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Startup news: These are the most popular business ideas today

Updated on: 20 October,2020 04:00 PM IST  |  Mumbai
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To help you get an idea of unique business ideas in 2020, weve compiled a list of some of the most unique small business ideas and categorized them into seven groups.

Startup news: These are the most popular business ideas today

For any startup, it’s incredibly important to be at the forefront of the right niche market. As an example, the first cookie dough cafe was opened in New York City in 2017, but now there are hundreds scattered across the city. The public loved the idea so much that numerous cafes now regularly see lines down the block in order to get in.

Unique ideas are sure to get new businesses straight to the top as there will be fewer competition, and owners can make sure that their business remains on everyone’s minds.

To help you get an idea of unique business ideas in 2020, we’ve compiled a list of some of the most unique small business ideas and categorized them into seven groups. These ideas have been ranked according to their startup costs, what level of skill the owner will need to have, and the earning potential.

Speciality Food Business

Cookie Dough Cafe

If you’re a professional baker or just someone who loves baking then selling edible cookie dough is a pretty good idea. Although this business can stay small scale, it does also have the potential to grow exponentially.

You can grow your business locally, regionally, and nationally without having to substantially increase your costs as the product is easy to ship.

This business has a great earning potential, especially when you take into consideration the high markup potential of the speciality product. Should you decide to open a brick and mortar shop, costs will swell. However, if you have some business-savvy and sales then your profits will still remain quite lucrative.

Sports and Entertainment Businesses

Axe-Throwing Party Business

Axe-throwing parties form part of the numerous unique niche entertainment choices which are being formed all around the country. This is a great business to operate for someone who thrives on games and entertainment. It’s beneficial if you’ve got experience with axe-throwing, but it’s not essential.

One thing to consider is that insurance costs will be high with this type of business due to the obvious risks the business poses and the unique nature of the endeavour. However, with some time and money, there is significant growth and profit potential.

A profitable axe-throwing business can make six figures, and larger businesses have the potential for revenue over $1 million annually.

Specialty Retail Businesses

Vintage Maps Store

This is an exceedingly niche business and a great opportunity for historians and amateur map collectors who have a passion for the topic, and who also know a lot about it. Numerous vintage maps business owners actually begin as hobbyists and then expand into galleries which host big collections of vintage maps.

Building and Construction Businesses

Tiny House Business

The tiny house business is quite an intriguing and profitable way of using experience in construction, architecture, or real estate.

The startup costs are dependent upon the specifics of the houses and the real estate market of the area where you’ll be building. It doesn't require many materials and not a lot of land so the costs are generally doable. They are very popular currently so builders have the opportunity for a fair amount of profit.

Relaxation and Therapy Businesses

Sensory Deprivation Tank Business

This is a fairly new industry that attracts a niche consumer, and is especially suited to people with spa service experience and the means to financially support high startup costs. Although it’s a new industry, there is extensive potential to expand into new regions and markets. However, this will require strong marketing and customer service expertise in order to make sure that the business succeeds.

Rental Businesses

Goat Rental Business

Should you have a goat or have enough space to house them then this could be a great unique business idea for you. It’s also known as goatscaping, and lends goats to individuals hoping to cut and fertilize their property in a natural and environmentally-friendly manner. In order to do this, however, you will need to know how to keep and care for goats.

Pet and Animal Businesses

Pet Hotel

This is an ideal business idea for animal lovers who have business skills. Although it’s not essential, having experience working in an animal shelter, boarding facility, or vet’s office can be really beneficial.

This business is basically a luxury kennel which provides high-end safe keeping of pets when their owners are away.

Final Take

The above unique business ideas are only a few that could become successful businesses. According to the United States Small Business Administration, if you’re hoping to start your own business, the first step is thinking about what you’re passionate about. As the above examples illustrate, it’s exceptionally important to start a business in an industry which you are committed to. Success will depend on how much time and money you’ll be willing to spend on the business.

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