Last Updated on Jan 5, 2020 by James W
Are you tired of your 9-5, or perhaps you want a way to earn extra income on the side? Whatever your reason is, starting a small business is the best way to get yourself out of the rut race and into the entrepreneurial journey. Before you jump ship, however, you need to research business ideas, consider your skills and passion, and have a business plan. Without this crucial component, your business will never see the light of day, and when it does, it may not survive more than a year. In this article, we will look at some of the creative small business ideas for 2020.
- Sell information
If you have years of experience in your field, you probably know more about a certain skill or subject than the average person. Selling this information is an excellent way of earning passive income. Write a book or create a course and sell it on popular course and e-book sites. You can also start a consultancy firm where start-ups and big organizations pay you to teach their staff and help them find lope holes in their operations.
- Work with the government
There are several ways you can work with the government. The most common is consultancy. It may take you some time and networking to get this rolling, but when you consult for government institutions, you can be sure to make a tidy sum. Secondly, by applying for and learning how to win public tenders. Although public tenders have been previously reserved for huge corporations, SMEs are catching up and getting a piece of the cake. You can grow your business by applying for tenders and bringing in new revenue streams with secure contracts.
- Meal kit sales delivery
People are increasingly becoming busy, but the need to eat healthy meals has grown with the busy lifestyle. By 2020, the meal kit industry is estimated to hit 10 billion in sales. With such a huge market, you are sure to get some deals your way if you market yourself well and know exactly who you are targeting. You will also be creating business opportunities as you source your produce from local markets, ranchers, and seafood suppliers contributing further to the economy.
- Have vending machines
Yes, people still use vending machines. That’s why they are in hospitals, small shops, grocery stores, and office buildings. The machine will cost you a few thousand dollars, but the repairs, maintenance, and refill cost will be relatively small. If you want a business that will not tie you up, this might be what you are looking for. With a few strategic locations and the right snacks, you can make a tidy sum with the machines for minimal cost.
Nearly four people in every ten have a side hustle, and the number is expected to grow as more Americans look for ways to earn extra income. With these few ideas, you can join the bandwagon and start the journey to financial freedom. Do your research well and know how much you need to invest, and the number of sales you need to break even, and what success will look like for your business.