It is common knowledge that having multiple streams of income is one of the fastest ways to create wealth. The author of “Rich Habits,” Tom Corley states in his book that sixty-five percent of millionaires have three sources of income. Having multiple sources of income is essential for the majority of individuals in the world’s present economy.
A side business is one of the best ways to generate multiple streams of income. However, you must understand that not all businesses can be done on the side. For a business to qualify as a great side business, it must be:
- Flexible: Flexibility is one of the essential characteristics of a side business. A great side hustle can be done from the comforts of your home and at odd hours. This will ensure that you still have time to commit to your full-time job.
- Sustainable: Any business that cannot be sustained is a waste of both time and resources. Therefore, this side business has to be durable and generate good cash flow.
Below is a list of 5 excellent side business ideas in 2020
Open An ECommerce Store
Starting an eCommerce store is one of the best side businesses to have in 2020. It does not require a lot of capital. You can use platforms like Shopify, 3dcart, BigCommerce, Volusion, and so on to help facilitate the start of this business. You don’t have to be a tech wiz to start an eCommerce store, and you can sell to customers anywhere in the world. This business idea is, however, very competitive, so you will have to put in a lot of time and effort into your eCommerce store to stand out.
Become A Real Estate Agent
Depending on what country you are in, you will need to get a license to start this business as a side hustle. This is also a very competitive industry that has a lot of rewards and risks, but with knowledge and building contacts, you can immensely benefit from this business in 2020. It is also very flexible regarding time, which is perfect for a side business.
Research shows that real estate agents, on average, earn twenty-five percent more income than people working in other professions. However, you might have to put in more working hours than the average forty hours work week.
If you love writing, the best side business you can start in 2020 is content writing. This job is the perfect side hustle because it allows you to work from home or anywhere in the world, and set your hours. Some drawbacks to this business include insufficient pay, you can’t write about any topic you love, and you will have to learn to research and write fast.
You can, however, decide to specialize in a particular type of content writing such as brand journalist, copywriter, technical writer, content writer, scriptwriter, and so on. You can use platforms like Fiverr, Upwork, Online Writers Rating, and so on to start on this journey.
Start a Catering Business
There is a saying “food can never go out of style” and for a good reason. This business generates over fifty-eight billion dollars every year in the USA alone. Starting and running a catering business can be a fun and rewarding affair, especially for people that love cooking.
Depending on what country or state you are in, you might need a license or permit to start this business, which can be done from the comfort of your house kitchen. This business allows you to build contacts, make a lot of money, set your schedule, and build your brand’s reputation. It is one of the best businesses to start as a side hustle in 2020.
Affiliate marketing is a side business that people who want to increase their streams on income must be doing in 2020. It requires very low capital to start, and you do not need to be internet savvy to start this business. This very lucrative industry allows you to earn with ease and from anywhere in the world because there is no fixed location. A significant advantage of this business is that it is very low risk.
There are different types of affiliate marketing you can specialize in. You can be a webmaster, blogger, search affiliate, email marketer, and so on.
Having a side business is the new wave of 2020. It offers lots of benefits such as financial stability, creating new contacts, expanding your brand awareness, helps you gain more skills, and so much more.
Gregory is passionate about researching on new technologies in both mobile, web and WordPress. Also, he works on writing service review websites Online Writers Rating. Gregory in love with stories and facts, so Gregory always tries to get the best of both worlds.