Best Small Business Ideas to Launch in 2020
Small business entrepreneurs find success when they select a business that is in high or growing demand and they deliver services or products that resonate with their target market. This all sounds pretty reasonable, but finding the right market, and products and then delivering them is tricky and requires lots of work.
Some businesses, like opening a bakery, are always in fashion. Bakeries do well when they are in the right neighborhood and have great products. Here are a few cute bakery name ideas for you if you want to go into this business.
The ideas listed below however are for new types of businesses or ones that have been upgraded substantially. To help you get started on the right track, here are several businesses that are trending high in 2020. You might find one of interest.
Senior Care Services
People are ageing all over the world and in the western world societies are all getting much older. In fact, in the US seniors will make up 25% of the population by 2050. There is the need for a range of services to ensure their health and well-being. Because of this, the senior care services industry is one of the fastest growing industries on the planet.
These seniors will need medical services because they will be living longer and they will be able to pay for them because they are making more money. The vast majority of these people will not go to assisted living facilities but will in fact stay at home thanks to advances in at-home care and medical devices to make their lives easier even if they opt to live alone. New advances in medical alerts and even little things like a new hearing aid can make a big difference in quality of life.
With these facts starting a small business that serves senior at home can boom. Whether it is providing home based medical services, online counseling for their health and nutrition needs, in home care for cleaning their homes, or ride services to take them to medical appointments or shopping, if you can build a solid business around these things you have a good chance at success.
Entrepreneurs are able to start a new business in this industry from scratch or purchase a franchise that gives you the base to succeed. You need to be aware however that most of these industries are regulated because seniors are so often taking advantage of. So set your business up properly and legally and you can be successful.
If you are looking for a business that has low maintenance, low running costs, and is very consistent, consider opening a self-storage facility. This business used to be boring and in some ways it still is, but it has been enlivened a bit by a workforce that is constantly on the move in cities everywhere.
Today workers find themselves moving from city to city to chase work. In many cases the places they move are for temporary work so they lease small apartments for a predetermined period of time. In many cases these places are furnished. As a result they often need places to put their existing furniture, so they put it in low cost storage.
These storage facilities are likely different than what you might be thinking. They typically have climate-control, great security, and good lighting. They are also built very secure, and are resistant to damp and dust. They also will likely have someone working there much or all of the day. Costs to purchase or lease the land, put up the storage facilities, and create these types of environment are what your initial and ongoing outlays will be as an entrepreneur. You can do research in the community you wish to build a facility to see if there is a need for this type of business. If there is, you can make good consistent money.
These two businesses represent two great examples of where entrepreneurs should focus their efforts on selecting a business to build in 2020. Each has a great chance at becoming successful and generating revenue for you consistently for decades.