15 best business ideas

After months of research, we have found the top 15 business ideas rocking in 2020, even with the COVID-19 pandemic. Check out which most popular up and coming businesses we’ve added to our revamped list.

The most common question asked on Google by new business enthusiasts is, “How to start a small business?” While the most experienced business persons ask, “What are the best industries to start a business?.”

The difference in both these people is that the former has already come up with a single business idea that he/she thinks is the best and is looking for the means to execute it. On the other hand, the seasoned entrepreneur knows how to launch any kind of business and so is on the lookout for that one idea that will be the billion-dollar worth game changer.

Launching your own business has never been easier, and the toughest part of starting a business is finding the best business industries and top business ideas to work on. So, we did the leg work for you, and after thorough research across numerous booming industries and fast-growing verticals, we bring you the 15 best businesses to start in 2020.

But first, a little information on how we did our research so that you know why you can trust this blog.

How Did We Find The 15 Most Popular And Fastest Growing Business Ideas?

We first tried the usual route, came up with a “brilliant business idea” (or so we thought), and started research about it all across the Internet.

Guess what! Wrong Approach.

This is the same mistake that several fresh entrepreneurs commit, of blinding themselves with just one idea and trying to bend facts and stats according to their preference because the idea seems too good.

What happens next? Damn! Drastically failed!

Yes, this is what actually happens with many new startups and entrepreneurs these days. What’s the reason? The reason is that they stick to an initial idea instead of expanding or pivoting to a better idea and business approach.

So, we decided to give up false optimism and search for the best new business ideas that are proving to be lucrative and giving a high return on investment even in a time when several industries are grasping at straws in this pandemic.

We asked the right questions to Google and researched deeply on the results that it gave us. Questions like:

  • Which are the best new businesses to start?
  • How to start a business from scratch?
  • What should a successful startup business plan include?
  • How much money do I need to start a business?
  • How Does Online Business Work?
  • How to set up a unique small business idea?
  • Which are the most profitable small businesses in the world?
  • What types of resources are required to start a business?

We cross-checked our findings with the last five years’ statistics, including all the resources available on the COVID-19 impact on these businesses.

After doing all of these things, we shortlisted 15 brilliant business ideas powerful and unique enough to compete and rise above the crowd in 2020.

Focusing on the overall scenario, we decided to help the entrepreneurs and startups build a successful startup business plan through an article chain. Once you’ve read and chosen the best business idea from this blog, we would help you further create a foolproof business plan and digitize your business for maximum reach.

That’s it with the greetings and introductions. Now let’s get down to business.

15 Fastest-Growing Industries to Start a Business in 2020

Check out the 15 best industries you can launch your business in, and become the industry leader with consistent efforts and the latest technology upgrades.

1. Social Media Community Platforms

Social Media Community Platforms

We know that the first thought that comes to your mind after hearing this idea is, how can I compete against those billion-dollar enterprises to create my own social media platform. But such billion-dollar competitors are present in every industry, so there isn’t a reason to be afraid.

It’s not a fluke that a majority of the biggest companies in the world happen to be social media platforms like Facebook, Twitter, Instagram, or LinkedIn. You don’t need to start as a worldwide platform initially; none of these big companies did.

You can carve out a niche audience for you and provide a highly customized community platform for them. This niche audience could be based on age group (like TikTok and Snapchat), demographic (like WeChat and imo), or category-specific (like Discord and Slack).

2. In-Home Care

In-Home Care

If you have a kid at home, an elderly, or a pet, you would understand the trouble to get a sitter for them when you need to go out for work or fun. Trusting your loved ones in the hands of a stranger in your own house is a daunting thought, so what is the solution?

This issue becomes a major hindrance when you need to leave the city for a few days. Some places provide temporary boarding for your kids, elders, and pets; but many people prefer to have safety and familiar surroundings of home, rather than an unfamiliar boarding environment.

This is the perfect opportunity for you to provide the service that all those people are looking for. You can enroll in nannies, home nurses, and dog watchers to your company and launch an in-home care service.

Suppose you don’t wish to manage such a large workforce personally. In that case, you can go with the Uber business model and provide an app platform where such service providers can register and offer their care services via your platform. But remember that this is a very sensitive business vertical, so you need to make a thorough background check on all the applicants and only allow the genuine ones on your care service app platform.

3. Business Service Industry

Business Service Industry

Serving essential inventory products and services to corporate businesses is a very promising business idea. And this industry has a vast array of verticals across products and services. You can provide computer servicing & sales, office stationery provider, postal, complete printing services for corporate, SaaS App Solution, and the list goes on.

There are over 28 million small businesses in the U.S.; that’s 28 million potential customers that you can start with and expand through. If you are gaining interest in opening a business services-based company, you should focus on providing an online-based service.

Now is the perfect time to launch a business service startup because launching an e-business costs less upfront. Imagine launching an attractive corporate stationery shop like Staples without shelling out money for a physical store and furnishing. You can host a fancy shop online at a fraction of the cost of a physical store, and your corporate customers can order your products and services via a mobile or web application.

