Which of these industries is the most popular in our 2020 Small Business Trends Survey?
were done before the corona virus epidemic. While we believe these industries will continue to be popular, we have developed the top 10 best small businesses to launch in 2020: Code Edition.
According to the 2020 State of Small Business Survey, the biggest reason for wanting to start a business was to ‘be ready for my own boss.’ Autonomous in his career. Some of these promising small business owners begin to know what they want to do, while others only know what they want to do for themselves.۔
If you find yourself in the category of ‘want to work for yourself’ So, thinking about small business ideas can be overwhelming, but there are many more tools and processes to help you get started. For example, narrowing down to a few advanced industries that you are interested in is a great way to start your business search.
The Small Business Trends Survey gives us insights into which industries are known across the country for successful business owners. Here are some top businesses for 2020
Business Services Industry
Postal, printing and PC servicing, as well as office product sales, are all involved in a wide range of business services in the industry. And with more than 28 million small businesses in the United States, it’s no surprise that these pro-business entities are all busy.
IBIS World reports that the expected revenue for the industry in 2018 is 9 9.5 billion, with 22,939 entities in the United States. However, those interested in opening a business services company Business owners should focus on providing possible online services.
IBIS also pointed out that while the e-commerce sector of the business is growing, the annual growth in brick and mortar enterprises has been -1.9% in recent years. Fortunately, starting an e-business can cost less.
Food and restaurant industry
If Americans seem to be busier than ever, it’s because we are. In 60% of American households, working with two parents, working at most, and working an average of 47 hours a week, home-cooked meals are not an option for everyone.
Fortunately, in today’s strong economy, most people are saving time by turning to delivery services, fast casual dining and full-service restaurants, which is a great way to improve the food and beverage industry. have time
According to a recent study by Deloitte, the key to finding and maintaining success as a restaurant owner is establishing customer loyalty.
Whether your plan is to open a food truck, full service dining or fast food chain, if you offer quality food and are creative with attracting repeated customers, you can find success anywhere in the United States. Is.
General retail industry
If you are interested in selling a good product in retail order, there is a market for it. In fact, IBIS World describes the industry that sells a wide range of products, from cigars to grave markers. Fortunately, the general retail industry is another great example of a business that can thrive in both bricks and mortar and e-commerce business models. The key to success is understanding how people buy your product.
For example, consumers are more likely.Buy them physically before buying items such as furniture, clothing and cosmetics. However, some retailers who take opportunities at unconventional business models, such as War by Parker, have found success in the uncertain white space.
Although they initially sold specs online, they made it easier for customers to try and return frames – selling just one of their top 15 styles in just four weeks.
The health, beauty and fitness industry
Another niche that is not only thriving in our strong economy, but also the growing health, beauty and fitness industry without e-commerce competition. From gym and fitness franchises to day spas, med spas and nutrition counseling, the options here are endless. Better yet, according to IBIS World, industry saturation has not yet arrived.
No matter which industry feature you choose, IBIS reports that your focus should be on both privacy and accessibility. For example, more gym pilots are succeeding in offering boutique workouts such as beer or spin, and the same goes for spaces with narrower product lines such as Botox or organic products.
Automotive repair industry
If you are considering an auto repair or maintenance store for your next small business, you may be on a fast track to success. According to a report by IBIS World, auto maintenance and repair franchises have grown by 3.3% in the last five years, including the an 1.1 billion industry. And many factors are contributing to the growth of this economic industry.
Cars are now better built and have a longer life, which means that instead of buying a new car, people are taking their cars for regular maintenance.
This includes large body and paint services that account for about half of the industry’s market share. Other popular services in the industry include oil and grease, transmission work and mechanical repairs.
Because of the brick-and-mortar nature of these businesses, the initial cost in the auto repair industry may be higher than average, so take the time to understand your financing options before closing your dream automotive business.
Internal care industry
Elderly baby boomers are facing increasing demand for in-house services. In fact, IBIS expects in-house senior care franchises to see 10.5% annual growth between now and 2022. A wide range of needs include everything from traditional nursing (57.3% market share) to physical therapy in the domestic care industry. , Home Hospice, Personal Services and more. With a growing consumer base and low prospects for private health insurance soon disappearing anytime soon, it’s a hot time to become a business owner in this high-demand industry.
Some aspiring business owners shy away from landscaping the seemingly scary landscape of the technology industry, but you don’t have to start the next Google or Microsoft to find your favorite tech business. From social networking sites, e-libraries and phone repair shops, you can use your feature – whether it’s marketing, sales or operations – on a tech-driven gig that thrives in today’s digital world.
۔ Deloitte reports that while there is ample scope for growth in the high-tech sector, expanding companies should pay attention to cyber security as well as regulatory considerations.
Internal cleaning and maintenance industry
Due to the growing generation of elderly and retired adults, there is a lot of services, as well as an increase in disposable income across the country, as well as in-house cleaning. And as long as our economy stays stable, you will be in a good position to own a home cleaning business.
The easiest way to get started is to open a franchise. IBIS reports that franchises in the industry saw 3% annual growth from 2012 to 2017 and, although the industry may become more saturated as well as slower, it is expected to continue to grow.
Travel and lodging industry
Needless to say, everyone (or whatever they know) has thought that a good way to retire is to open the bed and breakfast. And as it turns out, it is! With younger generations looking for more out-of-the-box experiences and older generations spending more on luxury accommodation, consumers are opting for boutique stay experiences.
IBIS reports that this segment of the travel industry has grown by almost five per cent in the last five years and is expected to continue to perform well. Even if the etiquette is not in your future, there is room for growth and innovation in the travel industry in terms of technology, food and fitness.
Sports and recreation industry
Starting a small sports and entertainment business may not be the most lucrative idea, but the industry is growing quietly, and there is room for more players.
Club sports programs are no longer limited to Monday’s football – adults also want to be interested! Whether you’re interested in coaching, educating, renting equipment, or facilitating activities, it is important to have a creative and informative website, no matter how simple it may be, so that generations of tech learners can easily Find your business.
No matter what type of business you start in 2020, there is a lot to choose from among the many growing and demanding industries. Start today by learning how many small business financing you are eligible for. That’s probably more than you think.ا