In 2019, Crunchbase research identified 142“unicorn” startup projects – businesses with a valuation of $1 billion or more.From 2015 to 2019, there are already 439 such companies in the world. Each of them started with the usual idea.
Startup leaders in terms of attracted investments:
- Uber Advanced Technologies Group – over $7 billion
- JD Health – about $7 billion
- Databricks – over $6 billion
- CloudKitchens – up to $5 billion
- Rivian – up to $5 billion
Let’s not forget about million-dollar projects, which, although not “unicorns”, are standing firmly on their feet and developing at their own pace, increasing capacity and profits even during the crisis.
We have prepared for you the top 20 fresh solutions for running a profitable startup in 2020-2021. Let’s go!
Best startup ideas for 2020-2021
Idea #1. Organization of tours and excursions
A great idea for a startup in a small town or a city of millions. It is not necessary to develop large-scale tourist destinations at the start. Start small. This will provide the resources for a breakthrough.
For example, the Urbextour company organizes excursions to the undergrounds of Kiev, showing the underside of the city life.
Idea #2. Planner and organizer of concerts, parties, weddings and celebrations
Organizing events is an interesting and lucrative business. Especially if you approach this question unconventionally. It is possible to realize startup ideas with minimal investment even while being employed, and this is a big advantage of the event niche.
For example, the Ukrainian brand Romantic organizes events for lovers on the roofs of the capital.
Russian company Roofevents organizes atmospheric concerts and parties on the roofs of Moscow.
Idea #3. Services of a guide, guide-interpreter
Do you know English? Take advantage of it! Organize hometown tours for foreigners. And don’t forget that the tour should be memorable.
Idea #4. Local delivery service for food, medicines and essentials
Create a service to help the elderly and busy people. Shop instead and have it delivered to your home in the city and region at the agreed upon time. You need a phone and a car to get started.
Idea #5. Opening a co-working space
Rent a space or build one from scratch. Organize your workspace and rent it out to entrepreneurs and freelancers who have chosen the “remote worker” path.
Idea #6. Business on creation and delivery of subscription boxes
Signature boxes are in demand in almost any niche: beverages, food, cosmetics, pet products and more. Pick a niche, put together a box (potentially a collection) and sell online.
Idea #7. Eco-products and goods
Eco-goods are attracting more and more people every year. Start selling something that is not only safe for your customers, but also for the environment. This kind of business has excellent prospects.
Idea #8. Goods for animals
Statistically, one in four people in the world has a pet (often more than one). Create toys, accessories, or clothing for them.
Idea #9. Smartphone repair and sale of mobile accessories
Even though the mobile accessories market is oversaturated, creative entrepreneurs have managed to not only find a place for themselves, but also gain a strong foothold, pushing their competitors aside. Alternatively, you can offer repair services for smartphones and other gadgets. By the way, according to expert forecasts, the mobile accessories market is expected to grow to $107.3 billion by 2022.
Idea #10. Vintage goods
Demand for vintage items is on the rise. Think about selling old, abandoned and recycled items through online auctions or your own app. By the way, you can order application development at KOLORO.
Idea #11. Blog
Despite the information oversaturation, there are only a few quality blogs. If you are a sub-specialist, write about it and capitalize on the knowledge.
Idea #12. Coach, online trainer
To get started in online learning, you need:
- to be an expert practitioner;
- not to be afraid of the camera;
- To have a desire to help others.
Create a YouTube channel, introduce people to your expertise and start earning money from one-on-one consultations, training lectures and programs.
Idea #13. Food track
A cafe on wheels is a great idea for a startup. The key is to do something exclusive. Consider opening a themed food track with only vegan appetizers or fries with surprise toppings.
Idea #14. Smart technologies
Startup ideas 2020 for IT professionals – developing smart gadgets. How to think of what to create? Pay attention to the day-to-day needs and problems of the target audience.
Idea #15. IT field
Master your profession as a web developer and start an IT startup: app, software, code development. Yes, it will take time and a significant investment, but the knowledge you gain will open up excellent prospects for you in the future.
