The best businesses to start are those that are low cost, high profit, low competitive or trend. You may also want to look for a business that performs well during or after COVID-19 restrictions.
To compile this list, we reviewed market research conducted by companies such as IBIS World, Statista, the Bureau of Labor Statistics (BLS), and Grand View Research. We have been looking for companies to grow and we look forward to growing even more in the coming years.
Here are 10 of the best businesses to start in 2020:
1. Home health care
A home healthcare company is when an authorized caregiver or healthcare professional provides services to a patient's home. Prior to the coronavirus, market research companies predicted 7.8 million job openings by 2026 in the home healthcare industry, largely due to the rapid growth of boomers in children in need of care. Due to the projected growth, it is one of the least risky industries to start a business.
Because of COVID-19, home health workers have an even greater demand for caring for seniors who are in shelters. Moreover, many seniors are reluctant to be transferred to nursing homes due to high levels of coronavirus infection.
Home health professionals provide medical assistance that includes food preparation, transportation, dressing, and cleaning service. Healthcare based on health care (which requires a license) provides health services similar to those in a nursing home or hospital.
In general, home health care is an attractive business because it is relatively qualified and requires minimal training. You can grow your business with low risk by building your customer base to the point where you can no longer take patients. Then, hire additional health care to continue growing the patient.
2. Lawn and gardening service
Landscapes and other "green" businesses related to tree care and outdoor services have recovered relatively quickly after the blockades and some were not closed in certain states. Dance companies can be something to keep in mind when choosing a business.
A landscaping business is at the top of this list because they are constantly in demand, have relatively low costs and are easy to start. Once you have paid in full for your computer, it can be profitable. The landscaping industry often has poor service companies, which gives you an opportunity to call and potentially sign up unsatisfied clients.
A simple hack to find out which neighborhoods are ripe to offer landscaping opportunities is to go to Google Opinions and Yelp to see which companies have low ratings (between 1 and 2 stars). Investigate which neighborhoods are served by those badly rated businesses and distribute flyers in those neighborhoods. Make sure you create a quality landscape for first-time customers and build a strong customer base quickly.
3. Commercial cleaning
We have seen anecdotal evidence that commercial cleaning companies are in demand during COVID-19 and one of the best businesses to start in 2020. And it makes sense. Companies want their customers to be safe by deeply cleaning the interior of the building frequently.
4. Solar energy installation
Revenues from U.S. solar installation companies increased 39 percent from 2018 to 2019. What drives much of this increase is both an improvement in technology and an increase in government subsidies.
In addition, people have a desire to improve the environment. They are willing to pay the first cost of the solar installation for a long-term saving on their electricity bill. You can have a homeowner from $ 14,000 to over $ 50,000 to have solar energy installed in your home.
5. Medical marijuana services
The medical marijuana industry has two of the fastest growing businesses between 2018 and 2019, both in growth and retail. Marijuana-based businesses grew 30% and marijuana retail stores 27%. As more states legalize medical and recreational marijuana and allow agriculture in the state, the industry will continue to grow.
It is a challenge to start a marijuana business because it is highly regulated and taxable. For example, in many cities, a store should be 1,000 meters away from churches, schools, and residential areas. In addition, you will need to obtain a state license before starting a marijuana business. States may also pay a special or sales tax. Colorado, for example, collects a 15% excise tax, which is a business tax.
6. Local food kit and food delivery
Food bag delivery is one of the fastest growing industries from 2019 to 2020, with revenue growth of 22.8%. COVID-19 has touched the catering industry. As a result, you can expect the food bag industry to grow as people decide to eat more.
Instead of trying to get national food giants like Old Greeting and Blue Gaitan, consider setting up a local food distribution. People like the support of local farms. A single selling point is to ensure that meat and vegetables are grown locally.
7. Subscription box service
Similar to local food delivery, subscription cash services have also grown. For example, KiwiCo saw an increase in subscriptions to the monthly box of STEM-related activities for children.
It can be difficult to set up a subscription box service because you will need capital to start your business. However, you can run a human resources fundraising campaign on a website like Kickstarter to assess your interest in your idea and to raise funds to start your business.
8. Custom face masks
The demand for facial masks has increased a lot. In April 2020, Etsy sold hundreds of thousands of face masks through 10,000 different online stores. Amazing. As more cities, states, and businesses require customers to wear a mask before entering the store, demand for face masks will continue to grow.
9. Trade-related companies
Examples of commercial jobs that can become companies are electrician, machinist, pipe liner, welder and air conditioning technician (air conditioning and refrigeration). Some sources predict that 31 million skilled workers will be left vacant in 2020. A major challenge in filling these jobs is finding skilled workers. There is a great opportunity to start a business that not only serves customers well, but also trains future skilled workers.
10. Trade website design
U.S. commercial sales are expected to grow steadily over the next few years. It combines projected growth with the way the coronavirus has changed the buying habits of millions of Americans and e-commerce sales will only accelerate.
Content created and supplied by: Olujire (via Opera News )