Are you thinking of a new business idea in 2020?
Did you consider, what is the best business to start?
Do you have some creative small business ideas in mind?
Did you design a marketing strategy for a new business?
We are living in a world that is shifting continuously in terms of society and tectonic plates. It is obvious to want to know where we stand and how to establish a business in 2020.
Recent businesses and technologies have disrupted the normal flow of business for some of the existing businesses such as the advent of VRBO and Airbnb, which disrupted the dominance of hotels in few cities and made it convenient for hundreds of travelers.
Industries are growing, and there is every possibility that you could grow too. However, the key is to come up with an exceptional idea, have a supporting business plan, and chalk out a compelling marketing strategy for new business.
Atul Garg, a well-known businessperson in the Indian commercial forefront, narrates the best marketing strategies used by companies. Though you may not be successful in your first chance, there are long-term benefits. However, jumping on a new business idea or a trend can be risky, but rewarding at the same time.
The first thing to decide the type of business you would like to do – if you are planning a start-up, has clear and concise ideas. But if you are still wondering, what business can I start in 2020? – That’s a problem!
So, here are our top 20 picks for small business ideas based on the latest trends in business and demographics:
#1: Build Your Blog
Certainly, you might have heard this before, but never cared. However, blogging is the next best thing in the digital world that could take you to places. Connect with your audience with a niche-specific blog and content that inspires and encourages readers to follow. You can have an unfathomable ROI.
Atul Garg, a leading businessperson, suggests that blogging is the most powerful business tool today. If nothing, make your blog your business.
Statistics show that 73 percent of bloggers earning more than $50,000 annually clarify that they focus the content on the preferences of one particular group.
To get started, you can learn a lot from various blogs that speak about how to start blogging.
#2: Fulfilment by Amazon (FBA Sales)
The Fulfilment by Amazon sales program allows sellers to market their products through Amazon, the world’s largest online retail platform.
In fact, Amazon makes it so much easier to run an online retail business that more and more businesses are eager to join this program. In exchange for fulfillment and storage fees (monthly), it handles the most cumbersome tasks like storage, packing, shipping, replacement, returns, and customer support inquiries.
Sellers are only responsible for shipping products to the Amazon fulfillment center and creating product listing on the Amazon online store. Once the products are listed and live, sales begin and the seller starts receiving a portion of the sales proceeds on a weekly system.
If you want to start product sales in the form of a business, the Amazon FBA is a great opportunity to enter into the online marketplace.
Doorshipping is another online business idea you could consider. It is relatively easier to begin, minimum investment, totally online, and decent returns.
If you’ve not hears the term, doorshipping, before, nothing to worry!
It is a method of retail fulfillment where stores do not keep products in stock. Instead, whenever a store is selling a product, it would purchase the item from another third party source and ship it to the customer directly. As a result, merchants don’t ever handle or even see the product.
To start this business, you just need internet connectivity and a PC/laptop and start the business from home.
#4: Meal Kit Sales
Meal kit services are fast becoming popular with busy individuals who do not have the time to go for grocery shopping and then preparing healthy meals. By 2022, the meal kit industry in America is expected to cross $11.6 billion.
Customers can select recipes and meal kits online with pre-chopped and weighed ingredients, and instructions to cook and prepare. Everything is delivered to the homes on a chosen date.
Meal kit suppliers usually prefer sourcing ingredients from local farmers to create business opportunities for small and medium-sized growers, seafood suppliers and ranchers. Delivery service providers might also have the opportunity to collect ingredients directly from producers and then deliver the final product to its destination.
#5: 3D Printing
3D printing is one of the few profitable business ideas that’s surely going to stay. Over the past few years, 3D printing is becoming famous all over the world. While start-up costs are relatively less, you can produce affordable and replicable products, and even sell them to make a profit.
All you need is a business plan and equipment for 3D printing. You can also offer digital plans to 3D printer users.
#6: Skilled Trades
Unfortunately, people are neglecting skilled trades as a choice of career due to a common belief that trades are not paid well. However, the fact is that skilled trade people are well paid and they have a satisfying carer.
For instance, consider the manufacturing industry alone. By 2028, 53 percent of job openings in skilled trades would be unfulfilled. This shortage could reach across various trades, and create a massive demand for a pool of talented and skilled workers in trades like carpentry, welding, plumbing, electronic control systems, HVAC, masonry, steel working, and metal works. The nature of all these skill trades makes them perfect opportunities for self-employment.
