If you want to open up a new business in 2020, some industries simply offer more promise and potential than others. They’re the ones that investors, entrepreneurs, and philanthropists alike all get excited about, not to mention armchair stockbrokers and sideline historians. These are the industries that show the most promise in terms of new opportunities, innovations, investments and profitability in 2020 and beyond. These are the places you should consider starting your business.
Pet wearables. US citizens spent a record $72.6 billion in 2018 on their pets. People want to be more in-tune with their pets than ever, and as a result, devices that can monitor their health and well-being are on the rise. Case in point: Pretty Litter. Pretty Litter debuted in 2015 as the cat litter that could tell you if your cat was sick by its changing colors when the cat urinates, has sold more than 2 million bags since 2016 at $22 a bag through subscription service alone. It has recently debuted on Amazon.
Consumers will continue to spend on their pets, and as tracking units via GPS devices and the like grow increasingly popular, pet wearables are projected to grow to at least $1.7 billion in 2024. Consumers now more than ever desire to know what’s going on with their pets, both physically and mentally, so pet wearables are a great market to get into on the ground floor.
Space Technology. The private sector for space exploration is seeing a huge growth spurt thanks to decreasing costs of launching rockets and increasing accessibility of sending vehicles. Agency partnerships don’t hurt either: NASA only recently enjoyed teaming up with Elon Musk’s SpaceX to get several astronauts to the International Space Station. By all accounts, it was highly mutually beneficial. As space exploration becomes increasingly privatized, it will become ever more accessible, so any startup within this realm of technology has an excellent shot at long-term growth.
“Healthy” junk food. Loathe to give up our hedonistic ways, yet still wanting to keep their diets healthy, Americans are looking for ways to make junk food more diet-friendly. What this has meant for the food industry is making minimally-processed fruits and vegetables, along with snacks that taste and feel like popular junk foods but are made from “healthier” ingredients, such as kale chips, or potato chips processed with avocado oil.
Want to get in on this trend? Beware that consumers are pretty wise to things that are essentially candy bars labeled as “vegetarian” or “GMO-free” and being passed off as healthy, and they’re pretty sick of them. It’s much better to create healthy and delicious snacks from minimally-processed, inherently tasty fruits and vegetables.
Prevention of gun violence. Schools, businesses,and other organizations are, in an era of mass shootings, investing in tech that prepares them for the last thing in the world they should have to worry about. Because a 2019 poll from the Society of Human Resource Management came back showing that almost half of HR professionals had managed a workplace-violence episode…and half of these folks had it happen within the past calendar year.
This particular niche does have a number of opportunities in creating products, classes and other delivery systems to empower children, teachers, employers, and employees should the unthinkable happen. From bulletproof backpacks to martial arts classes to negotiation training, getting into this industry now is a great way to start a business within an industry that continues to grow and expand.
Clean drinking water. Managing and monitoring the quality of drinking water is essential, as it is our most precious natural resource. Entrepreneurs can take advantage of myriad opportunities within this industry. The water crisis in Flint, MI has raised awareness across the United States about water quality and contamination, and this gives many business owners a place to begin that is as simple as starting to take measurements within their own communities.
Personal care…that is gender-neutral. As gender fluidity and gender neutrality both increase with respect to personal identification, more people are looking for products not necessarily branded as “his” or “hers”. Furthermore, men are increasingly becoming aware of skincare and want to spend more time — and money — on personal care, so personal-care companies are making an increasing number of products gender-neutral so that men don’t have to worry about buying something that is marketed for women.
If you’re going to start a personal-care line, there’s really no better time to do it, since a considerable part of making gender-neutral products involves fragrance. A gender-neutral fragrance is almost always one that is very light, but to go truly neutral, go fragrance-free. It’s one less thing for you to have to worry about, and your customers will give a sigh of relief that their new favorite line doesn’t come with any bothersome scents to worry about.
Third-party logistics. Companies that will take care of your shipping for you are super-hot right now, because of their abilities to crunch logistics and create better efficiencies for your business. Add in the deeply concerning battle over the continuity of the United States Postal Service and the fact that so many large shipping companies are increasingly burdened by huge companies like Amazon, and it’s the perfect storm to begin your own logistics firm.
Which of these industries do you foresee the start of your next company? Which ones did we miss? We’re always interested in hearing from our customers. Contact us today!