I was going through the budget news some few days back as I was having my morning tea from a local tea stall and as he handed me my cup, it got me wondering, ‘What are the new business ideas for this year 2020?’ I mean, definitely it’s not going to be a brand new idea but there are business sectors in which not many have quite tapped its potential.
2020 is an exciting year already and for an entrepreneur like me, every day is a brand new day to seek out opportunities and work on our weaknesses hence this is my note to those future entrepreneurs who wish to start their entrepreneurial life in certain fields.
This blog lists some of the exciting and adventurous business ideas for 2020:
- In the field of Entertainment: People in India adore the television as it brings the family close together at dinner tables and it has a nostalgic value attached to it, hence this is a great opportunity for entrepreneurs to understand their consumption value and their preferences and dislikes and create their own broadcasting channel to broadcast the most favoured shows along with new productions. Another option could be an OTT platform, which can be created similar to Netflix and Amazon in order to cater to the younger audiences and their preferences. With the popularity of television comes another idea that specialises in creating and managing TV advertisements. This would involve creating and broadcasting Ads that would go on TV for the company. There is no sign of TV usage slowing in India so this is a great business idea.
- In the field of Social change: Indians are now aware of the climate change, although there are still people in denial, a large number of people are switching to sustainable fabrics and items that will not contribute to global warming. Social impact is becoming a priority in India as consumers are intelligent, aware and know that their consumption has an impact on the earth. The business idea revolves around fundraising money from different groups of investors; be it general public or business houses. This fund created will be invested in socially responsible start-ups and ventures creating a win-win situation for all.
- In the field of Culture: Tourism has increased in India because of which our culture and tradition has spread to all parts of the world. Everybody wants a part of India in some part or the other, which is where such authentic stores come in play. This could be either an Indian offline store or an online store (preferably both) where you can sell authentic pieces of art for homes, offices and other items. The company would be low-cost to start, and you can partner up with your favourite street vendor.
- In the field of Logistics: In India, shipping to rural areas becomes problematic and even in 2020, this is an untapped space where very few companies have actually managed to get things delivered but if your company decides to jump in and market your brand well, you have a great opportunity to have brand loyalty and authenticity. With this idea, you can provide the last mile delivery solutions by setting up a warehouse on the edge of the city and vehicles which can survive the rocky roads.
- In the field of Music: If you’re a diehard music fan, you surely must’ve heard this that in 2016, Vinyl records hit an all-time high for sales ever in their history. This shows that there is a strong niche market even in today’s times. There aren’t many people that do this thing, especially in India hence if you’re interested in the music industry; this is a golden opportunity for you to master the Indian Vinyl market. If you can find an inexpensive manufacturer, you can easily avail affordable records to sell at a higher price as vintage nostalgia. You can sell rare, popular classic vinyl as they are in trend.
- In the field of Culinary: A food truck is a very popular business option and quite a popular one at that! It is a low-cost business. In this, you’ll need to modify a truck or vehicle for accommodating stoves, pans and other ingredients. You’ll also need a good chef who understands and makes delicious dishes. Great taste, on-point marketing and the economical price is important to gain success in a short period of time. You can also go for themed café with good ambience and great food and service.
Be they small business ideas, online business ideas or just ideas, you won’t earn anything until and unless you work towards achieving that goal and for that, you need to select the best business idea considering your skill set and future business potential.
Now, let me put down my glass and get to work.
Wishing you all the success!
Jackson A. Robin