No matter if you have a full-time job or not but having the business on the side always adds for an extra income. And trust me, if you are aiming for that new iPhone 11 Pro Max or Google Pixel 4 XL or any other fancy phone, you need to have a business help you save money.
Jokes aside, but having a business has great perks along with many benefits. It will be an exciting experience of learning how to start a business and make it grow step-by-step. In this article, we focus on how to start a business in 2020 and grow it so that you have the earnings to grow you as an entrepreneur or a side business.
Of course, entrepreneurship is riskier than having 9 to 5 job with fix payment. There are ups and downs in business all the time, and there is no fixed income or timing of the work.
But in spite of all of these once the business said you would have exclusive benefits. So here are the best ideas that you can work upon and immediately start a business in 2020.
Forty best ideas to start a business in 2020.
1) General store / Retail Store
With a budget of approximately $5,000 $10,000, you can start this simple but great business right in your neighbourhood. Retail stores are present everywhere, and they will never shut down in your foreseeable future even if online store purchases have increased multiple times.
Even in 2019, more than 30% of the purchase was from retail stores which are the significant number considering the business volume. Starting a retail store, you would require a certain upwards from the local government and contacts with certain vendors and wholesalers who will supply goods initially on credit.
The store’s location will play an important role in the success of the retail store because the closer the store is to the neighbourhood, the more the business from around.
If the store is going to be of specialized items then more than the location, digital marketing will play an important role, but the story is going to keep all sort of things of daily necessities then it is very important that it is reachable from the neighbourhood.
The store opened in the residential compound will have better business as compared to the store located elsewhere.
2) Data crunching
2020 can be considered as the year of big data because many of the organizations are eager to explore the world of database and gather more information about the customers and their competitors. Data crunching takes a lot of effort, and companies pay a big amount for people working in the data industry.
Data crunching is useful because it helps the businesses to gain insight on the business edge and useful information gathered from data analysis can turn the business and make it a leader in a very short time.
Because marketing is growing, data crunching is growing, and if you are good with numbers, then you can definitely start the business of data crunching which will earn big profits in the long run.
3) 3D printing shop
3D printing has taken a good upward trajectory in the last few years, and the year 2020 will be no different from its precursors and will definitely see a growth in business.
3D printers require a big initial investment which is to be made before the business is begun and because even today 3D printers are a bit on the expensive side this will make the business slightly pricey, but in the long run, the business will be definitely profitable. There are many old objects of which spare parts cannot be found.
For example, a button of a VCR, if damaged, cannot be replaced and probably the VCR will have to be thrown out.
In such cases, 3D printing can come in handy where the printing can be done based on the broken button and a new replacement 3D printed button can be put on instead of discarding the VCR entirely.
Many such old instruments or even medical instruments can be repaired with the help of 3D printing. And while this is only the starting, in the coming years, 3D printing will be picking up and will turn out to be a profitable business.
4) Bulk SMS and email business
You might get tons of promotional emails and SMS every day. Every traditional business involved direct emails and SMS as one of the important primary sources of lead generation. It may be real estate retail or insurance, for lead generation bulk emails and SMS are the best sources.
These days even in case of political campaigns money of the political parties use this mode of promotion to reach the final customers.
This is a rapidly growing business according to a report in a business magazine, and the global revenue of email business in America is more than $28 billion and is expected to go above 45 billion US dollars by 2021.
It is estimated that the market of application to person SMS has a CAGR of more than 4.8 % and the growth rate is expected to continue at the same rate on till 2022, and the words at that point will be around 75 billion US dollars.
This is a sort of business which can be set up by collaborating with large businesses, and the burden of initial investment can be reduced.
5) Home solar energy company
Globally it is estimated that solar energy consumption will grow up by more than 60% in the coming years. This is why it would be a good idea to invest in solar equipment’s and install it on their houses apartments roofs or balconies.
With the exhausting non-renewable sources of energy in the focus of the world is towards renewable source of energy and solar energy is one of the most widely available sources of energy which can be used to set up many equipment’s.
The cost of setting up the initial business would depend on the type of items that will be sold by your shop. It could be as low as solar panels for bulbs to solar roofing for the entire house.
