Are you keen on starting your own business? Then, there must be many startup ideas revolving around your mind. The year 2020 is passing by very fast, and this is a great time to put innovation in combination with proper market research.
It would help if you found out which industries have the potential to prosper in the start-up sector. However, there are many business ideas in 2020 which can confuse an individual aspiring to start their own business. Ecommerce is increasingly becoming a prominently appealing option for transactions.
Innovative Startup Ideas You Need to Know
The creation of e-commerce businesses is specifically favorable, considering the promising growth in global e-commerce sales in 2019. Similarly, the focus on skill-based start-ups has also been increasing prominently in recent times.
Let us reflect on some of the innovative start-up ideas that can work in your favor in 2020.
With the demand for digital transformation gaining momentum in response to the COVID-19 pandemic, the focus on application development increases considerably. Website design and development and application development have become the standard benchmark for tech startup ideas.
If you have some creative ideas about apps that can help a specific target audience, then you can get started with app development start-ups. Every single day, more than 3.8 million apps on Google Play and 2 million apps in the iOS store are created and released. Therefore, the competition would be tough.
However, you need to invest a unique advantage in your start-up idea by leveraging other technologies such as user experience and user interface design.
Co-working spaces are also one of the emerging start-up ideas that have gained impetus in recent times. The appeal for shared co-working spaces is increasing to establish the balance between remote working and the regimented office model.
Co-working spaces provide advantages such as community equipment, quiet work environments, and networking with other remote workers. You have to find an innovative solution for creating co-working spaces with adequate safety measures.
Another promising entry among top start-up ideas in 2020 refers to fitness technology. The growing trend of fitness in recent times could be the perfect foundation for you to start a business. Some of the common ideas in this context include mini smart-watches or sleek design earbuds.
In addition, people want to maintain their health alongside their busy professional schedules. Therefore, the focus of your fitness tech solution must provide a comprehensive solution to help your customers achieve desired fitness. Most important of all, the popularity of mobile fitness apps associated with exercise and diet shows vital promise for start-up businesses.
The next significant idea for start-up in 2020 would be an Amazon FBA business. FBA has provided a very cost-effective and reliable option for sourcing different physical products from overseas markets. The benefits are evident in the limited need for maintaining inventory, taking care of shipping, or dealing with the returns. You can create your own brand in a specific niche and differentiate it from the competition.
Online Medical Supplies and Equipment Provider
Online medical supplies and equipment provider business could also be a promising addition among startup ideas in 2020. Healthcare providers and patients need different types of supplies constantly and generally at very short notice.
Even if the competition from Amazon can be tough in this category, you can try addressing niche medical markets. Independent retailers have shown promising growth in the past in the field of online medical supplies and equipment providing business. Considering the present scenario, this is a promising idea for obtaining quick returns.
Marriage Counseling and Therapy
Marriage counseling and therapy could also be a promising start-up idea to build your new business on. The increasing rate of divorce does not present the society in good light. Therefore, your business could attract a larger target audience with expectations indicating a rise in demand for marriage counselors by 41%.
You would need specialized expertise for starting a marriage counseling and therapy business. You would have to hire mental health professionals and establish a practice. Gradually, you have to establish your brand in the industry, and in a few years, you can capitalize on the lucrative returns.
The final, yet most promising entry in this discussion on start-up ideas for 2020 is online journalism. With a degree in communication or journalism, you can start by building your portfolio on major online companies such as HuffPost and then gradually working your way towards creating your own online journalism brand. It could be a social media channel, blog, or YouTube channel.
Are You Ready to Build Your Start-up?
So, now that you have taken a look at some of the innovative start-up ideas for 2020, you should look into the best practices for getting started. The first step in creating a start-up is the development of a business model. You should ensure that you have the initial capital funding for the business.
In addition, it is also vital to establish clear compliance with all regulatory standards of respective industries for starting a business. Your next point of focus should be on market research and identification of the pillars of your competitive advantage.
Take the decision now to change your future, build your own start-up!