marble patterns. Or, you can target those who travel for work such as salespeople or entrepreneurs, and market phone cases that charge your phone.
3. Power Bank
A power bank is a mobile charger that is charged in advance for a later use. It’s a great product for those who plan to be in a remote location with limited access to electrical outlets. With an astounding 80 percent of internet users owning a mobile device , accessories like power banks are expected to continue growing in popularity. In fact, by 2024, the power bank industry is expected to climb to $17.9 billion . So, this startup idea might just be the perfect opportunity for you to make money in the power bank industry.
You can dropship power banks using Oberlo. You can do a combination of search-based marketing (Google ads) with Facebook ads to grow your store’s popularity. You can also expand into other popular mobile accessories niches such as phone cases. Having a store focused on mobile electronics that are growing in popularity can prove to be one of the most profitable ecommerce business ideas.
By 2020, there were 141 million units of smartwatches sold around the world . Whether they’re being used to track steps or plan your day, smartwatches are evolving, which makes them an innovative business idea.
On Oberlo, you can dropship smartwatches with heart rate monitoring, which would appeal to those interested in fitness or heart patients. You can also dropship smartwatches with GPS for those who like traveling, hiking or doing outdoor activities. You can dropship smartwatches with cameras for those who like taking pictures or selfies. With this startup idea, how you choose to market your brand and who you choose to target can open up a range of possibilities for you in the future.
Meditation has been steadily growing over the past few years, making it one of the most innovative business ideas to start. Interestingly enough, the keyword “meditation” has over 823,000 monthly searches, so you can definitely grow and find a massive audience for this niche. When it comes to this startup idea, you can approach it a number of ways. You can create an app, sell meditation products, or build a profitable blog.
When it comes to launching your meditation business, focus on building an audience through content. Even if you decide to sell physical products, this niche is one that’ll definitely benefit from unique blog content, ebooks, apps, or even a YouTube channel teaching tips on mindfulness. By focusing on the creation of content, you’ll be able to lower your acquisition costs if you happen to sell physical products. Why? Because you’ll be growing a large, sustainable audience.
6. Drawstring Bag/Women’s Handbags
The bags niche has been steadily growing over the years making it one of the best business ideas.You’ll notice a trend increase within men’s drawstring bags, women’s handbags, and more. There’s a diverse selection of bags you can sell making this a great opportunity to try. You can eventually expand into luggage, which has also been growing in recent years.
Instagram and Facebook would likely work well for this business. You’ll want to start marketing in July or August to capitalize on back-to-school sales. Keep in mind that children’s backpacks have been decreasing in popularity, so targeting students attending college would likely work best. You can do some Instagram marketing by having college-aged influencers wearing and promoting your bags. Offer influencers a commission for every referral through their link to keep your costs low while ensuring sales. Be sure to also target people by their university and age to find your audience on Facebook.
Looking for business ideas in the fitness niche? High-intensity interval training – more commonly known as HIIT – is still one of the hottest niches to tap into. We’ve seen a steady rise in HIIT searches, which tend to peak between January and August. Monthly searches for “HIIT” have an average volume of 246,000. You can tap into a wide range of channels to grow your HIIT brand. For example, you can create fitness videos on YouTube to build a long-term sustainable audience. You can create written content to share fitness tips. And you can monetize your audiences with the creation of an online store that sells products.
One of the fastest ways to grow a loyal audience is by creating YouTube videos. Since creating workout videos can be a time-consuming process, it’ll be a lot less competitive than creating blog content. If you focus on creating new videos on a consistent schedule (say, once a week) you’ll be able to drive traffic back to your website. You might want to create a landing page to collect your subscribers’ emails. This will allow you to have an asset that you can own and remarket to for years to come. Make sure that your email collection efforts adhere to EU’s GDPR guidelines if you intend to target people from the European Union.
