The global economy has witnessed tremendous growth of startups in many industries over the past few years. Job seekers no longer run after monotonous corporate jobs. They prefer to work in startups instead, due to benefits such as modern work culture, new technologies, etc. Additionally, plenty of young talent is now stepping into the thrilling world of startups and launching their entrepreneurial ventures. If you too are interested in the same, here are a few hottest industries in which you can launch your own startup in 2020.
- The Ecommerce Industry – The e-commerce industry has witnessed a remarkable growth and is about to become the fastest growing e-commerce market in the world. The driving force behind this growth is the way people have gotten used to buying things with a single click. Today, almost everything is available online – from clothes, books and shoes to electronic gadgets, house help, fashion accessories and even bulk raw materials. Hence, if you are interested to launch a start-up, the e-commerce industry could be a good choice. However, owing to the intense competition, it would be wise to create a niche e-commerce store catering to a specific set of products and customers.
- The Franchise Industry – The franchise industry is one of the best and safest ways to start a business. After all, the products and services of that particular business will already have an established market and you will not need to invest extra time on market testing. Also, the chances of a franchise not doing well are low because the business has already been established on a proven idea. And the best part is that you get all the support that you need from the franchisor itself, so you need not take help and support from others. It is critical that you make the right choice between the thousands of franchise business opportunities. So, select the industry you are interested in and then take it from there. However, you need to research first and find out your strengths and weaknesses, the kind of franchise you can afford to start, the opportunities in your area, etc. For example, if you’re interested in the home improvement sector, you’ll be stunned by the enormous growth that this thriving sector is seeing. The increase of home ownership among millennials is an advantage, since many of them are purchasing more affordable “fixer-uppers” and building their “dream homes” via renovation, which means that home repair franchises are a great option if you’re looking for freedom and flexibility. Once you have the answers, contact the franchisors that you have shortlisted and request them to provide detailed information about their business and franchise proposals. While it may take some legwork and effort initially, once you successfully set up shop, you can break even in a short span of time and earn high profits.
- The Food Industry – The food industry has been one of the best industries for first-time businessmen to begin. The industry is a favourite among investors as food is something that will never go out of demand and as long as you are serving cost-effective and quality food, you cannot go wrong. A huge chunk of the market share today belongs to food commerce startups that have realized that food is almost like a religion. Research shows that the flourishing food industry is estimated to stand around $482 billion by 2020. So, don’t waste any time and get your business plan in place soon.
Before you put your step forward, remember that every industry has its share of potential risks and gains. But owing to the country’s strong growth rate and progress, your start-up can turn into a brilliant success story if the fundamentals are strong. So, make a good choice, plan carefully, and take the right approach to help your start-up soar great heights.