You need to make numerous key decisions when starting a small business. One of the first is simply to decide what industry you want to work in. Your business will be more likely to thrive in the long run if you choose a dynamic industry with substantial room for growth.
The following are a few options worth considering. These industries are growing fast, and show no signs of slowing down in 2020.
Small business owners often lack access to substantial capital. Maybe you can relate. You might have a dream of opening your own restaurant, but you might not be able to justify the cost of doing so.
Consider starting a food truck instead. Food trucks cost far less than traditional restaurants, limiting your risk. Perhaps more importantly, a report by the U.S. Chamber of Commerce Foundation indicates that the food truck industry has grown steadily over the past decade. Start a food truck now to realize your goals in a fast-growing field.
You don’t need major resources or capital to get started as a personal trainer. All you need is a relevant certification, a website, and the ability to help people achieve their fitness goals.
There has long been a market for consumers interested in getting in shape. However, personal training is becoming more and more popular. This is likely the result of an overall increase in the demand for personalized service.
Thanks to recent tech innovations such as artificial intelligence, businesses across numerous industries have begun personalizing their services to a greater degree than ever before. As a result, consumers have begun to expect and prefer services that are tailored to their specific needs. Personal training certainly fits that criteria.
eCommerce is another industry that has grown steadily over the course of this decade. Although brick-and-mortar shops still dominate the retail industry, statistics clearly show people are shopping online more often with each passing year.
Starting out in eCommerce is also an ideal way for many small business entrepreneurs to begin their retail businesses. A website is simply less expensive than a shop. Although your business will ideally succeed, profits may be low in your first year or so. Reducing costs during this initial stage of business is therefore an important goal. If your business does thrive, you can eventually establish brick-and-mortar shops along with your website.
Keep these options in mind if you’re considering starting your own small business this year. Although you still have to strategize properly to succeed as a business owner, working in a growing industry will help in major ways.