Are you thinking of launching your own business this year? Welcome to this article. When I’m trying to list down the business opportunities, the main things that I’m looking to are:
- The potential of it being profitable
- Is resilient in unseen economic times
- Doesn’t require a Ph.D. or decades of experience.
- Doesn’t demand a large amount of startup capital
Most that made out the list is for home-based businesses.
No one gets rich in days. If you have goals of becoming very wealthy, you aren’t going to achieve that either with a small business. But you can use a small business to have a healthy income and have your kingdom.
Here are our top small business opportunities in 2020:
Amazon sales fulfillment
The FBA program by Amazon lets the sellers of the products to market their products using Amazon. This takes out much of a headache. Amazon handles storage, shipping, returns, and packing. Moreover, it also handles packing.
If you are wishing to start a product business, then the Amazon FBA program is the most ideal way to get started and penetrating into the retail marketplace online.
Many neglect having skilled trades as a choice for their careers. Many believe trades are not paid as much as they should. However, skilled traders are well paid and they enjoy a good career.
There are around 53% of the jobs left by Boomers in the manufacturing alone that will be made available in the year 2028. This will create a huge demand for many talented workers in trades.
Yes, investments. Although risky they can be very useful when it comes to gaining profits and having capital gains. There are a lot of platforms online that you can find.
Software development and engineering
People in these fields create and maintain software on various platforms. According to the US Bureau of Labor, the demand is expected to be increased by 21% through 2028.
The nature of the job makes it perfect for contract employments. Many start with salaries and gradually become their own boss by becoming independent.
Meal kit delivery and sales
These are becoming popular with people who are busy and don’t have time to shop for healthy meals or prepare them. It is expected that this industry will reach $11.6 billion by 2022.
The clients select what they want online voila! It is delivered to them. The suppliers avoid large wholesalers that create business opportunities for mid-sized to small growers, seafood suppliers, and ranchers.
Storage units are continuing to grow. The demand has exceeded the supply by 300%. Many professionals like electricians and plumbers use storage units to store their tools at low costs. This saves them their high inventory storage costs.
You can also open up a modern storage place that will require a climate-controlled environment, security, and lighting. The initial costs are high but the returns are higher.
Start your own!
No shortcuts can be taken while starting your own business. You will need to do proper research of the market, your niche, skills, and opportunities available. Moreover, develop a solid business plan.
There are many more business opportunities that you can take upon. However, each will require that you research thoroughly and come up with a winning concept. As without it, all the planning is of no use!