8. Mirrorless Camera
With most people using their smartphones to take pictures, there’s a growing trend towards mirrorless cameras. Mirrorless cameras are more lightweight and compact than DSLRs, which make them ideal for photographers who don’t want to lug around bulky inventory. In 2020, mirrorless camera sales were up by 16.5 percent in the United States, resulting in lower DSLR sales. In fact, during that time, Canon’s sales of DSLR cameras were drastically reduced by 21
When growing your mirrorless camera store, you’ll want to emphasize the benefits of owning a mirrorless camera instead of a DSLR. You’ll also want to write content about why you should use a mirrorless camera instead of your smartphone for taking pictures.
Business ideas that involve pets tend to be wildly popular. With dogs being man’s best friend, it’s no wonder that the dog niche would be a great one to tap into for new entrepreneurs. From viral dog videos to selling dog accessories online, there’s a ton of ways to cash in on businesses that involve your furry friend. But if you decide to focus on another pet, just know that the pet industry is actually worth an astounding $72.56 billion .
If you’re looking to dive into startup ideas like this one, you can find success on almost every platform. You can create funny dog videos on YouTube and monetize them with YouTube’s ad program. Or you can build a massive audience on Instagram, reposting photos of people’s dogs and crediting the owner. Or you can sell products on your own online store sharing dog training tips and creating specific breed-related content.
10. Compression Socks
Compression socks add pressure to your lower legs to help reduce discomfort, swelling, and more. They’re often worn by people who suffer from disorders like edema and thrombosis. While they can be tight, they often help improve the blood flow in your legs. If you plan on selling compression socks in your store, you need to be mindful of the language you use. This niche is one of the trickiest business ideas, as you don’t want to make any claims about medical improvements. For example, you should use phrases like “helps reduce swelling” rather than just “reduce swelling,” as the latter could be considered a claim. These socks work well on a medical-related store that sells scrubs and medical gloves. You could also sell compression socks on a store that sells comfortable shoes like runners or orthopedic shoes.
Compression socks are a search-based product. Ultimately, you need to make sure that your product category and product pages are search engine optimized to effectively market these products. If you’re intent on using Facebook ads, then you should consider using a combination of organic traffic through search and retargeting ads. This will help better convert your traffic if they’ve abandoned their cart or weren’t ready to buy the first time around. You could also create ads for relevant segments such as athletes or those with certain illness that would require compression socks.
11. Dash Cam
Dash cams (short for dashboard cameras) are one of those startup ideas that’ll continue to grow in popularity because they’re practical, while also having a viral element to them. In 2020, dash cam sales increased by 918 percent in the United Kingdom because of the viral dash cam videos taken in Russia. Many insurance companies now accept dash cam videos in claims to be used as evidence, and some may even lower your insurance premium if you have one installed in your car. By 2020, the industry is anticipated to be worth $4.03 billion worldwide.
f you decide to create a dash cam business, you can dropship from a wide range of products on Oberlo. The best way to build up on your new business idea is to show how beneficial your product is. You can regularly post videos on your blog or social media of crazy events that were caught on dash cams. If you decide to do this, you need to make sure you blur out faces and license plates. You’ll also want to have permission from the person who recorded the video to share it. By building out your brand, when people search “dash cam videos funny” or “dash cam videos 2020,” one of your videos is likely to pop up if you post regularly. Content creating – blog posts to videos – can help grow this business.
Startup Ideas 2020
1. Bamboo Toothbrush
If you’re looking for new business ideas, the bamboo toothbrush niche is at an all-time high. It’s been maintaining high search volume for a few months now showing that this is one trend you need to jump on right now. Bamboo toothbrushes have risen in popularity due to a growing interest in reducing plastic. Toothbrushes are replaced every couple of months, resulting in higher plastic waste that doesn’t biodegrade. Bamboo toothbrushes allow your customers to be more eco-friendly. There are many different directions in which you can take this business venture. Some have chosen to create a standalone bamboo toothbrush store. However, you can also create a general bamboo store. Or you can add these trending products to a teeth whitening products store.