Small businesses have already shifted towards the usage of solar energy, and even larger businesses have opted for the same. This is why in coming years the use of solar energy will definitely go up and would be a great opportunity for your business to be set up in this year of 2020.
6) Shoe Laundry
The approximate budget required for a business of Shoe Laundry is about $ 2000. It is considered as a unique and futuristic idea which has not even started in many of the countries.
Although many people are attracted to it, this is a business which you have to target more corporate people and sportsperson or school children and people who like to buy expensive shoes rather than everyday home people.
There are many services which can be given, like washing and cleaning or polishing and restoring.
7) Office space rental
This is a sort of a business which is driven because of the needs of budding entrepreneurs who will be working on the next Amazon or Facebook or Google.
Office space rental for sharing would be for those people who own a suitable property because it’s such cases your investment cost will be negligible.
This is an offline type of business which has a very high initial cost and will also be very high potential value. The high cost of investment is because of purchasing space, but if you already own it, then there is a negligible investment.
8) Honey production
If you live in tier 2 or tier 3 city and you are looking for a very low budget but the profitable business idea this is a wonderful choice for you.
The approximate budget that is needed to start a honey production business is about $ 1000. It is estimated that the compound annual growth rate of global businesses over 5% and estimated to reach about 2.3 million tons by the year 2022.
Honey has multiple applications and is also used as a medicine for many diseases. As for fitness freak generation honey has found the substances used in the diet of people who are conscious about their eating habits.
Honey can also be produced by organically because many people are tired of eating fertilized food.
It is estimated that the production of honey also helps to develop nature by increasing pollination by honey bees. Therefore this is a sort of a business where you will earn as well as give back to nature and protect it.
9) Computer engineering
Almost everything that we do every day is related in one way or the other to computers. The use of computers write from financing to banking, to everyday applications is tremendous. These uses and dependency of people on computers will not be reduced in any near foreseeable future.
High-speed computing is the thing of the future with the right amount after the investment and time management you can definitely earn millions by sitting in one place and managing computers; all you need is aright degree.
Apart from providing a competitive advantage, computers have an irrepressible value in our lives and also for big companies work almost everything on computers.
10) Pillow Making
This is yet another niche and creative idea of how to start a business. Believe it or not, but with a budget of $10,000, you can be a part of a business which is expected to reach 17 billion dollars by 2021. More than 7 billion people sleep on pillows, and each of them attributes getting a comfortable sweep to a good quality pillow.
This is why the trend of these was grown from 2004 drastically to the year 2019. It can be a very successful business idea if you are creative and can make custom made or designer pillows. A pillow filling machine can be purchased under $1500, and the rest of the work is raw materials and a small team.
Additionally, it is a well-known fact that has an excellent profit margin, and the turnover rate of every customer is about six months because it is considered that every 6 to 8 months you should change your pillows.
11) Virtual Call Center Operator
The virtual Call centre, often unlike other Call centres, employs people from different parts of the world prefer doing jobs from their homes.
This jobs for the people who prefer to sit in the dorm room and the person on the other side of the phone can think that he would be talking to the person sitting in an office or in the company.
This is an online type of business which requires a very low cost of investment and has a low potential as compared to other types of businesses. This business would be good for parents who are staying at home and excellent for college students as a side business.
12) Language Translator
Being a language translator is a very lucrative idea of starting a business. What’s the Google translate has advanced multiple times ahead but still the demand for excellent skilled translators is very high and is expected to remain so for probably quite some time.
If you are particularly good in a language, then you can start searching for work on many online platforms and then slowly build your clientele.
Language translators of the dead in many reputed places like United Nations conferences where the leaders from multiple countries come to one place but the language used there is only English, and many countries like people from Europe or Africa require the translator to translate the important messages for them in their local language.
This will be an excellent opportunity for you if you know both the languages that are translated language and spoken the language of the client in a better way.
You can also reach out to popular bloggers and ask them if they would require there were translated into the local language. This would be the most online type of business with low investment but also your potential value.
13) Caretaker
The business of caretaking is gaining popularity in developed countries where the geriatric population as on growth. People require caretakers and a lot of money for people who are in this business.
This business is good for you if you are calm and patient with old people and have a basic knowledge of medicine.
