The year 2020 has had a catastrophic effect on health and the overall global economy. The radical shift found in customer behaviors created a perpetual domino effect on overall business opportunities, models, and competitive landscape. This year, many employees have been laid off from their job. Although many new business opportunities, demand has risen in 2020. With the influx of some of the best business ideas for 2020, it can be tough to analyze what would be worth pursuing. While adopting a new trend or being creative can sometimes be risky. However, it can also be highly rewarding.
Let’s talk about business ideas. No matter how rewarding your 9 to 5 job would be, discovering business ideas is always far more meaningful than great pay. No doubt picking up entrepreneurship and exploring a business plan is no doubt riskier than gratified with holding a 9-5 job. It requires more sacrifice and guts to follow challenges. However, you will find this more valuable when you start to receive its benefits while bustling business plans into making money. So, let’s dive into the most relevant business ideas in 2020.
In 2020, Are you looking to start your online e-commerce business, but you don’t have enough money to buy inventory? Then, it would be best if you considered Dropshipping. Dropshipping is an online business plan in which you don’t need to deal with any physical items. You should set up an online store and band together with suppliers prepared to store and ready to deliver a product to customers. By implementing this business idea, you don’t even face risk while experimenting with new product sales. There are many marketplaces like Oberlo and Handshake, which allow you to find a suitable and awesome product to sell.
If you realized 2020 might be the year in that many people were awakened by the ascendancy of artificial intelligence (AI). One of the best business ideas for 2020 is about making use of the upcoming technology. AI has the potential to be at the heart of the global business, and it has already taken over so many small jobs. A business startup is an area which has been prevailing for the decade. According to Statista, the market research firm Tractica stated that in 2019, the global AI software market was expected to increase 154 %, with a projection worth approximately 14.7 billion US dollars.
If you are looking for a future business plan with an understanding of robotics and have a command of several programming languages, you should consider starting an artificial intelligence business; it will always be in demand because humans always want to reduce manual labor work easier. Some examples of AI business ideas you can start are AI tax return system, 3D printing, Body part making technologies and IT-driven services, etc.
Are you that person who knows about some specific field or any skills more than an average person? If yes, So you may have enough capabilities to potentially earn some high income every month without establishing any new online physical store.
In 2020, the online education industry is booming, so start your education channel can be one of the best business ideas in 2020. Set up yourself as an expert in your specialty, grow a group of your niche market, develop trust with that crowd, and offer them the arrangements they want. Regarding selling courses on the web, individuals make their YouTube channels and sites, direct online classes, or compose eBooks to impart their aptitude to other people who might be happy to buy in, or even compensation, for what they have to bring to the table.
In the year 2020, digital marketing has been coming up among top demands from business owners because each business has become a Digital Darwinism victim. If we talk about statistics, 87% of customers start searching for products online, according to Retail Dive. Hence, almost every company investing a large amount of their budget in digital marketing services. If you have the right skills to optimize other business marketing plans by email marketing, Pay per advertising, social media marketing, and other pricing strategies. Therefore, your digital marketing agency business plan will have the potential to grow more in the future.
While discussing the year 2020 and the best business ideas, it can’t be complete without mentioning the industry’s Telemedicine business opportunity boom. A large majority of the people who never tried telehealth services now are comfortable with it. According to a recent report, there is a 40% increase in telemedicine support in the US since December 2019.
The biggest shift in telemedicine has come from the boom of the internet and the prevalence of the current novel virus condition. The ever-expanding network supported by the internet can help you bring telemedicine to the masses, making it easier than ever to connect to a medical professional via a computer, smartphone, or tablet.
In today’s time, data analysis is the most demanding skills around the world. Almost all organizations and online businesses require data-driven to make more informed and smart decisions. Those persons are high in demand, who are capable enough to make sense of big data and develop actionable comprehensive insights. If you’re good at crunching & ciphering a number and have sufficient knowledge of financial analysis and economics, then this business plan is a great fit for you. Make use of one of the best business ideas for 2020 available to you.
You can further learn more about data analysis techniques by taking an online course from data camp, Coursera, and edX. Once you become the champ in your data analytics techniques, you can find clients on platforms like Flex jobs and Up work. Enhance your skills, and you can then build a profitable data consulting business.
If you’re looking for a successful business idea to execute in 2020, try the print on demand. Whether you’re an artist, designer, photographer, or influencer, physical products can be the perfect canvas for making good money in return for your creativity. In this business, we sell our own customized printed design on merchandise like notebooks, phone cases, bags, mugs, hoodies, etc. but we don’t print the artwork. Instead, we will cooperate with suppliers who will handle everything after-sale from printing to delivery. Print-on-demand services offer an alternative way to avert the investment, time, and risk associated with managing logistics and inventory; let us go from creating to selling custom products and pay you as per order bases. There are various platforms for us to research and work on, such as printing, painful and viral style, etc.
Suppose you know how to solve the biggest problems with software or have an understanding of building a software developer’s tools to help your clients. Well, if yes, then Saas could be the perfect remote-based business opportunity for you!
You might have observed that SaaS has been transcending the lists of the best business ideas for several years. SaaS business startups are at the zenith of success. Big corporates like Google, IBM, Apple, Adobe, and small businesses alike have also adopted this model. Generally, SAAS business hosts an online platform and, on a subscription basis, offers its users access to its software’s functionality, technical support, and additional cloud computing services. There are numerous SAAS related business ideas which design can geeks out the enormous client’s problems such as SAAS Social Media Analytics, Account Receivable Automation, and CRM tools. SAAS mostly works in the B2B streams, linking the business owners to use tools to improve their performance. However, some products are B2C oriented.