4. E-Restaurants & Food Delivery Service

E-Restaurants and Food Delivery Service

Food is the only commodity that almost every person in the world consumes at least three times a day. So, why not open a business that will definitely get customers and that too all around the day. There has been a drastic change in the restaurant and street food vertical in the past five years.

With social media apps and OTT platforms like Netflix, making it more casual to spend the nights at home with family and friends, people’s food habits have also changed. Now people are more interested in ordering food at home than getting ready to go out for a meal at some fancy restaurants.

The Street food industry has also gained immense success due to increased consumer demand for unique food products. Such unique foods demand from metropolitan areas will sustain demand for the industry.

So whether you own a restaurant or a food truck, digitizing your food delivery business model and offering On-demand food delivery service is the only way forward if you wish to stay in the competition and keep growing in present times. If this idea interests you, you must also check out a new concept, cloud-kitchen.

5. Property Cleaning & Maintenance (Homes & Offices)

Property Cleaning & Maintenance for Homes and Offices

From landscaping to cleaning and pest control businesses in maintenance industries serving commercial buildings and residences had a 13% increase last year. It is one of the best small businesses to start in 2020.

After reading this title, you must have a few questions like how to start a property maintenance business or how to start a cleaning business on a small budget? You can either hire local cleaners and maintenance workers as your employees or launch a property cleaning and maintenance app where these professionals can offer their services, and you earn a commission on every service requested on your app platform.

By starting a cleaning service business, you can incorporate different cleaning services like pools, garages, commercial establishments, construction sites, homes, etc. We would suggest that you build your own cleaning service app since people are more likely to avail of such services through their smartphones.

6. Fishing Industry Business

Fishing Industry Business

Aquaculture is the new emerging startup in the fishing industry, which will considerably spread worldwide in upcoming years. In the past 20 years, the rise in total food fish consumption has grown by more than 122%, while the rise in global aquaculture production has grown 527% in 20 years.

Many other key areas in the fishing industry that many startups are addressing are food safety, traceability, operational productivity, and environmental sustainability. Many investors are turning their hands to invest in the fishing industry by building their own fishing app and adopting IoT connectivity and mobility solutions to digitize and increase fishing productivity.

According to the Food and Agriculture Organization (FAO), people eat double the amount of fish they were eating in the 1980s. It is a result of a large fish supply from fish farms like aquaculture. This doesn’t include the fishing done for non-human consumption, which is a whole new vertical that is still pretty much unexplored.

7. Sustainable Energy Products

Sustainable Energy Products

Starting a renewable energy production business needs lower startup costs for businesses and enterprises while giving higher profit potential. Thus investing in wind or green and clean energy could be a superb plan for 2021.

Al Titone, deputy district director of the Small Business Administration’s N.Y District Office, says, “There’s a lot of interest in green energy, and with the government putting money into it, that pretty much guarantees there’s going to be more of a market for it in the future.”

The green energy industry has three built-in advantages:

  • It calls for more sustainability and efficiency
  • New and beneficial public policies are emerging consistently
  • The industry is witnessing a high demand each year.

Since renewable energy startup ideas require significant capital, most renewable energy operations are supported by large companies, such as Pacific Power in the Northwest. Adopting the latest technologies such as mobility, software solutions, BI & big data, machine learning algorithms, sensors, and IoT solutions could take the renewable energy business or smart energy startups to the next level.

If setting up solar farms or wind farms seem a bit far fetched for your vision, you can offer smaller sustainability and energy-saving products made with IoT and voice-powered technology for residential and commercial use.

8. Personalized Q&A Forum

Personalized Q&A Forum

When you were researching for the best business ideas, I am damn sure that there would have been some Google results from Quora and Reddit like Q&A forums. They are one of the best public forums where people discuss virtually infinite topics and ideas.

But there is a problem with these question and answer forums, they are too generalized and ambiguous in nature, so a reader can easily get distracted in numerous topics. It can be fun when you are just surfing the internet for fun, but very counterproductive if you are trying to do proper research.

The solution for this problem is an opportunity for you to start your own business; hosting a personalized Q&A forum.

For instance, if you are a fashion fanatic, then you can start a forum where only fashion is discussed. This way you’ll get a niche audience base and they can get a concentrated platform for their interest. You’ll even earn better from advertising models because you are providing a rich audience base which promises a higher engagement ratio on ad campaigns.

People love personalized solutions and experiences, and based on this theory, starting a personalized Q&A forum is one of the best businesses to start in this digital age.

9. Digital Medical Business Startup

Digital Medical Business Startup

Smartphones have made life super easy and quick by making everything accessible at your fingertips. This type of advanced mobile app features can help save lives and make the medical industry take a giant leap in offering seamless care to patients.

According to a study made by Global Market Insights, in the first quarter of 2020, venture capital investments for digital health startups accounted for USD 3.1 billion, which was about 1.5 times more compared to 2019 Q1. Further, the report predicted that the digital health market size is projected to exceed USD 639.4 billion by 2026.

