6 Emerging Industries to Invest in 2020 for Entrepreneurs Seeking High Profitability
When you ask many people of their reasons for going into business, some of them will tell you because they want to be “boss ladies and boss men”. This is a fact that cannot be disputed. However, many prospective “boss ladies and boss men” do not know how to start their business. Many do not know what industries would be benefiting to them. While some do not know how to start investing into their chosen industry.
Since one of the aims of being a business owner is to solve problems, it is then crucial that prospective entrepreneurs should, while considering a business, endeavor to invest in industries that would solve problems. In this article, you will learn about some of the emerging industries to start investing as an entrepreneur.
- Food and Restaurants industry: with so many people spending much time at work due to high job demands, there is little or no time for individuals and families to prepare meals for themselves; this is why many people have resolved to eating out at restaurants. As a prospective entrepreneur, starting a restaurant business will set you ahead. You could set up a restaurant that allows people to come in and eat, and if you think the cost of running a restaurant might be expensive, or you feel you don’t have the capital to start a restaurant, you could employ other means like delivery. By doing “home delivery”, you don’t have to bother about restaurants cost, all you have to do is cook from your house (or your preferred location) and deliver to people in their respective locations. Many big industries like banks are targets for delivery because they have little or no time to spare to eat outside.
- General retail: this is one of the sectors entrepreneurs underestimate, but the truth is, if you are strategic, you will make waves in general retail. With general retail, you could decide to sell in brick and mortar shops or decide to sell online. Whichever way, you can be successful. In general retails, all commodities that necessitate human living ranging from cigar to biscuits and so on are available, thus making it easier for consumers to find you and make purchase. The key to finding success in general retail is to understand how people find your products. For instance, if you are involved in clothing apparels, consumers might want to satisfy their curiosity by having a physical contact with your products. But it all depends on you to see to it that you get to your customers through the right channel.
- Health and fitness industry: you might want to take this into consideration, with the arising needs for people to be healthy. The current trend is “being healthy”. Medical practitioners advise and encourage people to stay healthy and exercise always. Many people are adhering to this which is why you could build a career in this path. Gyms are places for people to get exercised and get their bodies fit; building a gym house would be beneficial to you. In recent times, entrepreneurs have devised new strategies to drive sales to their gym house by making sure the gym house consists of a spa among other things. And if you are not a fitness freak, you could open a patent retail store where drugs and medications are sold. It will fetch you cool cash.
4. Automobile repair industry: cars are now being built every day to meet consumers tastes, they are more equipped, more expensive and long lasting, and this has made many resolved to mandatory repair whenever they suspect a malfunctioning as against earlier years when some would change the car and purchase another one which would still function like it’s predecessor and the one before it. According to an IBIS World report, auto maintenance and repair franchises have grown 3.3 percent over the last five years, comprising an $8.1 billion industry. There is now less demand for the purchase of new cars and higher demand in repair of used cars( this does not mean that there is less production of cars, people are of course still buying new cars, but the old ones are no longer neglected to spoil, they are repaired). So, if you are considering the automobile field, then it is evident you are doing yourself a big favor. Other segments of the automobile include oil and lubrication, mechanical work etc. However, to invest in this kind of industry, you must be sure to have enough capital due to the cost of acquiring workspace.
5. Technology industry: throw up a knife a hundred times, it will still land with either of its flat sides. The role of technology today cannot be underestimated, even in the world’s economy. Just like technology could accelerate growth and development, likewise, it could accelerate your business(even when you have not invested in it), and when you invest in it, just imagine how much you’ll be contributing. There is a daily rise in the need for technology, with over 3.5billion smart phone users in the world, companies are beginning to feel they need to do more in improving the growth of their business. The fact about technological investment is that you don’t really have to start with Google before investing. There are several social networking sites, and e-libraries you can apply your specialty- it could be marketing, sales or IT.
6. Travel and lodging Industry: otherwise known as hospitality industries is one sector you could invest in. With the younger generation always wanting to experience new things and the older folks wanting to spend their money on luxurious holidays, you can just conclude that it is a positive sales for hotel owners. If you never dreamed of owning an hotel or something related to it, you might have to change that thinking.
There are so many growing in-demand industries to choose from when it comes to investment, it all depends on you.
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