Entrepreneurship has undoubtedly become the core path to financial freedom and self-determination in the 21st century. With myriad business opportunities presenting themselves daily, understanding the best business to start in 2020 may be puzzling, especially given the global economic turmoil due to Covid-19 pandemic. However, it is during such fragile times that strategic entrepreneurs seize opportunities and create long-term sustainable ventures. This entrepreneurial guide will delve into exploring which businesses ticked the success box in 2020.
Amid the myriad of uncertainties and compliances, 2020 presented a treasure trove of opportunities. Technology-driven enterprises and the surge for essential services made robust strides, thus showcasing the resilience and tenacity of the entrepreneurial spirit. The need to pivot, adapt and reshape the business model and operations was crucial for survival and growth.
One of such businesses to start in 2020, edging above the rest, was the digital marketing space. With the global lockdown, businesses were trying to create a sustainable online presence. Digital marketers with a vast understanding of social media, SEO, and content marketing were in high demand. This industry not only has a low entry barrier but also a promising profit margin. A digital marketing agency could be run out of your living room and all you need are essential computer skills, creativity, and an understanding of the current market trends.
Online tutoring or e-learning platform was another brilliant business idea that flourished in 2020. As most schools and colleges shut down due to the pandemic, the need for online education skyrocketed. Entrepreneurs were quick to identify this void and to fill it with personalized and flexible online learning solutions. From languages to coding, and even traditional school curriculum, the e-learning industry experienced a soaring demand and revenue spike. It is no surprise that platforms like Coursera, Udemy, and Khan Academy reported massive growth numbers in 2020.
Another best business to start in 2020 was the telemedicine industry. This revolution in healthcare provided patients the convenience of consulting with doctors from the comfort of their homes. Whether you are a practicing doctor, a healthcare professional, or an individual entrepreneur, starting a telemedicine service was a promising venture offering fruitful dividends. Harnessing the convenience of technology to alleviate the healthcare burden was perhaps the most defining moment in the healthcare industry in 2020.
The wellness and fitness industry also saw a significant change in how it operates. With fitness enthusiasts unable to hit the gym or yoga studios, virtual fitness turned into a robust and successful business venture. Launching online fitness platforms offering live workout sessions, personalized tutorials, diet consultations, mental health sessions was certainly the best business to start in 2020 for those in the health and fitness arena.
Finally, the trend of home cooking and baking saw a considerable rise in 2020. The closure of restaurants and a push towards healthier eating saw home-based food businesses flourish. From selling baked goods to home-cooked meals, or even offering online cooking classes, turning your kitchen prowess into a profitable business was never more feasible.
Presumably, your choice of the best business to start in 2020 eventually boils down to your passion, skills, and market sensibility. Amidst the challenges, 2020 ushered in an era of unique entrepreneurial opportunities enabled by digital technology. This raises the stakes for entrepreneurs to consistently keep abreast of digital trends and perspective.
In conclusion, 2020 was a demonstration that entrepreneurship is not just about finding opportunities in the midst of abundance. The best business to start in 2020 offered valuable insights into relational entrepreneurship that seeks to solve immediate needs in the society. The businesses that were deemed successful were those that were responsive to the market needs, prudent in their strategy, and committed to delivering superior value to their clientele.