5 Innovative Business Ideas To Start In 2020

5 Innovative Business Ideas To Start In 2020 5 innovative  business ideas  to grow and most profitable this year. I'm gonna tell you ...

5 Innovative Business Ideas To Start In 2020

5 innovative business ideas to grow and most profitable this year. I'm gonna tell you to identify the ones that have the lowest cost to start, the highest gross margin, or what's called low COG, cost of goods sold, with a relatively straight forward go-to-market channel strategy for you. So let's get started. So I get asked all the time from different entrepreneurs, wantrepreneurs, people starting, in the comments below, What business should I start? I wanna start a business. I'm entrepreneurial.

I know whatever path is not for me. I quit my job. I need to not go to university. I need to just start." I get asked all the time. And I'm always thinking. And some of them just wanna know, "How do I make money fast?" So here's the deal. I'm gonna share with you what I would do if I was in your spot. I'm gonna give you five of the most. As it is this year, okay, this business strategy works right now. Five of the best business ideas for you to invest in. 

5 Innovative Business Ideas To Start In 2020

1. Online Courses: 

Now, I know if you've read other people's articles, look, I'm not that guy. I'm not gonna pedal an online course. I'm not. There's all these fake gurus out there. I'm not saying do any of that, okay? I'm talking about legitimately taking your knowledge, something you know how to do, and package it up so somebody else can buy that from you, and you're not involved in delivering it, okay? And there are some incredible, very ethical people out there like Ramit Sethi from I Will Teach You To Be Rich.

That and Four Hour Work Week, definitely Tim Ferris are budding heads against which one is the most scheme. But here's the deal. Is Marie Forleo, Amy Porterfield, Brendon Burchard, some so many people have truly mastered the craft of creating online courses. Here's why it's incredible. You already know how to do something that you take for granted that somebody else would love to learn how to do for themselves. It doesn't matter if it's taking photos, if it's installing a cement driveway. You name it. The niches exist. I have friends that teach jewelry makers how to build jewelry businesses to dance studio owners to be more efficient in their business, productivity, lifestyle, relationships, whatever it is. Here's why I think it's powerful. Is that A, the cost to produce those trainings today is almost zero. 

If you have a laptop and basic software, you can do it for free. The hosting of those for many in their premium solutions, the payment gateway to take a credit card etc, they're free. Engaging in a community to get customers to buy it is free. You can partner with other people that have an audience. And the gross margins are as good as software, okay? 90 plus percent gross margin in a business is amazing and that's what's available to you. So don't discount what you know and say, "Well, nobody would pay me for this." Go get the books. Go read. Go educate yourself, but there's an opportunity for you this year to launch an online course and start selling it. 

And it sounds like a crazy idea and it sounds like what all these internet gurus are trying to sell to you, but I'm telling you I have friends that. I have a woman I met another day for lunch, she does online teacher prep courses, okay? She's a teacher. She left teaching full-time five years ago and now makes $900,000 a year creating lesson plans for other teachers. This is available to you. If you're reading this article, you're hungry, you're motivated, there's a reason why you're here. I'm telling you that this is an opportunity. So online courses to me is one of the first ones that are approachable. Anybody can do it if you have any skill from learning how to play guitar to be more productive. 

2. E-commerce:

Some people call it to drop shipping. I don't know anything about this industry other than the fact that I'm an investor in a company called Pila. Pilacase.com, go check them out. They make a bio-polymer. It's this right here. So this phone case cover is made, not out of plastic, this thing, if you put it in the ground, it will decompose in 14 days, two weeks. This will decompose. It's made out of flaxseed. So I'm an investor in this company because the team was amazing. It's a little outside of my wheelhouse for usually what I invest in 'cause I'm a tech guy, but I'll tell you why I invested. Because A, their growth is crazy, their margins are crazy because they know how to do a proper supply chain, but guess what? As I dug in under the hood, indirect to consumer E-commerce, I realized that it's not just them that are making an incredible business, or creating an incredible business around that. 

