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Top 5 Small Business Opportunities This 2020

With all the challenges we are facing this year, it’s almost unthinkable to some to start a business. However, opportunities are always around; it’s just a matter of finding them and maximizing your resources.

This is a curated list of businesses that provides:

1.A potential to be profitable for the long haul.
2.Be resilient during difficult economic times.
3.Accessibility to the many and not just people with decades of experiences and years of schooling.
4.Little financial capital. These businesses are built on dedication, strategy, and hard work. No cash loans needed.

Most of these opportunities are home-based, allowing individuals to spend time with their families while being financially and professionally fulfilled.

Check out this list of small business ideas and who knows? Maybe you’d get your big start here!

1.Software Engineering and Development

It’s useless to deny that technology runs almost all the other industries. According to the U.S Bureau of Labor Statistics, the demand of software developers just continues to go up.

There are lots of free trainings, certificates, and seminars you can attend to start your career as a software developer. You don’t need a finance degree to start! The very nature of this industry makes it ideal for contract or project-based employment. With enough hard work, you can establish yourself as a solo business.

2. Skilled Trades

It’s undeniable that many look down on skilled trades as a career choice, believing that it doesn’t pay well. However, skilled tradespeople are actually in very high demand and enjoy great benefits.

Instead of drowning in student loans, why not consider a career in skilled trades? With infrastructure booming, there’s a great demand for workers in jobs like: welding, masonry, steelworking, and carpentry, to name a few.

Like the previously mentioned businesses, you can learn these skills through online classes or applying for mentorship under an expert tradesman.

3. Meal Boxes & Delivery

Health and fitness is a thriving industry. However, with most people running busy with work and personal errands, it’s hard to keep a healthy eating habit. That’s where the meal kit service industry comes in.

If you love cooking and have access to healthy ingredients, then you’re already halfway there! Brush up on calorie-counting and packaging. You can do this through online classes. When you’re ready, you can partner up with community delivery drivers to deliver your goods.

4. Self-Storage Units

Never considered making a business out of someone’s neglected items? Well, you’re about to change your mind. With the move to reduce their storefront space, many businesses have turned to self-storage units to hide away or store their items until further use or until they forget about it.

Self-storage units require a climate-controlled environment to avoid damages to materials, lighting, and security. Initial capital for this type of business can be steep in comparison to the other items on this list.

However, there’s no need to take out a large business loan. The capital can easily be financed from rental income. Just make sure to pick a good spot.

5. Home Renovations

No matter how uncertain the economy is, property is always valued high. Thus, following this logic, so are home renovations. If you have a talent in designing and a background in construction, then you can easily turn it into a business.

Home renovation business is usually performed on a contract basis, and it only requires capital to cover the investment for tools and machinery.

To be successful in this business, you have to have a license, up-to-date knowledge about building codes, and hands-on expertise in construction.

Before pursuing any of these businesses, it’s best to remember that these are not quick-rich schemes. It takes hard work, dedication, and a good business plan to succeed. Remember, there are always opportunities around. It’s your job to look for them while you continuously prepare yourself. Prepare and plan well to aid yourself to success.

Based on Materials from The Balances MB
Photo Credits:
StartupStockPhotos /Pixabay
andrewh3340/Pixabay
Fitness
Kitchen/Pixabay
Mattia
Parietti/Pixabay
plangently/Pixabay

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