As we approach the end of 2019 it’s a perfect time to reflect not only on past successes and achievements, but also on aspirations for the future, and for many people this could be what is the best business to start in 2020?
Of course the question of starting your own business and taking control isn’t specific to 2020. You may have thought about it in 2019, 2018 or even 10 years earlier. Many people do.
It’s simply that at the time of writing this article 2020 is the upcoming year, and of course the start of a new decade.
Psychologically, what better time to finally commit and get on with it, although many business owners and entrepreneurs will tell you that no one time is better than any other to start a business as it’s all down to the resolve of the individual to get up, get going and power through.
Update For Covid19 Corona Virus Pandemic
This article was written at the back of December 2019. Even though Corona Virus had been detected in China, who was to know that it would so quickly turn into the world wide pandemic that it now is.
Currently I am on lock down, as are millions of people around the globe. Yet thankfully through the power of the internet and the amazing technology we now have I can still communicate with you even though you might be on the opposite side of the world to me.
You could even be living on the same street as me, who is to know? The point is this. As you read through this article you may have dreams of opening your own business, be it a coffee shop, restaurant, consultancy, a trade of some sort.
There are millions of types of businesses and all are important and worthy in a modern society. However, whatever type of business you choose (and there will come a time very soon when normality returns and people return to their daily activities), I want you to remember this.
The businesses that survived and thrived through this crisis were either totally online or had an element of online service where they could reach out to their customers and keep trading without meeting them!
This article will show you how you can choose the business you’ve always dreamed of owning AND become an expert online too.
Please read thoroughly and enjoy the content.
Above all, STAY INDOORS and STAY SAFE
To start a business in 2020 or not? (or any other time)
There’s a lot more to this question than Yes or No.
Have you heard the old riddle about 5-frogs sat on a log.
Four frogs decide to jump off. How many frogs are left sitting on the log?
The answer is still 5, because there’s a big difference between deciding to jump and actually doing it….
Have you achieved what you wanted to achieve?
If like most people, your life probably hasn’t turned out the way you wanted, or even expected. And maybe your ambitions have been put on the back burner while family and J.O.B (just over broke) have taken over your priorities.
Whatever the outcome today, life doesn’t have to be the same as it’s always been.
If you’re thoughts are in the past thinking ‘I should have done this’, or ‘I should have made that decision’ then you will never move forward.
If your thoughts are in the future thinking ‘someday I’ll do this or someday that’, then that day will never arrive.
The only time to make a difference is now, in the present.
The past has gone. You can’t change it so let it go.
The future is no more than a promissory note, and promises are more often broken than not. Therefore, you can’t rely on a promise to wake you up one day to a life of wealth and abundance.
We can only live in the present, and what we do in the present is the only way to change our future.
You didn’t suddenly wake up this morning in a mountain of debt, or hating your job, or wishing you had your own business, or desiring a work at home lifestyle.
You could though have woken up in a much better place this morning than you were say a year ago, but your action or inaction of the past wasn’t conducive with what you desired for your future.
Therefore, you are where you are now because of the past, but the present will change your future if that’s what you decide you want it to do… (and take positive action.)
The point I’m trying to drive home here is that you are the only person who can change your life. And only you can do that by taking action in the present which will change your future.
Every little piece of action taken everyday will create a chain reaction, or have a snowball effect until you wake up one day and actually realize that your life is different to what it was twelve months ago.
And what better time to do it than at the start of a New Year.
What is the best business to start in 2020
It’s probably fair to say that there is nothing that you can’t build a business around given enthusiasm, time and energy (plus monetary investment of course). There’s no such thing as a free business.
But are all businesses built equal?
No, definitely not…
Some are definitely a lot more expensive to set up and recoup the investment than others.
Types of business.
Let’s take a look at different types of business.
- # High street retail
- # Office or workshop based.
- # Service business from home.
- # Franchise
- # On-line home based
1. High Street Retail Business
Your skills or interest in business might be based around some sort of high street retail or service business such as a coffee shop, restaurant, hairdressing or beauty business etc.
This of course is absolutely fine. We all like to see our high streets filled with a variety of bustling shops and services.
Unfortunately though there is a very high failure rate within the first 2 or 3 years with this type of business, and it’s not to do with the business owner or their enthusiasm for the business, but rather with the upfront cost and overheads involved.
Attracting customers into a retail establishment is a complex mix of curiosity, perceived value for money, desire, comfort, openness, and of course attractiveness (or sexiness)
To achieve this fine balance, a business owner must invest a lot of money upfront in order to bring the premises up to a standard that customers both want and expect.