Bamboo toothbrushes can be marketed via Facebook ads and organic search. Facebook ads can be used to retarget your organic traffic, but you can also use them to get immediate sales. Organic search is a long-term play but can also lower your acquisition costs. You should also consider bundling your products to increase average order value. Simply selling multiple bamboo toothbrushes of the same style can prove to be profitable for your store. Plus, it ensures that the customer is constantly using your toothbrush brand.
2. Smart Device
In 2020, one of the small business projects you’ll want to dive right into is within the smart device niche. By 2020, the industry is expected to sell 2.2 billion units of smart device products. So if you’re looking for a smart business idea, you might want to get into the smart device space. The possibilities of this niche are endless. You can solve everyday problems by making them slightly more hi-tech. For example, even something as simple as light bulbs have Wi-Fi and Bluetooth connectivity these days that allow you to turn lights off from another room or even play music from your lightbulb.
You can promote your smart devices through search and Facebook ads. If the device you’re selling has cool features like being able to turn something off from another room, you can create video ads to show off these aspects. Those videos can be shared on Facebook, Instagram, or YouTube ads. When it comes to search-based results, you can create content around topics like “smart light bulb,” which gets 1,300 monthly searches, or around some of the other popular topics in this small business niche.
3. Minimalist Watches
If you’re looking for a fun ecommerce business idea that makes time fly, you might consider starting a business in the watches space. Over the past couple of years, we’ve seen steady growth of “minimalist watches” searches on Google Trends. However, we’ve also seen the volume of sales from popular watches increase even to the newest online stores. If you’re looking for a top business venture that allows you to start selling the same day, you might want to try dropshipping watches.
So, how do you start marketing your minimalist watch brand? Well, first, you might want to start by reading Tim Kock’s case study on how he made $6,667 in under eight weeks selling watches. He experimented with Facebook ads, Instagram marketing, brand ambassadors, and more. If you’re looking to get into the watch space, you’ll learn a lot by trying out some of those tricks.
4. Baby Pillows
Babies may be small, but there is definitely a big industry based around them. While this is more of a trending product than business idea, it could very well evolve into a bigger business beyond just baby pillows. There’s been sky-high search volume and sales growth for baby pillows in the last couple of months, but Google Trends data shows this product has had steady growth since about 2020. After you’ve built an audience selling your own baby pillows, you can expand your offerings to create a mega-brand in the baby niche. You might want to check out the best baby products of 2020 to help you get a head start on your business.
Good business ideas have one key thing in common: a clear-cut demographic. New parents will be the target audience of your baby business. And fortunately, with the help of Facebook, you’ll be able to target them with ease. You can create an entire brand around babies. You can add forums for new parents to ask questions, create blog content for both new moms and dads, or have an advice channel on YouTube to help new parents adjust to their new roles. All these efforts in combination can help you drive more traffic to your website and earn more sales.
Innovative Business Ideas
1. Standing Desk
The most innovative business ideas often start by transforming an everyday product into something different. We all know that sitting at a desk all day isn’t the best thing for our health. And that’s why there’s been a rise in standing desks, with 15,000 monthly searches for “standing desks” proving that people really don’t want to spend their entire day sitting. Since about January 2020, there’s been a sudden and strong growth in search volume for “standing desks.”
This trending idea will be best promoted via search. You can create content around the topic of standing desks to help make your website more authoritative. If you prefer a non-search-based approach, your best bet will be with the creation of video content. You need to explain the key benefits of using a standing desk to illustrate to others why they should get one.
2. Fake Flowers
From floral arrangements to wedding decor, fake flowers can be used at home or for special events. In the wedding industry, they’re a new business idea, as more brides are opting for artificial flowers to save costs. They can be sold to customers looking to liven up their home or to businesses who want to sell custom floral arrangements to their customers. Since they’re artificial, you won’t need to worry about flowers that die too soon, making the shipping process easier for customers. If you’re looking to go after the wedding market, your best bet is to sell silk flowers, which have a more realistic appearance to ensure an elegant look.
