Do you want to start a profitable startup and looking for new business ideas for the future businesses that will boom in 2020? If yes, here are 10 best future business ideas 2020 you may like to read.
Every year, entrepreneurs start millions of small businesses around the world. But do you know that 8 out of every 10 small businesses get failed and shut downs? There might be several reasons behind the startup failures such as shortage of funds or having no competitive advantages.
But the thing is we often ignore the latest trends while starting a business. We do not develop any futuristic approach and that’s why we get failed and become serial entrepreneurs.
If you really want to start a sustainable and profitable business in the future, you will have to explore the current and future business trends for next 10 years. You will have to analyze the problems of the people; they are facing right now or will face in future. You will have to come up with the unique and affordable solutions that will solve the problems of the people.
Developing a futuristic approach is not a rocket science. All you need is check out the latest business trends and keep your eyes on declining industries as well as on the fastest growing occupations. You will get a clear idea.
Top 10 Future Business Ideas For Entrepreneurs
In the beginning of 2016, World Economic Forum published a report, in which they have highlighted some key socio-economics, demographics and technological drivers and trends that will change the nature of the future businesses.
To help you succeed, here is the list of best future business ideas 2020 you can pursue with little too high investment.
1. Outsourcing Business
According to the WEF report, working environments will be changed in future. The outsourcing business will boom in 2020.
Forbes revealed that 50% Americans are working independently or making money from their own small businesses. The same trends can be seen in Australia, Canada, and the UK. But the worst thing is that if they hire native employees, they cannot make good profits due to the high operating expenses. In order to reduce their startup expenses and maximize profits, the businesses are outsourcing their projects to the people of developing countries, where operational and manufacturing costs are relatively low. China and India are good examples for us.
At the same time, people from developing countries especially from Pakistan, India, China and Philippines, are making good money from a freelance business. These people are offering their virtual services online and growing their businesses day by day. For instance: Companies often outsource their call center services to developing countries especially in India. Today, India is supposed to be a hub of call center industry. It means that freelancing is also becoming one of the best future business ideas in India.
Either you start an outsourcing business or freelance business, experts say that this is one of the best future business ideas you can pursue with no to little investment. The basic things you will need to start a business are an internet connection and specific skills.
2. Future Business Ideas For Internet of Things (IOT) Industry
Internet of Things means every object which is being used by humans, have internet connectivity in order to send and receive data.
Mckinsey Global Institute has estimated that this industry has a potential to generate $4 Trillion to $11 Trillion in value worldwide by 2025. Believe it or not, it is one of the best future internet business ideas for upcoming years.
From last few years, we have seen a rapid advancement in the technological sector, especially in smartphone side. For instance, if you want to go to the office, use UBER or Lyft (a taxi service) to get an instant ride. If you want to check the upcoming weather conditions, then there are some mobile applications through which you can check the weather conditions and take appropriate measures. Some other examples are wearable fitness devices and smart thermostats apps. In short, people are using latest tech gadgets for their own convenience and comfort.
If you are a developer or a programmer, think about the future invention ideas and make new smartphone applications that will help the people in their routine lives.
3. 3D Printing Future Business Ideas
3D printing business is becoming one of the most profitable new business ideas nowadays. From last few years, it is getting famous in all around the world because it has revolutionized the prototype manufacturing business.
Due to its popularity, the demand for 3D printers is on the horizons. Look at the following picture. You can get an idea about how much 3D printer sales has been seen in last year.
Initially, the 3D printers were highly expensive and not affordable for several entrepreneurs. As the time passed, the prices gradually get decreased but still these printers are not affordable for many people.
In the list of top 10 new business ideas 2017, starting a 3D printing business will be a profitable future business idea. So, if you want to start your own 3D printing business, there are several 3D printing business ideas and opportunities you can avail with little too high investment.
Currently, the prices of 3D printers start from $2000 to $15000. The prices basically depend upon the specifications and features of the 3D printers. If you want to purchase a 3D printer with good features then the price will be high.
