Best Small, but Solid Business Opportunities for 2020

We find ourselves in uncertain times.  However, it is important to move forward.  Below are a number of small business ideas which range across many industries, for those eager to start afresh.  For those seeking new ideas, new beginnings and new ventures.

However, these business opportunities do need to meet the following criteria:

  • The business needs to have the potential to make a profit now and in the long term.
  • It needs to be strong and be able to function during uncertain economic periods
  • It shouldn’t demand years of practical experience or super high levels of education.  Some may need some form of trade school learning, an apprenticeship or maybe a bachelor’s degree. It could be some prior experience will be useful and/or also some enthusiasm for the work involved.
  • It should not involve large amounts of initial capital input. All that should be needed is enthusiasm, hard work and ambition to succeed.

Some of the below are also suitable for those looking for home-based opportunities. However, none of these opportunities represent getting rich quick.  If you are looking to get super rich, super quickly these small business type ventures are unlikely to be for you.

What these businesses will give you is a nice income and the opportunity to run your own show and be in charge of making all your own decisions.   Starting your own business can be extremely satisfying and can offer the possibility of enjoying a more flexible lifestyle.

Below is a list of small business opportunities that are in line with current business trends:

Amazon Sales (FBA)

Amazon FBA - Best Small, but Solid Business Opportunities for 2020
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Amazon is the biggest online retail platform globally.  Their Fulfillment (FBA) program gives sellers the opportunity to sell their products via Amazon.  Most of the details of running an online business is taken care of by Amazon. It takes care of storage, packaging, shipping, returns and any other customer inquiries.  This is in exchange for fulfillment and regular monthly storage payments.

It is the responsibility of sellers to ship their products to the Amazon fulfillment center and to make a list of their products on their Amazon store. Once everything is up and working, sellers will get their share of the sales made each week.

Sellers can find items for their Amazon stores in the following ways:

  • The seller will come up with an original product and have it manufactured
  • Sellers can find products from national or local wholesalers
  • Seller will source products from discount traders like Alibaba
  • They can purchase discounted products from stores or online and resell them at a higher price.

The FBA program is a great opportunity for those interested in getting into online sales.

The Skilled Trades

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Image created by Market Business News.

Entering into the skilled trades is sadly something not many people consider worth pursuing.  It is often thought that these trades are not well paid.  This is far from the truth. Skilled workers are often paid very well and enjoy successful careers.  The trades are also very suitable for those looking to be self-employed.

It is argued that by 2028 many jobs placements will be left vacant and in the manufacturing industry that could reach around 53%.  We will see this situation affecting many trades and this will lead to a demand for skilled workers in many of them.  These trades include the following:

  • Carpentry
  • Plumbing
  • Electrical and electronic systems
  • Welding
  • Airconditioning, heating and refrigeration
  • Metal workers and Machinists
  • Steelworks
  • Masonry

Most of these trades can procure good salaries and their expertise is needed in almost all locations.

Most of these trades are good for home- based businesses as the work is often carried out at the customer’s location.

Start up costs for the trades are generally lower compared to many other types of businesses. And future job security is pretty strong.

There is always a need for skilled tradespeople.  They often have the opportunity to demand high salaries in remote areas or even overseas where their skills are needed and there is often a shortage.

Considering one of the skilled trades as a future business opportunity could be a really good and wise decision.

Meal Preparation and Delivery Service

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Meal service providers are becoming ever more popular.  People today are busier and have little time to buy and prepare good nutritious meals and are more aware of the environment and the need to be more eco friendly and reduce waste.   In the US it is estimated that by 2022, meal kit industry sales will likely reach $11.6 billion.

The way it works is that people choose the recipe they want online and the meal kit or basket, together with pre-prepared and exact ingredients as well as the instructions for preparation gets delivered to their chosen address on the date requested. There is also information concerning calories so that customers can stick to their diet plans.

These meal suppliers will likely work with local farms which is a positive thing in that they are encouraging and creating more business for other small enterprises.   Delivery service providers may also benefit by having the opportunity of collecting and delivering between producers and customers.

Self-Storage Units

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The self-storage industry has become a huge business in the US, and especially in North America.   Perhaps owing to the continual movement of the workforce, homeowners downsizing and just the fact that people today seem to have so many more possessions.  In fact, in New York it is estimated that there has been an increase of 300% in demand over supply.

At the same time there is a growing desire for businesses to reduce storefront space and this has also added to the need for more storage space.   Some tradesmen, like electricians and plumbers, are able to find places to store their tools and other work material in self-storage at much reduced rates.

Self-storage needs to be a climate- controlled area, have good lighting and security.  There are some initial costs, for land and construction but these could be covered by rental income. Obviously, this depends on the level of demand for space in your location.

It is possible to log into Trachte Building Systems who have a free calculator for estimating how profitable the self- storage is likely to be taking into account demand. Initial expenses, running costs and income from rentals.

Software Engineering and Development

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Software engineers and developers are in high demand today.  They develop, test and support software on many platforms from mainframes to mobile phones.   The need for software developers is likely to increase as much as 21% by 2028 and, according to the US Bureau of Labor Statistics, the average yearly income was $105,590 in 2018.

It often happens that software engineers begin working for companies as salaried employees and then decide to go solo, and become self-employed.  With Cloud computing and the ease in which one has remote access today, makes software development a great opportunity for someone interested in starting a home- based business.

There are also other highly paid possibilities in the information technology industry that are worth investigating.  These are:

  • Systems analysts
  • Technicians: hardware and software
  • Network engineers
  • Security specialists

Senior Citizen Care Services

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Today, businesses connected with senior citizen care is considered to be a very viable business opportunity.  Demographics is very important here.  In the US, by 2050, a quarter of the entire population will be seniors.  And even though people do live much longer now they are also expected to have more years when they have health problems.   Fortunately, this population is considered to be relatively affluent and hopefully can pay and contribute towards their health care.   This may include living in their own homes.   Many people over the age of 50 want to remain in their own homes as they age, according to the American Association of Retired Persons.

Some seniors will have health and mobility difficulties and will be unable to continue driving. They made need help at home doing some very basic household chores, cooking, cleaning and caring for their homes.   There are many opportunities for those interested in working with senior citizens, at home or away.  These opportunities often allow for flexible working conditions.

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