The Hottest New Businesses Entrepreneurs Are Starting In 2020
Being your own boss has never been more en vogue. In fact, two-thirds of Americans reportedly dream of operating a small business one day. Thankfully, the barriers to entry in many fields are the lowest they've ever been, and technology continues to level the playing field between newcomers and industry giants. Here are five trendy businesses that will likely see growth in 2020 and beyond.
1. Coaching, Consulting, and Courses
Do you have expertise in an in-demand subject area? Then there's a good chance you can monetize it—and you can probably work from home! Whether you want to package your knowledge into video courses or pitch yourself as an expert consultant, you can get your message in front of your target audience in (almost literally!) no time.
With social-media advertising, it's quick and cheap to effectively target any micro-audience you can imagine. Get super clear on your value proposition and your target audience before you begin testing ads.
Hint: your perfect target audience is often people who are struggling with a problem you figured out in the not-too-distant past.
2. Healthy Lifestyle Businesses
From healthy-food delivery startups to on-demand nutritionists, lifestyle-centric startups are all the rage in 2020. If healthy living is high on your list of life priorities, you can turn it into a business. Whether you've got a certification (as a nutritionist or personal trainer, for example) or just a knack for whipping up healthy recipes, there's a good chance someone in your area will pay for your expertise.
If you're good with your hands, consider starting a trade-focused business. Trade jobs are relatively well paid and often require less formal education. Plus, they face much less competition from automation. While it's possible a robot might clean your ducts or repair your dishwasher sometime in your lifetime, it's not going to happen anytime soon.
Because local experts are always in demand, set up profiles on neighborhood-centric social media sites and apps to quickly spread the word about your services.
4. Logistics & Convenience Services
People are busier than they've ever been, which means convenience services are booming. Concierge-level conveniences have never been bigger. You don't have to start a giant app (a la Uber or DoorDash) to create a robust business — just have to live and breathe quality customer service.
Whether you want to walk dogs, mow lawns, or grocery shop, the barrier to entry to being your own boss is really low, part of the reason why it's such a trendy choice!
5. Online Product Sales
Do you have an eye for trends? If so, there's a good chance you can make a living by buying and reselling products online. Trendspotters can often earn significant profits in a short amount of time by identifying products to buy in bulk and then selling them at a premium. Tons of third-party fulfillment options exist to minimize logistics and inventory concerns. Although there are some risks involved, the high-rewards potential has made online selling one of the trendiest startup categories for the past several years.
The basics for success
Regardless of what type of small business you choose to pursue, you'll need:
- A website. It doesn't have to be flashy as long as the design looks professional. Focus on clear, concise copy that spells out your expertise and offerings. Plus, consider registering a .pro domain to position yourself as a go-to professional.
- Inexpensive marketing materials (like business cards or flyers) to help spread the word offline.
If you've always dreamed of starting your own business, make 2020 the year you go for it! There will never be a better day to start than today!