Many caretakers get a permanent visa of developed countries because the owner wants the caretaker to live with them 24/7. Not only from a migration point of you but also from the future view, it would be secure if you can be an excellent caretaker and start a business of caretaking by employing several like-minded people.
14) Inventory management place for E-Commerce companies:
Up until 2019, there has been tremendous growth in e-commerce businesses. Mobile 30% of the business came from retail stores, more than 60% came from online purchases, and in coming years to grow this is set to grow. Because of which the warehouse management company option to provide support to E-Commerce stores.
Instead of the company coming itself and setting up the business, you could do it on the companies behalf and earn excellent profits.
The business could be started by buying a piece of land on a warehouse in order to hold the goods that are coming from the company for the delivery and then this place can be used as a hub to deliver the goods to the customers.
You can charge for each segment that is being sent out from your warehouse and turn this into a large scale business idea because it has a lot of potential for making money.
15) Digital Marketing Manager
Marketing has now taken a digital turn, and more than half of the Marketing carried out these days is with the help of digital marketing. Hence, the business idea of digital marketing agency holds a great growth potential.
Because most of the work is online, the necessity of a manager being present in the office as a reduced and anyone with excellent knowledge of digital marketing can work with any company sitting at their homes.
There are many free courses available online which can teach you about digital marketing, and with a little bit of experimenting on your own, you can definitely dive deep into this business.
Google itself has a free course for Google AdWords likewise other search engines like Yahoo and Microsoft Bing have their own free courses for their own AdWords. Apart from this, there is also an email marketing and social media marketing which takes a larger chunk of digital marketing. Social media marketing has picked up in recent years.
Almost all of the companies prefer the use of social media marketing in order to target customers because it saves a lot of costs as compared to traditional marketing.
The specific keywords and AdWords targeting by Facebook Instagram Twitter and other online media have helped to revolutionize digital marketing.
16) Mobile and appliances repair shop
With a budget of approximately $ 3500, you can start repair shop of mobile phones and other appliances. Mobile phone sales have grown like anything in the past five years.
Nowadays, more than half of the population owns more than one smart, and the chances of that smartphone getting damaged or coming to repair have increased two times. This means there is a lot of business in a mobile repair shop.
Also, because the life cycle of mobile is not more than three or four years, the chances of getting repeat customers are very high. Apart from mobile, there are many electrical types of equipment like a blender or small kitchen appliances which require repairs from time to time. Repairing these household items will also an additional business.
17) Car charging station
With the increase in the purchase of electric vehicles, the US auto market already has many charging stations. These car charging stations will grow in number in the coming years. Companies like Tesla and Nissan sell their electric cars even before they arrived in the market or in the showroom.
With the kind of demand increasing for electric cars and the awareness of the environment on the rise the business of electric cars is definitely going to double in the coming years. Also, the fuels are depleting all around the World, which would bring the business to buy electric cars in the coming future.
This will establish the importance of car charging station because people will require a car charging station every few miles. The current cars require hours to charge, which is why charging stations will be needed every few kilometers and space to park the charging cars.
Since there will be space to park the cars while charging, there was also be small businesses set up around like restaurants and other utilities. The car charging station is definitely the business of the future.
18) E-commerce
E-commerce is picking up like wildfire over the internet. If you have something to sell or want to start a business, then best go for an e-commerce website of your own. Setting up an e-commerce website is not that a big task with many tools available all over the internet. Some paid and others free.
The approximate budget for setting up a website would be around $ 1000 and given the growth rate of e-commerce sites; it is estimated that in the US alone, the turnover of e-commerce would be above $ 4.5 million.
Shopify can be used to form a beautiful e-commerce store with $29 a month, which is relatively cheaper as compared to other options.
You can also get your website designed by a professional programmer. Making it available on Google and Facebook with appropriate plugins will also help the app, and its products discover on both major search engines and social media.
19) Mobile payment App
Most of the economies in the world are going cashless if they are not already. While developing countries like India are on the way for a cashless economy, having a digital payment solution has a lot of scopes.
People need more secure payment solutions because they are more comfortable using these payments methods.
There is a lot of growth in the mobile payment solution industry because of significant population smartphones comfortable to do everything on their smartphones right from entertainment to banking.
