The Best Businesses to Start In 2020 – Part 2
Investing in your own venture is one of the most important decisions you will ever make. The physical and emotional challenges are huge, and you need to have the determination and resolve to make sure your own business will prosper. In the first part of this series, we have talked about low capital infusion for starting your own business. On this second part, we are going to assess some of the biggest opportunities in business but may require bigger startup capital.
Start a Business Under $50,000
A $50,000 capital is ideal to buy your own franchise. The good thing about this is that you don’t need to develop your own business operating system because everything will be handled to you in package. The only downside to this is that you will not be carrying your own brand because you are franchising an already established business name.
- Business is already established
- Business plan for long term and short term is already developed
- Known brand means more customers
- You miss the opportunity of building your own brand
Here are some franchising ideas under this price range:
- Non-medical home care
- Commercial cleaning
- Auto glass repair and replacement
- Travel agencies
- Group fitness classes, conventions, apparel, and accessories
Start a Business Under $100,000
In general, buying a business under $100,00 will reduce the risks of not carrying out various tasks such human resources, operations, sales and marketing, legal compliance, customer service, finance management and accounting, and a whole lot more. When you buy a franchise business, the foundation of the venture is already developed and its operating system as already been tried and tested and came out successful.
- With this amount, you need to consider the business model that is best for you.
- There are tons of choices to choose from and some of the businesses also have popular names that are known to many.
- Obtaining additional capital may be needed on because the actual franchise cost is the not the only expenses you will incur in the process of setting up your business.
Here are some franchising ideas under this price range:
- Supplemental Education
- Fitness centers
- Outdoor pest control
- Residential heating & air conditioning maintenance and repair
- Residential cleaning
- Mechanics’ tools and equipment
Start a Business Under $250,000
As you plan to get involved in a type of business that needs more capital to get started, it tends to become little more complex because of the amount of capital you need to infuse. However, they also offer more opportunities of growing into larger more established enterprises. You don’t necessarily need to franchise them. Since you have the money, you can develop your own business plan and create a brand that you can call your own.
- Even if starting a business with huge capital can be a very daunting prospect sometimes, this is also a highly profitable business opportunity particularly if you are able to choose a brand that is already well strategized and doing perfectly in the business.
- The best business can earn you a lot of profits and by sticking to the established objectives and mission of your company; you can make sure that your business will be successful regardless of how the economy goes.
- The risk is higher because of the amount of capital you need.
- Certifications and trainings may be required depending on the industry your business belongs to.
Here are some business ideas under this price range:
- Air Charter Service
- Arcade/Party Rentals
- Car Wash
- Child Development Center
- Coin-Operated Laundry
- Earthquake Products/Services
- Fiber Optic Transmission Systems
- Fitness Rental Equipment
- Manufacturer/Retail Item
- Used Car Leasing
Start a Business Under $500,000
Franchising a business is one of the fastest ways of becoming a full pledge entrepreneur with this amount of capital. At present, among the cost effective and practical franchise opportunity is the food industry, convenience store, and coffee shops among others. So if you are looking for a better way to pave your road towards becoming a successful entrepreneur, getting into the franchise business is the most lucrative way to invest in a particular business.
- There are plenty of franchise opportunities that offer huge ROI.
- This is basically a business distribution system or an expansion strategy with a trademark that is sheltered by specific laws and agreements. The products, services, establishment, and ambiance of the business will look the same as the mother company regardless of where you plan to set up your franchise.
- The franchising system has been tested and proven to work successfully and this is also one of the reasons why leading fast food chains like McDonald’s franchise are also one of the leading franchisors in the world.
- Growing capital infusion means growing risks for your investment.
Other popular industries that offer franchise for sale within this price range include 7-Eleven, Ice Cream, Starbucks and Nando’s Franchise. You are not simply buying an existing business but you are buying a business model and operating system that is proven to make money and generate hefty profits.
Start a Business Under $1,000,000
The reason why some ventures fail is because the business owner does not provide the right of products or services or the target market is wrong. But with this amount of capital, you need not be wrong with your options.
- With a million dollars as your startup capital, you have the opportunity of buying an already established business with good branding and large customer base
- The success of the business can easily be duplicated when you decide to buy a brand where you can have the advantage of setting up a business instantly with a proven trademark.
- Bigger business means bigger risks.
Some of the businesses you may consider under this price range include:
- Food and Hospitality Business
- Industrial/Manufacturing Business
- Cafe and Restaurant Business
- Beauty, Health and Fitness Business
Need more business ideas? Here are the best businesses to start in 2020 - Part 1