Looking for inspiration to identify the best small business ideas for 2020? With so many business ideas, finding the right one is easier said than done.
It may seem like all of the good business ideas or the best small business ideas have been taken, but they are not. Most successful small business ideas come from individuals who work for someone else, but they believe they can do better. Some might start as employees or apprentices for other businesses and then gradually build up the skills and experience before they set out on their own.
With the right idea and determination, anyone can make their dreams of having their own small business come true.
Operating and running a new business venture successfully is a tough job. According to a report, about 80% of new businesses close down in the first year. This is a huge failure rate. This should make you even more watchful about the steps you take to establish your startup.
One of the reasons for the high rate of failure may be that many entrepreneurs chose a wrong business idea. Along with a clickable business plan, you need to have every branding material in place. You need to create a logo (not your task but a designer’s), label, brochure, packaging and everything in between.
If you are planning to start your own business, then having that passion for entrepreneurship is not enough. You need to have a great business idea that is not only in demand but unique too. We have come up with great small business ideas that you may likely to consider to start your entrepreneurial journey. Let’s get started!
Think of a franchise as a “plug and play” small business. For a fee, an entrepreneur receives a fully branded, viable business catering to a certain demographic area.
This is very beneficial for the beginning entrepreneur because they usually don’t have experience in marketing, hiring, or ongoing strategic development. All of those things are often included in the purchase. It helps business owners get a running start at success rather than having to build it from scratch.
Consumers are purchasing product and service subscription services in growing numbers. Consider services such as Netflix, Dollar Shave Club, Bark Box, NatureBox, Cat Lady Box, and more. The current popularity of these services makes it an excellent business idea for beginning small-business owners. Upfront collection of revenue fuels cash flow.
In a subscription business model, you can work with other brands to curate and use their products or services for your subscription business. Or you can use what you may have already developed as part of a new business idea.
If you want to contract it out, find a product or service that matches your skills and interests that also appeals to a defined audience. Carefully curate items and services based on market research. You’ll need to negotiate with the manufacturer or supplier about supply, price, and revenue sharing. However, in return, you’ll keep your overhead low and won’t be spending time or money developing the products or services.
If your customers are subscribing directly for items you created, then you’ll need to figure out the best price point yourself. You’ll also want to determine the amount of product to include, as well as subscription level plans.
Running a small business can be difficult at first, including the process of determining what type of products to offer. And overhead can get expensive. But by operating a drop-ship business, a new entrepreneur can tap into the resources of other businesses to produce revenue, all while keeping the budget lean.
A drop-ship business involves selling other manufacturers’ products on sites that offer an online location for a personal storefront, like Amazon or eBay. This type of business is advantageous for beginning entrepreneurs because they don’t have to do the hard work of building product reputation and trust.
With this model, there’s also no need to store the products in-house. Instead, they ship directly from the manufacturer with a set revenue amount for each unit sold. People often find your products through third-party marketplaces like Alibaba.
Simpler operations and low overhead make a mobile business an ideal solution for building a following, especially for the newer entrepreneur. Mobile businesses include opportunities such as mobile day spas and salons, catering, and pet grooming. I know a couple of entrepreneurs who left the more traditional business world to start their food trucks.
Should your mobile business become successful, you can eventually expand by moving into a physical space or acquiring additional vehicles.
Before launching a mobile business, make sure city regulations and ordinances allow for this kind of model. You may also need to obtain specific licenses or certifications before beginning to offer your services or sell your products.
This opportunity capitalizes on an entrepreneur’s unique knowledge and skills to generate revenue. This online business idea could involve creating a video tutorial series on YouTube, for example. Or it could mean leveraging a podcast for thought leadership or adding and managing online courses through marketplaces like Udemy or Skillshare. E-learning opportunities can also include content for trade schools, colleges, and universities.
The online instruction business model can provide a foundation for your brand, which you can leverage for future startup ventures. It also connects you with a wide range of people whom you can help guide toward using their knowledge as a springboard for their business opportunities.
A small digital marketing or advertising agency requires a small setup and less investment. You can start it from home also. The main work of an advertising agency is to create, plan and handle advertisement and promotional requirements for a client. Agency needs to arrange placement for the advertisement on a commission basis. An advertisement agency is one of the best business ideas for beginners in India.
Courier or Delivery service is the next business idea for beginners. The task of the courier company is to deliver things on time at a different destination. You can tie up with a reputed courier company to start with.
Home cleaning is considered as one of the easy business ideas for the beginner. In this business idea, you need to take a contract of house cleaning and arrange manpower for the same. This idea requires a skill for people management.
Blogging is part-time easy to implement low investment business idea for the beginner. You need to have technical knowledge and skill to express yourself. You can earn a lot of money by direct advertisement from your blog.
If you are good at taking photographs, this business could work for you. You need a good camera and a few contacts in order to start this business. The success of this business depends on your capability and creativity to deliver the desired result.
A freelancer is a person that bids for the project and completes it within the given timeline for money. A freelancer usually accepts projects related to Information technology and works online. They get work from various sites offering freelance work.
