Business to Start in 2020

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Businesses create job opportunities as they need individuals to produce and sell goods and services to customers or consumers. Without companies, each person would have to make their way of living. So, in short, businesses are essential because they provide goods, services, and jobs.

The most exceptional businesses to start are typically relatively straightforward to set up. They have high-revenue margins, low competition, have little startup costs, or are in a growing industry.

Growing industries mean more customers and less competition. If you’re interested in financing, consider a business idea with higher chances of receiving funding, just like a franchise. LasPass – Family or Org Password Vault

Build an online brand

Technology has gotten better and faster than ever. With each day, we see more and more people coming into the online world. And the majority are taking advantage by starting their own business and opening franchises. Work online and from home during the Pandemic; what could be better than that?

Building a brand online requires growing a following on social media platforms, Facebook groups, a YouTube channel, or an email list. Usually, followers appear on online platforms for entertainment or education, and sometimes both. You can monetize a brand online by selling related products, getting a referral fee as a marketer, and advertising to followers.

Building an online brand can result in high-profit margin work.

To start building a brand on the internet, first, choose your niche. Are you going to entertain people or educate and teach them? Once you finish choosing your niche, decide on an online platform. While Instagram is mainly for short-form entertainment, YouTube is great for long-form entertainment as well as education.

Open a franchise

Franchises are probably one of the best businesses since they have high achievement rates. ADP. Payroll – HR – Benefits It has been estimated that 92% of the franchises are still functioning after five years. Once you buy into a franchise, you will receive all the tools required to make your business a success— contracts, business systems, branding, and support. A franchise is an accessible business since you do not have to spend ages learning how to handle the activity effortlessly.

However, the downside is that most franchises are the amount of investment it takes to start one. Most franchises charge a fee to open, which can even cost thousands of dollars. Also, they may ask you to have some amount of private and personal liquified assets or net worth more or around $500,000.

Medical marijuana services

A medical marijuana service helps people access cannabis most safely and effectively.

It can be a challenge to open a marijuana business since it is highly regulated and taxed. Meaning, in many cities, a store must be 1,000 ft away from schools, churches, and residential areas. Plus, you will have to attain a state license before opening your marijuana business. States might also charge a sales tax or excise. For instance, Colorado costs a 15% excise tax, which is levied against the company.

The cost to start a marijuana dispensary can be high. You must expect to spend $150,000 at least to open a small dispensary. The amount of income you earn will vary depending on demand and location. Due to intensified competition, sales for the average store will decrease. You should expect to make anywhere from $50,000 to $300,000 each year to be a store owner. Download A Free Financial Toolkit

Graphic designer

Starting your business as a graphic designer is an evergreen job. The need to have people customize or create content for others will always remain constant amongst advertising agencies and more.

If you’re someone with an artistic personality, it would be ideal to start a business selling graphic design. Graphic design has become more comfortable because online platforms help graphic designers connect with their potential clients.

Clients will often discover you on online or website platforms and get in touch with you through your internet site for any additional work.

If you want to start as a graphic designer, you must have a portfolio that showcases your top work. It would be best if you specialized in a specific project niche when starting for the first time. For instance, if you specialize in restaurants, you can directly request to the restaurant owners by marketing some creative designs for related items like restaurant flyers, menus, and signage.

You may consider hiring a junior graphic designer as soon as you have a steady and full design work schedule. The cost to start work as a graphic designer is almost negligible. Your expertise, knowledge, and services are your products. You can start getting clients under $1,000 and earn from $30 to over $200 an hour.

All in all

In the end, the best business to start is in your interests, skills, and financial situation. If you have funds and assets to invest in your work, consider starting medical marijuana services. If money is short, then go with a low-cost business and make the most out of it!

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