Top 10 Startup Ideas In 2020
Nobody’s ever too old or young to start anything. While on one side, you could find 9-year-olds and 10-year-olds discovering market potential and making money launching products, you would also find people like Col. Sanders who went on to open up one of the most popular fast-food chains at the age of 62.
For those who are driven by ambitions, age is never a factor. So, if you’re looking to start a business, you’ve made the best decision of your life. Without going into the philosophy of rat race, 9-to-5, monotony and more, let’s acknowledge that it’s a liberating experience to start something on your own. When you’re not bound by policies, people and confinements to govern you, a new sense of aspiration dawns from within.
So, it’s awesome that you’re doing this. But having the idea of starting a business won’t take you anywhere. You need to have an idea that has the potential to influence people, change the world and most importantly, fetch you money. But what are the ideas that would let you achieve these?
Where do you get started with? How do you go about it? Wait, do you even have an idea of what business you should start?
If your answers were no, don’t worry. We’ve got you covered as we will list down and explain the top 10 startup ideas for the year 2020. But before that, let’s quickly look at why 2020 is a good time to start a business.
Why 2020 Is A Good Time To Startup
The Philosophy
We’re living at one of the most aspirational phases of human evolution. Everyone around you is moving ahead somewhere towards the goals they’ve set for themselves. Your colleague, who attends a course to upskill and future-proof their career path, your friends finally starting their food truck business, your professional circle paving the way for added revenue through affiliate marketing and merchandising and more. How beautiful it is to witness everyone hustling!
The Market Condition
Apart from this philosophical aspect, the market is also in an ideal condition in all aspects. The on-demand economy, for instance, is all set to become a $161.74bn industry by the year 2023. Fintech industry, again, is expected to reach a worth of $26.5tn in 2022. Every other industry you could think of rising at an exponential rate.
The Technology Factor
What’s empowering is the technology that allows us to get so much done in less time. Over the last few years, the market has been consistently witnessing the onset of disruptive technologies in the form of data science, machine learning, the Internet of Things, Big Data and more.
At the foundational levels, even programming languages and development frameworks are evolving to offer developers and companies faster time-to-market. The tech infrastructure today is ideal to start any venture and run it successfully with informed approaches.
Startup Ideas
Now that we have instilled in you some significant levels of confidence, let’s have a quick look at some of the startup ideas you could consider.
Online Tutoring And Coaching
If you have a solid experience and expertise at something, it’s time to share that with the world and get paid for it. For instance, you could have amazing language skills or you’re really good at sales and convincing people and more. Regardless of the industry you’ve worked for, you can train fellow aspirants with the help of the internet.
If you didn’t know, over 69% of Americans (entrepreneurs) start their venture from their homes. You could sign up on on-demand edtech aggregators, start a website and promote it, or even write and launch a course on websites like Udemy or Coursera.
For motivation, understand that there are people who have simply made use of free platforms like YouTube to create a brand for themselves by teaching Python and other skills they’re good at.
Dropshipping
In this business, you’re the intermediary who fetches an on-demand product from a wholesaler at wholesale prices and delivers it to the end customer at retail prices. Dropshipping is a solid business to get started with if you have commendable research skills and an understanding of the market. To get started, you could check out websites like AliExpress, eBay and others to understand how the on-demand economy and dropshipping works.
When you’re starting this, pay attention to the products that are trending, are in high demand and also could be fetched at competitive products. There are a lot of online courses to help you get familiarized with how this sector works.
Social Media Agency
You think you have a way with words? Or that you’re creative and have the ability to use storytelling to convince users you’ve never seen before to purchase products or services? Well, a social media agency is your ultimate calling. There is no dearth of opportunities for the social media market today and companies are indeed struggling to get their messaging across to the right audience and connect with them. If you think, you can pull this off, nothing like it.
Pro Tip: Spending a lot of time on social media is not a qualification. Having the ability to assess trends, the makers and breakers of campaigns is.
