Choosing the right idea for a new business can be difficult and confusing. This task needs to be done very carefully and one should keep in mind many things while choosing an idea for his/her new business. One of the most important things to keep in mind when selecting an idea for your new business is to choose something which is of interest. This point is very essential because if you choose something which does not attract you or isn't of your interest, you might get tired of it after some time, and your business will come to an end. To help you with this confusion, we bring to you a list of business ideas for 2020.
List Of Businesses To Try in 2020
Dropshipping is a type of online retail or e-commerce business in which the seller does not keep stocks of items. A drop shipper transfers orders placed on his/her website to another retailer, manufacturer of the product, or a wholesaler and they ship the order directly to the customer.
Pros Of Dropshipping
- You do not need to own an inventory of items. This makes the initial cost for starting the business almost negligible in comparison to opening an e-commerce store where you will require to build large inventories
- You don’t have to worry about the products in inventories that people are not buying because you don’t have an inventory
- It is very easy to set up a dropshipping store. Ebay and many companies allow you to start a dropshipping store with them with ease. You don’t have to know web development to create your own online store.
Cons of Dropshipping
- There is very small margin of profit in the dropshipping business. You will compete with bigger and more competitive online stores due to which you will have to keep your profit margins low.
- This field is highly competitive as I already mentioned. Therefore, you will have a hard time bringing your store to people’s attention.
2. Social Media Manager
This is the era of social media. Almost every brand is on social media which also constitutes a large part of their digital marketing. Therefore, companies need people/businesses to handle their social media accounts. You will be responsible to manage their social media, reply to comments and queries by customers, increase their presence and growth on social media by building attractive posts, and posting them on their account.
Pros of Social Media Managing
- You can achieve growth easily. If you work well enough for your first client, you will come into notice of many other businesses.
- You get to interact with a lot of people daily
Cons of Social Media Managing
- It can be very time-consuming. You have to create good and creative blogs or posts if you want to get attention from people and this requires time.
- If good work gets attention from other businesses quickly, so does your mistakes.
3. Digital Marketing
Digital marketing companies provide digital marketing solutions to their customers. This is the most essential marketing nowadays and everybody does it. Therefore, companies hire digital marketing companies to digitally market their products/services/business.
Pros of Digital Marketing
- Every company uses digital marketing to market their products/services whether they are a small or big company.
- There is no limit to what you can earn from the business as it is an ever-growing field
- There are no boundaries for your business. You can provide digital marketing solutions to a company even if you are at the other end of the world.
Cons of Digital Marketing
- It is very time-consuming.
- You will have to keep updating your skills and techniques as this field is ever-changing
4. Graphic Designing
If you have a graphic designing business, you create graphics, visual content, and other artwork for your clients.
Pros of Graphic Designing
- Every company wants graphic designers to create content for them. You will easily get clients if your work is creative enough
- Good work will attract many potential customers easily
- It is a high paying business
Cons of Graphic Designing
- You will have to constantly update your skills and techniques. Each company's requirements are very much different from each other.
- The field is a competitive one. Only if your work is good enough, you can stay in this field.
5. Web Development
A web development company develops and manages websites and for their clients. You will have to design and create good websites and/or web applications.
Pros of Web Developing
- You can work from home
- You can show your creativity to the world and earn money doing it
Cons of Web Developing
- Technology keeps on changing and if you want to remain at the top of your game, you need to constantly update your skills and techniques.
- The job of creating a website before a deadline can mean long hours of continuous work
There are many fields in photography that you can choose from such as stock photography, wedding photography, wildlife photography, etc. You can even have your own studio if you have enough resources. But remember one thing that you will become a successful photographer only if you love the work you are doing.
Pros of Being a Photographer
- You get paid to do the thing you love. You do not have to compromise your passion or career if you can make them both same.
- Freedom of work
- Unlimited action and adventure, especially if you are a wildlife photographer
Cons of Being a Photographer
- Good cameras and gears are expensive
- Your efforts can sometimes go unnoticed
7. Mobile App Development
This is one of the most popular fields nowadays. The majority of the people today own a smartphone, which makes it essential for big companies to have a good mobile application for their business because people prefer apps because they are easy and convenient to use.
Pros of Mobile App Development
- Almost every company today tries to have a good mobile application for its customers, which is why you could grow your business rapidly if you are good at your work.
- This business can be very profitable
Cons of Mobile App Development
- Ever-changing technology will make it difficult for you to stay updated with the latest technology.
- Once the development of an application starts, it can prove out to be very expensive and difficult to make even minor changes.
8. Antique Dealer
Your business will include buying and selling antique items. Some people are very interested in buying such antique items and some want to sell such items. You will work as a mediator between them.
Pros of Antique Dealing
- You can get your hands on something very valuable at a low cost and earn huge revenues from it.
Cons of Antique Dealing
- It looks easy to set up an antique store, but you will have to do a lot of work
- You must be knowledgeable about the products you buy from people or may get fooled or scammed
- Your business will take a long time to establish into a big business
If you like to cook and prepare food items such as cakes and bread, this business will be very good for you.
Pros of Owning a Bakery
- You can create good profits if you chose the location of your bakery wisely
- You can even start at home
Cons of Owning a Bakery
- Profit margins can be small especially in the beginning
- There is a very large competition in this field
- Ingredients are very costly, so you will need some investments to start out
10. Event Planner
As an event planner, you will organize and plan various events for your customers such as birthday parties and anniversaries. It will be your responsibility to organize events smoothly and that no one faces a problem. You will organize things such as caterers, locations, entertainment for the event.
Pros of being an Event Planner
- No formal education is necessary for becoming an event planner
- You'll get to meet interesting people every day
- You can showcase your creativity to people
Cons of being an event planner
- It is stressful work to plan an event. It has also featured in a list of '7 most stressful jobs'.
- Many times you can across people who are difficult to work with
- Although no formal education is required for becoming an event planner, it still requires a great deal of experience to become a good and successful event planner.
Choosing an idea for a business will prove to be difficult, but you must do it carefully. These are some of the best business ideas for India in 2020. But, you can also go with any business idea you come up with. You should at least try it once and must not only think of profit at initial stages.