2020 is here and there is no better time for you to start your own business. The looming threat of a global recession, partly fueled by the US-China tariff war, is no longer a factor, as both countries have come to the negotiating table to sign new trade deals and agreements.
People are spending more, buying more, and there is a marked increase in optimism everywhere. So, if you have been planning to start a business of your own, this is the right time to get started. Given here are 13 excellent startup business ideas that can be extremely profitable for you in the long term.
Coworking space
Not every freelancer or entrepreneur can afford their own home office, especially in major cities where the cost of buying and renting office space can be astronomical. With this being the case, setting up a coworking space that freelancers and solopreneurs can work out of can be an extremely profitable idea.
Smart fitness tech
More and more people are getting fitness conscious these days, but many of them struggle to monitor their health and activity in the midst of their insanely busy work schedules. So, smart, wearable fitness technology and apps that can help people keep track of their everyday diet and activity are guaranteed to sell like hotcakes in the coming days.
Drones
Drones are used for a variety of different purposes these days – search and rescue operations, surveillance and security, photography, agriculture, land surveying, and many more. As drones get more and more capable and sophisticated, they are likely to be used in many different industries in the coming days. In fact, a study conducted by Goldman Sachs says that the drone industry will be worth well over $100 billion by 2021. So, if you can build smart drones or learn how to repair them, you can certainly expect to make a lot of money.
Electric car charging stations
Several countries around the world are planning to transition from fossil fuel powered vehicles to hybrid and electric vehicles in an effort to curb their emission levels to the extent possible and do their part in the fight against climate change. With so many cars expected to hit our roads in the coming days, starting an electric car charging station business seems like a smart idea, doesn’t it?
Smart tech for the elderly
America is growing old, which means any business that caters to the specific needs of the elderly has a very good shot at succeeding in the coming days. If you can afford to, you can set up care facilities for the elderly and the disabled. If, on the other hand, you are a techie, you can develop smart tech and mobility assistance devices that can help the elderly and the disabled lead a relatively normal life.
Eco-friendly beauty products
The beauty industry is heavily reliant on plastic and a number of other substances that are not environment friendly. So, you can try developing eco-friendly beauty products which are free of harmful chemicals, refillable skin and hair care products, and beauty products made of organic wastes to cater to the skin care needs of customers who are environmentally conscious.
Data analysis
This is undoubtedly the age of big data. Data, as they say, is the oil of this century. Governments, public enterprises, and private businesses all over the world are collecting data at an unprecedented level. To be able to analyze vast quantities of data, find patterns, and make predictions is a skill which is in high demand these days. The demand will grow bigger, as technology makes it easier to collate, store, and use large volumes of data. So, starting a data analytics and consulting firm that caters to the needs of private businesses is a great way to take advantage of the big data revolution that is sweeping the whole world.
Data security
With big data comes big responsibility. Every organization worth its salt is collecting, storing, and using data in its own way for a variety of different purposes. With this being the case, the risk of data breaches and data theft is at an all-time high. So, if you can develop a reliable data security solution that can lower the risk of data breaches and theft, it might be worth its weight in gold!
Healthy fast food
People all over the world are becoming more health conscious and reducing their consumption of junk food. At the same time, not many people can go a whole day – or even a few hours for that matter – without snacking. So, providing a healthy, low-calorie alternative to cheap junk food can be an excellent way to cater to the gastronomical needs of the customers.
Pet food
More and more people – especially those in the first world – are becoming more conscious of what they feed their pets. Selling premium pet food which is free of cheap and harmful ingredients can be a great way to cater to the needs of these pet owners. In addition to that, you can also set up a pet grooming business to offer more value to your customers and make more money in the process.
Mobile laundry service
As long as people wear clothes, the need for a good, reliable laundry service will always be there. So, you can become a mobile laundry service provider, pick up clothes right at people’s doorstep, and return them washed and neatly pressed at a reasonable cost. Laundry is a $40 billion industry in the US, so there is definitely money to be made here!
Marriage counseling
In a country with a skyrocketing divorce rate, marriage counseling can certainly be an extremely profitable business. If you have a background in clinical psychology or other such fields, you can become a counseling professional yourself and set up your practice.
3D printing
This is undoubtedly one of the hottest industries today. You can use a custom-made 3D printer to print a wide range of items – from children’s toys to jewelry, artwork, firearms, and many more. You can use your 3D printer for modeling and mapping purposes and to customize existing items according to the preferences of the customers.
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