App Development
Like we said, it’s not too late to learn something. Some of the most successful solopreneurs manage multiple roles by themselves. If you think you have to start an app development company, start learning how to go about it. There are umpteen resources online. Or, if you’re a developer who has expertise on this, go ahead and start your own company. The world needs a lot of apps that could solve problems.
To help you get motivated, realize that the mobile app development industry is anticipated to generate over $189bn by the end of 2020. So, the right time is now.
Online Marketplace Aggregator
There’s nothing more popular than the on-demand economy today. From delivering our preferred cuisines and delicacies to getting our products delivered at our doorsteps, everything’s on-demand. The concept has even transformed the way we consume entertainment options. We now watch our favorite movies and television series from where we are and when we want.
That’s the power of online marketplace aggregators. Any on-demand service you can think of is an online aggregator. If you have an idea you could apply this concept to a particular industry and solve a real-world concern, there’s nothing like it. A B2B marketplace?
Niche Podcaster
It’s a cliché but people really don’t have time anymore to dedicate to things they love doing. While weekdays are for hustles, weekends are to forget the world exists. That’s why a lot of people dedicate themselves to self-development and personal improvement during their commute. And that’s exactly why audiobooks and podcasts have become very popular.
You could become a niche podcaster by sharing ideas, insights and unique angles on things you love. Your hobbies for instance. You don’t have to quit your job for this. You could start slow, establish a brand for yourself and go for the leap. There are several interesting podcasts from ghost stories and movie analyses to learning how to write.
Food Truck Business
The classic! There have been chefs who have given up high paying tech jobs to open up their restaurants and food truck businesses. Some of them have even gone on to open a chain of food trucks. If you didn’t know, a hawker in Singapore was also awarded the Michelin Star for his venture.
As long as people are hungry, the food business never fades away. But your business can if the quality is not up to the standards. So, before you start up, work on your culinary skills or get chefs who are experienced and then open up. Look at the market you intend to serve, the location and the types of people who visit your food truck. These will help you decide the food delicacies and the pricing to run a profitable business.
Event Management
This is probably the toughest as it involves a number of factors to run a successful event. From security and collaborating with celebrities (or guests) to making sure things go as planned, the life of an event planner for the duration of the event is hectic. But once the event gets over, there’s nothing more rewarding than the sense of accomplishment that fills the mind.
If you’re good at networking and have excellent attention to detail, event management is for you. But before you startup, we recommend interning or working with established event management companies to get an idea of the process. If you have volunteering experience, it’s time to put that to use now.
Homemade Vegan Food Delicacies
Celebrities are talking about it. Instagram influencers are talking about it. Stand up comedians are talking about it. Yes, if there’s one thing that’s being a priority today after global warming, it’s the ideology of going vegan. And with celebrities like Joaquin Phoenix endorsing the idea at global events, people are increasingly looking to turn vegans.
So, now is the perfect time to start a homemade vegan food business. Starting a cloud business and delivering to working professionals and people who can’t afford to make vegan delicacies at home can work wonders for your business. Even travelers find it hard to spot a vegan restaurant so they can keep up with their sustainable lifestyle. It’s a wonderful initiative you can be part of with this business.
On-Demand 3D Printing Services
From being futuristic concepts and just YouTube videos to becoming mainstream, 3D printing has really come a long way. Apart from the industrial application of this technology, 3D printing has also found a place for itself in the commercial zone. A lot of entrepreneurs are leveraging the potential of 3D printing to run custom gifting services, printing caricatures, action figures and more for their friends and family.
With creative inputs, you can turn this technology into a revenue-generating platform.
So, these were the top 10 startup ideas for 2020. Remember that these are just ideas at the foundational levels. 90% of the startups fail and 10% of them fail right in the first year. We don’t intend to be a buzzkill but the reason for their failure is that they have been just ideas even after the businesses started. The point is not starting up but starting up right.
Do your research, introspect on your skills and capabilities, see if you’re good at managing and leading, hire people if not, validate your idea, get criticisms about your solutions from real customers, test the waters and then go big. This is the general rule of thumb. We read the stories of successful entrepreneurs but the failed ones have more interesting stories to tell.
Good luck!
