Running a business has its advantages, such as the possibility to make a living while also being your own boss. Many people don’t follow their dream to run their own business because of the start-up costs. What a lot of people don’t know, however, is that there’s a way to start a business without the high costs: qualified opportunity zones. These zones are located in economically distressed areas that can experience growth from these investments. The advantage to you is that you’ll receive opportunity zone tax benefits.
This means that you’ll be able to save money due to the opportunity zone tax benefits, while also helping to economically grow a community. These qualified opportunity zones make your dream of starting a business a lot more attainable. This may cause you to question yourself about what kind of business you should start. Here are some of the top profitable businesses in 2020.
Profitable Business Ideas
- Graphic Design – Businesses are always looking for a new design and image to grab the attention of their customers. This is why graphic designers are always full of work.
- SEO Marketing – This year has caused a lot of businesses to operate online. That also means that more and more people are shopping online. As a result, businesses need their online marketing to be stronger than ever.
- Online Tutoring – Many children and university students experienced, or are still experiencing, online school for the first time ever. Now that many of them aren’t able to see their in-person tutors, online tutors are gaining popularity.
- Electronic Repair – Electronics will never go out of style. And with so many iPhones in the world, accidents are bound to happen. The benefit of this is that many people are willing to pay for repair, rather than a new phone or electronic device.
- More ideas include: auto repair, accounting, cleaning services, event services, gym, etc.
This article identifies some of the most profitable businesses in 2020. That being said, there are many other opportunities, just make sure to invest in something that you love. For assistance in the opportunity zone investment, make sure to hire an opportunity zone attorney.