It goes without saying that this business idea would require a large amount of capital and if you are not going to develop the application then you would require to hire the services of the third party which would is the cost again but in the long run, it will become a very profitable business.
Collaborating with third-party applications like Trivago, Facebook, or Yelp will help to bring in a lot of business, and decent discount for regular customers will reserve repeat business from them. Going ahead, the future of mobile wallet payment solutions is very bright and profitable.
20) Online Bookkeeping
The world is going digital today, and following the footsteps of many other professions, bookkeeping is also taken the online turn. Many accountants and bookkeepers trapped in their offices, and I want some personal freedom along with the ability to work during hours in the comfort of their home should rejoice.
With the user, friendly software, and different tools available bookkeeping have become a much easier profession than any other profession. All one has to have is a good computer and access to the internet, and the bookkeeping business will flourish.
It requires low investment and has a relatively low value, but it is a good option for stay at home parents.
21) Restaurants and Catering business
No matter where you go, you always need food. And if you are good at making it, you definitely will have a profitable business by entering into the hospitality industry. With a good chef, you can have an excellent restaurant can be a crowd puller.
Restaurant business has a huge margin and profit lines along with the chances of having regular business from customers.
If the location of the hotel is accessible to many people, then the business will definitely grow in the neighbourhood and if the restaurant has really amazing dishes for signature specials which are not available anywhere is in the restaurant with actors from different locations also.
Tying up with digital marketing and featuring in videos of tech insider for food videos also help the restaurant to grow their customer base. YouTube channel of the restaurant can also work very successfully and be another source of income for your business.
You can also start taking up the party orders and set up your own catering business. The primary requirement to start a restaurant is to have a higher initial investment. The returns are excellent and very high over the period of time any business.
22) Electric fitting and plumbing
Although this is more of a service-based business, the requirement for plumber and electrician is skyrocketing. About a few years ago the demand for plumbers and electricians was not so much that was because of the fact that they were freely available back then, but now the demand is same, but people are not available easily.
Setting up the business would require about $2000, and having technical knowledge about the subject would be a good idea before starting on the business immediately.
You can also work as an assistant with any other plumber electrician and writers and many of the things before starting the business on your own.
23) Digital Marketing / Social Media consultant
With a double-digit growth of digital marketing, more and more brands want to use digital marketing in order to reach their customers. The cost of digital marketing is very low and compared to traditional marketing, and the effectiveness rate is very high because the brands can reach their customers effectively and efficiently.
Digital marketing uses specific keywords and related to social media to find the target audience for the relevant product. Budgeting the knowledge of digital media and social media, you can start a business of having consultation practice for new brands about digital marketing. Social media being a very large part of digital marketing; having a focus on it is essential.
Every six months or so, Facebook Instagram Twitter LinkedIn and other social media applications get an update which changes or updates the algorithm, which is why catching up with them is necessary as a social media marketer. Only by managing social media of different corporates, you can make a decent amount of money, and it can form a really big business in the coming years.
24) BookStore
The market for books is a billion-dollar industry and will probably continue to increase in the coming years. Many of the book readers prefer physical books compared to ebooks which are why having both the options in your story that right both of the customer. Entering into book store business will cost you about $10,000 of investment, and in the beginning, you could keep the best sellers only.
If you are yourself an avid reader, then you can suggest the best books to customers which will be an added advantage of your Store.
Instagram is also the best way to market your business of book store because many of the Instagram crowd who are bibliophiles like to know different locations of new Book stores.
Giving an additional discount on a few best-sellers can also help you get a good kick-off for the business. Apart from all of that you can read a few books yourself and understand new business ideas as well as provide excellent recommendations to your customers.
25) Privacy Protection Company
With the use of smartphones increasing, there are gigabytes of data every day which is being circulated and is exposed to hackers would want to steal it. The need for a reputed privacy protection company is increasing every day in almost every field that is connected digitally.
From photos to credit card numbers phone numbers to banking passwords all of the private information is online and can be accessed easily by different hackers or can get a virus which can destroy the savings of your lifetime. There are multimillion-dollar businesses with corporate security information which needs protection every day.
The business has a wide scope in every field right from business software individual privacy and if successful, can always collaborate with a tech firm which can also make it more lucrative. Privacy protection firm can also be integrated with mobile industries or any app to provide privacy protection.
