Number 2020 with hand and bulb. Concept: best business to start in 2020.
By: rkapur
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What Is the Best Business for You to Start? A Sneak Peek into the Future of Business

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If you’ve been thinking about starting a home-based side hustle or a low-budget business, 2020 could be the year to turn your dreams into reality. The economic forecast for this year is positive, and many sectors are in expansion mode.

But which is the best business to get into?

Choose carefully. It’s advisable to select an industry that is growing. By doing this, you can increase your chances of picking the best business for you and succeed.

At Camino Financial, our motto is “No business left behind.” It’s our constant endeavor to provide entrepreneurs and aspiring entrepreneurs as well, with the resources to get ahead.

We’ve compiled a list of 10 of the best business ideas for 2020. Most of them involve very little investment but can provide disproportionately high profits. Let’s dive right in and see if one of these could be the right one for you.

What Is the Best Business to Start in the Near Future? 

Here’s a brief description of 10 of the best business ideas for 2020 and beyond:

1. Event organizer

What does an event organizer do? 

You’ll be involved in planning seminars, conferences, and parties. If you’re good at your job, you could choose to focus on bigger events like weddings. This segment is one of the most lucrative areas of the event planning industry.

Why is it a good idea to become an event organizer?

The Occupational Outlook Handbook published by the U.S. Bureau of Labor Statistics points out that employment in the meeting, convention, and event planner sector is poised to grow by 7% in 2018-28.

Here’s how you can make a start:

If you’re a “people person” and have a high level of organizational skills, this could be the right field for you. Make a beginning with a small event. Maybe a friend’s birthday or an anniversary party. As you gain experience, you can start providing your services for corporate events and larger social gatherings.

2. Home cleaning service

What does a home cleaning service do? 

The work could involve cleaning carpets, the interior of a home, and chimney cleaning. You could also specialize in outdoor cleaning or in providing deep-cleaning services.

Why is it a good idea to start a home cleaning service?

Cleaning services are one of the best business areas to get into as the sector is experiencing rapid growth. You don’t need any formal education, and demand is high. The U.S. government projects that employment in this segment will increase by 7% in the decade from 2018 to 2028.

Here’s how you can make a start: 

You can make a beginning as a one-person business. This will allow you to learn the ropes as you gain experience. As work picks up, you could hire maids and janitors to help you.

3. List your home on Airbnb

How does Airbnb work?

Have an extra room in your house? You can rent it out through Airbnb. The company will take 3% of the amount that the guest pays as its charges. Additionally, it takes another 12% to 13% from the guest.

Why is it a good idea to list your home on Airbnb?

Airbnb is a huge hit with travelers. It’s cheaper than staying in a hotel and more convenient in many ways. For the homeowner, it’s an excellent way to make some extra cash.

The company’s website lists over six million rooms and flats. They operate in 81,000 cities across the world.

Here’s how you can make a start: 

It’s simple to register on Airbnb. Enter the details of the place that you have to offer, upload a few photos, and you’re ready. If you have a second or vacation home and you want to generate some profit, this platform is perfect for you, but you can also share your current home if you have an extra room and you don’t mind have occasional roommates.

4. Personal chef

What’s a personal chef?

This involves cooking meals at other peoples’ homes. You could also be responsible for shopping for the ingredients, and cleaning up after you finish. Many clients would also require a personal chef to create a customized menu for them.

Why is it a good idea to become a personal chef?

According to the U.S. Bureau of Labor Statistics, the job outlook for chefs and head cooks will grow at 11% between 2018 and 2028. That’s much faster than the rate for many other professions.

How you can start:

Explore the U.S. Personal Chef Association website to get an idea about this profession. You could start hunting for clients by listing yourself on HireAChef.com.

5. Start a cloud kitchen

What’s a cloud kitchen?

It’s essentially a delivery-only restaurant. Also known as ghost kitchens, dark kitchens, or virtual kitchens, these don’t have any seating facilities. Customers order food over an app.

Why are cloud kitchens on the “best business” list?

One reason is that startup costs for cloud kitchens are far lower than those for traditional restaurants. Additionally, scaling up to meet additional demand is far more manageable.

But the most significant factor in favor of cloud kitchens is that it is a growing segment of the restaurant industry. In 2018, customers placed orders valued at $10.2 billion on delivery services, a 42% increase from the previous year.

Here’s how you can make a start:

You could tie up with CloudKitchens, the startup launched by Travis Kalanick, the founder of Uber. The company provides rentable kitchens in a shared space. Getting orders shouldn’t be a problem as they have partnered with Uber Eats, DoorDash, and Grubhub. Also, read How to Start a Food Business from Home.

How CloudKitchens compares with traditional restaurants

Traditional Restaurants CloudKitchen Restaurants
Real State Costs 2,500 sq ft- 230 sq ft.
Employee Count 15+ 5
Upfront Location Costs $500K $30K+
Expansion Time 12-18 months 2-4 weeks
Delivery Time 35 mins 25 mins
New Concepts High risk, costly investment Low risk, low capital, more profits

Source: CloudKitchens

6. End of life doula

What’s an end of life doula?

