12 Business Ideas To Implement In 2020
To enter the market or to empower an already-existing business is surprisingly easy in 2020. Basically, only the large, established giants have the luxury of staying roughly the same over years, but even they tend to add some new features, not necessarily pivoting. By adopting new ideas, especially in the digital world, lots of companies found their way to addressing the key flaws that were present until recently: queues, the large distance between parties, local legislations, redundant staff, etc.
Here are some of the neat solutions that the businesses could adapt to deliver extra value to their arsenal or to use as the main development course.
1. Tutoring
The whole tutoring thing is booming. Take English courses, for example; basically, every non-English-speaking country has a huge variety of classes that teach the precious skill of learning the most widespread language on Earth. With businesses becoming more and more international each year, you get a whole bulk of guaranteed customers who are eager to spend their money, granted that your tutoring skills are on point.
So why not bring this whole thing to a digital realm? It’s no secret that distance learning is steadily growing when compared to the classical physical presence classes, but it’s up to you to make it more convenient. Most of them still rely on Skype video calls, which isn’t the best choice, to say the least; it creates quite a mess ranging from calls’ quality to the lack of side-software integration which is lacklustre when you want to manage contacts and payments in the same environment.
In fact, it’s obvious that tutoring isn’t limited by English courses; you’re free to arrange any type of education online, luckily, it’s in-demand on the market — the actual knowledge is ever-so-vital and a platform, for that matter, will always be welcomed. Beware of the main downside of this activity — your sessions can be a one-time event if you’re really good and teach your clients too fast — make it a long-lasting journey by spreading your expertise throughout the course like butter on a slice of bread.
2. Business Consulting/Financial Advisor/Distance Accounting
Regardless of their scale, lots of companies are moving away from the costly accountants to adopt digital financial advisors. These programs allow for managing costs via distance software after data gets imported into the app to be stored in Cloud storage. Whether it’s tax or invoice management, this product saves plenty of time and money and is in demand on the digital solutions market, making it a great direction for being well-demanded by all sorts of companies.
3. Use Amazon
Last year, Amazon implemented the “Fulfillment” program alleviates all the side-activities you had to do for selling your product. When listed on this program, there will be no need to store, pack, send, or provide customer service for your shipment, making each seller be on par with larger corporations. As a result, anyone who has access to commodities becomes a fully-fledged seller, even when sitting at home — this helps you focus on products and customers, while the world-scale company is your trusted mediator to take away all the headaches for an affordable storage fee.
4. E-books
Once again, not a breakthrough idea to start things off, but many book retailers fail to admit the convenience of digital libraries. Much like when you browse through series on Netflix, choosing a book via a filter is what many would like to have for freeing the shelf space in their room. But it’s not only the lack of Ctrl+F function — digital bookmarks, great visuals, and rapidly increasing screen sizes of smartphones make E-books even more appealing, as 6.4+ inch (tablet) is now the new standard and it keeps growing, which makes even more sense for the reading purposes.
5. Insurance
Also doesn’t sound like a new thing, but it was recently revitalized all of a sudden. For example, if we take a company such as Sony, you may think their main source of revenue is mobile gadgets, consoles, or cameras, but in reality, insurance is among top-grossing departments, which keeps the company lucrative. More so, blockchain has opened immense opportunities in this area — smart contracts are one of the reasons why it’s so convenient: the payment is made based on reaching certain conditions automatically. The same goes for group contracts whose participants share responsibilities that vary based on how much they contributed.
6. Senior care
The ageing Western population isn’t a great tendency overall but is surely profitable from the business standpoint: the Baby Boomer generation is much wealthier than its predecessors and is expected to live longer lives. This opens the opportunity to address one of their concerns — safety, an increasingly important factor when mobility becomes lacklustre. Whether it’s an inability to drive cars, do home cleaning chores, pet care, or medication tutorials, providing senior-help services will pay off thanks to increasing demand and solvent userbase.
Simple as that, and no digitation needed (if that was your concern), please note!
7. Eco-car sharing
Despite being a hot topic for… forever, eco-cars finally see real strides in making them popular all over the globe. It’s a shame that the decision of one company (or even a person) like Tesla has such an impact on an entire industry, but still, a massive price reduction (which cost jobs for retail salons though) is well appreciated. What’s more, hybrid cars can also become a part of this service to let people be a part of making the world a cleaner place to live in with the gas-based engines become more and more obsolete.
8. Sell on Etsy
What used to be a unique service back in 2005 is now a flourishing market of accessories with about 200M monthly visits on Etsy. Basically, this site enables selling all the intriguing stuff to customers while not investing in facilities, storage, or marketing — the front image and description is everything you need. You only take care of manufacturing, granted that your business area matches the overall thematics of the site — the exotic area is not for everyone.
9. Renovation Businesses
Renovation is another great area that could benefit from some business structure where self-employed workers reap around $3,000 a year per household (with comparable numbers in Western Europe). Building new estates requires monumental budgets, not to mention land property concerns, this is why refreshment is the go-to pick there. The load is always high in this area, mostly thanks to many young people unwilling to go anywhere outside office work (funnily enough, this lack of competition made plumbers a well-paid job all of a sudden), making the aggregator-type platforms with shared responsibilities a good choice to facilitate workers’ high load.
10. Use IoT stuff
Being mostly a target for various fanfictions, IoT has slowly become a reality. With 5G-supporting phones finally released in 2019, I see a steady rise of gadgets that can enable complex IoT networks to make urban areas one step closer to becoming Smart Cities. It’s not a coincidence that US officials push the 5G idea, as well as Germany starting an auction for building 5G networks — lower latency and increased speed/bandwidth means everything to IoT for becoming more than a buzzword.
For that matter, all sorts of IoT products start making even more sense: house managing systems, car control, farming, retail, etc. It doesn’t matter which area will be chosen — the novelty factor and increased efficiency are solid arguments when battling for customers.
11. Personal health apps
With health services going through a period of turbulence — whether you like them or not, both Obamacare and NHS are under constant fire and the same instability follows them in other Western countries, who knows what happens to them in a year or two? That’s why having decentralized healthcare makes a lot of sense — such thing as personal apps looks like a cheaper option when the goal is to cover every patient’s needs. Not only does it allow for tracking the medical state, having detailed medication tutorials, and enable video-consultations, but also severely alleviates pressure from doctors and decreases wait time.
Making these apps can easily serve the SMB needs if the data integration feature is on-point, making it adjustable for multiple medical companies based on their needs.
12. Multi-purpose mobile apps
If you don’t have one, you should certainly get it. It may not be your standalone product but a nice addition to what already exists as an established unit. Luckily, developing a mobile app became ever-so-simple and it can add solid value; for instance, it can be an authentication tool or a mini-market where commodities can be explored. It’s not even about becoming a revolutionary step but more about being on the same page with the mighty market players — seriously, who hasn’t got a mobile app for their business yet?
Conclusion
This is just a brief outlook of what you could use to become potent on the market. Whether it’s selling on a digital platform or car leisure services, you could notice that the key digitization is a prime directive for the suggestions mentioned above. Nothing new in that regard, but agree that it’s a good sign that we could relate new and proven things to make lives better. And indeed, I believe that virtually anything could be improved by using digital innovations, both from users’ and cost-effective perspective.
