A few years back, it was manufacturing and transportation. Recently, it was cryptocurrencies and web services. This 2020, a new range of businesses and market niches are expected to lead the market in growth and profitability. Whether you’re an investor, academic, or entrepreneur, here are four businesses that you should look into as the new year unfolds.
Healthy Snacks
It’s been a few years since healthy snacks became a real niche in the consumer foods industry, and that trend is set to continue this 2020. People are becoming increasingly obsessed about their health and fitness, but not so much about giving up one of life’s guilty pleasures. Healthier alternatives to chips and cookies are popping up everywhere, from online retail sites to local marketplaces. A note to those interested in pursuing this business is that it will require a substantial amount of startup capital to set up the distribution, manufacturing, and product R&D.
Solar Energy Supplies
Renewable energy sources are becoming lower in cost and more accessible to consumers. Gone are the days when solar panels cost a lot of money to install and were restricted only to wealthy households. As consumers realize the need for better eco-friendly and sustainable solutions for their energy consumption, a new void in the market is created. What’s great about getting into this business is the low cost to enter the space and the high potential ROI.
Pet Gear
As more people delay having children in lieu of more time and energy to spend traveling or working on their careers, the number of pet owners is increasing. And like any parent out there, pet owners are willing to spend a pretty penny to make sure their pet/s have a good and comfortable life. Based on keywords searched on Google Trend, the number of potential customers is increasing within this niche.
Vehicle Customization
Today’s generation longs for adventure and freedom and thus the birth of “van life”, a nomadic lifestyle where people live in the vans they travel in. Selling custom vans or opening a business that converts regular vans into a roadworthy vehicle that doubles as a mobile studio apartment can be a lucrative niche to fill.
It’s important to choose a business that isn’t just poised to grow the next couple of years exponentially. You should also look for one that you are an expert in and is passionate about working on.