Fake flowers can be marketed in a number of ways. You can promote them on Pinterest since the wedding niche is massive on the platform, making it a great audience to tap into. You’ll need to create infographic wedding pins or blog posts that can drive traffic back to your website. The secret of monetization here is to have a Facebook retargeting ad running at all times to turn blog visitors into customers. Since not all blog readers will know you have products, it’s always a good idea to retarget them after they’ve left your site. Organic traffic will also be huge if you focus on ranking for keywords related to fake flowers or artificial flowers. For this startup idea, check out Afloral.com for inspiration.
3. Throw Pillows
In 2020, Bloomberg featured an article stating that millennials are finally moving out and buying homes. As a result, they’re starting to buy more furniture and home decor than ever before. While we’re giving a shout-out to throw pillows, there’s also been an increase in other home-related products such as kitchen supplies. That’s why it’s a great time to sell kitchen equipment, throw pillows, and other similar goods to make money. Having a store related to home decor or home-related products can prove to be profitable for you. You can add a wide range of home-related products to your store to fill out your product collections.
When marketing throw pillows you can target two types of audiences. First, you can target female homeowners, ages 30 to 55. If you sell home decor, you can run ads to different types of products to determine which performs best for that audience. Second, you can target couples in a relationship or newly engaged, as they’ll likely have wedding registries or be close to buying a home, making them the perfect audience for buying higher quantities of products from your store. You can even add a gift registry app on your store to get people to register for gifts on your website.
4. Home Security Systems
Every 23 seconds, there’s a home burglary in the United States alone. The home security business helps keep communities and our families safer. When it comes to home security products, we’ve actually seen a rise in search volume for “home security camera” since about 2020. The “home security systems” keywords get about 90,500 monthly searches, showing that more people are choosing to invest in their safety.
Unfortunately, when it comes to promoting growing business ideas like security cameras, Facebook doesn’t allow you to market on its platform. So, your approach needs to be search-based. You can create an entire brand around the home security industry. Building unique content around security-related topics will help you gain brand awareness and traffic on your website so that people buy your products. You can choose to sell home security devices on an online store and sell information products around the topic of home security to monetize your website.
5. Air Sofa Beds
At Oberlo, we’ve seen a rise in air sofa bed sales. They can be used for lounging in a kid’s room or used outdoors for a camping trip. As a popular business idea, they work well alongside other products in an outdoor or home store. This startup idea has been trending upwards for a while now, with slight peaks in the summer. Thus, this gives you the perfect amount of time to start working on optimizing your online store for keywords.
Air sofa beds can perform well in search. You can optimize your content to rank for keywords related to air sofas or inflatable sofas or even inflatable beds. However, they can also perform well as an impulse buy product in the summer. You can create video content showing people lounging by a campfire or relaxing under the sun. Using those videos for your ads can prove to be profitable, encouraging people to buy your products by highlighting the experience you create around your business venture.
6. Travel Bag
Want to start one of the most popular business ideas? Well, you’ll want to head straight for the travel niche. The keyword “travel bags” actually gets an astounding 246,000 monthly searches, proving to be one of the biggest powerhouses on this list. Google Trends also shows that search volume for this is increasing, proving travel bags are clearly something people want. And if travel bags are so popular, it only makes sense that other travel-related accessories would be, too. The travel niche is a massive one that allows you to sell physical or digital products. And you get to target a range of people from digital nomads to student travelers to honeymooners.
Since search volume is so high, you might want to start with a search-based strategy first. You can do keyword research on various travel-related topics, or if you’d prefer to go into the handbags space, you could use keywords for that niche instead. You can focus on growing blog content around your focus to build an audience that you can sell your products to. By sticking to a consistent schedule of new content and new products, you’ll be able to grow a brand that’s designed for long-term success.
Want to Learn More?
Which of these business ideas are you looking to start in 2020? Share your answer in the comments below!
12 Ways To Make Big Money In Life
The lack of real income growth for more than a decade has voters flocking to political populists in the belief that mainstream politicians can no longer deliver acceptable purchasing power growth and that high-paid people are stealing from the rest. But there are legitimate ways to make big money. Here are 12.
1. The surest is the old fashioned way
Skill, brains, luck, clairvoyance, hard work—and so much government support you can’t miss!
