With 2020 right around the corner, now is the perfect time to start a new business in time for the iconic year that has been anticipated much in the way Y2K was in 1999. The developed world and global economy have gone through quite a roller coaster during the first 20 years of the 21st century, but there’s never been a better time for small business owners and entrepreneurs in general.
With the internet providing such an abundance of opportunities and markets to participate in, today’s world is an absolute playground for business-minded individuals. There are at least a million ways to launch a lucrative business, but there are just as many ways to sink your time and effort into a failed startup.
While the majority of startups stop operating within 2-5 years of being founded, there are still mounds of successful companies that serve as inspirational examples for optimistic entrepreneurs. So, how do you keep yourself from winding up on the losing side? It all starts with formulating the right business idea.
With that said, here are seven interesting, unique, and unconventional startup ideas and industries you might want to consider getting into this year:
1. Cannabis Industry Startups
For many investors and businesses, cannabis is no longer considered unconventional or even risky. However, there’s still a large portion of the country that hasn’t implemented any form of legalization, and many people are still on the fence about jumping into the cannabis industry. The thing is, there are ways to make money from the thriving cannabis industry without actually dealing directly with any product or distribution.
It’s a billion-dollar industry filled with companies that need accountants, equipment, marketing, maintenance, management, and all sorts of other commercial services. In fact, there are many investors on Wall Street and throughout the world making money from cannabis through the stock market – you can learn more about that from CFN Media Group.
2. Niche Property Maintenance & Restoration
You might be thinking, “property maintenance and restoration businesses are pretty conventional.” In many areas, that’s absolutely true, but when you hone in on a specific business or property type, you can become established as a regional provider of services for that industry. New companies are born every day and a good percentage of them will be managed by owners who will want the best match when it comes to hiring service providers.
It’s all about finding an area that has a need for a very specific kind of property or company maintenance, repair, or restoration. For example, your company can specialize in maintaining and restoring schools, hospitals, sports facilities, recreational centers, residential pool areas, office buildings, construction sites, and the list goes on. In essence, the formula is: find a bustling industry and create services geared towards it.
3. Design a New Product Based on an Existing One
A lot of people shy away from the idea of creating a new physical product because they think you need a huge budget and special connections in the manufacturing industry. In actuality, it’s not so difficult with networking sites like Alibaba making it easy to find suppliers and manufacturers that can create almost anything you can think of for a negotiated price.
The conventional route to take in retail is to simply sell products that already exist. The unconventional, but possibly more profitable way, is to bring something entirely new to the market. However, that doesn’t mean you have to become an inventor or start from scratch. The fastest way to bring a new product to market is to simply modify and re-brand an existing hot-selling product.
4. Niche Coaching, Mentoring, and Consultancy
This is another startup idea that the vast majority of entrepreneurs steer away from initially. Most people don’t have the confidence or competence to even think that they can become an established and trusted coach, mentor, or consultant. It seems rather straightforward – if you’re not an expert, you shouldn’t pretend to be one, right? Not always. There’s been an untold number of gurus who’ve used the “fake it until you make it” approach.
Or, you could just provide advice in an area that doesn’t require a degree in rocket science. Go through a few educational courses online and take notes, and suddenly, you might be able to charge people $50-$100 or more per hour just for guidance and feedback.
5. Specialized Refurbishing
There are so many different kinds of products out there just waiting to be refurbished and re-sold, especially when you start considering commercial equipment and residential appliances. This is one of the startup ideas that people in your family might call you crazy for when you start collecting what appears to be junk in your garage.
While the momentum might be slow to build, once you’ve gotten good at restoring a specific kind of product, you can either charge people for refurbishing services or acquire free/low-cost products that are broken to fix and sell them. Another benefit of this business is that you’re helping the environment by reducing landfill waste.
6. Fix and Flip Real Estate
You’ve probably heard of people buying ugly houses, fixing them up, and selling them for a profit. There’s nothing new or seemingly unconventional about the idea of property-flipping, yet so many people just don’t get into it. That’s because there are a few hurdles involved in doing it in a cheap and self-sufficient manner.
First, most people don’t want to get their real estate license even though it can be done in a few months. Second, most people either don’t want to pay for the labor or don’t want to do it themselves. If you can get past those two hurdles, there’s still great money to be made in the fix-and-flip real estate market.
7. Platform-to-Platform Consignment
This one is pretty straightforward, yet still very doable and unsaturated in many areas. The concept is simple – you purchase or acquire low-cost or free products through one platform and sell them on another.
You can even re-sell on the very same platform, but generally, it’s best to find a situation where products are consistently sold for a higher price than they’re bought for on another platform. For example, many people get stuff locally through classified ad sites like Craigslist and then sell it on eBay or Amazon.
Be Bold and Be Rewarded
Ultimately, any unconventional business is going to seem intimidating at first. The most successful entrepreneurs are those who see opportunity in the face of risk or adversity and rise to the occasion anyway.