26) HR consultancy
If you are the sort of the person who has many contacts in the market, then you can start job referrals and grow it into an HR consultancy. The demand for jobs is always present in the market because there are many people always looking for a job.
You can always connect the job seekers with the company and earn a decent profit by being a middleman, from the company as well as the person.
You and also provide value-added services like Resume writing, preparation for interviews, or personality grooming. Such services are always in demand, and many job seeker would want professional consulting before the interview.
27) Content writer
Content writing something which all of the businesses require once in a while. Every business requires content writing to attract customers and establish there position amongst the competitors in the market.
Moreover, content should be updated regularly so that the website is ranked on top and gets more and more visitors every day.
Content marketing is the only marketing that is left, is what is being said in the business industry. Good content never fails to attract an audience. Content is good has a wide reach and can gather many million followers.
The content can be audio, video, or text, be it any form, it is essential that the content is original creative and addresses the end customers correctly. A content which is popular with customers turns out to be profitable and engaging and also can earn millions of dollars.
28) Cleaning Business
Cleaning business is one of the best business idea because more and more people getting educated regarding the cleaning industry, and more and more people are becoming conscious about the requirement and necessities of hygiene.
A report says that the market size of cleaning business will cross 70 billion by 2022. Most of the market share of cleaning industries divided into residential cleaning and commercial building. There could also some niche branches of cleaning industry such as swimming pool cleaning, windowpane cleaning, etc.
The business can also be set up in such a way that you can outsource cleaners to the required offices or industries on a contract basis. On average, it is seen that commercial cleaning pays more than residential cleaning, but the number of customers in the commercial is less than residential cleaning.
29) Fast food business
The fast-food industry is one of the fastest-growing and profitable market industry and is expected to grow more than $600 billion after 2019. If you have a fast-food business idea that is unique and original, then it could be the next McDonalds or subway.
The best part about fast food business industries that you do not have to wait for a long time in order to recover your return of investment, and you could make an excellent profit in a matter of months. The only condition is that your food should be of decent quality.
30) Online courses | Start A Business
If you are good in a subject or know something very well, you can design an online course which would be appealing to most of the customers. All you would be needing is access to a course provider like Udemy or LinkedIn, which provides online courses.
The demand for online courses is increasing, and this would only go on increasing from 2020. The potential is huge as the CAGR is more than 7% and the industry may cross more than $ 6.5 billion.
You can also use YouTube for teaching the courses and make them free so that everyone can watch it and you can earn by ads of youtube. Even small courses of Mathematics, English, etc. can earn you high income as long as your content is original. Language courses are hot cakes in the teaching industry.
31) Packers and Movers
The business of packers and movers is on very high growth, and if you have ample amount of money, then this business will definitely be a benefit for you. With an initial budget of about $ 50,000, you can start off the business by purchasing a truck and hiring a few men.
You can also always associate with real estate agents for possible business leads and start an app that can reach potential customers.
Apart from residential, many corporate offices are on the move all the time, and getting a deal from them would be lucrative for your business. The number of customers from residential will be more than corporates, but the business value will be more from corporates.
32) Water trade | Start A Business
As the world is growing hotter, water is becoming scares, and it is that that water will be the oil of 21st century. Water is becoming a sign of conflict in coming years and people are growing more thirsty wale average with every passing year.
Water is needed for everything right from drinking to usage and agriculture, and there would be no replacement for water which is why water harvesting and water trading will be the thing of the future.
Water issues everywhere and saving water is the important thing that we can do to save the earth. Soon bottled water is going to be a billion-dollar industry because the need for water is soaring up and up constantly. Having a business of water trade will not only be profitable but also be a service to society and the environment.
33) Drone Delivery in Rural parts
Shipping services are on growth because of the growth in eCommerce industries. There are orders from every part of the world that the organizations for required to fulfil. The presence of internet is everywhere but shipping the orders to obscure rural parts is a big challenge.
This is where drone delivery will come into the picture providing services to the rural parts of the areas where the shipping cannot be provided.
Drones can easily deliver large parcels and ensure safety and security to the customers. The primary advantages are that they do not have to use the ground to deliver in the rural parts; they can simply fly over there.
