Stepping into the new decade, most of us plan to venture into new economic directions.
And why not?
It is about time you start fresh and put those failures behind you.
There is no point in carrying the burden of pitfalls along.
The wise move is to curate new strategies. Find out how you can give a breath of fresh air to your existing business. Or if your prior business conduct was not fruitful, you can consider starting up another business.
Over 627,000 new businesses open each year, according to SBA estimates. At the same time, many businesses decide to close every year as they cannot survive the intense competition.
New Market Paradigm and Options
However, the startup environment has become quite promising with time. In 2018, the startup failure rate was 22.5%. Since then, the figures have been shrinking even more.
Now the question is how to tread in this environment?
Everyone wants their brand to make the noise and reach the target population.
Once they get past the first critical years, the chances of thriving further will improve exponentially. It is essential to understand the pain points of the public, compare it with your caliber, and then initiate your business.
Here are some startup ideas that industry will fare well in 2020:
- Urban Farming
With more people consuming land for living, countries are left with little space to grow their agriculture.
Urban farming is the solution that will help to fill this agricultural gap. It includes the DIY growth of food, at your homes, vertical farming, and controlled environment production.
According to Thomas Constant, the founder of the brand new vertical bug-farming product startup BioBea,
“In order to feed the anticipated 10 billion people living on earth by 2050, food production must be increased by 70%.”
The dense buzz around the concept of urban farming has resulted in many major companies and small businesses dealing in this area. The Guardian reported in 2019 that this is not a mere fad.
You can also start your business in this area by understanding the need of the population in your community.
Note that the commercial setup of vertical farming uses highly sophisticated technology. The whole process may be daunting as it requires knowledge of the science behind growth and the relevant technology. Take inspiration from major companies and begin your journey with full knowledge.
- Home Contractors
If you have a degree in architecture or have work experience in the construction business, you can step up your game in 2020.
Start your own construction business. It requires significant investment and marketing efforts so you can land good clients.
By now, you must take note that your target audience is looking for your service online. Blue Corona reports that consumers currently perform more than 1.6 million online searches for contractors every month. Therefore, as you start up your construction business in 2020, your ultimate focus must be on digital marketing.
The right virtual strategy will give you an edge over your competitors. Make sure you highlight your efficient services during the process.
As per Blue Corona, 70% of U.S. consumers said they would spend more money to do business with a company that offers incredible service.
- Automobile Dealer
The automobile industry remains to be one of the forefront markets in the upcoming year. Its dynamism and latest technology make it a highly-paying sector for all stakeholders. Also, according to a study by IBM, blockchain technology will prove to be a disruptive force in this industry by 2021.
In light of this forecast, we can safely state that this industry will continue to expand.
You can start up your online car dealership and exploit the tech to your avail. The use of blockchain and advance technologies like digital tracking devices will allow you to stand apart from the competitors.
The IBM study also highlights that 54% of the Auto Pioneers plan to implement their first commercial blockchain network in upcoming years.
For reference business models, you can study the structures of famous online car buying companies.
- CBD Distribution
The cannabis industry has grown at an astonishing pace in recent years. Since the Farm Bill passed in the US Congress at the end of 2018, CBD has become a staple ingredient of healthy, trendy, and sustainable diets.
It seems to be making its way in all products – oils, face creams, ice creams, chocolates, tea, rum, etc. You can also cash in on the ongoing cannabis bonanza if you know how to move forth in the market with a compact business plan.
Familiarize yourself with the market, find how you will lure more customers. A game plan is vital to make sure that your business will get the necessary funds to keep the lights on. You must have a solid digital presence so that you will reach the right prospects. Plus, if you are interested that your startup will thrive through 2020 and beyond, you must have a dedicated workforce of qualified professionals.
The point is, the CBD market will continue to expand more in the future. You can also reap the ultimate financial rewards in the field by starting a distribution business.
Parting Thoughts
After evaluating the listed businesses and other trending ones, we reach down to the conclusion that going high-tech is the way to go. Every market has a lot to offer if you know how to play the right cards. Therefore, ensure that you have all the ingredients required to make your ideas work.
Also, besides the ones on our list, you will find various other options that can work for you. Dig into the need of the people in that stream. Bear in mind; the key is to understand your potential audience before giving shape to your plans.
If you found the answer to your queries in our blog or you feel we missed out on something, let us know.