By Gregg Jackowitz, Managing Director, Bond Collective
Want to start your own business in 2020 but not sure what industry to investigate? Consider one of the startup ideas in this article as a good avenue for success in the coming years.
These businesses don’t require extensive experience or excessive capital to get going. And many of them have the potential to be profitable right out of the gate and continue so even through dips in the market. That makes them wise choices for the best startup ideas for 2020.
The 10 Best Startup Ideas For 2019
1) Social Media Management
If you’re familiar with the ins and outs of connecting with people via Facebook, Twitter, Instagram, and Pinterest, social media management may be the niche for you.
Businesses large and small want to reach these audiences, and they’re willing to pay handsomely if you can boost leads, drive traffic to their website, and generate sales.
2) Fulfillment By Amazon Sales
Fulfillment By Amazon (or FBA for short) allows startups just like yours to sell their products in partnership with the largest online retailer on the planet. Amazon coordinates the storage, packing, shipping, returns, and customer service.
All you have to do is ship your products to Amazon, create a website listing, and pay a fulfillment and monthly storage fee. It’s a great way to get your product in front of millions of shoppers around the world.
3) Domain-Name Purchase And Sale
Buying and selling domain names and complete websites is rapidly moving toward the top of the list of the best startup ideas for 2020.
Domain names are cheap to buy (in the neighborhood of $15 dollars depending on several factors), but if you choose the right one, you can turn around and auction it off for hundreds, if not thousands, of dollars.
4) Software Development
As a startup idea, software development is still a strong contender. If you have some coding skills or are familiar with networking, security, or hardware/software repair, this niche might be right for you.
Even if you don’t have an idea for an app or other product, you can leverage your skills to help other businesses build theirs.
5) Curated Box Service
If you have a knack for knowing what people like, this startup idea can become big business. Curated box services capitalize on specific interests like wine, cosmetics, toys, clothing, razors, and many more to supply new and emerging products to consumers.
Many businesses are willing to supply merchandise to box companies at reduced rates in order to get their products in front of potential customers. That can make a unique curated box service a very profitable startup idea.
6) Virtual Reality
Virtual reality (VR) continues to be a mainstay on the list of best startup ideas for entrepreneurs. VR has the potential to penetrate diverse markets, including real estate, gaming, movies, social media, training, and even meditation.
If you are tech savvy or see a unique way to use VR, you can capitalize on the push to harness the power of virtual reality.
7) Online Coaching
Like many other professions, coaching has gone digital. Sure, athletic coaches may need to be at the physical location to be effective, but other types of coaches can harness the power and ubiquity of the internet to spread their expertise around the world.
If you’re an expert in something — drawing, coding, fitness, yoga, ballroom dance — opening an online coaching business can be an excellent startup idea.
8) Meal Kit Sales
Meal kit sales continue to grow (expected to top $10 billion by 2020), and that makes it a great startup idea for 2020. The concept is simple: customers select recipes and you then send them pre-chopped and measured ingredients (along with instructions) to make meal prep easier.
If you have access to locally sourced ingredients and quick shipping, this can be a very viable business for the new year.
9) Ad Management
Like social media management, online ad management is still a very lucrative startup idea. Many businesses want to place their ads on Facebook, Google, YouTube, and LinkedIn but don’t know how to get the most bang for their buck.
If you can get their products and services in front of as many people as possible while saving them money, you can transform this startup idea into a full-fledged business.
10) Self-Storage Units
While many of the best startup ideas are computer-based, there are still some real-world niches that offer big potential. Self-storage units are a prime example.
The need for storage space continues to grow as Americans downsize, become more mobile in their work, and generally accumulate more things. And while initial investment demands may be high, the steady demand for storage space can mean a very healthy monthly income.
How To Get Started With Your Startup Ideas
1) Gain The Necessary Experience
The best way to learn about a business and find out if it’s right for you is to work in the industry before you set out on your own. If you want to start your own software development company, work as a coder for a while to see what the business is all about. If you want to sell your product on Amazon, get some experience working retail before you invest heavily in inventory.
This type of experience can give you invaluable insight into the procedures and pitfalls of the market you’re looking to enter.
2) Develop A Business Plan
Every business needs a plan. Your startup is no different. Be as detailed as possible, and be sure to include information about:
When you’ve got all of those details on paper, it will show you exactly what you need to do to get your new business up and running.
3) Estimate Your Market Size
Estimating market size is an essential first step for every startup. Doing so will provide you with crucial data points that will then influence the next steps you take to grow your business over time.
At this stage, it’s extremely important to be as realistic as possible in your estimates and projections. Some may even recommend being conservative and underestimating your market size so you don’t overextend yourself right at the beginning.
4) Find Startup Office Space
You can only conduct business at your dining table for so long before you need a dedicated work environment. But you don’t want to sign a lease for an expensive office complex that may not fit your needs a few months down the road.
With coworking spaces like those offered at Bond Collective, you don’t have to deal with the expense and hassle of shopping for an office and then trying to outfit it for your business requirements. Bond Collective gives you everything you need to focus on bringing your startup to life.
5) Secure Investors
Every business needs capital. For startups, that means securing investors. The best way to find the funds you need is to be on the lookout for potential partners right from the beginning.
Don’t wait until a year into development before you begin seeking financing. By then it could be too late (or at least more difficult) to get the money you need.
Here are some simple ways to find investors for your startup:
Network at your coworking space
Consult an attorney
Approach family and friends
Pitch local business owners
Talk to established startup owners
Start a crowdfunding campaign
Advertise in an industry trade magazine
Get creative and think outside the box when you’re searching for fundraising avenues. This type of guerilla fundraising can help you stand out from the myriad other startups looking to secure investors.
Let Bond Collective Give You The Professional Image You Need
Regardless of the type of startup you have in mind, you’re going to need a professional image. But more than that, you’re absolutely going to need the requisite infrastructure to get the job done right. That includes things like:
Insanely fast Wi-Fi
Private label mail service
Daily on-site cleaning
Access to conference rooms
Guest reception and greeting
The coworking spaces at any one of Bond Collective’s seven locations give you all that — a professional image and the amenities to boot — as well as the convenience and flexibility of a ready-made work environment.
Bond Collective gives you the flexibility to expand and contract your office space as needed to accommodate any business demand. That can help your startup save money and get the traction it needs to really get going.