Best Business to Start in 2020

best business to start in 2020

Fulfill Your Inner Entrepreneur: Best Business to Start in 2020

If you’re an aspiring new business owner or want to add to a collection of existing business ventures, you have some interesting—and some not-so-surprising—choices for 2020. The business landscape is changing, with disruptions happening across the business niche spectrum. Accordingly, you should have  an idea regarding best business to start before you jump in.

First Things First

Technology has made starting a business easier, and cheaper, than ever. The hard part is probably deciding what kind of business you want to start. Get on the way to deciding by following some old-fashioned career advice:

  1. Figure out what is in demand.
  2. Pick something you enjoy.
  3. Make it something you’re good at.

The idea is that, if you follow these guidelines and make wise business decisions along the way, you almost can’t help but succeed.

Keep in mind that, overall, starting a business you’re good at doesn’t necessarily mean you do it all yourself. Think of Steve Jobs. He started Apple based not on his technological expertise but on his creativity, his ability to come up with brilliant ideas, and keeping good people around him.

Why Do People Start Their Own Business?

Owning your own business lets you shape what you do, based on your likes, dislikes and talents. The drivers are usually a variety of things including a desire to:

  • Be your own boss – You get to call the shots.
  • Use your talents to your advantage – You can finally build your career around things you want to do.
  • Make more money – Done right, your business can build wealth for you and others you bring into the picture, including employees.
  • Solve problems – Look at what people need help with. Look for problems that need solving and come up with solutions.

Best Business to Start and Niches to Consider

There are areas, growing industries and promising niches, to contemplate. Because of technology, many traditional fields can be adapted for the internet.

  1. Home Delivery

Where would we be without home delivery? Meals, products and are delivered. And, now we can even create our own photo books online and have them delivered without having to go out. These are areas that weren’t even part of the business landscape not that long ago.

  1. Telecommunications

Deliver a service digitally. One example that is trending is health care consultation via video conferencing; patients can save time by not having to go to the doctor while doctors can also save time. Have experience in the health care industry? Create a service to make jobs more efficient for doctors’ offices or hospital nursing staffs. Digital opportunities also apply to other fields. Are you a yoga enthusiast? Establish an online yoga class.

  1. Services

Offer bookkeeping and tax services online or put people who need mental health help in touch with professionals who can provide counseling services. Or, you could establish a service to connect independent house cleaners with clients, or physical therapists to people who want to be served at home.

  1. Digital expertise

If you are knowledgeable in online marketing you can offer your expertise in SEO, advertising, social media and so forth to small businesses. Use your talents to develop a website to promote your business, or to sell other people’s products for a fee. Connect with graphic designers and copywriters and include them as offered marketing services. With the right skills, you could develop apps to sell or become a web developer.

  1. Career coach

Become an expert in career development, in person, online or both. Offer workshops, be a consultant to people entering the job market, establish a career problem-solver business and answer your customers’ questions. Another possibility is to help businesses with employee development.

  1. Go mobile

This category includes mobile services like establishing yourself as a mobile personal shopper, laundry service provider, Uber or Lyft driver, dog groomer, dog walker, medical courier, housekeeper, virtual assistant—basically use your imagination and come up with an idea that fits your strengths.

  1. Business hub

Rent a suite of offices, conference rooms and other relevant spaces to create a hub for freelancers and consultants to come when they need or want an alternative to a home office. Charge for walk-ins and periodic space rentals and/or offer actual rental fees for ongoing use of the facilities. Rent out computers and Wifi or provide these as part of the rent.

  1. Online teacher

Technology has opened up plenty of opportunities to teach or tutor students online. If you have expertise to share, this could be a good approach. Create lesson plans and students can do the work and submit it to you or a network of experts you’ve gathered.

  1. Pet daycare

Take in pets in for working “parents”. This in-demand service is popular. A good way to start is to go online and check out what other services offer. You can also visit a few to see how they are set up.

  1. Caterer

Have a kitchen and great cooking skills, start your own small catering service. To get started you’ll need to have the right equipment, choose who you want to be your market, build relationships with companies that rent out tablecloths and other items you might need, and get out and do some marketing for yourself. It’s okay to start out small! You’ll also need to write a business plan and get the appropriate licenses and permits.

  1. Food trucker

If you’re into food but don’t want to cater, purchase a food cart and start selling to the public. As with all businesses, you’ll need permits, licenses and insurance. Teach yourself the ins and outs of the business, pick the kind of food you love to cook for others, take care of all the details and go for it!

  1. Smart home consultant

Smart homes are getting to be hugely popular. If you’re qualified, offer your freelance skills to help people get set up properly. Or start a business that connects freelance tech experts with people who need help setting up their home with technology.

It’s exciting to start your own business, but it can also be expensive to establish your business. If you’re an entrepreneur at heart, it’ll all be worth it! Be sure to check out your business insurance options at the EINSURANCE.com website.

About Barbara Howington

In a 40-year career that began as editor for a college public affairs department, Barbara has been an instructional media script writer, public relations director, marketing manager, account manager, and co-owner of a graphic design, marketing and public relations firm. For the past several years, she has funneled her knowledge and insight into copywriting, her favorite part of every professional position she’s held.