Top Businesses to Start in 2020

Best Business to Start in 2020-sm

2020 is the year many of us will remember as the time that COVID-19 swept through the world, shutting down economies and dramatically altering life as we knew it. And while there is a lot happening, you shouldn’t let the pandemic dampen your entrepreneurial spirit. You can adapt to the times and think through ways in which the new normal might allow for new business ideas. Here are five questions to ask yourself.

Best Business to Start in 2020: A Checklist

#1: Is your business considered “essential?”

In the short-term, as we continue to navigate the fallout from March 2020, the onset of the coronavirus in the United States, we’ve made many efforts as a country to keep essential businesses open. From hospitals to grocery stores and other businesses in between, many people have found themselves on the front lines of the workforce away from the safety of their homes.

While you may not be able to open something as large as a hospital, businesses such as medical distribution, maintenance, and other supporting services present essential small business opportunities for entrepreneurs. 

#2: Is your business able to operate remotely?

The traditional office has been all but shut down during the pandemic. As more and more companies switch to remote operations using platforms such as Zoom, Google Hangouts, and Microsoft Teams, it can be helpful to choose a business avenue that doesn’t require on-site work. If your business model does require that type of workforce, then perhaps 2020 isn’t the year to kick it off at full scale. You can maybe test the waters by considering ways your business model could be introduced to the market in a remote capacity as you continue to plan for growth once the pandemic has passed.

#3: Does your business model require additional sanitization measures?

On one hand, services like airlines, hotels, and restaurants have never been cleaner. On the other hand, the combination of limited capacity and full staffing or overstaffing in order to maintain public health protocol has created financial difficulties for businesses of all types and sizes.

If you’re thinking about opening a business in 2020, ask yourself if it requires the need for deep sanitization to meet the ever-evolving business codes around COVID-19. If so, consider the additional funds and labor required to accommodate.

#4: Are there regulations you need to navigate?

Opening a business in 2020 is a risky endeavor, but you may be able to mitigate the risk if you understand the local and state laws of the area in which you are conducting business. States, counties, and cities are all working in real-time to counteract the effects of COVID, leading to an unpredictable business environment. 

Some states are better positioned to support new business than others. For example, on August 8, 2020, the island of Oahu in Hawaii issued a Do Not Gather ordinance, which severely impacted economies, such as travel, tourism, and entertainment. Meanwhile, a state like Connecticut has been able to keep case counts low and allow for outdoor gatherings of up to 100 people.

Being able to understand—and perhaps even predict—what your state’s reaction to a COVID spike might be something to consider before opening a business this year.

#5: Does your business offer online solutions?

With brick-and-mortar businesses severely impacted, many consumers are turning to online outlets for shopping, working, education, and more. Think through how your company’s digital footprint can help support your business, and drive consumers to engage with your online business solutions.

So, what exactly is the best business to start in 2020?

While there isn’t a right or wrong answer to this question, ask yourself the level of risk you are willing to inherit in order to launch your entrepreneurial dreams this year.

Admin

Hi there! This post exists to offer you (hopefully) useful information but it cannot take the place of personalized professional advice. Please consult a qualified expert if you have questions about your business. Also, Azlo doesn’t endorse any third-party sites that are linked here.

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