Petroleum remains heavily subsidized by various tax breaks—and they’ve made fortunes for oil tycoons for decades. Windmill farms and solar energy would not exist without heavy government subsidies. U.S. agriculture has been heavily subsidized since the 1930s, and even more so in Europe. The U.S. steel industry is, in effect, perennially subsidized by anti-dumping and other import tariffs. Real estate benefits from government largess via Fannie Mae , Freddie Mac and the Federal Housing Administration and tax breaks.
2. Pick rich parents who die young or have a wealthy uncle with no other heirs.
For most, however, inheritance is not the route to riches. Parents are living longer and incurring more medical expenses before they die. Marrying for money may work, but you’ll probably earn every nickel of it.
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3. Invest with little equity and huge borrowing—as long as you’re right on the investment’s price direction!
Housing bubble-era mortgage loans were especially attractive to subprime borrowers with little demonstrable income or assets, and lenders were only too happy to accommodate them. Hedge funds employ tremendous borrowing, which is needed to achieve the superior returns needed to justify high fees for investors. Private equity funds also use heavy borrowing, typically loading the corporations they take private and clean up with heavy debt and using the proceeds to pay dividends to their investors.
4. A recent subset of financial leverage is financial engineering.
This involves deliberate measures to produce big profits and high income through asset purchases, taking advantage of price leaps to sell more stock, multiple layers of companies, careful tax planning, etc. A Ponzi scheme? Think Valeant and SunEdison.
5. Nonfinancial leverage.
Think of entertainment in general and movies in particular and the big squabble over pirating CDs and DVDs that involves originators who want to receive all the fruits of their labors. Professional and college athletics rely on leverage, with multi-million-dollar contracts often tied to huge television and endorsement revenues.
6. Inventors can leverage their products through widespread distribution, but in many cases are better off waiting to build the second or third version of the better mousetrap.
Technology and related investments make this clear. Think back to the dot com boom in the late 1990s and Socks the Puppet.
7. Fortunes can be made by taking small slices of very big pies, especially if those ultimately granting the slices are making big money.
Look at fast food franchises, which make pennies per hamburger, but all those coins add up as they sell millions of dollars’ worth.
8. Cartels and oligarchies are great ways to make big money—as long as they last.
That was true of OPEC over the last four decades, although it’s now finished as an effective cartel. Utilities used to be treated as natural monopolies and made good, steady returns allowed by regulators. But their status is challenged by merchant electricity generators and solar system owners pumping their juice back into the grid.
9. An age-old route to riches is to promote hopes and dreams, regardless of how far they may be from reality.
Government regulation has curtailed the wild health claims for snake oil medicines, but opportunities still abound for sizzle providers of instant wealth schemes and get-rich-quick books.
10. Catering to addictions and vanity has always been a big money-maker.
Smoking is on the decline, but those still hooked on tobacco will pay almost anything to satisfy their nicotine habits. The same is true for drinkers of caffeinated beverages. Appealing to vanity is another lucrative business. Think of all the money spent on face creams, hair coloring, botox injections, body-slimming gyms—and all the gorgeous clothes to fit on those magnificent bodies.
11. Supplying goods and services to a risky but potentially very profitable venture is a time-honored way to clean up.
Few gold miners in the 1849 California gold rush got rich, but those selling them picks and shovels—and Levi pants—did. Fast forward to today, and the legions of stockbrokers, investment advisors and mutual fund advisors that prosper as suppliers to those who hope to make gigantic profits.
12. Small pieces of big pies get bigger and easier to obtain when the buyer of the pie wants it badly and considers the service in question essential to get the deal done.
CEOs are often quite free with corporate money to pay consultants who may help save their companies. Business-oriented law firms are particularly good at this strategy, knowing that corporate officials will spend almost any amount of their firm’s money to stay out of trouble.
Despite what Bernie says, you can make substantial money honestly!
