If you’re tired of your day job and are looking for something new to do, then now may be a good time to start a business. However, before you hand in your resignation, you need to think carefully about the ideas that might work for you. There are so many opportunities out there, but you need to find something that fits your skills and personality and in which you will be able to target a market and make money.
We have listed below five ideas that we think are going to be good business ideas in 2020. Some may appeal but not be right for you. Some may fit perfectly. The important thing is that you do something you are passionate about and where you can add value for your future customers.
Some of these businesses can be started with very little capital, while others will need huge sums of money. Regardless of how much you are willing to invest in starting a business in 2020, you don’t want to lose it all when something goes wrong, so also consider setting aside a small sum to insure your business. This could be the difference between the success or failure of your new business in 2020.
3D printing
3D printing is developing fast and becoming a much more affordable technology. Naturally, the biggest expense is a 3D printer itself. 3D printers aren’t going to be routinely available in people’s homes, but people will want 3D printed versions of prized possessions, family heirlooms, and they will end up making their toys as well. The 3D printing shop might be a good idea in 2020. You will need to think location, location, location.
Foodstore for pets
Pet food is an expense people are willing to pay for and more and more people are getting pets every day. Again, you need to look for a location with very few pet stores, and you may have to battle some big chains to succeed. There are lots of other pet services that could build revenue, such as accessories, vet referrals, and even pet portraits.
Affiliate marketing
Affiliate marketing has been around a long time, but it is going to continue to be huge in 2020. With authority and influencer marketing growing, there will be lots of opportunities to market your products to big, organised groups of people. If any marketing can be done from home with a website, some marketing skills, and some good products or services to market, then affiliate marketing it is.
It a simple concept where people pay you for marketing their products and you can choose whichever niche you want to work in, as long as there are products owners that are willing to pay referral fees.
Vertical farming
Farms have to become more efficient as the population increases. Vertical farming may be a solution to this problem. Rather than growing crops on arable fields, this involves the stacking of plants on top of each other, and so they grow upwards. This type of farming technology is relatively new but could be a great way to maximise limited farm plots and maybe government incentives for farmers.
Smartwatches
Not too long ago smartwatches were only for James Bond. Now you can get smartwatches for under £100 that are pretty good. There are also many applications for smartwatches that enhance the experience, and there’s going to be a whole new market for new applications as well. The smartwatch niche is taking off at the moment, and we’re certainly at a place where there’s going to be plenty of profit to be derived.
Drones
What list of businesses for the future would be complete without drones? The Hampshire police have just started using drones, and the recent football fixture between Southampton and Portsmouth at Fratton Park was policed using drones. Amazon has started using drones in the US and other territories. Drones can be used for photography, mapping, delivery, security and so much more. There will be opportunities in drone customisation, training, repair and sales.
If you’re looking to start a business in 2020, then, this list may be a place to start. Hopefully, we’ve given you some food for thought and may have sparked some ideas that can help you set off on the journey to financial freedom for your business from 2020 onwards.