Itay Barak and Tal Valeriola On the Best Types of Businesses To Start This Year

Aug 17, 2020 8:50 PM ET

Regardless of how rewarding your full-time job may be, launching a solid and profitable business and eventually become self-employed can turn out to be even more meaningful, not to mention give you great pay and other benefits. There is no doubt that taking the path of entrepreneurship and looking for a great business idea is riskier than simply holding onto your 9-to-5 job. You will have to put in more time and effort and make sacrifices. But, in the long run, you will be able to reap the benefits by becoming your own boss and earning a lot more money than you could with your day job.

However, you also have to have a solid business idea to make it happen. What are the best types of businesses that you can start this year? Itay Barak and Tal Valeriola will shed some light on the ideas you can explore:

Starting a Blog

If you think blogging is not a viable source of income, you need to think again. Recent statistics indicate tens of thousands of bloggers are successfully creating content on a variety of topics, such as travel, scrapbooking, home cooking, personal finance, lifestyle, business and film. The best thing about this form of business is that it doesn’t cost you much. A lot of blogs have become six-figure businesses due to a combination of affiliate marketing, email subscribers, blog sponsorships and a number of other revenue streams.

Graphic Design

Even though having a formal background in graphic design can be immensely useful, according to Itay Barak and Tal Valeriola, you can easily learn the basics on your own as well. There are a ton of tools available in the markets these days and anyone with a little bit of motivation and creativity can set up a graphic design business.

Web Design

We live in the age of the internet and the internet relies on websites to deliver information. Hence, web designers have become extremely important for tech companies. One of the best type of businesses that you can consider is starting a website design company. The goal of website design is to master the art of creating a value-driven and beautiful experience for every visitor.

Online Courses

One of the most common trends and a truly profitable business idea is to use your skills for making a profit. If you are really good at something, you could probably find an audience online who would be willing to pay you to acquire some skills. You can turn your skills into an online course that teachers others how to get where you are.

E-books

Another strong proposition recommended by Itay Barak and Tal Valeriola is to package your knowledge and skills into a downloadable e-book. It should be able to deliver value to those who want to advance their careers, learn a skill or start their own businesses. It is one of the smartest businesses that you can start and if you manage to engage people, you will be able to earn from it for a long time.

Instagram Marketing

To start this business, all you have to do is build up a strong following on your Instagram. When you do so, you will be approached by gear companies, major brands and other relevant businesses selling products and services related to the kind of content you are sharing on Instagram. Moreover, you can also create multiple side businesses with various ideas that will come to you.

Online Coaching

If there is something you are passionate about or are skilled at, you can use that winning combination to offer online coaching to people. Providing one-on-one online coaching sessions is one of the most dependable business recommended by Itay Barak and Tal Valeriola, which allows you to leverage your skills. However, you should develop an opportunity management system in order to ensure that you only work with clients that you can help in some measurable way.

Podcasting

Another great way of getting funds and sponsors is to build a regular audience for your podcast on a particular topic. If you already have an online audience, then you can tap into them for listening to your podcasts.

Amazon Reselling

As long as you have products to sell, it is possible for anyone to sell goods on Amazon. It is also possible for people to buy goods at a low price and then resell them on Amazon for a profit. Lots of people hit garage sales on the weekend and find plenty of valuable and useful items that can be sold online. This kind of business can be immensely lucrative.

Local Business Consulting

Over the years, if you have succeeded in developing a valuable skill set or have certifications, then you can put these to good use for setting up a business. How? You can target local business owners and offer consulting services to assist them in your area of expertise. Whether you are a business strategist, an expert marketer or a manufacturing aficionado, you can easily find a local business owner willing to pay you to help them resolve an issue with their operations.

Phone Case Business

The market for phone cases is a huge one and is growing significantly with each passing day. There are a number of handmade sellers who are raking in 6, and even 7 figures all through their phone case business. It takes only a couple of days for anyone to set up a phone case business. In fact, Itay Barak and Tal Valeriola will tell you that there are ready-to-go kits that will provide you with everything you need for launching it.

Affiliate Sales and Marketing

Do you already own a website that’s drawing in targeted traffic? This gives you the perfect opportunity of making a passive income from the content that you are creating and that is through affiliate marketing. It has become a popular options these days because it pays really well.