Systems Review: Small Money Made Big
I have a memory as a boy, saving my pocket money by placing it in a special drawer, the golden pound coins collecting into a neat stack. (Although the stack never got too high to endanger its structural integrity.) I grew up in Hastings, a small coastal town in East Sussex, famous for 1066 and seaside charm. It has a reputation for being somewhat rundown and is forever “up-and-coming”.
I got my first debit card when I was 14. Later, I saved up money for a gap year, by working at a bingo hall, and I put the money into a savings account. I avoided credit cards. Back then (2007) it was still around 5% interest rates, and I remember getting £70 ($91) one year, which made me feel very rich indeed.
Skip forward to 2020 and I was living and working in Beijing, China, as a freelance journalist. All around me Beijing residents were paying for everything using just their smartphones. They would walk up to a counter of a restaurant, shop, or convenience store, and offer up a QR code for the cashier to scan. Once scanned, the online system would immediately deduct the exact amount owed from the payer’s e-wallet. No fumbling for cash and waiting for change. No swipe of a plastic card either. The transaction would take seconds.
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But I was a stubborn holdout. My friends, both Western and Chinese, would make fun of me for being so traditional – for clinging onto “dirty cash” – seeing the crumpled paper bills as evidence of my Luddite ways. But there were a couple of reasons why I kept using physical money and avoided getting into e-payments and e-wallets. Firstly, it felt safer. I wasn’t really aware of how electronic money would work on my smartphone and I feared it would somehow get easily siphoned off. Having physical cash just felt safer.
Secondly, I feared that by moving to electronic payments, and losing the greater friction of paying with cash, I would end up spending more. I was afraid that by losing the tangible, visible qualities of paper money, and the physical transaction – of fishing out my wallet, finding the required bills, and handing over the cash – I would lose all sense of how much, day by day, I would be spending.
Were these fears justified? As more and more people across the world shun cash, these are essential issues to consider.
Some people fear transitioning to electronic payments, thinking that they will spend more (Credit: Javier Hirschfeld/Getty Images)
Before we get into the twisty and tricky slopes of consumer psychology, and the conflict between classical economics and psychology that led to the birth of behavioural economics – let’s first consider what money is exactly.
Money is an abstract concept – and today we take it for granted, not considering how a piece of paper, or pieces of metal, are valuable items in themselves. But money is a relatively recent invention, and it represented a fundamental change in human society, says Natacha Postel-Vinay, who teaches a course in the history of money and finance at the London School of Economics.
“It was completely different from barter,” she says. “You don’t need exact matching from two different people and their desires. If you wanted to buy some bread, the bread seller didn’t need to have something specific from you; your coat or your garden veg. You just needed some silver.”
The first recorded use of money was in ancient Iraq and Syria, in the Babylon civilisation, around 3000BC
In technical terms, money is a store of value, and should be a unit of account, which simply means that it must be of a standardized unit (like a currency).
The first recorded use of money was in ancient Iraq and Syria, in the Babylon civilisation, around 3000BC. In Babylonian times people used chunks of silver which were accounted according to a standardised weight known as a shekel. From Babylon, we have records of the first prices, recorded by priests at the Temple of Marduk, as well as the first ledgers and the first debts.
From Babylon we have many of the essential things required for a monetary economy. These include the fact the silver was regularly tested for its fineness and there was a stabilising force, such as a King or government, which people could trust to guarantee the value of the money. “At all times, in order for money to have value, trust is needed,” says Postel-Vinay. But there have been many developments in money along the way. Babylon had money, but it was still bulky and had to be weighed – it wasn’t as advanced as coins. From about 1000BC other civilisations were using precious metal, and in ancient Greece, in the Kingdom of Lydia, the first coins were minted.
The ancient Babylonians were the first to come up with the concept of money (Credit: Javier Hirschfeld/Alamy)
The first paper bills were used in Imperial China during the Tang dynasty (AD 618-907), which existed as privately issued bills of credit or exchange notes, but Europe wouldn’t cotton on to the idea until the 17th Century.
Nowadays, money is not tied to physical objects that are in themselves valuable commodities, such as gold or silver coins, but we use a form called fiat money which is a currency that a government has established as legal tender.