Building mobile apps for distinct medical services like doctor consultations, physiotherapy, medical prescriptions, nursing, eldercare, lab tests, etc. is a new mushrooming startup idea in 2020. Whether it is addressing healthcare service providers or a consumer, the internet and mobile technology serve as a digital means of curing in each aspect.

The best way to start a digital healthcare business is by building a cloud-based healthcare system or SaaS solutions for clinics and hospital chains. An online and on-demand mobile app for doctor consultation platform will connect patients with healthcare specialists from various medical fields.

10. eCommerce/mCommerce

eCommerce/mCommerce

Do you know who the richest man in the world is? Jeff Bezos, the founder of Amazon, the world’s biggest eCommerce company. There is a lot of money in the eCommerce and mCommerce industry; to be specific, more than $10 trillion with a compound annual growth rate (CAGR) of 14.7%.

The approach is simple; you provide an app-based platform where buyers and sellers can meet and deal; you’ll get a commission on every deal made through your mCommerce app.

Why would you spend a fortune in buying, furnishing, and setting up a supermarket, if you can make a lot more sales via an app that replaces traditional mall shopping? If you are looking for the most profitable web app idea in the world, then this can be your venture.

Over the next five years, the industry is going to boost up more. Predictions of the barriers for new startups are still low for niche market segments. Thus it’s the best chance for new entrepreneurs to start a business in the niche eCommerce market in 2020 with a mobile app solution.

11. Sports & Recreation Startup

Sports is one of the biggest hobbies that connects the entire world. If you are an avid sports fan or just like to dabble a bit for recreational purposes, you know the rush and joy people get from such activities.

There are numerous sports-based business ideas that you can start in the sports industry. You can sell sports equipment, host sports events, create a fantasy sports app, sports live streaming OTT platform, renting out sports grounds, launch a sports podcast and discussion platform, etc.

The possibilities to start a business are endless in the sports industry; all you need to do is make a plan and execute. Add in the latest sports app development technology, and you have the perfect medium to reach your target audience and make your sports startup into a global brand.

12. Online Alcohol Selling Business

Online Alcohol Selling Business

The alcohol industry has always been a consistent winner and will continue to profit from an increasing number of consumers, mostly among the millennial generation, who prefer to drink at home with friends and host home parties.

There are several business ideas that you can apply in this industry like Alcohol Manufacturing, Vineyard Sales, Alcohol Exporter & Collector, Alcohol Bottle Recycling, Luxury Wine Maker, etc. But we would like to interest you in the business with the best profit margin with multiple revenue streams and online alcohol sales.

You can build your own alcohol selling portal or an on-demand alcohol delivery app and provide home delivery services to the end customer. Focusing on this increasing demand for alcohol, you can get into the alcohol business by deploying new strategies like an e-commerce portal and Alcohol Point of Sale (POS) software.

13. Vacation Rental/Lodging Platform

Vacation Rental/Lodging Platform

Millions of travelers roam the earth and visit new countries all around the year. They need a temporary abode in those foreign countries. You can provide the service for them to book their stay in hotels or vacation homes that are open.

If you own multiple real-estate properties, then this is a precise vacation rental business idea. You can start your own business by preparing your property ready to rent; later, you will need advertising your rentals to attract the tourist.

You can either make a tie-up with hotels and offer their rooms in your app platform or offer vacation home rental where homeowners can rent out their furnished houses, apartments, bungalows, and even professionally managed resorts to tourists as an alternative to a hotel.

You can also have your own on-demand vacation rental mobile app or web portal that connects travelers and local hosts so that tourists can easily find you out and book the property.

Consulting a real estate app development company would be a great idea before you kickstart your business.

14. Health & Fitness Startup

Health & Fitness Startup

In 2020 people have grown more concerned about their personal health and fitness. The ongoing pandemic and a sedentary life under global quarantine made many realize how important one’s health is and why we all should stay fit.

You can launch a store that sells fitness equipment or open up a space like a gym fitness franchise or day spas, med spas, nutrition counseling, launch a fitness app, among many things. The options here are endless. It’s a fairly new industry, and the saturation is yet to peak, so better make the shot while the ball is still in your court.

Health and fitness startup is an untapped market for you to explore and take the initiative as a potential market leader.

15. Waste Disposal / Removal Business

Waste Disposal / Removal Business

Pollution and garbage disposal is a much-talked subject at present. Since the waste is dramatically increasing compared to its disposal, it contributes to increasing pollution on a global scale. Thus the waste collection is a much-needed service, and starting such a business is actually profitable from many aspects.

By starting a waste collection business, you can either dispose of the waste or recycle and reuse it for many purposes, further increasing your profits. You can also build a waste-to-wealth business directly and support your business with a mobile app where you can easily track everything.

Time To Launch Your Business

The ideas mentioned here are quite easy businesses to start, and the ones that have slightly greater difficulty in execution also has a higher return on investment.

These emerging industries can be well considered for establishing a new startup, and investing in one of these industries will be one of the best decisions you can take this year. Integrating the latest technology solutions into your business functionality can help you get a distinct place in the market.

Do you think a mobile or web app solution can be beneficial to you? If yes, then Let’s Get in Touch.