10 Best Business Opportunities of 2020

January 9, 2020

Are you looking to start a business this year? Do you already have a business you’ve started and looking for a chance to possibly pivot? While it may seem like the options are endless, some opportunities are ripe for the picking in 2020. The opportunities presented here do not take a Ph.D. or a million dollars. They are ideas that, with minimal start-up capital and some hard work, can grow into a self-sustaining business.

Like all businesses, however, you will have to serve a specific niche within the market. Take the example of spiked seltzer, what about your spiked seltzer will make you different from Truly or White Claw? Are you cheaper, offer better customer service, better taste, better packaging? That is up to you to decide which option is best for you and your business.

1) Skilled Trade

This is a business opportunity that almost no one thinks of. When people think of trade workers, you think that it is low paying and dirty work. However, it is quite the contrary. Careers like masonry, welding, electrical systems, machinists, and metal workers get paid handsomely for their work, and it is of little supply. Since a lot of the Baby Boomers will be retiring soon, the majority of individuals who work in this field, there will be a massive drop in supply.

Also, picking up a skilled trade takes a considerable less amount of time than going to college. While a bachelor’s degree typically takes 4 years to accomplish, trade schools can be completed anywhere from 8 months to 2 years.

2) Online Advertising Consulting and Coaching

We are in a time like no other when it comes to potential reach. With platforms like Google, Facebook, Youtube, and Instagram, it is possible to reach millions of peoples with just a few dollars spent. Not too long ago, to do something like that would only be possible for fortune 100 companies, but not anymore. Although what we have at our disposal is monumental in potential, very few business owners know how to use any of these platforms in a meaningful way.

This is where you come in. By just taking Facebook’s free ad course or a Udemy course on any of these topics for less than $20, you can become an expert in no time. Once you have built a solid foundation, you can put your services up for sale on platforms like Fiverr and start building a customer base.

3) Ecommerce Store

According to Statista, worldwide, global retail e-commerce sales for 2019 reached 3.5 trillion dollars. This statistic should show the demand for two things: People wanting to be able to purchase merchandise online, and many people who would like to know how to take a piece of this market share. If you see growth in a particular product segment, it is easier than ever now to create a Shopify or Big Commerce Store and start selling. They are very cheap to set up and have an amicable user interface. You can also, like in the online advertising example, take a course on optimizing Shopify stores and sell your services on a freelancer website.

4) Review Blogs

Now more than ever, there are so many different types of products being offered to the public. Even in a niche like shaving, there are so many different types of razors, shaving creams, shaving gels that most consumers don’t know what’s from what. On top of that, sellers have a hard time getting their product to consumers because there is so much competition. This is where a review blog comes in. As a reviewer, companies will send you their products to try out, and then you give an honest review to your customers on the experience.

You can easily monetize this by partnering with the companies you work with and sell their products through your blog. They will give you a percentage of all sales that occur on your website.

5) Affiliate Marketing

Affiliate Marketing is one of the easiest ways to make money. All you need is a computer, an account with an affiliate marketing program like Jvzoo or Clickbank, and a strategy to direct traffic. Affiliate Marketing is selling someone else’s product and getting a commission on the sale (similar to the review blog strategy). The great thing about affiliate marketing is that you don’t need to create the product yourself and don’t have to worry about inventory. This means all you need to do is drive potential buyers to the offer.

There are many ways to do this. You can either drive them to a landing page, a single web page that contains the promotion, the offer itself, or your own website where you have the affiliate link to the offer.

6) Senior Care Services

Going off the point that was brought up earlier in the Skilled Trade portion, the Boomers population is reaching retirement age. This means that there will be a need for senior care services to help take care of the elderly. Senior citizens can suffer from various health and mobility issues. This may mean they will need individuals to help them around the house during the day and night to help with feeding, taking care of pets, housework, and everyday chores. They may also want to travel and possibly might not be able to drive their own vehicles.

7) Healthy Foods

Everywhere we shop, we can see a Gluten-Free or plant-based alternative to what we usually consume. Companies like Beyond Meat have thrived off of this change in consumer preference, and the market is only growing. As American’s are paying more attention to diet and health choices, people are looking for ways to incorporate healthy alternatives into their life. Take Goli, for example. The company sells Apple Cider Vinegar gummies to help give you all the health benefits of Apple Cider Vinegar while not having to deal with the bitter taste of Apple Cider Vinegar. People are looking for any way to maximize their health, and if you can provide some value anywhere, you can set yourself up nicely.

8) Spiked Seltzer

If you are anywhere from 18-35, you know about the craze of White Claws. They went mainstream in 2019 and made over a billion dollars in just 2019 alone. How? They played on the healthy trends that are currently emerging. By making itself all-natural, low carb, and gluten-free with just a hint of fruit, they became the drink of the summer in spectacular form. Other companies have come up too like Truly and Babe. With wintertime on us now, there is no time like the present to start coming up with your idea, calling manufacturers, and getting it ready for a summer launch.

9) Home and Electronic Fitness

Going to the gym is so 2019. People want to be able to exercise from the comfort of their own home in 2020 and no surprise why. It is much more convenient and cheaper to stay in your own house. That is why companies like Peleton and Mirror have specialized in bringing fitness to your home. However, there are other ways you can bring the gym to someone’s house. By creating an online workout course that people can access from their home for a fee or even a product to aid in working out as a pull-up bar or a foam roller can lead to some serious revenue.

10) Customized Products

There has been a surging number of customized products. Individuals more and more want products and services made tailored for them. Some companies that are currently doing this are Curology, Smile Direct Club, and Territory Foods. Curology is a customized acne service where you take photos of your skin and get personalized treatments by dermatologists. Smile Direct Club is a teeth-straightening company where you bite into a mold and send it back to dentists for examination. From there, they send back a transparent aligner that you wear for just a couple of months to straighten your teeth. Territory Foods is a meal delivery service that brings personalized, pre-made food to your door. From customers wanting more and more ways to get a product made specifically for them, this market is growing rapidly.

Key Takeaways:

There are no shortcuts in starting your own business. None of these ideas are “get rich quick” schemes, but that isn’t the point. What we are doing with these business ideas is finding a way to provide massive value to customers so that they only want your product or service. If you can win over your customer’s heart with any of these 10 ideas, you will have a healthy and profitable business for years to come.

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