Thinking about starting your own business this year? With the rising digital economy, more and more prospective entrepreneurs are interested in starting their own business. According to a recent survey by Inc., 63 percent of 20-somethings are eager to start a business of their own.
The first step to starting your own business is to find the right idea. Here are the best small business ideas of 2020 that’ll help you start working as your own boss.
Supplement Manufacturing
Dietary supplement use among adults in the United States has increased by 10 percent over the last decade, and 75 percent of adults are currently using dietary supplements. If you’re passionate about nutrition or love keeping up with the latest health trends, launching a supplement business can serve as a lucrative source of income.
To launch your supplement business, start by identifying and researching your target audience. Ask yourself what needs your target audience is waiting to fulfill—if your target audience is vegan, do they have adequate options for protein powders?
Once you gain an understanding of your target audience and what products already exist, research supplement manufacturers and distributors. When researching supplement manufacturers, make sure to take the experience, certifications, and testing of each manufacturer into consideration. Makers Nutrition, a B2B supplement manufacturing company, uses high-quality ingredients and practices quality control testing to produce the best supplements in the industry. Whether you’re thinking about running a supplement business on the side or becoming a full-time entrepreneur, finding an experienced supplement manufacturer can significantly contribute to the success of your business.
Blogging
Thousands of bloggers earn extra income by writing about their passion and expertise. According to blogging statistics, 73 percent of bloggers who earn over $50,000 annually say that they focus their content on the interests of a niche demographic.
If you’re thinking about creating a blog, start by choosing a catchy domain name. If you’re unfamiliar with HTML and CSS, create a free website using a website creation tool, like Wix or Squarespace. After you start posting content, try practicing search engine optimization (SEO) to generate traffic.
Additionally, create a content calendar with Google Calendars. Make sure to post relevant content regularly across each social media platform to keep your audience engaged. To track user engagement and monitor website traffic, use Google Analytics.
Dropshipping
Dropshipping, which involves procuring in-demand products at lower prices, is one of the quickest ways to earn an income online in 2020. With the growth of online marketplaces like Amazon, Wix, and Shopify, starting an online store is easy and inexpensive. But with the ease of opening an online shop, the popularity of dropshipping has exploded in recent years, making many markets highly competitive.
To break into dropshipping, you’ll need a unique product. Start by considering your interests and passions—if you enjoy traveling, you’re going to have more knowledge of products and trends in the travel industry that can help you succeed as a niche business. Aim to break into a market that is not dominated by major brands and that isn’t seasonal.
After identifying your market, you’ll need to research reputable eCommerce drop shipping suppliers. If you’re not sure where to start, dropshipping brands, suppliers, and vendors use Modalyst to increase distribution into specialty stores around the world. Modalyst automates the dropshipping process, allowing eCommerce retailers to easily add products to their storefront and update images, descriptions, pricing, and inventory counts. With the help of Modalyst, 90 percent of brands gain new eCommerce stockists weekly.
Whether you’re thinking about opening a small business as a side hustle or a full-time gig, the best small business ideas of 2020 can help you fuel your passion and feed your entrepreneurial spirit.
