Top 10 Small Business Ideas to Bring You Profit in 2020
As we enter a new decade and feel the need for change and growth awake in us, many entrepreneurial minds around the world are aroused by this question: What are the top 10 small business ideas to kick ass in 2020?
These days, it seems like it’s harder to come up with new business ideas than it is to secure funding for them. Because if the idea is revolutionary and profitable, investors will come to you running, instead the other way around.
But what makes good business ideas – good? If someone tells you that it shouldn’t be something that’s seen or heard before, don’t listen to them. Like Barbara Grizzuti Harrison once said “There are no original ideas. There are only original people.”
However, there are thousands of small business ideas out there, but you only have to pick one that you love, believe, enjoy and are good at one. Furthermore, for that idea to succeed and make money, there has to be a demand. So, for the millionth time – do your market research!
Then again, there is no such thing as that one best business to start in 2020, because the business environment and climate always evolve. The beauty of entrepreneurship lies in diversity and competition – the more the better.
Take inspiration from this list of creative small business ideas, but don’t forget to trust your gut and think outside the box.
1. Bicycle repair shop
With humanity taking a greener path into the future, bicycles have become a popular mean of transport and recreation in recent years. According to a research from NPD Group mountain and electric bikes are the fastest growing types. Moreover, they report that in the US sales for bike services/repairs has grown by 3 percent.
So take notes, because bike specialty stores that offer a tailored experience backed by expertise are going to be a huge thing in business the following decade.
2. Wall art
This is one of the hot new business ideas for those with artistic skills. Wall decor has been a huge trend in interior design lately. Truth be told, all you can see on Instagram these days is walls full of art in all forms: paintings, photography, graphics, topography and what not!
You’re skilled in any of this? Good. Do what you do best, put it in a frame, pack it nicely and come up with a catchy brand. You can sell it anywhere: Etsy, Amazon, eBay, Aliexpress, your own e-store, Instagram, Facebook… the options are limitless.
Need more inspiration? Take a look at these floating maps. Stunning!
3. Home-made meal delivery service
We’ve become more conscious about what we put in our mouths more than ever. Vegan, organic, gluten free, unprocessed, ethically sourced… But one thing they have in common is that they are healthy. So use this craze for healthy-eating and turn it into cash source.
As an antonym to fast food, home-made food has made its comeback and its popularity is growing by the day.
Take your old recipe book out and start creating the menu. Don’t be afraid to offer something different. This is an emerging niche, but the competition is already tough. Find your market: office workers are the steadiest option. Listen to their needs.
4. Unisex apparel
If Beyonce is doing it, then it has to turn big profits because this girl is not doing anything mediocre. Her voice may be her best asset, but her entrepreneurial mind is right after it.
Fact is, huge brands saw the potential in unisex clothing and went straight after it. But so did the small business community. So why not take a piece of the cake? There’s enough for everyone. With talks about gender neutrality gaining more recognition each day, this is possibly a million-dollar worth idea. Moreover, the shifts in our society imply that this is not just a current trend, but it’s here to stay.
5. Organic skin care and makeup
One thing is for sure, clean skin care is here to stay! Individuals, organisations and companies are already on the move to make authorities change out-dated laws that allow use of nasty chemicals and harmful ingredients in cosmetics industry.
There are more clean beauty brands than ever before, and the reason for this is the increased demand. The public finally realised the risks that come with chemical-infused cosmetics and are now seeking healthy alternatives.
6. Box subscription service
You might think it’s strange to that box subscription services is listed as one of the 2020 best business ideas but hear us out. People love them! Why? Because they make them feel like Christmas lasts all year round.
A box full of surprises. Beauty, entertainment, art, video game products – the list can go on as far as your creativity.
Additionally, you’ll always know the profits you’re going to make based on the number of subscribers. Pretty simple.
I mean look at Dollar Shave Club – it was sold for $1 billion and the founder still remains CEO.
7. Co-working + childcare
It was about time that childcare became an essential part of co-working spaces. Utterly practical and life-changing for parents who don’t want to abandon their careers. Especially for moms who don’t have much of a maternity leave but don’t want to abandon their child so soon. In fact, it’s a lot cheaper a less complicated in a logistical sense compared to traditional daycares.
Slowly but surely co-working spaces that offer on-site babysitting are becoming the norm. Moreover, the competition is not that harsh so you can come up at the surface more easily.
The Wing sorted this out just beautifully, and now offers its members babysitting, classes and playtime.
8. Sustainable packaging
Like we said before, humanity is on a mission to save the planet and sustainability plays a big role in all of this. With many countries closing their doors to waste and passing regulations to protect the environment, sustainable packaging is a business idea that can bring you massive profits in the long run.
The demand is on the rise and with no prospects to slow down anytime soon. Sustainable packaging is on the agenda of almost every big brand in the world.
Reduce, reuse, recycle – that’s the motto here!
9. Photo printing
When digital photography became available to us we quickly forget how precious it is to hold photo albums in your hands. For years all we’ve done is take tons of photos, put them in a folder on the computer and forget about them. Speaking of this, it’s not rare that the computer broke and all your memories were wiped away.
Thankfully, we realised the mistake we made and started to go back to the old ways. Photo printing is on the rise once again and not even Zuckerberg can stop that.
Right down your business concept, play the nostalgia card and start cashing in!
10. 3D printing
If with photo printing we’re going back in time, 3D printing takes us in the future.
You’re a good designer but don’t know how to turn your skills into a money-making machine? The answer is 3D printing. 3D printing isn’t just for prototyping anymore.
3D Hubs report that in the next five years a growth of 23.5% each year should be expected, with a current market size of over $10 billion.
Moreover, they say that small businesses play the biggest role in the industry.
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