The following is an article “Earn More From These Awesome 2020 Business Niches” by Marc Primo.
Today, being more focused on an area of a broader market means going into a business niche that allows entrepreneurs to set themselves apart from the competition and gain handsome profits. More and more of these ventures continue to rise in popularity among specific markets in 2020, and you just might have what it takes to start something new this year for bigger income.
Here are some business niche ideas you’d want to check out:
Web Design. Digital transformation is a real thing everywhere, and web designers are making a killing with hundreds of clients looking for services. A basic five to ten-page website that offers the usual features like blogs, comments section, contact forms, hosting, database, and email functionality usually costs from $1,500 to up to $7,500.
If you have what it takes to create a beautifully designed website with all the essentials needed for a specific clientele, then you’re all set for business.
However, you have to keep up with web standards if you want to be in demand and polish up on your digital marketing know-how while you’re at it because the more you know, the more your value for services goes up.
Web developer. Aside from web design, website development is also very much in demand these days. More than how clients look for great website interface visuals to market their services and products, functionality is given more premium as it is used in actual online business processes.
If you’re versed in coding CMS integration, platform compatibility, shopping cart, and shipping functions then you can start offering basic services. The average cost of making a standard blog or website starts at $600 but goes higher depending on the scope of work. Just take note that this business is an ever-evolving industry and if you fall behind on trends and updates, then you can lose customers as fast as yesterday’s news.
Video editing. The global multimedia industry remains active with the rise of social media. With this, the need for more video content paves the way for more editing jobs. That’s really not that surprising given the fact that 83% of online consumers give positive feedback on brands that feature videos on their websites.
Now as business niches go, video editors can likewise concentrate their expertise on specific content for niches in the culinary arts, special events, or documentary productions.
Basic editing services range from $60 to $150 per hour. Add more elements to your production such as musical score and 3D effects to triple your rates easily. Perhaps the greatest challenge you can face when entering this market is coming to terms with your own creativity. Always review other video productions and keep yourself abreast of new technologies and trends in the industry and the niche market your catering to.
Social media marketing. Worldwide, digital marketing continues to be a thriving business and one of its facets, social media marketing, is likewise making waves. As it remains to be fast-paced and highly competitive, more businesses are entering the fray by identifying untapped markets and opportunities. Your social media marketing services should encourage active engagement among netizens so focus on quality content. And given that this business niche is pretty hard to monopolize these days, you should know what available tactics are out there to take full advantage of the platforms you are using such as opportunities for brand awareness, inbound traffic, improved search rankings, and higher conversion rates, among others.
For those who are having second thoughts about jumping into any of these awesome business niches because of the lack of capital, skill or business acumen, you can always start small and slowly progress into bigger ventures. All you have to do is come up with a sound business plan and take a few risks in something that you already know a lot about for some possible profit.