If you are thinking about making 2020 the year you decide to bite the bullet and launch your own business, but you are unsure of exactly what type of company you want to create, then you have come to the right place.
When deciding what type of business you are going to start, there are a number of key questions that you need to ask yourself:
- Are you planning to leave your 9-5, or are you wanting a side hustle?
- What skills do you have?
- What are you passionate about?
- Do you have a particular area of expertise?
- How much initial capital do you have?
- What is your level of commitment?
Once you have answered these questions, you will have a better idea of what you want to do, realistically what you can achieve and how much work you are willing to put in to make your dream become a reality.
That being said, it can still be helpful to have a few ideas of viable small business options that will thrive in 2020.
1. Sustainable skincare
If you pride yourself on your knowledge of beauty and you want to help make the world a better place, then you could do a whole lot worse than choosing to go into the eco-beauty industry.
In fact, the natural and organic beauty market is set to be worth $22 billion by 2024, so if there is a particular aspect of skincare or makeup that you are interested and knowledgeable on, then this could be the small business avenue for you.
One aspect that you could focus on is the packaging of beauty products, which are notoriously reliant on plastic. Although you may wish to enlist the services of a marketing company to help you successfully market this to your target audience as you need to create the right balance between the sustainability element and the aesthetic one.
[notice type=”info”]Earning potential: $15-$150 for selling 20-25 brand name items on Glambot, or $50 -$1000 for 50-100 luxury items. Alternatively, you can create your own eco-friendly range, and the sky is the limit.[/notice]
2. Virtual Assistance
For those whose skills lay in administration, communication, and organization, there are a variety of different virtual assistant roles that you could provide time-poor executives and other business owners.
Different types of virtual assistant roles you may want to offer include:
- Virtual PA
- Virtual Call Centre Operator
- Virtual Personal Shopper
- Virtual Sales Assistant
If you choose to go down this route it can be a good idea to seek the advice of a website consulting agency that are experienced in helping small businesses and entrepreneurs grow their online presence and expand their business.
[notice type=”info”]Earning potential: $25-$40 per hour as a VA, although specialist niches can earn $50-$100 per hour.[/notice]
If you are passionate and knowledgeable on a certain subject, then you may want to consider starting your own podcast. There are currently over 700,000 podcasts on offer in over 100 different languages, and a whopping one in eight people regularly listen to one or more.
Due to its increasing popularity, advertisers have started to take this medium a lot more seriously, resulting in those with the highest listenership commanding significant fees.
However, it is worth noting that you will have to accumulate a pretty high number of listeners before you can make a living out of this, so this option might be better suited to people who are happy to keep their normal job.
[notice type=”info”]Earning potential: $25-$50 per 1,000 listeners in advertising revenue.[/notice]
4. e-Commerce stores
This option is viable for pretty much anybody that has a computer and a willingness to work, as there are now so many e-Commerce platforms available and a wide range of tools to help you build your small business.
What you choose to sell is completely up to you. You may want to choose a product that you are passionate about and use yourself, or you may prefer to look for high-selling items that you know will give you a solid ROI.
[notice type=”info”]Earning potential: $0-$10,000 per month. Although there is no guarantee you will make money doing this, the earning potential, if you get it right, is unlimited.[/notice]
5. Online courses
If you are an expert in a particular field or on a specific subject such as parenting, photography, bookkeeping, coding, or crafting, to name but a few of the popular course subject areas, you could easily create your own set of online courses to sell.
Further education is expensive and, therefore, many students and those wanting to learn a new skill are instead looking to undertake courses online to gain the expertise that they need.
Top tips for creating a successful online course include:
- Identifying what topics are in demand
- Creating your own USP
- Not being afraid to take on a big topic
- Choosing an existing online course tool to help you get started
[notice type=”info”]Earning potential: Varies widely, between $1 to $5k per month depending on the success and popularity of your course.[/notice]
Whatever small business idea you choose to make a reality in 2020, as long as you are passionate, driven, and willing to learn from your mistakes, you will be well on your way to success.
Photos courtesy of gettyimages.com