Do you often recognize your choice of fashion trends? Are you the one whose friends and family approach to get clothing advice? So, you can monetize your advice and can turn it into your future business plan. Generally, Personal shoppers find clothing items and accessories for their clients who are struggling to select their fashion style. Duties involved in this business evaluate your client’s wardrobe theme, explore websites, and pick items that will suit their personalities. There are almost all kinds of clothing online, so you don’t need to shop offline to get this business started. Plus, the benefit, you don’t need to hold any special certification or degree to become a personal shopper. If your interests lie in business ideas with low investment, personal shopping might be the ideal deal proven way to consider.
This year, the online gaming industry has been growing rapidly due to the covid people are restricted to stay at home. Moreover, various other reasons are behind this industry’s growth, such as the rising younger population, introducing new gaming genres, seeking the customers’ fun and mental agility, and increasing Pc, smartphone, and tablet users. So, this is right yet high time to start a profitable business in the gaming industry.
Further, by shifting consumer spending preference for fewer games than the previous decade, the gaming business model moved from the single unit sale to sourcing revenue generation from advertisement, in-app purchases, and based on active users’ base. Execution of this business plan offers low-cost and high potential value.
If you want something to initiate with zero investment, you should consider content writing as a freelancer among your best business ideas list. Nowadays, almost every company requires good and unique content to market its product, blogs pages, etc. As starting a copywriting and content writing company, it can be a highly profitable business idea for you.
If you are a self-sufficient type A worker with a knack for management and organization skills, you shouldn’t waste your skills. Virtual Assistant is one of the best business ideas if you enjoy managing business activities from home. You can take many responsibilities of a typical business owner, like content creation and customer support, while allowing your clients to focus on their primary business idea and strengths. You will get paid for your effort and time to schedule meetings, answer emails, and accomplish other administrative responsibilities.
Website Flipping is one of the newest and trending business ideas that persuade others to work from home. It involves purchasing an already published website, improving its layout and design, and then selling it to another party for a profit. There are numerous sites where you can purchase and sell the website at a profit. Shopify’s Marketplace Exchange allows you to deal with e-commerce websites that can be improved further by content marketing and other strategies.
If you’re passionate about some specific topic or interest and love to express your opinions via words and feel confident in front of a camera, so you should consider starting a professional vlog or blog as your future business plan. To become a blogger, all you need to get started is a PC and website. On the other hand, from becoming a vlogger, you should invest in a decent quality camera, the know-how of video-editing software, and various videography equipment. Making money from this business plan might be a slower process initially, but it would be smooth later when you slowly build your audience. After developing your channel, you can offer advertising space on your channel, create an account on a funding platform, such as Patron or Indiegogo, or find video sponsors.
If you understand design and art, then this business plan can be a game-changer in your career. Companies, small businesses, and sole business proprietors all want an eye-catching promotional graphic material. Suppose you have an artistic facet and understanding of how to organize content visually into an acceptable format. You can start your graphic design studio by marketing your offerings via digital ads and promoting gigs at freelance platforms such as Fiverr and Upwork.
Although the tools to get the business idea implemented are quite minimal. With just a few handy computer programs—like Adobe, Coral draw, or Canva—you can be operating this lucrative business from your home.
The demand for Multilingual people always remains high. If you’re pro speaking and writing in multi-languages. Therefore, so you should consider starting your future business plan to turn your skill into money. Moreover, you can search for customers on various websites like Upwork, Fiverr, and Flex jobs and build your portfolio as a Freelancer. When you start working successfully with companies frequently, you can hire more translators to inflate your service offerings.
In the current time, being an Instagram influencer can be a future best business idea. The only thing you need to do to explore your interest and create an Instagram account on that particular interest. Then, use some marketing strategies to increase your followership. When you will get succeed in making up your own audience. Then you can quickly be approached by major brands and companies. Those products would be matching with your Instagram content.
In 2020, a unique selling point for any restaurant business is the hygiene and implementation of Corona SOPs. If you have the skills to fill others’ apatite with your delicious food and have a knack for cooking. So, you should think about starting your own home-based food delivery business. The initial investment depends on how big a setup you want to start.
The impact of this pandemic year 2020 on the fitness industry has been nothing short of catastrophic. However, it has created some new business opportunities in the fitness industry. Though the instructor-led classrooms’ ambiance cannot be replicated on online sessions; however, the industry has no options, rather adapting digital fitness instruction classes modules to overcome the impact.
To combat this situation, you can offer fitness equipment live classes and prerecorded instructions to an app’s subscription.
If you live in an interesting tourist destination and your home has an extra guest room. So, you can start your business plan by providing your room as unique accommodation to travelers from around the world. So may this allow you to turn your home into your B&B. There are various sites on the internet like Home Away, Plum Guide, VRBO, and Airbnb. These websites have made it easier to market your home to potential travelers. These sites also provide a platform to communicate about pricing and the rest of the other terms and conditions. You can also enhance this business by offering food and other personalized experiences on a chargeable basis.
At the end of the day, you have a list of the best business ideas for 2020 here. These ideas can allow you to make money even though in this pandemic year. You can’t go along with all these business plans because each idea requires a different set of skills and strengths. However, only you can examine your skills set, and strength, etc. to determine which business would be realistic to begin. It is very important to match your future business plan with what you have a passion for. To get successful, only focus on one idea until you wouldn’t get the right plan according to your capabilities. If you are really passionate about starting the best business idea in 2020, then go out there and get started.
If you didn’t find any perfect business idea on this list, then don’t worry. There is a multitude of other best business ideas for 2020 available for you as well. Your list should be endless. Decide what on you’re great at, then do your SWOT analysis and turn your passion into a career.
At Oak Business Consultants, we are here to help you as you venture out to apply your business ideas and plan. If you’re planning on starting a new business, then visit our website at Oak Business Consultants, and get a free consultation!