You can take advantage of the demand for skilled trade and consider it as a top business opportunity.
#7: Virtual & Augmented Reality
Virtual Reality (VR) and Augmented Reality (AR) are highly in demand. These represent a giant leap forward in engrossing users in a pragmatic sensory experience. Software and hardware vendors are working frantically to bring the latest VR products into the marketplace. The global VR and AR market is predicted to expand by at least 34.5 percent from 2019 to 2025.
Virtual reality and its potential uses for business and pleasure are virtually limitless. For example, 3D movies, VR gaming, real estate marketing, team-building exercises, social media VR interaction, meditation, and VR training.
VR lounges and escape rooms are experiencing extraordinary growth. If technology is your area of interest, VR could be the ultimate business opportunity you have been looking for.
#8: Online Course Instructor and Coaching
Did you purchase a video course online?
Students often purchase video courses from leading online coaching sites to learn something new. But did you ever wonder that you could also create your own video, own course, and become a course instructor?
Yes, you can.
To prepare your personal online course, you should possess the expertise in something that you are confident to teach. If you lack expertise, it would be better to learn. You may also hire a third party to make video courses and publish it. However, you would have to pay heavily to hire an expert.
Be very careful about the choice of course and topics. Invest in marketing. You must run Facebook ads and other social media advertisements to be visible. Several sites hire online course instructors. You could even join one such site.
#9: Home Baker
Delivering goodness of home-baked cakes, cupcakes, bread, cookies, savory and other gourmet products are very much in demand. People crave for quality cakes for special occasions and otherwise. Many women have mastered the art of baking and stepped ahead to create a life-changing opportunity by doing what they love to do – baking.
Your options are not just limited to baking and selling from home; you can tie-up with the leading cafes and restaurants in your city, and deliver fresh the finest cakes and sweet treats on a regular basis.
This has been an excellent earning opportunity for women over the past few years. The trend is likely to continue even further.
In addition, ace bakers can also take baking masterclasses and make name and fame.
#10: Social Media Influencer
Is that even a business?
If that’s what you are thinking, think again.
Social media influencers are trendsetters in today’s front. They are excellent business starters without any investment. If you are a well-known personality, become a social media influencer. You have to play smart and be consistent in your approach to get the best result out of your choice of business goal.
You have to create at least 5 to 10 posts daily on the social media profile for over 3 to 6 months. Only then, you can expect some great results.
Now, you must be wondering how to make money as a social media influencer? That’s how a true businessperson thinks.
The main source of earning is through brand deals. Upcoming brands are willing to spend thousands, or even lakhs, for one Instagram story or post published by an influencer.
Likewise, there are indirect ways of making money as a social media influencer. For instance, you can start blogging or use your existing blog, affiliate marketing, and other ways to succeed with your audience.
#11: Affiliate Marketing
Affiliate marketing is the most lucrative online business wherein you have to promote the product or service of a company. If someone buys through your promotion, then you get a certain percentage of that product’s value as a commission.
Atul Garg, a successful businessperson, shares his unique tips and tricks for a successful business venture. He also suggests that affiliate marketing is a sea of opportunities for business-minded people who want to make it big. Of course, affiliate marketing is also the one and only business idea that does not require an initial investment.
Within a few seconds, you can become an affiliate marketer of a company and start making money.
#12: Digital Marketing Agency
If you have sound knowledge of digital marketing and the know-how to do research, this could be one great business opportunity. We are living in an era of digital media where all businesses are expected to have a compelling online presence. That makes it even more happening business idea in 2020.
Every business is likely to have a website. Owners want the website to rank higher in Google search results. For instance, you have a bakery and someone looks up for “bakery near me” in Google. Your website ranks first in search results. Voila!
But this is only possible with the help of proper SEO and digital marketing or advertising.
You can start with small SEO projects and graduate to Search Engine Marketing (SEM), Email Marketing, Social Media Marketing (SMM), Lead Generation, Pay-per-Click (PPC) and much more.
#13: Video Creation Company
If graphics and videos interest you, you can turn it into your profession and start a new video creation company. Videos are ruling the internet for marketing purposes and otherwise. Every business wants to have video representations almost every day.