The next business idea for beginners is child care services. In a metro city, these types of services are always in demand. You need a proper place and toys in order to start this business. It is one of the best business ideas for beginners.
You can also start a business that offers various errand services like paying a bill, picking up dry cleaning or groceries etc. In today’s busy life, people need manpower for these type of errand services.
Your hobby can turn out to be a good business option for you. You can think of starting your hobby class. You might need to recruit people from a different area like stitching, drawing, sports etc. before starting this business.
Affiliate marketing is an online business idea for beginners. This idea does not require much investment. In this idea, you need to become an affiliate partner of an online company like Flipkart, Amazon and help them to sell their product. You will get a commission based on the sale of products.
If you are from IT, background and creative in nature youtube channel partner business could be for you. In this business, you need to make your youtube channel and upload an original video on that. You will be paid for advertisement as per channel partner program.
The next business idea for the beginner is translation services. If you know multiple languages, this business is for you. You need a small place and few clients in order to start this business.
If you’re trained as an accountant, you can build up your base of business or individual customers and build your own accounting business.
Event planning & management is the next business idea. If you have some strong organizational and communication skills, you can build up a client base and start a business planning weddings or various other events.
The next business idea for the beginner is a real estate agency. To start this business, you need contact details of prospective buyers and sellers. It is a low investment business that can be started from home.
Recruitment service is the next business idea. In this business, you need to help the job seeker to find out a job as a commission job seeker will pay one-month salary or predefined fees.
You can become a certified yoga teacher and start your own Yoga Center. In today’s stressful life, people are ready to pay money for health and relaxation.
Providing food and Catering services is another business idea for a beginner. You need to be good at planning and managing people to start this business.
Home Made Food Business
If you are good at cooking food, you can start your own homemade food business. This can be either a tiffin service or snacks. You can either deliver it at the customer doorstep or can open your homemade food centre.
Well, before selecting the best business ideas from above, you should answer the following questions that will help you in the selection of best business ideas.
Now that you’ve seen the list of business ideas, it’s time to evaluate which ones are a good fit. While every business idea on our list is suitable for first-time owners and aspiring entrepreneurs, increase your success chances by doing your homework. When evaluating any small business ideas, here is a checklist of points to consider.
We all have at least one thing we do well. Take stock of your skills and identify what YOU know how to do well. Find business ideas where you can leverage your skills. Example: if you are good at writing and communicating, congratulations. You have a basic skill needed to be a freelance writer. To assess your skills, look at your accomplishments as an employee. Look at the experience with school and community projects. Look at your hobbies, too.
Pick a business where you will feel comfortable because your personality is a natural fit. If you are an introvert who prefers to work at a computer, then business ideas involving online work may be perfect. If you love interacting with people, then find business ideas that put you face to face with other people. You are more likely to be successful if the role feels comfortable.
Keep your investment in your first business low. Run quick numbers to estimate what it will cost to launch your favourite business idea. Most of the business ideas above cost little to start. But a few may require a bit more investment in marketing, equipment, inventory or supplies. Make sure you can cover the cost.
Most of the above business ideas do not require licensing, but a few do. For example, certain professions, such as home contractors may require licensing. As a condition of that license, you may also have to meet other requirements, such as carrying liability insurance. As you research ideas, check with your state, municipality, county or other local authority to identify all requirements.
Strike up a conversation with individuals who currently operate the business types on your shortlist. See how they feel about their businesses. You can also do research online. Search in Google to find forums and discussion boards for particular occupations, and read what members have to say. Similarly, search for Facebook groups or LinkedIn groups — there are groups for writers, marketers, social media consultants and other entrepreneurs who speak frankly.
The first thing you need to check is a type of business and level of readiness to execute the idea. Consider the following key aspects to check your readiness.
The second thing is how much capital do you have for investment and how much you can arrange? This will help in backing up your business idea. If a business idea selected by you require more capital and you don’t have capital provision, you either need to arrange capital or select another idea.
The competence of your team will also matter to the success of the business. It is easy to raise the capital if your team has experience and skills. If you don’t have a team, you need to select an appropriate business idea that does not require manpower.
So there they are— ideas for inexpensive, easy businesses that almost anyone can start. What else do you need to turn one of these ideas into a successful business? The kind of people skills that will allow you to attract and build a regular clientele. But I’m guessing that you have these, or you wouldn’t be thinking of starting a business in the first place.
If one of these business ideas appeals to you, the next step is to see if it will work for you by developing a business plan. Take the next steps to turn your business into a reality.
As you evaluate your shortlist of business ideas using the checklist above, narrow the list down.
Look at these side businesses if possible. A side business keeps your risk low because you can continue to bring in a steady income at the same time you are building a business.
The goal is to identify the best business idea — for you.
When you have isolated one business, you are excited to try, outline a business plan. Address what it will take to launch and operate. Ask for help from friends and family whose opinions you value. Treat these people as your brain trust — your informal board of directors for your future business.
Whatever business idea you chose – have confidence in yourself. Take action. Success awaits those who try!
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