The Best Businesses to Start In 2020 – Part 1
With myriad of business ideas for the year 2019, it can be quite difficult to figure out which have the more potential for growth and expansion for 2020. You will want to establish a business that is not only lucrative for the current year but can withstand market changes for the long term. In this list, we have compiled several business ideas that have seen recent growth previously. And because this list is based on the amount of startup capital you need, it will be a lot easier to browse for a god business to invest into based on your current budget.
Although joining a new trend may pose some risks on your investment, it may prove to be highly profitable and rewarding if your business idea takes off. Some of the business ideas we have included on this list have always been popular for years making it less risky but more competitive. But on the other hand, every business niche will certainly help make you money so choose wisely.
Start a Business Under $1,000
You don’t need a ton of capital to start your business. If you have $1,000 or less, you can start a business as long as it is within your interest. Here are some business ideas under this price range.
- Coffee Cart – coffee carts are booming industry for small business entrepreneurs. You don’t need a full coffee shop to enter the coffee business. The advantage of this is this is very mobile. You can easily move from one location to another. However, competition with bigger coffee shops may require you to perform extensive marketing.
- Photography – although photography equipment can be quite expensive, you can start with a basic DSLR model under $500. The rest of the money you can put in accessories and fund your marketing to let potential clients know that you are in business.
- Pool Cleaning Business – this can be a seasonal business idea but the good news is, this is a good investment option for your $1000. All you need to invest in is your time and some cleaning equipment and you are ready to open up your own business.
- Virtual Assistant – if you would like the idea of working as an online freelancer from home, you may consider starting a service business as a Virtual Assistant (VA). This is a great way to break into the thriving online work industry. Virtual assistant’s salary can range anywhere between $3 and over $60 per hour
Start a Business Under $2,500
Investing bigger capital in a business means you are serious about its development. One of the main advantages of a bigger capital means stability for your business because you can purchase more assets for your business. Here are some business ideas for this price range.
- Moving Service – Did you know that you can start your own local moving service even if you don’t have your own truck? Yes you can and you do this by renting one. Using rental trucks as you establish your own moving service is a very practical move. You don’t need to worry about operating costs even when your business is on idle because you are only renting the trucks you use.
- Room Rental – For this price range, room rental is one of the easiest business ideas to start. You can use the Airbnb or other similar model and basically market your business online. You can put your ads on various travel websites and social media platform to have a wider reach of the market.
Start a Business Under $5,000
Some of these business ideas can be launched with less than $5,000 but it will give you more leeway for asset investment. An infusion of funds into these types of business is always a welcome because it helps build more stability. A lot of businesses usually try to raise capital for their business but you don’t really need that much if you know where to start.
- Business Consulting – Business consulting is a practical choice for this price range especially in the waste disposal and recycling management industry. Overhead costs for this type of business often include marketing peripherals, promotional materials and any specific certification that are needed for this industry. You may spend between three to five grand for this business to take off.
- Pet Services – If you love all sorts of animals, getting into the pet service industry is a viable option for you. From pet sitting to retailing pet foods and accessories, this is a good startup idea if you have the capital to invest. Prepare to spend on obtaining a license, insurance and a bond because some areas require them.
Start a Business Under $10,000
Having a bigger startup capital means being able to invest more in your business. Here are some business ideas that fall under the $10,000 price range.
- Online Retailer – Online retail business is a billion dollar industry and its growth continues as more and more people are embracing the culture of online shopping. Your overall startup capital will depend on the products you are planning to sell but with a massive infusion of capital, you can opt to sell more expensive items because there are less competitions in this field. The good thing about this is that you don’t need an overhead cost because you can start your business at home.
- Party Planning and Services – Setting up a party planning services is relatively easy. With most of your capital going to various assets you need for your business, you may want to set aside part of that capital to spend for your marketing. All you need is excellent organization skills, proficiency to manage customers and establish some contacts in the events industry.
Start a Business Under $25,000
A capital infusion of $20,000 to $25,000 can already buy a franchise business. Here are some business ideas you may want to consider.
- Convenience Store - Liquor and convenience store business is a venture that specializes in retailing so when you buy a franchise business; you need to choose one that can offer you the best location possible. Good traffic and a sufficient floor space can really make a big difference for the success or failure of your franchise.
- Oil and Gas Investment - Buying a franchise in oil and gas business for high yield investments is generally not a new concept in building one’s own portfolio. Almost everyone with interest for this particular type of investment vehicle knew that to buy a franchise in this type of venture can actually earn huge amounts of profits if it is done the proper way.
Need more business ideas? Here are the best businesses to start in 2020 - Part 2