If you’re starting out with a small business, there are many opportunities for you if you analyze the market correctly. Opening a good business depends on the investment but thorough research and market analysis is the most important factor that drives your business. You need to make sure that you have all the information on the industry that is required to run the business. We’ve decided to help you with that part and made a list of 10 business ideas for beginners 2020. Read further to know more.
Managing and running a business successfully can be a tough task for beginners who have little or no prior experience in running their own ventures. Some reports say that around 80% of new businesses shut down in the first year of their establishment. This means that failure is a huge obstacle in starting a new business and many people cannot cope up with it. These facts can act as warning signs for you and should motivate you to one-up your game.
Why do Startup Businesses Fail?
There can be many factors that cause the shutdown of development stage businesses but one of the main factors is that most young and inexperienced entrepreneurs start implementing a wrong business idea. After you come up with a business plan, there are many things that you have to do before you even start your business. Stuff like designing a logo, brochure packaging, and even a website. All this and everything in between must be taken care of before you start the physical implementation of your business venture.
If you want to start your own business venture, then a simple passion for entrepreneurship is not enough. You must think of a unique business idea that has demand in the market and has real practical objectives that you can achieve. Let’s help you start your entrepreneurial journey through 10 business ideas for beginners 2020.
10 Business Ideas for Beginners 2020
Coming up with a unique and practical idea can be a difficult job and it’s even tougher if you’re inexperienced and just starting out. These are 10 business ideas for beginners 2020 that might help you in starting out:
- Food Truck Business
- Coffee Shop
- Cooking Classes
- Website Design
- Digital Marketing
- Currency Trading
- Event Planning
- Clothing Boutique
These business ideas are products and services that are almost always in demand. You need to discover your own unique take on them with a little help from us. Let’s look deeper into these 10 business ideas for beginners 2020 and try to understand how you can do it.
Food Truck Business
This is the best idea for people who like to cook and experiment with food. As many people cannot start out with a huge investment in opening a restaurant, one can simply buy a food truck with a small amount of investment. If people start giving a good response to your food, you can save up and slowly move towards opening their own restaurant. Failure will only result in a small amount of loss, which can easily be recovered by selling the food truck.
Coffee shops are the most trending place these days. A while ago people only went to coffee shops to drink coffee and chill out with their buddies, but now coffee shops are the bomb. There are meetings held there and even corporate events. Making your theme unique and providing service with extra care are the keys to success here.
If you like to bake and have fun with the oven, then this is the best of all the 10 business ideas for beginners 2020 for you. You can simply start it from your home and sell your products online or through retailers. If you start receiving good feedback you grow it to your own complete bakery with a sit-in area. Bakeries are the sweetest and friendliest sitting places in all of the eateries, making them a unique business idea.
Do you love to cook? Start teaching others and earn a good amount while sitting at home. Cooking classes can be given online and in-person as well, it totally depends on what you feel like. They require almost zero investment and can pay back a handsome amount if you really start getting students. If you start getting a good response you can open your own coaching/training center equipped with bigger and better resources for your students, and make more profits.
If you have web designing skills, which are not that hard to acquire in the first place, you can start providing this service right from the comfort of your own house. You hardly need any capital or investment; all you need is your workstation which can be a PC or a laptop even. Almost all the businesses today need their own website, and digital presence matters a lot. Pitch your services to them and start earning from your house.
Digital marketing is the buzz right now and is in a lot of demand. If you have these skills you can use them to provide online digital marketing solutions to individuals and businesses. Social media marketing, Search Engine Optimization, and PPC; the choices are endless.
Forex and currency trading are businesses that you can start from your home easily. You just need to predict the patterns and invest some money in the currency that is forecasted to go up. This results in profit which you can then reinvest and repeat the procedure as many times as you want and earn more money than before.
This career path requires a little hard work, but the payoffs are usually worth it. If you have the management and planning skills paired up with contacts, you can start event planning easily. There is not much required in the initial investment, you start with small events like birthday parties and baby showers then progress to bigger events like wedding ceremonies, concerts, and public functions.
This is a skill-based career that can earn you a very good amount in just a small period of time. You just need some good photography skills and a good DSLR camera with a couple of different lenses and you’re all set. You can slowly buy more equipment and start charging more for other services that you can provide like complete event coverage, videography, and even drone shots. Photographers get paid a lot and soon enough you just need a team of people who work for you and you just need to sit back and monitor their work.
This business requires a little more effort and investment than the others in our list of 10 business ideas for beginners 2020 because you need to have certain things before you start. Your own designer, your own cloth supplier, and a boutique where you can sell them However you can start small with this as well by designing and stitching dresses yourself and selling them online. You can also take custom orders online and if the business feels like it can grow. You can invest in designers, suppliers, and a boutique.
There are a lot of other ideas as well that you can follow or you could just simply come up with a new innovation that hasn’t been done in the market before. The whole thing depends upon your passion, innovation, and creativity. If you don’t want to become a part of the 80% of businesses that fail in their first year, be sure to research the market perfectly and in-depth before jumping to any kind of a decision.