The concept of credit (and debt) existed long before credit cards were invented. “It doesn’t need to be physical in order for it to be money,” explains Postel-Vinay.
The bank-issued credit card was invented by John Biggins of the Flatbush National Bank of Brooklyn in New York in 1946. Subsequently, credit cards were promoted to travelling salesmen, for them to use while on the road, in America. In the UK, Barclays issued the UK’s first credit card on 29 June 1966.
The first debit card appeared in the UK in 1987. Chip and pin was introduced in 2003, and contactless credit cards followed four years later.
Just five years ago I paid my rent in cash! – Emelie Svensson
In China, meanwhile, scanning QR codes with your smartphone, or generating QR codes on your smartphone to be scanned by merchants, was co-opted as a means of making payments. China’s rapid adoption of electronic payments is explained by the ubiquity of WeChat in the country, a super-app that includes e-payment/e-wallet, messaging, and social media functions; the popularity of e-commerce platforms, such as Alibaba’s Taobao platform; and the fact that China has relatively low rates of credit card usage. From around 2020, adoption of e-payments in day-to-day usage became much more prevalent.
Countries that have the highest rates of cashless spending include Canada, where having more than two credits cards per person is a norm. In Europe, Sweden is the most cashless society, with just 13% of Swedes reporting that they used cash for a recent purchase, according to a nationwide survey conducted last year, down from around 40% in 2020. In comparison, around 70% of Americans still use cash on a weekly basis, according to a recent Pew Research Center study.
Emelie Svensson, a Swede who works in New York City as a broadcast journalist, says the two countries are very different when it comes to the use of cash. “It’s based on tipping and a lot of stores don’t even take cards, or it’s a minimum $10 purchase,” she says, referring to her experience of living in America. “It’s getting better though, just five years ago I paid my rent in cash!”
China invented paper money – but the country now fully embraces electronic payments (Credit: Javier Hirschfeld/Getty Images)
And although the UK might be increasing in its use of non-cash payments, it still has a long way to go. For Moa Carlsson, a 20-year-old butcher from Gothenburg, the country feels quaint in comparison to her native Sweden. “I guess it’s a bit of fun and almost strange in a way to use cash,” she says, when she visits the UK. “England feels a bit more old-fashioned in itself. I would almost feel strange not to use cash there. I feel like the pound is a big part of England, much more so than the krona for Sweden”.
For people who live in these increasingly cashless societies, the benefits of electronic payment are obvious. “It’s very convenient. You don’t have the feeling of having £200 in your pocket or [the hassle] of having to go take out money. ‘Where is the cash machine?’ It’s there in your pocket,” says William Vanbergen, a British entrepreneur who first arrived in China in 2003, and was a late adopter of e-payments.
Like Carlsson, he says dealing in cash feels antiquated. When Vanbergen travels to Hong Kong for work, where cash is still the more usual payment method, or back to his native England, he says it’s like going back in time.
Does spending without using physical cash make people spend more?
But what of the supposed disadvantages?
Does spending without using physical cash make people spend more? This is a complicated question and it involves seeing humans as fundamentally irrational creatures, in various ways. For instance, it has been shown psychologically that people feel more pain when they lose £100 than the joy they feel on gaining £100. In other words, the pain of the loss stings more, even though the two sums are exactly the same.
This kind of psychological insight has powered enormous change in the field of economics. Whereas before, in classical economics, academics based their theories on the assumption that people behave rationally (so that the loss and gain of an equal sum would be treated the same by an individual), this was shown to be false by psychological studies. This led to the discipline of behavioural economics and branches such as consumer psychology.
We find it much easier to spend on plastic than we do cash (Credit: Javier Hirschfeld/Getty Images/Alamy)
One of the great researchers in this relatively new discipline is Drazen Prelec. The MIT professor once conducted a study that involved a silent auction. The auction was held for students at the prestigious Sloan business school, for tickets to sold-out NBA basketball games. The researchers told half the bidders they could pay only with cash, while the other half were told they could pay only with a credit card.
