Becoming an entrepreneur is never too late, especially when you want to launch an initiative in 2020. You may want to start your own business, and that’s a great idea. But are you sure it could be a big hit this year?
Well, as they say, you’ll never know unless you try. However, you may want to look at the trendiest and most profitable business niches this year. You may be very passionate about your business idea, but it may break your heart if it doesn’t yield profits.
That’s why you should first read about the following business niches that are sure to be a hit this 2020:
1. Cannabis-Related Business
When you hear about cannabis, don’t think of marijuana only. Nowadays, cannabis-related businesses are quickly becoming a hit. You don’t need to sell the plant itself if that worries you, but you can sell accessories and other service-related items associated with the cannabis industry just like Everything But The Plant.
Some even predict that there’ll be a huge increase in consumer spending on cannabis-related products by 2022. That’s why the laws regarding such businesses have become more stringent.
As mentioned, you don’t have to grow cannabis to enter this industry. Here are some related business ideas that can cater to cannabis-related businesses:
- Ancillary Service Provider – With an expanding cannabis-related business, the need for support services is also increasing. What’s more, there are few service providers for cannabis-related companies. With this kind of business idea, you can provide accounting, lawyer expertise, digital marketing, payment processing, point-of-sale systems, ag-tech services, and data platforms for companies manufacturing or breeding cannabis.
- Cannabis Accessories Store – Another business idea that’s becoming a hit in the cannabis-related industry is selling accessories. Whether physical or online, you can offer products like bongs, pipes, and other equipment vital for cannabis consumption.
- Concentrate Extraction Machinery – Machines for cannabis extraction are also in demand, especially for CBD extraction. Either you can manufacture your own brand or source for such. Then you can resell it at a higher price to startups looking for such machinery.
- Cannabis Art – A unique way to showcase your talent or skills in art is through cannabis paintings or glasswares. Others are even starting their fashion lines of cannabis.
2. Software Engineering And Development
If you’re a graduate of software engineering and development, then use your knowledge in this regard to start your own business. With the rapid changes that technology is enabling as the years pass by, the need for software development services is on the rise.
Because businesses need to keep up with technological changes, software development services is a never-ending business. More companies will need mobile apps and online platforms to reach out to more audience and sell their products.
With such, you can offer the following software development services to other businesses:
- Develop businesses’ websites to optimize sales and customer engagement. With a user-friendly website, companies can attract more customers while harnessing loyalty.
- Help in online marketing, which can be done by on-the-go marketing. With software and apps to help businesses promote their business anytime and anywhere, this can be an essential service.
- Software engineering services allow you to analyze the business system’s needs. This makes it possible to design their own blueprint that caters to their specific needs.
- Most importantly, if businesses like your services, then they may hire you as their permanent troubleshooter, which means you’ll be responsible for finding bugs and issues in their system. Of course, you’ll also be the one to develop software updates if need be.
3. Online Food Delivery
Another business idea that never goes out of style is a food business. But if you’re a startup and you want to see if your recipes will be a big hit, then try online food delivery. This business also caters to delivering foods from various restaurants if the cooking isn’t yours.
Here are some of the reasons engaging in this business niche is highly recommended:
- More consumers are into online food deliveries where they can just tap an app to order food. It’s also becoming more popular with people who lack time for preparing their food, or people who want to eat out but don’t want to leave their home.
- When starting this business, you won’t need to make high financial commitments like with other startups. That’s because you’ll only need to manage delivery drivers. Thus, with an app and delivery drivers, you won’t have to venture out on vehicles and the like.
- It’s profitable! Yes, that’s the most important reason why you should start such a business. Since food is a basic necessity, people can easily have food available at their doorstep with online food deliveries.
4. Senior Care Services
The elderly are set to become the second-largest age group in the coming years. Thus, there’s going to be a high demand for senior care services to provide for their needs.
In this business niche, it is possible to build a senior care home or a home care service, especially as most elders prefer to stay at home as they age. For this reason, you can provide home care services without the need to build your own senior care home.
Other services include house and pet sitting for seniors who’ll be away for a few days. Or dog walking for elders who can’t walk their pets.
You can even include gardening and lawn maintenance services for elders, especially since they can’t exert the physical effort to do this.
With so many services that you can offer to seniors around your community, you can also hire various skilled persons to perform such activities.
5. Facilities Support Services
Lastly, if you’ve got a lot of skills to share, then the business support service niche is for you. It’s because you can use your skills to hire and train other people to cater to business needs.
Because it’s cheaper to outsource skills and support services, more businesses are opting to hire outsourcing companies. Thus, they’ll become more profitable instead of incurring additional expenses.
For you, that’ll be a good business since all you will need are virtual workers if you prefer them. Or you can put up an office for your local workers. You can offer services like word processing, database management, telephone answering, spreadsheet design, and other administrative functions.
As for your target customers, you can reach out to people from across the globe. From small businesses to large companies, you can potentially gain a lot of clients.
There are many more business niches that you could try, but the ones mentioned here are highly recommended. From cannabis-related business niches to software engineering development, you’ll surely choose something according to your preference. If you’re into the food industry, an online food delivery service is a must-try.
On the other hand, if you’re a people person, go for senior care services or business support services. These are one of the few that are considered low-budget startups, but are still profitable.