There are a lot of different investment opportunities in 2020 and because everyone’s resources are limited, people have to make a decision on where to invest their time and money. This decision is to a large extent depending on a potential return, but mostly on the need, willingness, and ability to take a risk.
The highest potential return and the lowest risk at the same time can be achieved if people decide to invest in themselves. Investing time and money into any form of education is usually the best investment people can make, especially when they are young. Learning a useful skill such as picking up a new language, designing a website, or developing an application for Android can bring a better paying job in the future, or even opportunity for starting their own business with less risk involved and greater success rate.
When thinking about starting a business, many people imagine a scary process of leaving a job and jumping into the unknown. It is important to realize that starting or running a business does not have to be a full-time activity. According to The Hartford (2018), 25% of the US citizens have some sort of a side business while continuing their full-time job. This research is suggesting that launching a side business is becoming a common practice and that in 2020 the field can become large enough for anyone to start their own venture.
To minimize risk even further, many ways of starting a business today do not require a large upfront investment. People only need to take advantage of this opportunity and implement their ideas in practice to reap the benefits in the form of extra income the business might quickly start generating.
The extra revenue generated by the side business is the most obvious reason why people launch new ventures. But the research is showing there are other reasons too. Many people feel stuck in their full-time jobs without being financially or emotionally fulfilled and the idea of starting a business offers them an opportunity to do the kind of work they enjoy.
While starting a business might still seem off-putting for some, others might realize that spending some extra hours on doing what they like thinking how to transform it into an income-generating business can eventually pay off. Moreover, the side hustle soon becomes a primary source of income and wealth for many.
When thinking about which business to start, people should first focus on their passions, talents and specific skills they have, whether work-related or not. This will increase both the motivation and experience needed to make the business successful.
While having a lot of extra money allow people to comfortably invest in a more passive, automatic way, investing in education or starting a business can be the best investment anyone can make in 2020 – whether to generate extra income or to simply spread the wings and get away from feeling stuck in the current position.
The Hartford (2018) No Business Is Too Small for Insurance. Available at: https://mms.businesswire.com/media/20180925005605/en/680213/1/TheHartford_Side_Business_Survey_InfographicFINAL.pdf.