It is just part of the new trend to go direct to consumers, to build something that you're passionate about, that you wanna see exist in the world, and sell it directly. And social media is your distribution, okay? And you can literally, today, buy somebody else's White label version of your product, create a brand that you believe in, and tell that story, and sell it directly to consumers, okay? It's never been easier. The margins are there. Is there some start-up cost? Yeah, I think most people that are in this space say it costs about five grand or whatever to get going, to get your first batch order to start selling. 

But then you plow that back in. Another person is Derek at Tuxy, he does the world's best onesie. He's amazing. Same thing. He went on Shark Tank, which is. Or, sorry, Dragon Zed, which is the Canadian equivalent of Shark Tank, and he ended up raising a bunch of money. So direct to consumer products and E-commerce is, I think, for that are artsier and craftsy, and you want a physical thing, an incredible opportunity for you to make a lotta money this year. 

3. Software:

Yes, it is my world. It is my passion. It is everything that I believe in. The reason why, I'll tell you real simple, is I grew up in a very chaotic environment. I don't know if you guys had any struggles in your life, but for me, it was challenging. And when I discovered programming and software at 17, what I loved the most about it, it was predictable. It sounds crazy, but when I wrote the code, it always behaved that way. And when I started getting into subscription revenue businesses, there's something that I loved about the predictability aspect of every month I got the same amount of revenue if I kept delivering the value that I promised to my customers. 

So for you, software. There are so many opportunities to build browser extensions, or. And check out my stuff. Google software my name. You will find a tonne of stuff on me talking about how to start a software business. And I just think that with the world of a upwork.com, and there are so many other sites now where you can hire a contract developer, okay, in another part of the world and pay 'em $20-25 bucks an hour to build something, ideally for yourself. And I talk about that, kind of where to find the right idea. 

And then sell it to other people just like you that have that pain or that frustration. It could be as simple as connecting two systems and saying that's $10 bucks a month. It could be as simple as building a tool like. I had a guy build a tool back in the day that just took images and resized it for all the different social media sites, right? So you upload an image and it would resize it for Facebook, and Instagram, and Twitter, etc, based on the different dimensions of those platforms. There are so many opportunities to use the software. Software is eating the world, okay? That's a Marc Andreessen quote, "Software is eating the world." It's going to continue. The market's growing by 30% year over year and the most beautiful part that I love is the reoccurring revenue, and the 89% gross margins. Those are great businesses, okay? 

So if you're software curious and you're interested, be sure to check that one out because it's something that been core to my whole life, my whole foundation, my whole wealth has been built, on top of technology, and building software companies, investing in software companies. And I still think to this day, more than ever, it's an opportunity for you. 

4. Leverage Coaching:

So if you're kind of curious about the training, software, online training world, this is a different approach to the same problem. It's taking you and your expertise and coaching other people to get those results, okay? So the way I think about itis the market has a problem, and you make a promise, and in the middle there's a process, and that's what you're helping people do as a coach. Leverage coaching means doing it as a group, okay? Some of you guys will be like, "Well, I don't understand it. Like, "Why would you do it as a group?" Here's what I know. The fitness world is going to group classes. The Barry Bootcamps, the CrossFits, the Fit Body Bootcamps, etc. People want groups because there's a level of accountability, there's a level of community, there's a level of competition, they're all important aspects of getting results and performance and it's happening in the coaching world as well. 

So I know a woman. She is not a CTO and she runs a leverage coaching program for the top Fortune 500 CTOs in New York City. It's $100,000 to be a part of the membership of that group. Why would people pay that? One, if you're the CTO of Facebook, Netflix, etc, 100 grand is a rounding area. It's not that expensive in the grand scheme of things. Why? Because you get to be part of a group of peers that are facing similar challenges as you. And when you're running, let's say, a 50, $100 million P & L, profit and loss statement for your area of the business, investing 100 grand or, what, $8,000 a month to somebody to be around other people that can save you that times 100 every month by, "Oh, we switched over to this provider," or, "You need to meet this person." Or even helping somebody hire a key executive on their team is worth that investment. 

