If you are looking to get into business for the first time, or looking for a side hustle to augment your income or looking for a second or even third business to venture into, look no further.
We share some business ideas for 2020, with every business meeting the criteria of having the potential to make you a millionaire, being in demand and having potential to automate.
Gaming
In statistics released in January 2020 by statista.com, the most downloaded Apple App Store category in November 2019 was gaming at 22.37 per cent. Business apps, the second most downloaded category stood at 10.12 per cent of the 33 categories featured.
According to the website, Google play store app most downloaded category in the fourth quarter was gaming at 13.35 percent, followed by education at 8.95 per cent.
With these statistics in mind, gaming seems to be a good business to venture into.
The easiest route to get into it is as a game developer. If you have a great idea and know how to code, you can run with it and create a gaming app yourself.
Alternatively, if you just have the idea, there are plenty of software developers looking to collaborate with you on app creation.
Fitness tech
With more and more people looking to fit health through diet and exercise into their busy schedules, demand for fitness tech has emerged.
It is no wonder that people are in search of the latest advancements in workout tech in the form of the latest fitness smart watch, earbuds, or trackers— all of which they expect to not only be functional but sleekly designed.
Therapy
Itis no secret that divorce ratesare sky-rocketing the world over.
For instance, according to the American Psychological Association, about 40 to 50 per cent of married couples in the United States divorce. The divorce rate for subsequent marriages is even higher.
In a recent episode of the Diaspora Life Show by Chris Wamalwa, a US-based Kenyan journalist, divorce among Kenyan couples in the US stands at 6 out of 10.
Back in Kenya, a McGill University study, shows that Kenya has the lowest divorce in sub-Sahara at 15 per cent compared to most of its neighbours whose rates exceed 30 per cent, still high when you look at the grand scale of things.
While that is definitely not a good sign for society as a whole, it represents a unique business opportunity.
That’s right; you could be launching your very own marriage counseling and therapy business today.
It is intimated that the demand for marriage counseling professionals is expected to rise by more than 40 per cent in 2020.In order to start this business, you will need to hire mental health professionals, set up a practice, and establish yourself in the industry.
Online teaching
Language teaching has been the go-to way of making money on the side for students and even full-time high-school or university teachers for a long time. Now, with Skype and internet access, you can start up a teaching business from the comfort of your home.
You do not even have to know any foreign language yourself – there are many advanced learners who are happy to just practice their conversation skills.
If you are proficient in the said foreign language, you can sell your expertise as video content on YouTube, or create your own website and charge your students on an hourly basis for lessons.
Feeling a bit more inspired? Look into creating your own online courses. Popular platforms like Coursera, has more than 15 million users, hungry for knowledge.
Keep in mind that no topic is off limits. If you have a skill that you think people might be interested in, there is nothing stopping you from giving it a go. All it takes is a web camera, capture software, and basic editing skills.
Catering
When I say catering, I do not mean full blown 500 guests wedding catering. These days, catering is about finding your niche market.
With people having all sorts of preferences and allergies, you could make some good money specializing in any type of food you like, any type of clients, and any type of venues.
Currently, the vegan community is having its time in the sun.
Over the half-century, vegans have been the minority of another minority – vegetarians. In 2015 only 0.4 per cent were vegan. Things have changed fast since, and according to The Economist, a quick Google search for veganism shows an increase of 550 per cent over the last five years. Perhaps you would like to cater to this group.
Or you want to cater to the gluten free community or organic catering.
Whatever you choose, you may want to learn how to use social media and blogging to reach your target audience, increase awareness of your business and grow revenue.
Beauty
The quest for eternal youth is as old as the hills.Every year presents new technology and products to get rid of wrinkles, look younger, you name it.
It is why the global beauty industry is currently worth over $532 billion, according to Reuters, and is expected to grow at a compound annual growth rate of 7.14 per cent from 2018 to 2023 to an estimated market value of almost $805 billion by 2023.
It would therefore be in your best interest to give us unique products to prolong our good looks and keep health problems at bay. Take for example Lucy King’ori, CEO of Bu.ke products who formulated the first range of purple tea infused hair products. Purple tea is exclusively grown in Kenya and has numerous benefits to skin and hair.
According to CNN Business, awareness about the importance of skincare has seen a rising number of men purchasing skincare products. Sales from male skincare products increased by 5 per cent in the first quarter of 2019 and facts on the beauty industry in the USA shows that revenue reached $1.4 billion. Men skincare is a sector you may want to look into.
With so many businesses to choose from, ensure that whatever you get into is something you like doing, that you are good at, or a combination of both in order to increase your chances of success.
Happy exploring!