Best Industries For Starting A Business In 2020

If you have any plans to set up your business this year (2020), then we have got some good news for you. The first thing is, with the drastic advancement in technology and online/social media platforms, there is a plethora of business opportunities for budding entrepreneurs. Also, the cost of setting up your business online has never been so low. Technology has made it possible to start your business with minimal capital yet with maximum reach to your target audience. All you need is a proper business idea, a computer/smartphone, a robust internet connection and that’s it. Sometimes, coming up with an effective business idea can be troublesome even for the most enthusiastic business-minded individuals. Here is where we are going to help you. In the following section of the article, we are going to share the best industries for setting up a business in 2020. Before we get into that, you need to make sure of the following three things.

  • The business should be something that you genuinely like doing.
  • The business should be on something that you are good at and you want to carry on for the long term.
  • The business should be on something that is in demand (which means, people, should want to pay for it).

That being said, let us share some of the best industries where you can set up your business in 2020. 

Online Bookkeeping

Just like any other profession, bookkeeping has gone online as well. It is great news for many bookkeepers and accountants that feel they are confined within the office environment. They will get much more personal freedom and the ability to work during their own hours. With the easy-to-use online bookkeeping tools, it has never been easier to set up or manage the client accounts. It is good for the stay at home parents. 

Business Broker

A business broker is a person that assists buyers and sellers in the buying and selling process of their privately owned business. Thus, he/she must have a sound knowledge of business law and the common practices within the particular industry. The business brokers are rewarded with commissions for the sales that they make. It is a high-value business idea that can be done online with low investment. 

Virtual Call Centre Operator

Unlike the regular call centers, the virtual call centers employ people from different parts of the world that do their job from homes. You can sit in your dorm room and the person who you are talking to can still think that he/she is talking to some who is present in the company. It is a perfect online business idea that is perfect for the stay at home parents and college students. 

Online Transcription Services

While learning about digital marketing and SEO, it will be beneficial if you can also have a sound knowledge of transcription services. The reason why audio transcription services is a lucrative business idea is, major business organizations require professional transcribers. A transcriber is an individual who has the skill and expertise to create an impeccably accurate document from any audio or video. This is extremely beneficial in meetings, seminars, presentations, webinars or any other event where it is imperative to store information for further reference. 

Online transcription services are always on high demand. Major business organizations require human transcription service. Yes, it is true that with the emergence of smartphones, people do opt for video and audio recordings. But most of the times they are inaudible/unclear. Thus, they opt for a professional transcription service provider. Apart from that, transcripted content is beneficial for SEO purposes as well. A lot of business organizations put up the transcripted content in their websites by including some high ranking keywords related to their topic of meetings, seminars or presentations. Thus, it helps in uplifting the search engine ranking of the website of that organization.

Opening An E-Commerce Store

Opening an online e-commerce store is one of the best and most viable ways to make a substantial amount of money. Yes, it is true that the completion is tougher, but you will also have access to a wide range of free tools. With the help of those tools, you will be able to set up everything with very little effort. It is a great business idea for young entrepreneurs that can be established with a low amount online.

Affiliate Marketing 

There are a lot of affiliate marketers that promote products of different other individuals and earn commissions on their sales. Amazon is undoubtedly one of the best and most preferred platforms for affiliate marketing, but there are multiple alternatives as well. Affiliate marketing is combined with blogging for creating a seamless mix of content and promotion. 

Data Analyst Consulting 

With the rise in Big Data, there are a lot of companies that need to deal with heaps of information for adjusting their business strategies. A data analyst has got the proper technical expertise for dealing with this. Often the data analysts have mathematics, finance, and economics as their major in their academic career. The work of a data analyst is so lucrative that those who work for major companies are able to enjoy a lucrative lifestyle. 

Digital Marketing Campaign Manager

There is no shred of doubt that marketing at present has gone digital and it is the job of marketing campaign managers for producing the best results possible. You can start your career as a digital marketing manager by going through online resources. There are online courses and certifications available for those looking to get a thorough concept of digital marketing campaigns. You should have a strong understanding of online advertising, SEO, Landing pages, social media marketing, Call to action, Facebook Advertising, social media promotions and more. Once you know what needs to be done as a digital marketing campaign manager, try cold calling local and international businesses and ask them whether they would be interested in these services.