This year might be the right time to start our own business. However, most people are still stuck with the planning stage and having issues with sticking with their own plans. Let’s take a look at the top businesses entrepreneur can take this 2020.
Many financial advisors always advocate the importance of running our own business, regardless of how big or small our starting capital. With that said, many tried their luck in various industries but failed to achieve their financial goals. Minding that trend, we listed down some of the best industries we can put our investment money.
What to Keep in Mind
- Our business needs enough potential to be profitable not only in the current market but in many years to come.
- Stable enough to stand on its own, especially during financial spikes.
- Running a business doesn’t mean we have to get ourselves a master’s degree or got tons of experience in the field that we wanted to venture into. Enough training, knowledge, certification, and drive to be successful should be enough.
- It isn’t necessary to have significant capital investments in our start-up business.
- All of these businesses can’t grant us millions of dollars from the get-go so we should manage our expectations.
Fulfillment by Amazon program is directed towards people who wanted to earn money with their listing in the most significant online retail platform in the globe. We don’t have to put considerable investment money in establishing teams for storage, logistics, and customer service, Amazon does it for us. We need to fill in the orders that we get and pay the right monthly storage fees and we should be all set.
We, the sellers, are responsible for preparing our products and hand them over to an Amazon Fulfillment Center. Once our items were sold, we should get our returns of investment on a weekly basis.
It is a great way to start our financial success, it may not happen right away, but at least we are on the right track already.
In our current day and age, we often see a huge decline in occupations that require special skills. However, Skilled trades is one of the biggest players for getting well-paid jobs and a stable career platform.
Workers in the fields of construction such as welding services, general carpentry, plumbing services, and even steel working are expected to gain huge demands in the coming years. It will also rise in value thanks to the idea that we can work and run our business with just our skills and people will pay for our expertise.
Also, the starting capital for these kinds of investments is a little bit on the low side compared to others which is a huge plus considering the possible return that we could get.
SOFTWARE DEVELOPMENT AND ENGINEERING
Experts agree that technology will be a vital mover along with the rise of the internet. With that in mind, we should always put some of our investment money in new industries that will become one of the mainstream markets in the coming years and this is where software developers and engineers will come into play.
Regardless of whether it is for mobile devices or big mainframes for multi-million dollar companies, there is no doubt that people will always chase this kind of service. With that said, this might be the right time to establish a solid foundation in learning the craft and launch our own business in this sector.
HOME IMPROVEMENTS AND RENOVATIONS
There are things in life that are hard to find and many can argue that people dealing with roof repair and other home renovation contractors are one of them – well, at least the good ones. Throughout the years, the home renovations and improvement sector have been one of the most well-performing industries in any given era and why not use this to our advantage and make a living out of it.
HomeAdvisor conducted a study in 2018 that a homeowner spends around $7,560 annually on home improvement and renovations. Most of them got the funds from their home renovation loans, while others pay their cash out of their pocket.
This means that people with knowledge in the craft can utilize their skills and establish their own home renovation firm. They can work together with carpenters, electricians, painters, drywallers, and even people that offer plumbing services as their partners or they can also act as a source of referrals in case someone is looking for the services you offer.
There are some business investments that we can work on this 2020 and we hope you got a lot of information about the next business venture that you will take. All you need to have is a little bit of luck, an extra load of effort, and a whole bunch of education towards the sector that you are eyeing on and that will be our exact recipe for our financial success.