Start a Boutique Fitness Business
If you are the health and wellness expert looking to make money by helping people stay fit, then you can surely consider one of the trending small business ideas for 2020, i.e. boutique fitness business.
As opposed to a traditional gym, the boutique fitness studio focuses on group training and community building. Fitness enthusiasts, especially the next gen, generally attend the boutique for high intensity interval training and functional exercises.
Why starting A Boutique Fitness Business Sounds so Lucrative Nowadays?
As per some data released by Les Milles and Nielson, more than 60% people prefer boutique fitness setups for the community flavor, whereas more than 45% of attendees like the boutique atmosphere.
Those who are hesitant to enter or join a traditional gym actually enjoy the bonhomie and cordiality reflected by the boutique studio. Also the fitness boutique studios appeal to the younger generation looking for specialized yet flexible training sessions.
Start a Virtual Reality Related Business And Make The Most of An Emerging Trend
Of all the trending small business ideas for 2020, Virtual reality is the space which sounds really promising.
According to Futuresource consulting, the VR market is quite favorably placed, with its sales figure expected to cross 98.4 million by the year 2023.
This is quite evident from the fact that the standalone headset, Oculus Quest launched by Facebook, has received stupendous response, the moment the product launch was announced. This year in March Sony announced that it had officially sold 4.2 million PlayStation VR systems.
So these are reasons enough to be optimistic about virtual reality related businesses.
What Are The Easy To Start Virtual Reality Related Businesses?
Here I narrate virtual reality based small business ideas for 2020 which ensure recurring income in coming years.
- Rent virtual reality headsets – You need to invest initially to buy the expensive VR headset and related hardware. However, you can easily recover the investment, if you can reach out to the right customers.
- Start a niche marketing agency based on VR.
- Open a virtual reality Cafe – You can plan a virtual reality based Cafe with VR glasses and apps. If you can’t invest in expensive VR glasses then settle for the cheaper options like Google cardboard glasses. Your virtual reality cafe can offer services like VR games, 3D movie watching, 3D book reading, and even conducting a business seminar.
- Develop VR content and apps – If you have the right skill then you can apply it to create virtual reality content, mobile apps and even training software
- Offer hardware repair services for virtual reality gadgets – With proper training and knowledge, you can start a VR business to repair damaged VR glass, PCs, and hardware. You can easily earn a good amount from this business.
- Become a high-tech real estate broker who uses VR Technology to serve clients better.
- Become an affiliate of virtual reality products – If you don’t have the money to set up a shop for VR products, you can try the affiliate route. Become an Amazon affiliate and earn lucrative commissions on selling VR headsets.
- Design, build and sell your own VR games
- Start a virtual reality enabled travel agency.
Launch an Internet Security Firm and Protect Businesses From Hackers
Of all the small business ideas for 2020, starting a cyber-security company is perhaps the toughest. Simply because you need to have specialized technical knowledge and experience in the field or sector which you plan to serve. At the same time, this sector has huge potential for experienced professionals since the cyber-security industry is estimated to attract an investment of around $170 billion by the year 2020.
The change in the nature of cyber crime has prompted small, medium and large organizations to look for advanced internet security solutions. According to a recent PWC report, cybercrime will lead to a serious financial damage of around 6 trillion dollar by 2021. In fact from 2017 to 2021, companies will be spending the most to protect themselves from cyber fraud. Due to a shortage of talent in this field, often companies have to settle for not-so-efficient professionals.
You can fill this void, provided you have knowledge, experience and resources to offer advanced cyber security solutions. Customize the solution for a specific business sector, and you will be able to easily grab some lucrative projects.
Here are few promising business ideas for cyber security expert.
Start a Niche E-Commerce Store – One Of the Popular Small Business Ideas for 2020
Wondering what’s new about this idea? Well a niche eCommerce store will be in demand which is why I decided to include it among the small business ideas for 2020. Starting a specialty eCommerce store is about selling unique products which appeal to a particular set of buyers. Generally niche segment is the one which is overlooked by other buyers. Few examples of niche items can be eco-friendly baby products, handmade home decor items, or smart gadgets for small homes.
Starting a niche eCommerce store can be really profitable in the year 2020. This way you will be able to establish your online presence easily without competing with the biggest like Amazon or Flipkart. However a lot depends on finding a profitable niche, which is yet not explored by others.
Here are few profitable E-Commerce niche product ideas, selling which can help you earn recurring income in coming years:
- Smart, affordable electronic devices and furniture for small and medium businesses
- Smart home and kitchen appliances
- Customized jewelry and apparel items
- Handmade items for home decoration
- Eco friendly baby products
- Eco friendly beauty products for women of all ages
- Athleisure shoes
- Electric motorcycles and bikes
- Personal planners and journals, especially for freelancers, bloggers and entrepreneurs
- Healthy food subscription boxes
- Mobile phone accessories specially phone-case, wireless and hands-free items
- Online courses especially related to programming, web design, SEO & digital marketing, etc.
Explore Real Estate Related Business Opportunities
Real estate is the sector which throws open several business opportunities, no matter if the property prices are going up or down. According to a report by realtor.com, millennial home buying will reach its peak in the year 2020.
An interesting statistics states that only 14 to 15% of buyers look for brand new homes whereas the rest settle for second-hand properties.
When it comes to finding a suitable home, it is the selection process which troubles most buyers. So if you are the one who has good knowledge about real estate in general and the local property market in particular, then you wouldn’t want to miss these real estate related small business ideas for 2020!
Few Real Estate Related Small Business Ideas
Buy a property and then rent it for long term. – A great way to earn a recurring income, especially if your property is located in a prime location. The best thing about this option is that your property rent keeps increasing with each passing year. You can invest the surplus income in another lucrative property and thus expand your business as a property manager. Once you learn the trick to buy and rent property successfully you can share it with others, as a property consultant
Property flipping is another interesting real estate related business idea though it might sound a bit risky to some entrepreneurs. The basic idea is to buy a distressed property and then renovated and sell it for a lump sum profit.
Start a Property Management Business without investing any money. This business can be started very easily if you have good idea about property renovation, lawn maintenance and emergency services. The business shows a steady income provided you are ready to commit 24×7.
Open your own real estate agency and help people find properties as per their specified criteria and budget. Apparently it might sound simple to start own agency because the investment is nominal. However, of all the small business ideas for 2020, this business idea demands two things from you. You need to have a very detailed knowledge about the property market which you plan to serve. Also, you should possess good marketing skill to connect with customers, convince them and close the deal successfully.
Offer real estate photography services – This is one of the creative small business ideas for 2020 with a handsome earning potential provided you know your job well. To create a diversified portfolio and attract more customers you may need to add some additional services like Videography, Drone photography and so on.
Earn money from real estate blog – If you are really interested about the property market and have some valuable knowledge to share then you can start your own real estate blog and make money out of it.
And finally if you want to run a business without any investment, then here are some $0 business ideas to consider in 2020!
And, not to miss this video, if you are not sure whether to pursue your entrepreneurial dream!
Here I have tried to cover small business ideas for 2020 for all categories of entrepreneurs. However, it is always suggested to do own research and assess own skill and expertise before picking up a particular biz idea. After all you don’t want to end up with an unsuccessful venture, simply because you took a wrong step in a hurry!!