Not all entrepreneurs are prepared with a vivid business plan; meanwhile, some have a stellar scheme for success but lack that spark of an idea to get them started. If you fall into the latter category, you should consider leaning into one of the following 17 big business ideas prime for success in 2020.
1. Personal Training
The global fitness industry is worth well over $80 billion, and with a newfound cultural emphasis on health and wellness, spending on fit products and services should only increase. According to market research, demand for personal trainers and coaches is expected to grow about 31 percent by 2020, making this business idea extremely hot.
>> RELATED: Alissa Harakal: How to Succeed in the Personal Fitness Training Business
2. Homestay Network
In 2015, Airbnb earned more than $900 million in revenue ― proving that renting rooms to travelers is exceedingly profitable. Whether you start a competing network or begin cultivating properties to post on Airbnb, you can earn much from a homestay business.
Though ridesharing drivers don’t earn as much as their employers claim, businesses like Uber, Lyft, and their myriad competitors are incontrovertibly profitable. Currently, the behemoths in the rideshare industry are coming under fire for unsafe or immoral practices, giving entrepreneurs an opportunity to seize a portion of the market. You can use RideCell software to develop your ridesharing business quickly. You could also look at pco car hire to save money on purchasing cars for ridesharing.
4. Delivery Services
Perhaps due to the growth of online retail or perhaps thanks to the increasing laziness of the population, people prefer to stay in while goods and services come to them. You can reinforce this behavior with a fast and convenient delivery service, like GrubHub for restaurant food or InstaCart for groceries.
5. Tech Repair
It is thanks to tech that the world runs so smoothly and swiftly, and when devices break, individuals and businesses need them fixed and smoothly and swiftly as possible. A tech repair business might also provide essential tech maintenance, like installing updates or cleaning cookies.
6. Computer Training
Though younger generations grew up with computers, older folks lack the ingrained skill of working with tech. Your business might produce software designed to train those less familiar with computers or it could offer one-time classes or long-term courses to provide extensive tech knowledge.
7. Web Design and Development
Web developers and graphic designers are incredibly in-demand. If you have some skills with web-based design, you might open a firm. Alternatively, DIY web development tools, like Squarespace and Wix, are growing in popularity, so offering your own templates to burgeoning businesses could also be profitable.
8. Social Media Marketing
Most people spend an average of about two hours every day on social media, and businesses are desperate to capture as much of that time as possible. If you have mastered the art and science of social media, you can peddle your experience for an astounding sum ― $50 to $100 per hour, at least.
Experts are in high demand ― regardless of their field of expertise. It doesn’t matter what you have experience in as long as you are proficient enough to call yourself an expert and feel comfortable giving advice.
>> RELATED: How to Be a Consultant and Start a Successful Consulting Business
10. Event Planning
Throwing the perfect party requires a surprising amount of time and skill, and Americans have less and less time to devote to party planning, so professional event planners are receiving more and more work. The Bureau of Labor Statistics expects a 44 percent growth in demand for event planners, making this a perfect time to start your business in the field.
>> RELATED: How to Start an Event and Meeting Planning Business
11. Home Organization
During one’s precious free time, home organization tends to be a low priority. Thus, clutter and disarray tends to get out of hand fast, and rather than wrangle the mess themselves, many homeowners are calling on professional organizers. You can build a business to sort through people’s stuff or merely consult, offering organization tips to help homeowners gain control of their belongings.
12. Day Care Services
Living on one income is becoming less feasible around the country, so childcare services are becoming more in-demand. You might offer daycare for children and fur-babies alike, since co-dependent pets need daily love and attention, too.
>> RELATED: How to Start Your Own Daycare Business
13. Recycling and Upcycling Services
A newfound emphasis on eco-friendliness has many Americans worried about their waste production. State-run recycling plants are far from comprehensive, so your business might pick up recyclables that are more difficult to manage. Additionally, you could build an upcycling service that transforms one man’s trash into another man’s treasures, selling upcycled trinkets online or at craft fairs.
14. Energy Auditing
Equally motivated by environmental impact and energy bill costs, more homeowners are eager to understand their energy usage. Energy auditors evaluate resource use to find potential sources of savings. Likely, you will need some training or certification to do this properly, but it could be increasingly profitable.
15. Financial Planning
There are all sorts of financial planners, from those with barely a degree in finance to those who worked hard to earn their CFP certificate. Regardless, you can earn absurd amounts of cash by working as a freelance financial planner or growing a financial planning business.
16. Property Management
To some, a property manager is synonymous with a superintendent: Someone who lives onsite of multi-family housing and does essential tasks, like repairs and rent collection. To others, property managers serve as in-betweens for tenants and landlords, so everyone has slightly less responsibility. In either case, property management requires little work and brings big rewards.
17. Career Coach
What do you want to do with your life? You probably don’t have an answer ― other than “start a business” ― but luckily, millions of others are in the same boat. You can cater to the directionless hoard with career coaching services, which strive to pair unemployed workers with fulfilling jobs.
>> RELATED: How to Start a Coaching Business
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