So that's an extreme, but for your specific area of passion, for your industry, there is an incredible opportunity for you to facilitate solving problems, getting them an outcome, following a process, and doing it in a group format so there's more leverage. That's why it's called the leverage coaching program. More people get access to this, okay? I have friends that are multimillionaires because of their leverage coaching program. And what I love about it is it has the same economics as software. If you set it upright, it's got reoccurring revenue built into it and it's also got the same margin structure. It's about 89-85% gross margin for a leverage coaching business. So great opportunity, if that. The first one, if you wanna do an online course, you're more of an introvert, you just wanna teach it and have people buy it and not talk to anybody, that's cool. If you're more of an extrovert, check out the leverage coaching program. 

5. Niche Enterprise Consulting:

So here's how this one works is you might have heard of consulting. Maybe you have a skill, maybe you don't. You can develop it. The beauty is there is YouTube and Linda.com and all these different. You can even teach yourself how to code, joining a coding boot camp. But regardless, here's what I'm gonna say, niche enterprise consulting is finding some kind of skill or developing a thing that you know how to do it and focusing on the niche, but focusing on enterprise. Why enterprise? You may not know this, my dad taught it to me. When I was 21, I had a company reach out to hire me as a consultant, and when they asked me what my hourly rate was, I was gonna tell them $30 an hour. 

And before I told them anything, my brain said, "Shut up, Dan. "Don't say anything." And I called my dad who worked at Siemens, the big multinational billion-dollar company, and I said, "Dad, they're asking me what my rate is." And he said $150 an hour and my brain, I'm 21, okay? Yes, I taught myself how to code and all these things. I build a few companies that were failed at that point, but I just didn't understand it. He goes, "Dan, here's what I know. "I pay $250 an hour for consultants "that aren't even as talented, driven, "or motivated as you are, just so you know." And I was like, "Whoa." So they were expecting that higher amount of money. And I remember I got on the call with the person the next day. I said 150, they came back and said could you do 125? I almost bit my tongue off. I didn't wanna act too excited and I said, "Yeah, yeah." That should work. And I wanted to hang up the phone as fast as possible 'cause I was like. Of anything I've learned in sales is you could sell yourself out of a deal. I just was like, I gotta get off the phone. I gotta hang up the phone. And I hung up and I freaked out. 

I remember the freak in' moment, the place, the room, the details, everything, and I called my dad and I said, "They took it." I think my dad was more excited than I was for myself. And it was an enterprise consulting. I did portal software, very niche, very specific. So a lot of you guys that may be already doing consulting or development, the reason why you're not able to ask for a premium is because you're not focused on a niche and a niche problem or a niche enterprise. So the bigger the business, the more money they got to spend, the more used to spending. And the more niche you go onto a specific technology platform, so let's say you focus on just Salesforce, just Web Sphere, just Net Suite, whatever it is. You figure it out for yourself, but niche enterprise consulting is an incredible way to get similar margins, low, literally no cost other than a decision, and build a business. What I did is I took that consulting, which became Sphere.

I essentially funded the Sphere with that money that I made and then rolled it in and built a company of people like me and some technology. So it can be the beginning of something much larger, but that is a big idea for you to explore. So quick recap, the five most profitable business ideas of the year for you to take forward is one, online course. Two, direct to consumer product/eCommerce. Three, software, Sass, Software as a service. Four, leverage coaching. And five, niche enterprise consulting. 

And if you like this article or you think there's somebody else that it could serve, please feel free to share it with them. Smash that like button, subscribe to my blog. And as for usual, I wanna challenge you to live a bigger life and a bigger business.