You may think that starting a new business during a rocky economic time is a bad idea, but you’re wrong. Some of the most successful businesses today were created during a recession. Groupon, Venmo and Uber all launched in the wake of the 2008 recession and they thrived because they solved a big problem at the time: lack of money. If you’re thinking about starting a business in 2020, follow in the footsteps of these companies with these six best business ideas for 2020. They all focus on solving a problem created by the coronavirus pandemic.
Best business ideas for 2020
Reusable face masks… with a twist
But everyone’s selling masks… right? Yes, they are, but as masks become the new normal, the flaws in those that already exist are becoming clearer. From the breakouts they can cause when worn for hours, to keeping them clean when wearing makeup, there are plenty of gaps in the face mask market. Get ahead of the game by making and selling reusable face masks that are:
- makeup proof
- easy to clean
- comfortable to wear
- good for sensitive skin
Portable personal hygiene products
So, what’s the next best business idea for 2020? Yes, you guessed it — portable personal hygiene products like hand sanitisers and cleansing wipes. These items are set to be very popular as we look for ways to go about our daily lives without catching unwanted viruses. And while current alcohol-based products seem to be plugging the gap, regular use of these products over time will reveal problems — problems that need solutions. For example, long-term use of alcohol-based sanitisers can cause dry, cracked skin, which means many of us will soon be begging for moisturising hand sanitisers or alcohol-free alternatives as a priority.
Import/export of everyday items
When the pandemic struck, many people living abroad had to return home with no notice. And even when the pandemic settles down and all countries open their borders, new travel restrictions will put a dampener on frequent international travel. We’re willing to bet that those who have gotten used to living in a different country will miss small products they can’t find in their home country. And whether these products are food items, beauty products, clothing or anything else, anyone who’s able to quickly and cheaply ship these items to those who want them is set to strike gold.
Social-distancing centred event planning
While brides-to-be may be holding out hope that large weddings will soon return and yoga studio owners may wish that packed sweaty hot yoga classes will be allowed in the near future, that looks unlikely to happen anytime soon. And that’s why companies that are able to offer convenient and fun social-distancing friendly event planning services to businesses and event planners are likely to do well in 2020 and beyond.
Self-care products and services
You may have noticed that 2020 has left everyone feeling stressed, confused and anxious about the future. And as we continue to navigate unknown territory, we’re all going to have to find a way to deal with these emotions… without letting them take over. That’s where self-care products and services come into play. From at-home pamper kits to online meditation and healthy cooking tutorials, it all helps.
If you’re looking for a business idea for 2020, look no further than providing new and fun ways for men, women and children to look after their physical and mental wellbeing at home and on the go.
For many of us, simple errands, like picking up groceries or dropping a parcel at the post office, have become a long-winded ordeal. Gone are the days when you could quickly pop to the shops while working from home. Coronavirus prevention measures now mean you have to dig out a clean mask, gloves and hand sanitiser before leaving the house, queue to get into shops and spend ages disinfecting everything you buy when you get home. That’s why a five-minute errand now takes an hour — and that’s very annoying.
The good news for entrepreneurs is that this inconvenience has created a gap in the market: outsourcing your errands. It’s a timely business idea that can be kept local or turned into a national franchise – that’s why we’ve included it in our list of best business ideas for 2020.
So, are you ready to get to work on your business idea? Not so fast. Make sure you set yourself up for success by getting to know the five common mistakes to avoid when starting a business.
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