Practical Guide to Earning $10k Monthly in Niche Businesses in 2020

So you want to start earning $10k every month from niche businesses in 2020. That’s a good dream, and many entrepreneurs actually earn way more than that from their own businesses. You can too.

You must, however, understand what niche businesses are and create profitable ideas around them to make money in 2020. Many people do not know how to generate business ideas that work even though they are keen on making money online or offline.

Here’s a guide to business ideas you can pursue in 2020 and beyond to earn respectable income with ease:

• Affiliate marketing

If you have ever purchased anything online, then chances are that you have helped another entrepreneur to make money through affiliate marketing.

This business has been around for decades, but it continues to take many forms and generate massive earnings when done the right way. It involves promoting the products of other people and earning a commission when people buy such products.

Some versatile online marketers earn $10k from commissions generated through sales of other people’s products. You may start with a blog and then graduate to an eCommerce store.

• Coaching and consulting

Many people make huge money from consultancy and coaching others. Can you imagine the amount of money motivational speakers make from a single speaking engagement?

Some earn up to $10k at once speaking to a group of people. If you possess exceptional knowledge or you are an authority figure, you can make huge money from coaching and consulting for others.

Hilary Clinton, a former Democratic presidential candidate in the US, said she makes over $10 million every year at speaking engagements around the country. You can coach people on how to lose weight, keep a happy family, run a successful business, set up a church branch, etc.

• Membership programs and websites

Are you aware that Nairaland is among the websites making the most money in Nigeria? And Digital Forum, as well as Reddit among others, gross the highest revenues in the US?

What do these websites have in common? They are membership websites that sometimes offer membership programs. You can set up your own membership website where people must register or sign-up before effectively using the website; and a membership program website is the one where users must pay a certain fee monthly or yearly to access its content benefits and values.

• Selling digital services

You can make money in 2020 by selling digital products. These range from information marketing to selling downloadable products and other digital materials.

To this end, you can sell musical songs, PDF documents, academic courses, photographs, and rare videos as well as graphic materials among others.

• Instagram influencer

Many people, especially celebrities, make tons of money from what they do on social media.

Many celebrities make up to $10k from endorsing a single product or service on Instagram, and many others generate immense revenue tweeting about services and products on Twitter.

Yet some others manage huge Facebook groups with as much as 300,000 members to whom they can sell products at a good amount and steady rate.