Virtual Assistant

If you have a knack for staying organized or consider yourself jack of all-trades, then working as a virtual assistance can be an excellent idea for you. There are some great gigs available online and they provide the perfect opportunity to rub your shoulders with some very prominent people, develop in-demand new skills and expand your professional network. This option is also very flexible and you can keep it as a side business.

Tax Preparation

Someone has to make sure that all the numbers add up when the tax year comes to an end. Every business and a huge number of individuals require the services of someone who can help them prepare tax returns, especially resource or time-strapped small businesses. If you have this knowledge, you can make some big bucks during the tax season.

Remote English Tutor

Itay Barak and Tal Valeriola will tell you that one of the best ways to use your skills for creating a business is to tutor English as a second language. It can even open the doors of travel for you, if you don’t want to teach remotely. You can take on as many students as you like and rake in a solid amount of cash while enjoying flexibility.

Social Media Manager

These days, almost everyone is guilty of spending too much time on Instagram, Facebook, Pinterest or Twitter. Why not put your expertise to work by setting up a business? Plenty of companies, especially startups or those in the travel and retail space and even influencers, have very heavy social media presences. Hence, they are constantly in search of people who can help them in building their brands online. Setting up a social media managing business and taking on several clients can prove to be quite profitable.

Google Paid Ad Specialist

If you have some knowledge about paid internet market and are familiar with Google, then you can make a great income by signing a contract for managing the Google Ad campaign of a company. You can gradually start taking on more clients as your consulting business grows. You just need to ensure that you brush up on all the right industry jargon and business slang that’s used in the online marketing world before you go in unprepared.

Travel Consulting

Are you someone who loves to travel and are randomly searching for reduced airfares or browsing on Lonely Planet? You have the opportunity to carve out a niche for yourself by setting up a travel consulting business. You can start with word of mouth recommendations from family and friends, create a group on any social media platform and invite those who are interested in travel deals. Eventually, this can become a full-time consultancy or you could also establish a travel blog to help people in making their dream vacations a reality.

Landing Page Specialist

If you know how to do keyword research, have a way with words and can create beautifully designed landing pages that stick to the best SEO strategies, then you can charge others for your services. According to Itay Barak and Tal Valeriola, even a short landing page is worth a few hundred bucks and can also turn into more if you know how to pitch it to your prospects.

Interior Design Consultant

There is always someone out there who are trying to figure out which shade of granite will go with mahogany flooring or wishes to remodel their kitchen. Such people are more than happy to pay others to help them decide, especially if they are experts. Setting up an interior design business is not that difficult as you can start with friends and family, benefit from word of mouth and then turn it into a money-making enterprise.

Property Manager

Do you know anyone who rents out their property to others? It is possible that they could use some help in managing their property. This allows people to earn a decent amount of money and they have to do relatively little work, at least most of the time. Yes, it does require some hustling and flexibility, but is not that difficult to manage. As a property manager, you will be responsible for managing improvements and repairs, collecting the rent checks and simply being available for emergencies. Real estate investors who have large portfolios are looking for property managers, so this business idea does have merit.

Sell on Etsy

Do you have a talent for creating handmade goods or enjoy crafting? From rings to bracelets, furniture, phone cases and more, you can sell anything on Etsy. It is one of the largest independent marketplaces in the world and is the perfect space for anyone looking to sell their creations. As long as you have access to this space, you can easily set up a business from home and run it with minimum hassle.

Portrait Photographer

Those who own a good camera can go into the portrait photography business. It is a natural way of turning your passions and skills into a profitable business. Itay Barak and Tal Valeriola recommend that you start with shoots for friends and family for building up a great online portfolio. You should also familiarize yourself with the gear you have to use, along with the editing process and then you can get started. In fact, you can even become a wedding photographer because that can also be quite profitable.

Catering business

Those who have genius cooking skills can turn them into a full-time endeavor by setting up a catering business. Again, the best way to start is by catering events for those in your circle and make sure that people learn your name. If you play your cards right, you will be able to build a social following easily and can even expand it by setting up a food blog for opening up more revenue streams for yourself.

These are some great businesses that you can start this year to become independent and not be stuck in a 9-to-5 job rut.

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Content Marketing, English