Are you a black woman or mom looking to start a business for extra income? If YES, here are top 10 money making small business ideas for black women in 2020.
In these hard economic times, the monthly income of the average man is barely enough to pay the bills and sustain his family. This explains why women need to take up jobs and start businesses, too. If you are a black woman, you have almost equal opportunities as the average white woman, whether you live in a white-dominated country or not. And the list of businesses you can do for additional income is endless.
Whether you are a stay-at-home wife/mom who needs to start a home business, or you already have a day job but needs a source of additional income, there are several opportunities and business ideas for women. Here are 10 profitable businesses that will fetch you enough monthly income to support your family:
Top 10 Small Business ideas for Black Women in 2020
This is one of the common businesses run by women entrepreneurs. As the state of the economy requires that more mothers go out to work, there is an increasing demand for loving and safe day care for their children. If you love children and enjoy taking care of them, then you should consider starting a daycare that will cater to mothers in your locality. This business requires no formal qualifications, and the startup cost is minimal.
A reinvention of the traditional secretarial and administrative business, this is one of the hottest new businesses today. As a virtual assistant, you will perform the typical tasks of secretaries and administrative support professionals, such as word processing, speech preparations, sending and replying to emails, and so on.
The only major difference here is that everything including communication with your employer is done online, which means you can work from the comfort of your room.
If you have a solid background in a subject or craft that many people are willing to learn and understand, you can start making a decent income by imparting your knowledge on others. Whether it’s an academic discipline, a kind of sport, or a highly relevant computer software package, you will always find people who want to know as much as you do.
However, you must bear in mind, however, that this business requires patience—just like any other profession that involves teaching others.
4. Event planning
Do you enjoy planning parties, anniversaries, meetings, and other gatherings? Can you easily find venues, work with vendors, schedule agendas, and handle last-minute changes? Then you can convert your keen eye for detail and ability to multitask into huge profits by starting your own event planning company.
The Bureau of Labor Statistics (BLS) predicts a 43.7 percent growth in the event-planning industry between 2010 and 2017. That explains how profitable this business option could be.
5. Online beading store
If you love beading and have been advised umpteen times to monetize your beading skills, then it’s high time you heeded that advice. And now, you can add the innovative touch of selling your beads online rather than opening a physical store. Aside selling ready-made beaded jewelry, you can also offer custom-made beads as well as premium video tutorials that teach various beading methods and techniques.
This simply entails buying used items at cheap prices from owners who no longer need them and selling them on Ebay.com to those who really need them and are ready to pay much higher prices for them. The only strenuous part of this business is finding used products to sell, and this even gets easier with time. Some products can fetch you as much as 300 percent profits.
7. Fitness training for women
If you are a fitness expert or addict, then you can start a fitness training service that helps people especially women—achieve their fitness goals. Many women want to shed excess weight and others simply want keep their weight at the possible minimum. You can make huge monthly income from this because of the increasing demand for fitness training services and facilities.
This is another great business opportunity for stay-at-home moms and those who enjoy working from the comfort of their homes. The demand for freelance writers is increasing by the day as more individuals and businesses are realizing the effectiveness of written content for online marketing. If you are very good with words and have a keen eye for pesky grammatical errors, then this option might be for you.
Blogging is now big business. Though it takes time to start profiting consistently from it, once you start reaping the fruits of your efforts, there’s no limit to how much you can earn. So, if you pride yourself on being passionate about or knowledgeable in a topic such as parenting, pregnancy, business, health and so on, then you should start a blog that offers valuable information for free. With time, you will build a huge loyal audience and your profits will start coming in.
10. Magazine publication
This is the offline or physical version of blogging. If you have an editor within you, then you can start a magazine that appeals to a large number of people in your locality and beyond.
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