In the case of a restaurant for example, that can run into the hundreds of thousands!
In addition there is stock, rent, utilities, staff to consider, insurances and so on. And all of this has to happen before the first dime ever hits the till.
2. Office or Workshop Based Business.
This could typically be an office or consultancy covering anything from legal services to dentistry to a repair workshop.
Although not necessarily based on the high street and not requiring the same refurbishment as a fashion store or coffee shop, there is still a substantial investment involved in making the premises a professional and comfortable place to work and visit.
Plus there is still the overhead of rent, service charges, staff, insurances etc.
3. Service Business From Home.
One of the safer and cheaper options for setting up in business.
Works great if you have a skill involved in the trades such as a plumber, electrician, heating/cooling engineer. Or you have a skill in beauty, aromatherapy, chiropractor or any other service where you can be mobile operating from home.
The great advantage to this is because you are mobile, you go to the customer. Therefore you’re not location dependent.
Plus, a great looking website can give the impression that you are perhaps a bigger organization than a one man operator.
That said, being a one man operator definitely has its advantages when it comes to what the customer is charged.
Small overheads working from home, the vehicle becomes your mobile office, minimal stock. This lack of upfront investment and ongoing cost makes a home based service business a great way to get started, and one of the safest. Plus it can also be very profitable while giving you a lifestyle that can free you up from the rigors of 9 to 5 allowing flexibility for home life.
However, the big downside is when you stop working you stop earning. This can be for many reasons including taking a vacation, illness, injury caused by work, family emergencies etc.
There is only you running this operation so you can’t expect any support from anywhere else, or any reoccurring income that keeps you going while you down tools. (more about reoccurring income later).
4. Franchise Business
Other than the obvious high ticket franchises such as McDonalds, KFC and subway for example, there are many home based franchise opportunities that are designed as work from home “Mom and Pop” type enterprises. Often these are also service based home businesses such as oven cleaning, pet grooming, car bodywork repairs, driver hire etc.
They are generally a proven business model whereby you pay a licence fee to work the business in a designated postal or zip code area.
Banks and finance companies like the franchise model because the franchisee works for him or herself but not by themselves, and the franchisor assists with a professional business plan.
A good franchise will offer the business owner ongoing support and training in return for a monthly fee, often based as a percentage of turnover.
There is generally healthy competition among Franchisees who will often get together annually for a mastermind group meeting in a holiday type resort, allowing the master franchisor to hold training sessions and offer awards and presentations to the top earning franchisee’s.
The failure rate for a franchise type business is generally lower than a traditional business. When a franchise operation does fail it is often down to the franchisee not following the proven business system and avoiding the elements of the business plan they feel uncomfortable with, such as marketing or after sales service.
Despite the lower failure rate and the opportunity to base the business from home, there is still the large up front investment for purchasing the licence, corporate branding such as uniform and vehicle livery, advertising in the franchisor’s preferred media, plus the ongoing management fees.
As most franchises are service based there has to be an argument as to why you would need to heavily invest in a national franchise business carrying out drain cleaning or chauffeur hire for example only to be restricted to operating within a set area?
After all, if you have a specialized skill to offer and provide a good service at a fair price, then business shouldn’t be an issue, irrespective of whether you share a national brand name or trade as an independent operator.
5. Online Home Based Business.
This type of business is based around selling products or information to a very large worldwide audience that currently is booming and growing at an exponential rate from online shopping to an unquenchable thirst for instant information.
In fact any subject you can think of can be turned into a digital information product and downloaded instantly, satisfying the crave for immediate gratification.
The amazing thing about this business model is that you only need to do the work once and your promotion is there forever. This allows the potential for sales to come in at any time even when you sleep or take a vacation.
It’s called reoccurring or residual income and is the fastest way to wealth.
Some people might be put off at this point thinking that they have to become product creators, but this couldn’t be further from the truth as the easiest way to get started with any online business is through Affiliate Sales. This is a business model whereby you promote somebody else’s high selling product through your website and take a commission from each sale.
You can get involved in sales of physical products which can be your own or somebody else’s, or digital information style products such as ‘How To’ information, e-learning courses, qualifications, advice, travel, hobbies etc. etc.
The next concern that new starters have is the lack of technical knowledge when it comes to building a website and getting on-line.
Thankfully, this is something that is easily solved and I explain it all further in my article ‘Getting Started’
You might also be interested in a free training resource that I have on this very website that explains how easy it is to set up and build a high converting Niche Website on the very same platform that I use for my web hosting. It’s also an indispensable resource for on-going training that keeps me ahead of the game in a very fast changing environment.