You can create relevantly and catching videos for business, promoting their products and services so that they can publish/post it online.
Start as a small company handling only a small amount of work. As you graduate, you could probably become one of the most promising video content creators in the business. Try to deliver good quality at an affordable price. As Atul Garg ethics, it is crucial to deliver phenomenal services that match up to the asking price. People are ready to pay more for the excellent quality of work.
#14: Travel Agency
While there are many travel agencies in this business, you can still become an exceptional travel agent if you plan your services properly. Start with low investment, as competition can be extremely stiff.
To begin with, you can tie up with a popular travel agency to learn the traits of the business. It becomes much easier, though you would make less profit.
However, if you want to invest big money right from the start, then consider starting your full-fledged travel agency to make huge profits.
It is not difficult to get customers as people look for travel agents all the time. Capitalize on the digital advertising platform to promote your business.
As the digital world is growing fast and exponentially, there’s a lot of scope for people with varied interests. Photography is one such area of interest that is coming up in a big way in 2020.
If you are interested in photography, start with your own photo studio or a digital photography company that provides excellent photos and videos.
Digital photography, however, involves investment. You need all the essential equipment like cameras, lights, and accessories, to capture brilliant images.
It is one of the most promising offline businesses in 2020. Photographers who have already invested in this business are reaping major benefits.
Promote your digital photography company through social networks like Facebook, Twitter, and Instagram. Create your own blog to display your brilliant skills.
#16: CCTV Installation & Surveillance
CCTV is a major requirement in every sphere of business. From schools to hospitals and shops to big corporate companies, CCTV surveillance is a mandatory requirement. As a result, it has become the most profitable business venture as well.
Technical security is no longer a fancy; it is a basic requirement across shopping malls, colleges, parks, complexes, and villas. Even some homeowners are installing CCTV for better surveillance and monitoring. The law has also made it mandatory for road networks as well as establishments such as banks, hotels, and lodges.
The market study shows that the CCTV business is expected to grow exponentially with a CAGR of 12 percent over the period of 2018 to 2023.
Owing to the frequent change in technology, it is necessary to stay updated. So, if there’s an existing CCTV unit at a complex, timely update is required, which translates into a business opportunity.
#17: Co-working Space
Co-working space is an innovative concept, which is gradually becoming a startup culture. It is an excellent business idea if you want to invest a good amount of money.
But what does the concept mean?
Co-working space is a space, or place, where you can work in a shared office space at a much cheaper rental price. You can learn more about the concept of YouTube and Google.
Of course, you do not need too big an investment into the business to get started. However, there are legal procedures involved in the process to start a co-working space.
If you live in a big city, the tier-I category, you may have to face tough competition. There would be big giants already in the field. But still, it is a unique idea that can fetch excellent returns in no time.
Yes, you heard that right!
The cafe is and shall remain one of the best business ideas in times to come.
Though it is intimidating to think of starting a cafe, your efforts shall be handsomely rewarded.
However, you must come up with a unique and innovative concept; something that nobody has tried.
Gradually, you can start promoting the cafe when you are ready with the idea and on the verge of opening. Once the brand is established, welcome people to the offline cafe.
Here, proper planning, marketing, and advertising are the key factors for the success of your business. You can choose to either start small or give it a big shot right from the start.
#19: Movers & Packers
It is the simplest, easy to start, and service-oriented business idea that never fails.
With a proper plan, get down to the basics to create a dedicated movers and packers company ready for hire. If you are in business, or you know the market well, you would obviously have contacts. Leverage those contacts to build your clientele and provide assured services.
#20: Grocery Delivery
It’s a huge market for busy people who do not have time to shop around. For them, online grocery shopping and delivery is the ultimate hope. India’s biggest grocery store, Big Basket, has successfully crossed the mark of Rs. 1000 Crore in sales in the financial year 2017, and it continues to be the most popular option in tier-I cities.
While there are many others in the field, nothing could match up to the business model that Big Basket introduced.
If you can start something similar for tier-II and tier-III cities, nothing like it.
If you want to start an offline business, understand that it is more competitive, involves large investments, and has lower success rates. However, that should not discourage a beaming idea.
Contrarily, in this digital era, it is perfect to start any online business, at any point in time.
There is no right age to become an entrepreneur. You may start as early as in your teens, or as late as in your 40’s.
Hope you have an amazing start!