The traditional meaning of the word doula is a woman who helps pregnant women during labor. The work involves providing guidance and support. A doula does not perform a medical role.

An end of life doula is different. She helps individuals who are dying and their families deal with the issues associated with death. So, the doula could assist with funeral planning, comfort care, and even with matters relating to personal finance.

Why is it a good idea to become an end of life doula?

The profession is relatively new. Trained doulas earn $40 to $100 per hour. You get a chance to make some money while helping those in need.

How you can make a start:

Read more about this profession at the International End of Life Doula Association (INELDA) and Doulagivers.

7. Voiceover artist

What’s a voiceover artist?

A voiceover artist is an individual who works off-camera. The person provides a voice for commercials, videos, cartoons, and other performances. Voiceover talent is highly valued in film and television.

Why is it a good idea to become a voiceover artist?

Traditionally, demand for voiceover jobs has been for North American English without an accent. However, new jobs are increasingly opening up for English with an Australian or British accent. As far as other languages are concerned, Spanish has seen the highest growth in recent times.

How you can start:

You can make a beginning by registering on Mandy and VoiceBunny.

8. Pet-related businesses

Which are the pet-related jobs that are available?

There are dozens of areas that you can work in. Traditional services like dog walking and dog grooming are in high demand. If you have space, you could think about starting a dog daycare business.

Why is this on the “best business” list?

Pet ownership in the country is growing rapidly. In the last 10 years, the percentage of pet owners with an income of over $100,000 has increased from 31% to 40%. Hispanic pet owners shot up by 44%.

Number of U.S. Households That Own a Pet, by Type of Animal (millions)

Pet Number
Bird 5.7
Cat 42.7
Dog 63.4
Horse 1.6
Freshwater fish 11.5
Saltwater fish 1.6
Reptile 4.5
Small animal 5.4

Source: Insurance Information Institute

How you can start:

Look online for work in your area. Rover is an excellent website for finding dog walker jobs. PetSitter.com is top-notch for pet sitting as well as dog walker jobs.

9. Interior decorator

What’s an interior decorator?

An interior decorator’s role is to plan and design the inside of homes. Your work will involve choosing colors for the different rooms, arranging furniture, and suggesting changes to improve the interior environment.

It could be the best business to get into if you’re good with colors, and you have strong organizational skills.

Why is it a good idea to become an interior decorator?

It’s a growth sector. According to government statistics, jobs in this segment will increase by 4% in the period 2018 to 2028.

The luxury interior design business is expected to expand even faster. A recent study has found that this segment will increase at a compounded annual growth rate (CAGR) of 9.4% until 2024.

How you can start:

Consider getting an interior decorator certification. For your first job, choose a small assignment. You can get leads from local suppliers of furniture, wall floorings, or fabrics. Online tools like Modsy are available to help you create 3D design plans. Get these approved by the client before you start implementing your ideas.

10. Launch your own YouTube Channel

How does it work?

If you can create videos that people want to watch, you can make a lot of money. YouTube gets 1 billion viewers every month. But there’s a lot of competition. About 100 hours of video are uploaded onto the site every minute.

Google, YouTube’s owner, pays you for the ads that appear in your videos. You can also make money through channel memberships,

Why does starting a YouTube channel appear on the “best business” list?

If your channel is a hit, it can be highly remunerative. Look at how much the top-earners on YouTube made:

YouTube’s Top-Earners 2019 — in million USD

Source: Statista

How you can start:

Find a niche to specialize in. Do you want to entertain or educate? Watch popular videos in the segment that you have chosen and see what works. You can get more information from this guide.

Tips for Success

Do you need money to buy equipment or pay for any other business-related expense? Camino Financial provides small business loans to entrepreneurs. If your venture has been operational for at least 9 months, you’re eligible to apply.

In addition to a low-cost business loan, which are the other factors that will contribute to the success of the business that you start from home? Here’s a list of the top five:

1. Pick an area that you’re good at and which you enjoy

There’s an adage that says, “Do what you love, and you’ll never work another day in your life.”

So make sure you pick something that gives you satisfaction. Here’s a list of 30 business ideas for aspiring mompreneurs and another 30 great side hustles to choose from.

2. Ask for help

Is there a relative or a friend in a similar line of work? You can learn a lot from speaking to others and learning from them. Make a list of people who you think can help you to get started. Ask them what worked for them and what didn’t.

3. What if I fail?

That’s the wrong question. If you start a new business, you will likely fail at some things. So instead of asking yourself, “What if I fail?” your question should be, “What will I do when I fail?”

Remember that your attitude towards failure will play a big role in determining your success.

4. Keep a record of what you have learned

When you start your new venture, make it a habit to keep detailed records. Say, you met a person who provided you with some useful insights. Write down what you learned so that you can refer to it later.

5. Learn from the competition

Spend a little time studying companies in the same field of work. What are they good at? Could you do it better? Consider pretending to be a customer to discover the pain points in your chosen area of work.

The Bottom Line

Many would-be entrepreneurs are sure that they want to start a business, but they don’t know where to begin. A good first step is to write a business plan. This document will help you to collect your thoughts and also provide a roadmap that helps to track your progress.

Keep Reading:

  35 Most Profitable Businesses

 

 

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