The results astonished the researchers. On average, it was found that the credit card buyers were bidding more than twice as much as the cash buyers. What this means, according to Prelec, is that the psychological cost of spending a dollar on a credit card is only 50 cents.
Spending on a credit card clearly has effects on how people spend, which numerous studies have borne out. However, it’s also been shown that credit card bills, when they arrive, cause enormous pain for the receiver. So much so, in fact, that behavioural economists believe this explains the continuing popularity of debit cards.
But what about using e-wallets? What’s important is feedback, explains Emir Efendic, a post-doctoral psychologist and behavioural economist at the University of Louvain. “With credit cards, you don’t get instant updates. But with online banks, you see the amount deducted immediately,” says Efendic. “If you lose feedback, then yes you’ll be spending more”.
Neural pathways light up almost like brief physical pain when we part with our money
With credit cards, the pain of payment is delayed (until that monthly bill arrives, anyway). The great ability of credit cards, in other words, is that they wield the psychological power of separating the pleasure of buying from the pain of paying.
But with e-wallets, users can see that money is deducted immediately. Emily Belton, a British ex-pat who uses WeChat Pay in Beijing, says she likes getting a notification each time she pays with it, and her balance and payments are updated in real-time. This is instant feedback and so does not have the same effect as a credit card.
However, Prelec has found that neural pathways light up in what he describes as a “flinch moment”, almost like brief physical pain, when we part with our money. Although there is no similar research yet on paying with e-wallets, it could be hypothesised that the flinch moment could be missing when paying with a smartphone. But this needs more research.
For people living in increasingly cashless societies, the convenience of electronic payment is obvious (Credit Javier Hirschfeld/Getty Images)
This pain of parting with our money can keep us from overspending, but the negative aspect is that it can rob us some of the joy in consuming. This psychological cost, what Prelec calls a “moral tax”, can be reduced in various ways. Pricing instruments such as bundling – including “free” goods along with the purchase of a main good, can take away some of this “moral tax”. Prepayment is another method, even when there is no financial advantage. For example, people have been shown to prefer to pay in instalments for vacations (even though they’re losing some of their cash liquidity).
And once they’re abroad they also find it easier to spend in foreign currency, treating it with much less seriousness than with the “real money” of their native country. Companies such as Club Med have latched onto this kind of psychology, where their resort guests buy plastic chips to use instead of cash.
For me, I eventually transitioned to using e-payments in Beijing. I’ve found the cashless system quite staggering in its seamlessness, its convenience. It is like living in a world where you get all the benefits of spending, without the pain of paying.
Perhaps this is better for economies, where it could be beneficial if people spend their money more freely, and many governments around the world are trying to encourage this. There is an old English saying: “Money, like manure, does no good till it is spread.” But sometimes, this kind of free spending, without any friction at all, leads to a kind of uneasiness.
Perhaps this is the “moral tax” Drazen Prelec refers to, which is a psychological tendency to feel opportunity costs as real pain. In other words, I might be feeling this uneasiness because I am imagining that I could be spending that money on other things instead.
As more societies move from cash-based to cashless, the way we spend might change. But money will remain a governing force in the lives of humans.
This article is part of our Weird West series. Back in 2020, a team at the University of British Columbia pointed out that psychology research contains a major flaw: much of it is based on samples entirely from Western, Educated, Industrialised, Rich and Democratic – or Weird – societies. The researchers often assumed that their findings would be applicable to people anywhere. But when they did a review, the university team found that from reasoning styles to visual perception, members of Weird societies are, in fact, “among the least representative populations one could find for generalising about humans”.
From the mainstream media to academia, however, it remains common to see the Weird as “normal” – or at least as a “standard” against which other cultures, and people, are judged. In this series, we dig into what this looks like in everyday life. What habits and ways of thinking are common in Weird societies that people living elsewhere in the world might find, well, weird? And what does this tell us, not only about cultural differences, but about ourselves? From when we shower to how we shop, this series re-examines the behaviours often taken for granted – and explores how the “standard” is rarely the best, or only, way.
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