The frequency of change in the business world is faster than ever these days; all thanks to globalization and digital technology. Any change in the demand and supply affects different segments of the market including the B2B industry. The attributes of the most successful businesspersons are those who do not follow the herd but make decisions post anticipation of future business trends. One way to aim the fields that are in trend is to stay away from those that are not. Below are some of the business ideas that will be trending in the foreseeable future:
In the current economic situation, businesses are looking for ways to cut cost and streamline company operations. The trending way to achieve this is by outsourcing to freelancers what used to be in-house functions- human resource, IT, and accounting among others. If you can open an outsourcing agency in the area of specialization, you are in for huge profit potential.
( Also Read: The Economic Slowdown in India & its Impact on B2B)
In this competitive scenario, everybody is active social media- be it consumers or businesses. Businesses are required to use these platforms to reach out to prospects in an effective way. This has led to the demand of social media consultants, who can advise on how to promote & market their offerings, and engage with consumers. So, if you are expert in social media strategy planning, you can try your hands on in this business.
It is common knowledge that electric vehicles are already in the market. Many have built and thousands of charging stations are to be built in order to serve the vehicle charging demands of the consumers. In India, there is a project about converting 500 kilometers of the expressway into electric corridors with brilliant facilities for charging electric vehicles. The idea is to offer effective fueling options so that people do not hesitate to buy electric vehicles. In general, cars take hours to charge, so charging stations are needed to install where they are parked. So, understand the market potential and invest in this arena to grow impeccably.
The era of big data is just getting started, with many businesses to tap vast new databases to collect more information about their customers, competitors, and even themselves. The challenge is not just crunching a large amount of data; it is about making sense of it, and gaining insights that can be translated into a business edge. Market and market research are two growing fields where the use of data is unmeasurable. With the right gadgets and know-how, one can grow exponentially in this time bomb business.
As a small enterprise, space and infrastructure can eat up costs. Real estate does not come cheap and businesses must grow, however, if you are falling short on funds then you will struggle far more. This is the reason remote work has appealed to many small enterprises working 9 to 5 has no longer a norm. There are numerous apps and software options in the market to make it easy to video conference, send team messages, fill-out forms, or checklists and so on. This will reduce the commutation and traveling time and amplify the working time period. The rise of telecommunication has been useful in subsidizing the need for employees to hit the road. Understanding your business requirements and making plans to implement remote work strategy to grow your business to the new heights of success.
Colleges keep getting more competitive and parents want to give their children every possible edge- even in preschool. In addition to this, the no child left behind act according to which, schools are required to provide tutoring services if their programs do not meet the performance standards for two consecutive years. The education and tutoring have solid potential as the data shared by an educational market research and consulting firm states that the market for products and services, including supplemental content, test-preparation services for kids in kindergarten through 12 grade has witnessed considerable growth. Online tutoring is one of the hottest areas, especially with high-school and middle-school students. Selling tutoring services to schools is in trend but make sure that you are prepared to meet all the local, regional, and state school requirements to flourish in this arena.
( Also Read: How To Start A Business In India: A Step-By-Step Guide)
These were a few future business 2020 opportunities, one can also invest in water trading, provide home care to the elderly, translating services, web designing and many more options are available that require an evaluation prior to investment. Someone has well said, its not an idea, its about the execution. A great entrepreneur can turn even a mediocre idea into success; all that is required is a USP and great customer service. With the right strategy, you can achieve and even exceed your expected goals.