11 October, 2020
6 Successful Business Ideas for 2020
The year 2020 has been extremely challenging for businesses. In our earlier blog column, we highlighted 7 ideas for ensuring business continuity in 2020. These ideas were aimed at providing a relatively more robust approach to business in challenging economic conditions.
But businesses need to look beyond business survival. The key is to select business ideas that ensure success, sustained growth and strong insulation from volatile economic conditions. For starters, one should commence their business growth path with a smart and successful business setup process.
The next step would be to identify the root objective of the business. Is the company undergoing a successful business setup for gaining more revenue? Or is the aim of the business to bring a very lucrative idea into a business format? We had deliberated on this very conundrum of what is more important for a business.
Here are some points that need to be considered before evaluating ideas for business success in 2020:
Corporate Training Courses
One business idea that provides continuous opportunities even during volatile economic conditions, is that of corporate training courses. The advantages of such corporate training courses are:-
- The overhead investment in corporate training is relatively lower;
- You gain a strong ability to understand what is more important for business;
- Higher chances of understanding the local market better;
- Acting in the role of a corporate trainer, you are likely to be viewed as one playing the role of strategic advisor
The need for corporate training courses is across the business spectrum, right from startups to SMEs to large businesses all the way to globally listed diversified groups.
Successful Business Setup for Product Trading Business
A key characteristic of the Dubai market, and similarly that of the Middle East region, is the focus on product-based trading businesses. This is one of the most preferred business routes for a successful business setup.
The advantages of a product trading business are:
- Easy market entry strategy;
- Gain the ability to access multiple segments;
- Strong, robust investment option;
- A good option for diversification of business portfolio;
- Immediate cash flow;
The important point to note is that while product trading is important and sustained, it comes with a heavy investment in capital (for logistics, warehousing, etc). It, therefore, becomes critical to understand some of the smart ways to earn a return on investment. Read our earlier blog column on how business investments help your business grow.
Access the Local Service Agent in Dubai
The laws in Dubai make it mandatory for a business owner to appoint a local business partner or a local service agent for operating the business. In order to maximize the outcome from investing in Dubai, here are some advantages as to how the local service agent would add benefit:-
- Local market expertise;
- Access to important events and networks;
- Strong support for business development;
- An important source for reliable news and Government updates;
Business Advisory in Dubai
The most important step in the Dubai market, is to ensure that time and effort is spent smartly and wisely, especially with a successful business setup. Entrepreneurs and business owners have a big responsibility to drive their business, yet the paperwork and regulatory compliance with Government norms may lead to counter-productive resource investments.
The solution to this problem is to appoint companies offering business advisory services in Dubai, as authorized service providers for you. The advantages of such business advisory in Dubai are
- Reduced time and effort in Government document processing and liaison;
- Expert advice on the right process and optimal solutions for the business;
- Financially more effective to outsource the process of document processing;
- Up to date information on changes in Government fees or processes;
- Consultative approach to getting the right solution;
The Top 6 Business Ideas for 2020 are:
- E-Commerce based business
- With the global pandemic and its consequent economic challenges, some businesses have moved completely into operating on an e-commerce platform instead of a traditional brick-and-mortar model. This is a strong case for new business ideas to look at the e-commerce route for a successful business setup
- Product Trading
- Utilize the psychological inclination of the consumers, and focus on trading in a smart product that allows you to have an effective geographical reach
- Sustainable Solutions
- Any business idea that contributes to the environment, and looks at less pollution, is a strong and sustainable business idea
- Application Development
- With diverse use cases having been made available for different needs of the common man, the scope for developing applications has only increased manifold.
- Apparel Businesses
- This is one business that has successfully utilized the e-commerce platform to thrive. Designers and apparel manufacturers have kept their business survival strategy intact by adapting to e-commerce needs.
- Delivery & Logistics
- In order to cope with the economic challenges set by the pandemic, businesses have adopted a delivery and logistics strategy that allows consumers to avail of their products/services without having to leave home. Any such logistics and delivery business would prove lucrative in such scenarios.
- How would a Local Service Agent be helpful?
The local service agent is a strong gateway to maximizing the benefit of the UAE market. In order to gain more returns, one must focus on business development, local market expertise and key access to events. A local service agent would help you in these aspects.
- Why is a Business Advisory in Dubai required?
A business advisory helps you minimize your time and cost investments and provides smart and efficient solutions while you focus on growing your business operations.
- How can Corporate Training Courses be Useful?
The main strategy to gain trust and growth in Dubai is to obtain credentials as a strong and capable business advisor. Corporate training courses help you obtain that advantage because as a trainer you will be giving valuable advice to your customers.