Top 5 Places to Find Profitable Business Ideas in 2020 | Small Business Ideas

Thinking of starting a business in 2020? Here are 5 places to find your next profitable small business idea.

Everyone thinks that they have that genius business idea that will make them a ton of money or become that unicorn startup. But most of the time those ideas are a dud and not proven to work. Your own confirmation bias kicks in and makes you blind to what's actually going on -that your idea sucks and isn't needed. So how do you find a business idea that is profitable and will work?

What you need is a business idea that is profitable and has high demand. One way can find these ideas by looking at key mass consumer conglomerates like Proctor & Gamble (P&G). They are the owners of mega popular consumer product brands (CPG) like Gillette, Pampers, Ivory, Head & Shoulders, Tide, and Crest. And when you study these CPGs, you notice one thing - they are designed & marketed to the mass market AND are items that need to be replenished. The problem with being a mass market item, it tries to talk to everyone. It tries to solve everyone's problems. But in today's society, more and more people are looking for items that solve their specific frustrations. A young millennial businessman will have different struggles than a middle-aged construction worker with two kids. They want different things. But a mass market item isn't as agile to cater to specific needs of demographics. It takes a darn long time to make changes. But what drives the machine is the replenishing factor - for instance, you always need to buy more toliet paper. You need to buy more dish detergent. They are necessities. Many upcoming brands have figured this out. For instance, Dollar Shave Club competed with Gillette by focusing their messaging to young male millennials. They used humour and convenience to cater to their target audience. Guess what - they dominated. What's key is that they looked at what is working (replenishable items) and what they can do to make it better by narrowing it down to a certain demographic. Being bought for $1B by Unilever is pretty good right?

Other ways to find your winning idea is looking at marketplaces like Craigslist, Indeed, and Ebay. Similar to P&G - these marketplaces are very very broad and can be narrowed down to specific niches. Airbnb was spawned from Craigslist's home rental category. Car guru was spawned from Craigslist's car marketplace category. If there is a lot of activity and interest in a category, it makes for a perfect opportunity to create a specific marketplace for that topic. That way, the frustrations, goals, and knowledge can be entirely focused on that topic with that new business idea, rather than people going to a massive general marketplace. It drops the capability to build a community as well.

Another way to find a profitable business idea is to look at what activities, situations, or things that annoy you day to day. There's a high chance that other people in the world also have that same frustration. This makes for a good opportunity to create something that solves it. A lot of times, side hustles and businesses are created from this annoyance. Burrow - a sofa company - for example, was created because of how cumbersome sofas are to build/move around and how they are usually not very comfortable. The founders created a sofa that made it simple to build by separating the pieces into just 3 boxes and genius latches to set up.

If you're looking to start a business in 2020, the best business ideas 2020, small business ideas 2020, online business ideas, ways to find business ideas, how to start a online business, then keep watching!

RESOURCES:
10 Criteria Ecom Prod Checklist: http://bit.ly/ecomprodchecklistlp
Branding & Marketing Community For Ecom Entrepreneurs: http://bit.ly/BandMecomgroup
A.C.E Guide: http://bit.ly/ACE-Forumla-GuideECOM

ABOUT WILSON LEE:

I am an award-winning Top 30 Under 30 business strategist, digital marketer, and Brick and Mortar development expert helping business owners and entrepreneurs create explosive businesses from BRANDING.

My experience cultivating and operating multi-million dollar businesses such as founding and growing an international Dessert Chain (https://720sweets.com/) with locations from North America to Asia, I have discovered the key to achieving unattainable success. It is now my mission to share this knowledge with others who have solid business concepts but can’t seem to break through.

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