All you need is to purchase this equipment, set up a shop and start advertising your business to get high-paying clients.
4. Rise of Co-Working Spaces
The trends of future offices are going to change. Due to the high rental expenses, it is difficult for small businesses to afford a separate office. Today, people love to work in co-working spaces. It will not only help them to reduce their rental expenses but also help them to share expertise and skills with each other.
If you have a free space, then starting a Co-Working Space business will be a new business idea 2017 you can start with low investment.
5. Future Business Ideas For Real Estate Sector
Due to the high rapid urbanization, every year hundreds of thousands of people migrate to cities. There are several reasons behind migration such as to find jobs or to improve their living standards. Due to this trend, the need for affordable houses will rise.
In fact, it is a great opportunity for the real estate industry, brokers and construction companies to offer their services to people and make commissions. Starting a real estate agency will be a lucrative business idea for the future. If you want to start this business, you should have a relevant experience and governmental license to operate in your area.
6. Consumer Goods and Services Business
Experts say that middle-class population will rise up to 3 billion by 2030. The countries where the middle class population is increasing day by day are known as emerging markets.
With the rapid expansion of middle class, the consumption of goods and services has been raised. It is a good opportunity for those who want to start a goods and services business. There are several new business ideas you can transform into a real startup such as starting a chain Store, import and export of goods at small scale and much more.
7. Healthcare Industry
According to Fortune, the healthcare industry will also grow in future. Preventive medicines will increase rapidly, while the general healthcare practices will be replaced by the personal healthcare practices.
On the other hand, the Labor department of United States revealed that 10 out of every 20 fastest growing occupations are related to the healthcare sector. This sector will generate more than 3 million jobs by the end of 2018. These trends are due to the rapid expansion of population. In fact, these trends will impact on the future healthcare industry. If you want to jump into this industry, you will surely enjoy a high return on your investment.
8. Starting a Consultancy Business
In the list of top 10 new business ideas, consultancy business is a good opportunity for professionals and experts in the future. In upcoming years, consultancy business will boom because of several factors. Some are positive while some are negative such as increasing unemployment issues worldwide, high inflationary rates or rise of entrepreneurial trends. You can help people in order to resolve their problems. You can start different kinds of consultancy business such as
- Educational Consultant Agency
- Recruitment Firm
- Career Consultancy firm
- Customer Consultancy etc.
9. Collaborative Economy Business
It is predicted that businesses which are based on collaborative economy models will enjoy immense success in the next few years. Some good examples are Airbnb, UBER, and LYFT. These types of businesses not only help the final customers but also assist the service providers and ultimately they make commissions.
This type of business needs good business planning and investment.
10. Renewable Clean Energy Supplies
No doubt, the world has advanced ever than before. But still, we are facing lots of issues right now. In all of them, energy is a big problem in many countries, especially for emerging markets. To generate energy, some Asian countries are still relying on traditional sources of energies such as hydro, nuclear and coal power plants. Energy generation from these sources are supposed to be hazardous to our environment (Experts say).
But on the other hand, scientists are emphasizing on the renewable energy sources through which environment can be saved. It is a great opportunity for those who want to start a business at medium scale. There are numbers of green business ideas you can think about. Select the right startup idea that requires minimal investment and experience and start your business today.
Are You Ready For Fourth Industrial Revolution?
According to many experts, the world is moving toward the fourth industrial revolution (industry 4.0). The fourth revolution will be composed of biological, digital and physical spheres. In easy words, it will be cyber-physical systems.
Large multinational companies are investing a huge amount in Nano Technology, Bio Technology, Genetics, Al and machine learning, internet of things and 3D printing. There are investing because they know they can avail good opportunities in the future.
Lastly, it is hard for anyone to predict the future business ideas and trends. But if you analyze the previously available data and current trends, you can easily imagine the future trends and develop the new business ideas for the future accordingly. Best of Luck!