Are you a black man looking to start a business for extra income? If YES, here are top 10 small business ideas & opportunities for black men in 2020.
When it seems like your monthly income can no longer foot all your bills and sustaining yourself and your family is becoming harder, you have two options: to either cut down on your expenses to save more money, or to earn more money. In fact, doing both is the best.
Starting your own business is a good way to earn extra money on the side. Not only is becoming an entrepreneur incredibly rewarding, but it can also be very lucrative. Chances are that you already knew the above. Where the problem probably lies is in figuring out what business to start. I know the options out there are numerous enough to leave you confused. But here are some business ideas to help get your creative juices flowing.
Top 10 Small Business ideas for Black Men in 2020
1. Organic farming
People are becoming more and more aware of the multiple health risks of consuming foods produced industrially and farm produce grown with fertilizers. This explains why the demand for organically grown crops and vegetables is booming at the moment. If you have a piece of land that you can convert into your farm, you can start your own organic farm. With each harvest, you will generate huge profits.
Everyone is now going mobile. People are turning away from desktop PCs and notebooks in favor of smartphones and tablet PCs. This leaves huge profit opportunities for those who specialize in the repair of these devices. If you have a knack for fixing faults in electronic devices, then you should consider starting a business that helps people repair their damaged smartphones and tablet PCs.
Individuals and businesses now prefer to outsource their projects rather than hire in-house staff—which is usually more expensive. So, there is increasing demand for writers, graphic designers, virtual assistants, customer support staff, and so on who work on contract basis.
If your pride yourself on having solid skills in any marketable service that caters to businesses, such as writing, online marketing, and so on, then you should consider starting your own freelance business.
Are you particularly passionate or knowledgeable about any topic? Then you can start a blog and share your knowledge with those who are yearning for it. By consistently providing valuable content for free, you will attract a large audience and generate huge traffic. Then you can make money from your blog through affiliate marketing, selling ad space, selling your own product, and so on.
Ebay is a large online marketplace where buyers and sellers meet to do business. Used items are sold via auction, which means sellers can make maximum profits from items they put up for sale. When people are no longer in need of their items, they sell those items for cheap prices.
Buy these items from such people and sell on Ebay to people who need them and are ready to pay huge prices for them. That’s how Ebay selling works. The more products you sell, the more profit you will make.
6. Pet care store
Do you live in a locality where there are many pet owners but only few or no pet care stores? Then you should consider starting your own pet care store that will sell pet food, medications, and other accessories. Since most people are very passionate about their pets, they will readily buy your offers provided they are of good quality and come at affordable prices.
If you have several years of experience in a particular field or endeavor and have achieved multiple successes in it, then you can convert your experience into additional cash by rendering consulting services. As a consultant, you will mentor other people and teach them how to succeed in that field you have gathered experience in. It could be business, health, sports, and so on.
If you have some knowledge that many people are yearning to have, you can make some side income by packaging that knowledge into an ebook, video, application, and so on, and sell it. From weight loss tips, to tips on how to erase bad credit, to tips on how to grow a business, and so on, people are ready to pay for high quality information that is proven to work for them and isn’t commonplace.
9. Online marketing
Businesses—small and big—are realizing the effectiveness of the internet in marketing and lead generation. This explains why many of them now dedicate significant fractions of their marketing budgets to various online marketing strategies, such as search engine optimization, pay-per-click advertising, online display advertising, and so on.
If you are guru when it comes to certain online marketing strategies, you can make a lot of money off of businesses aiming to attract more customers using the internet.
People love it when their yards and lawns look great. But they usually don’t have the skills required to bring the most alluring looks in them. Even when they have the skills, they don’t have the time. This is where landscaping and yard work experts come in handy. If you are very skilled at yard work and landscaping, you can make additional income by starting a business that renders these services.