Most Profitable Industries of 2020 to Start Your New Business: Every entrepreneur who has started their own business, past and present, started out with an idea but in order to get their business off the ground, it requires an incredible amount of strength and determination. With those two characteristics, you have the potential to be a success in any industry. As an entrepreneur just starting out, you will definitely have your work cut out for you but those that can recognize the industries projected for growth have a greater advantage.
Now some industries were diamonds in the rough and wasn’t a huge success until an innovative thinker made it a huge success. That’s what entrepreneurs are though… they’re innovative thinkers and problem solvers. They naturally have an eye to see something for more than what they are and they are able to find solutions to certain problems. With those capabilities, there are certain industries that can really flourish with there creative genius and know-how… the key is being able to recognize those industries.
Whether you are able to recognize those industries or not, you still have the creative intellect and know-how to be successful. Luckily, if you aren’t too sure which industry to get your business started in, there is help for you. Take a look at the most profitable industries of 2019 to get your new business started in.
Industry 1: Transportation
Ever since companies like Lyft and Uber came into existence it’s forced taxi drivers to take the backseat. If you ever had the opportunity to experience riding in a taxi then you know how expensive it is and companies like Uber and Lyft have made getting from one place to another much more affordable and safer for riders.
People utilize ride-sharing services for various reasons. Maybe they went out and had one too many to drink, maybe their car is in the shop for a couple of days, or maybe they can’t afford to buy a car at the moment… however you look at it, there is a real need in the transportation industry and if you have the resources and know-how to get a business off the ground in this industry, you will be successful.
If you haven’t noticed, the world has gotten very lazy. At first, you had fast-food, which is still a very successful industry to this day but the fast-food industry allows people all over the world to avoid the hassle of getting in your kitchen to cook, right? Yes. Well, there are now food delivery apps that allow people to order fast-food from the comfort of their home without having to hop in a fast-food line! Fast-food was already lazy in the aspect of not having to cook but now you don’t even have to go get it!
To add to that, there are also grocery delivery services now that makes you not have to go to the grocery store You simply hop on an app, order your groceries, and someone will go to the grocery store for you, pick them up, and deliver your groceries to you! Can you imagine the amount of money you could make creating some kind of product or service in this industry?!
Industry 2: Construction
These days, how many times have you driven in your local area and seen construction sites with signs that say “coming soon”? You see it all the time and depending on where you live, you might see it more frequently than other local areas but the point is, businesses and residential areas are being built at a fast pace. If you had started your own construction company, you’d be able to get in on multiple construction projects and enjoy that success.
If you decide to take on this industry, you will, of course, need a fleet of trucks that can haul heavy loads and get your crew from site to site. In needing that, your best bet would be to rent a fleet of vehicles, to at least start out and then once you build up your business, you can then look into buying your fleet but most businesses find it financially smart to rent.
Now, construction has mostly been known for traditional ways of constructing structures but in 2019, there is a totally different sector of construction that businesses and entrepreneurs are now getting into. That sector is in construction technology. With construction technology, there are now robotics, wearables, and drones that have added to the construction industry and taken it to new levels. If you can get in this industry in any shape, form, or fashion, you’ll be on your way to success in no time!
In fact, a McKinsey study was conducted and it predicted that by the year 2025, there will be a major need for construction in the housing industry by 2025 because urban populations are struggling to find affordable housing… which leaves an open opportunity for construction companies to build affordable housing options.
Industry 3: E-Commerce
The world of retail shopping has come a very long way. At first, in order to shop for anything, people had to physically go there to buy it. Then you were able to order things out of catalogs, whether it was clothes, furniture, or houseware. But now, people are able to buy practically whatever they want with just a tap or swipe of their finger. As someone looking to get their start as an entrepreneur in today’s world, you’re going to need to have a website regardless of what industry you’re in because the way today’s is, everybody does everything online and if you don’t have an online store for your business, you’re going to miss out on lots of money.
So, whether you have created the best skin care product, make custom made doggie cupcakes, or if you refurbish thrift store clothes into unique fashion, you absolutely need to get a domain name and set up an e-commerce store online. You want your website to pop up on the first page of whatever search engine tool people are making their searches on.
Not only that, you want to make your online store usable on smartphones too because most people do their shopping from their phones. If you create an online store to meet the needs of consumers online and through their phones, just watch how quickly your dreams can become your reality!