You can view it here ‘Build a Niche Website’…. Plus you can also get free access to test it out for yourself, build a high converting website of your very own, and see how easily it is done at no cost, commitment or any upfront payment whatsoever.
What is the failure rate for online business.
The biggest problem that I find with people who start an online business is that they don’t actually treat it as a business to start with.
Instead they have a hobbyist mentality towards it and often come out with statements like ‘I’ll give it a go’ or ‘I’ve got nothing to lose’. And unfortunately that is their downfall because at the end of the day they have got very little to lose by giving it a go!
Whether you realize it or not, we are living in an extraordinary period in trading history where more millionaires are being made daily than at any point in time since the industrial revolution. And it’s all down to the power of the internet and the accessibility the world wide web gives us to a global market place.
Unlike any other period in mankind, we can instantly reach billions of potential customers at the touch of a keyboard without actually having to meet a single one of them… Something nobody has ever had the power to do before, and it can be done with so little investment it’s almost throwaway.
Unfortunately, because of the ease and relative cheapness to get online, people are suckered into the idea that they can gain instant riches by setting up a website or presence, and this is where it all starts to unravel for most people who try the On-Line thing.
There’s no doubt about it that a well run online business can give you freedom, choices, an envious lifestyle and a great income.
This is because it has:
- Low overheads.
- High margin.
- Requires only a small amount of investment.
- Tiny running costs compared to an offline business.
- Positive cash-flow as everything is purchased upfront (no credit)
So how can I start a successful On-Line business ?
The purpose of this post isn’t to try to sell you onto some sort of business opportunity. That’s for you to do your due diligence and decide what’s right for you and your niche.
However, this I can tell you.
There’s only two ways to start a business , and one-way to success.
The two choices are:
The tough route or the enlightened route
The tough route is for the go it alone types. The ‘I know everything and there’s nothing you can teach me’ type.
This is fine as long as you know the basics such as how to build a website, Search Engine Optimisation, how to make it Google friendly, the correct hosting platform, how to get your site ranked, secure socket layers, how to drive traffic, how to build a list, how to take secure payments, getting customers to trust you enough to part with their cash etc. The list is endless, however I have tried to give you a leg up by providing links to some excellent free video training.
On the other hand you could follow the enlightened path of people using a system that is already successful, who are smashing it online and more than willing to show you how to be successful as well.
Welcome to enlightenment…
I belong to an organisation called Wealthy Affiliate, or WA for short.
I must stress at this point that WA is NOT, I repeat is NOT a business opportunity, business in a box or any other type of instant push button opportunity. That said, there are members who earn in excess of $7 to $10k per month just promoting the WA membership affiliate program. And you can too if you wanted to get involved (full training provided and example HERE)
WA is primarily an Online Business Training Platform that teaches people the technicalities and skills to become a successful online business owner.
There are no sales or promotions of business opportunities by Wealthy Affiliate or any of their members, just great up to date training and support, plus a community of like minded people from beginners to 6, 7 and even 8 figure online earners.
The reason I am stressing this is because the internet is littered with bad reviews of Wealthy Affiliate from failed online entrepreneurs who now have nothing better to do than bleat about how hard done to they feel about their failed online business opportunity.
But again, I STRESS, WA is not a business opportunity. It is a training platform that teaches people the most ethical and up to date way of building a solid business and brand online by people who have actually achieved success following this same learning curve.
In addition, Wealthy Affiliate operate one of the most technically advanced hosting platforms called SiteRubix where after following the training you can build and host your web business with total security and absolute confidence.
They have amazing resources built into the platform such as one of the world’s most powerful Keyword Research Tools, (included in the WA membership) a Content Writing Platform and the ability to purchase and manage your domain names right from inside the dashboard.
There is live video training every week on everything and anything to do with running and building your online business, plus there are ongoing classrooms on all things internet and WordPress related, access to millions of royalty free images to place on your websites and direct access to the fastest support system anywhere.
Not only that, everybody has direct access to the support forum which is overflowing with like-minded entrepreneurs who are friendly and willing to offer their support to anybody who asks for it.
However you decide to set up your business, I strongly urge you to follow in the footsteps of those who have done it before and are doing it now.
It’s the fastest way to success and could save you months or years of frustration and failure.
At the very least, visit WA and set up a FREE ACCOUNT where you can build and host two websites at absolutely no cost to yourself.
I guarantee that you will have nothing to lose and everything to learn when you start mooching around the training and WA dashboard.
Also, take a look at my video training page to get a feel of the quality training videos available from Wealthy Affiliate
Please leave your comments, thoughts or questions below
Good Luck and Enjoy!