Idea #16. Custom tailoring
Any sewing skills? Capitalize on it. You can also teach sewing to others.
Idea #17. Massage at home
In just a month, with a small investment, you can become a certified massage therapist. Once you have the necessary skills, create a page on social media where you will collect orders. In the long run, you can open a massage parlor and continue to scale in the beauty niche.
Idea #18. Crisis management
Independent consultants with financial education, knowledge of the peculiarities of the legal framework, capable of optimizing the finances of a company or individuals can become in-demand crisis managers.
Idea #19. Organizer of city quest tours
Develop a scenario of an interesting urban quest, get the right props and sell emotions.
Idea #20. Sports Online
Develop and videotape a special set of exercises for those who are lazy or can’t go to the gym. Give yoga, dance, fitness, aerobics classes online and make money from it.
Useful on the topic: PR for startups on the Internet
The ideas listed are a base to work with, improve and make unique. And it won’t require a lot of money.
Statistics on startup closures
According to the Startup Genome Report 92% of startups “die” within 5 years. 74% disappear due to a rush to scale the business, “bloated” staff and repeatedly exaggerating their own capabilities.
Whoa, whoa, whoa. Don’t panic. You don’t have to put your hands down and give up on your dreams. Statistics are not done to discourage you from acting, but to warn you of the risks. Forewarned is forearmed.
Mistakes of first-time entrepreneurs that “kill” a startup
- Mistake #1: Business for the sake of business. Being an entrepreneur is fashionable. But opening a business because of that is stupid. The probability that the idea will “shoot” and you will become a dollar millionaire is zero. Build your business from a position of strength by selling what you know how to do (you know, you’ve tested it).
- Mistake #2: Ambition doesn’t match opportunity. Even a strong business idea realized at a normal level will not save an entrepreneur who, in order to scale the company, forces events: invests money in something that can be done without at the initial stage. Check the expense line item and think: do you need expensive equipment, office and staff so much? Perhaps taking advantage of analogs and outsourcing tasks is enough?
- Mistake #3: Underestimating the market. Successful startups are all around and it seems that it is not difficult to enter the market, even if it is oversaturated. That’s what desperate guys or dreamers who often fail do.
Before starting a business, you should carefully study the features of the market, mechanisms of entry into the niche, the frequency of legislative changes, competitors. Self-analysis takes a lot of time and effort.
Market research is best entrusted to professionals with the right knowledge, resources and access to closed information sources. Then you will get a complete and accurate picture of the market, and levers to control the situation on it.
- Mistake #4: Incompetence. Often a budding entrepreneur lacks managerial competencies, an understanding of human psychology, and even leadership skills. In doing so, it is trying to build a brand empire on its own. Would it do any good in such a case? No.
Running a startup is done in partnership, preferably with people who are proven failures. And even if the partner is a new person, the probability of business success is 50%.
- Mistake #5: Command. Many entrepreneurs often hire people with low qualifications to appear as experts against their background.
Until you learn management skills and have material resources, don’t hire people. The ideal start-up team is you and the partners. Outsource the tasks you can’t do.
- Mistake #6: Investing in startups.Attracting investment in a project is a serious matter. Should you look for an investor on the side or manage on your own?
It’s important to realize that an investor on the side to help your business grow is difficult to attract. It takes a WOW idea, charisma and the gift of persuasion.
Otherwise, people who care about short-term gains may invest, tying you up with a kabbalah contract that will squeeze out all the juices and profits.
Many entrepreneurs have risked everything to start a business. We sold possessions, gave up many things and the risk was justified. But there are also those who gave everything for the idea, and the business did not go.
Regardless of your choice of investing in a startup, the startup needs a professional marketing strategy – a document with goals and ways to achieve them, taking into account the market situation and possible pitfalls. This is relevant for those who plan to to launch a startup in a crisis.
Is it worth launching a startup in 2020-2021?
The answer is unequivocally yes. Get expert advice and answers to questions by phone:
+38 (044) 223 51 20.
