Top 4 New Business Ideas for 2020

With changing times, the concept of carrying out business has changed significantly.

Many business ideas that were extremely profitable in the 90s are now struggling for existence. Similarly, many of today’s hottest business opportunities may not have existed ten years ago. 

Experts suggest that the upcoming decade will see the emergence and significant growth of several new business avenues. If you are looking to start a new business in 2020, you may consider any of these for a secure future. Most importantly, you can start these businesses without making a huge investment. 

1. Fitness Center

If you are a fitness freak, this could be the ideal business idea for you. There was a time not so long ago when the fitness industry was dominated by the large gym chains. However, instead of these large and impersonal gyms, today’s millennials prefer smaller boutique fitness studios. Ideally, you should start out small by offering classes in Pilates, martial arts, or yoga, depending on your area of expertise. Once you start making some money, you may apply for a business or equipment loan to expand into a fully-equipped facility. 

2. Freelancing

The gig economy promises excellent opportunities for the future and this is a great time to join the bandwagon. This idea is perfect for individuals that have specialized skills in areas such as writing, graphic designing, social media, etc. Even if you don’t have any specialized skills, you can still get started as a virtual assistant because this only requires some basic organizational and admin skills. The best part about a freelancing business is that it involves almost no startup costs and can be done from the comfort of home.  

3. Pet Portal

This is yet another excellent business idea for the future, particularly for pet lovers. The US Chamber of Commerce informs that today’s millennial pet owners consider pets to be no different than their kids and are prepared to spend hefty amounts for their wellbeing. This is why a pet business can be a potential goldmine for the years to come. As a beginner, you may work as an affiliate of different sellers or pet products or simply source the products and sell them online. Additionally, you could also start offering services such as doggy daycare, pet grooming, pet sitting, dog walking, etc. 

4. Instagram Consulting

Do you use Instagram in your personal life to tag friends, post photos, and share stories? If yes, then this could change your life over the next few years. Don’t worry if you are not aware of the nuances and quirks of managing a business account on Instagram and transforming it into a successful platform for marketing. It is possible to start an Instagram consulting business just by learning a few tricks of the trade. By mastering the art of product and geographic tagging, influencers, and hashtags, it may not take you much time to become a pro.