To start the business, you would require collaborations and partnerships with E-Commerce companies which have regular shipments to that area. Because of drone delivery, the shipping will be faster, efficient, and without the interruption which may occur in regular shipments.
Also, because it does not use land or water to deliver the shipments, there would not be any physical interruptions.
34) Blogging | Start A Business
Surprisingly enough blogging is thriving station 2019 and is expected to do so in the near future. But although blogging is good not everybody’s blog is read and well-received by readers. There are blogs which are idle and not read at all by visitors.
The content is the primary challenge for the blog. If the content is excellent and the personality is well known that the blog is read by many visitors and can earn decent money for the writer. In order to make the blog successful, you should have the knowledge of SEO and use appropriate plugins to pull the crowd.
This is an online business with very low cost but an increasing the high value if you have the right content and right targeting.
35) Organic Farming
With the diet-conscious population on the rising, more and more people want to shift to organic vegetables. Becoming vegan or vegetarian is also seen to be increasing as the awareness relating to the environment has been made in the minds of people.
This is where having a small piece of land for organic farming can really pay you off. Growing organic vegetables requires very low investment, and it can pay off big time. You can contact nearby stores where they can keep your vegetables.
Apart from promoting health, you would also be earning decent money, and you would be able to eat homegrown food which will keep you healthy.
36) Tours and Travel business | Start A Business
Tourism is increasing globally, as air travel is becoming affordable for everyone. You can start a tours business wherein you can assist solo travellers or people who do not prefer to travel in groups, to plan their own trip. You can also help them with getting Visa and necessary documents and work on them for itinerary preparation.
Since you would only be assisting people with itinerary preparations, there would be a very less initial investment on your part. Only things necessary are a computer with a good internet connection and knowledge of the tourism industry.
Later the business can be expanded to include travel guides to booking air tickets and providing currency exchange for the travellers.
This would push the budget up but would also pay high returns once the business is established. This is a business of service industry which means your service will decide if the customer will give you repeat business or not.
37) Event planner
Event planning is no more a local event, and many people are connected to each other globally via the internet. You may not be required to be present everywhere at the time of the event, but you can always understand the event and plan it for the customer.
With the help of your organizational skills and management techniques, you can always make any event successful. Since this is a part of the service industry, customer satisfaction would be of paramount importance.
It may be a major event like a wedding or small office farewell parties or Christmas parties; if you have the skills, you can always take up the business and grow it.
38) App Development | Start A Business
The app development business is gaining momentum due to the smartphone industry. There is an app for everything, and for the things for which there is no app, there are apps being made. As of now, the app development is a billion-dollar industry, and it is nothing but expected to grow to a trillion-dollar industry.
You can either hire a developer who is available freely or yourself learn app development and launch your business. App development is a business of the future.
You can develop an app which is of utilities like a simple Alarm app and earn with the help of ads featured in it, or you can develop an app for a large business organization.
39) Accounting and taxation firm
Every company and every employed individual or businessman pays taxes, and there is a lot of potentials to get clients for the business. Every year many people are required to pay taxes, and with your knowledge, you can guide them.
The investment for the business is comparatively low because all you would be needing is a computer with a good internet connection. Once you establish contacts, then you can approach new businesses to do their accounting and taxation for them.
Accounting business has a lot of scopes, and there will be a requirement of tax consultants and auditors for different business.
40) Dog Walker and Animal caretaker | Start A Business
If you have a hobby of working with the animals, then you are in for luck. There is tremendous scope for business animal caretaking and dog walking everywhere in the world. People often go on tours, or long-distance travels when they require their pets to be at a place where they are loved and taken care of.
A dog walker is a professional who works with the dog and returns the dog back to his home. This business involves low cost and is potentially has low value, but if you like your work and would want to stay in that doing forever, this is the type of business for you. Apart from this animal caretaking is also good business.
Providing supplies for animals which include animal food, other utilities like belts, toys for animals or training tools can be a good business. If you are an animal lover, then this is not your business for you but something that you enjoy, and on top of that, it will pay you very well.
There is definitely of growth in the business of animal caretaking because the number of pets owned by peoples is increasing every day and it is estimated by the year 2030 the number of pets will be at least three times more than what they are at present.
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