5 Small Business Doing Great in 2020

This year has brought many challenges to businesses of all kinds. Some industries like restaurants and fitness facilities have seen the worst of it, whereas other industries like delivery services, cleaning supplies and technology and software that supports remote work and distance collaboration are seeing great successes.

Perhaps entrepreneurs are looking for a small business to start in 2020 or ideating on industries to break into for future ventures. While many are concerned with making business decisions during times of uncertainty, others are opening new companies that solve new problems and meet the needs of people today. Understandably, starting a new business can be a costly endeavor that requires start up funds to get it off the ground. Even in 2020, there are small business lending companies that can help with funding to make it easier to get started and start earning a profit.

These are some of the small businesses that have proven profitable in 2020, and this trend will most likely continue into the future. They may wonder what industries have proven the most profitable, here are five that can withstand the ups and downs that this new decade has in store.

1. Software and Engineering

Software has proven big business because of how technology continues to expand and grow at unprecedented levels. People see growth at never-before-seen levels and the demand continues to grow. Not only that, but software engineers receive awesome pay that makes it all worth it. Engineering requires good mathematics and analytical data skills, but they can earn plenty of cash once they get involved in it. Technology has been a growing industry for years now, but with more virtual collaboration and connection needed, software and technology is stepping in to fill the void, and the demand will continue to rise making this the perfect industry to break into.

2. Virtual Reality Businesses

Virtual reality has exploded in recent years, and it will most likely only get bigger with time. It can be used for a number of things, and they even use it for practical things like turning paper plans into 3D plans for construction. Someone looking for a lucrative business will especially find this realm of business profitable. Realtors have found this service very useful in a 2020 era where people can’t physically tour homes or apartments, yet still want to understand the space, look, and feel of the home before making renting or purchasing decisions. Virtual reality allows shoppers to experience the tour without the risk associated with doing it in person.

3. Home Renovations

Real estate has always been a popular business for investors, and people who get involved in this field could see some incredible returns on their investment. Getting into home renovations can bring some of that cash trickling over to entrepreneurs. Home renovations can also be an interesting field because they can watch the changes happen right before their eyes. With more people spending a lot more time at home, renovations have been on the rise. People are redecorating, modernizing their homes, and adding space to make room for expanded family dwellings.

4. IT Support

In the world of technology that society lives in today, IT support has become more important than ever before. People who get involved in this field will help people to understand how to use their technology better. Many It people can work from anywhere in the world and have clients in a completely different place. Especially in today’s world where remote work is the norm, many IT specialists will work from home in other countries. India is a large industry for IT specialists. In cases like this , employers will send money to India to pay IT specialists, and work is done without ever having to be in person to support clients.

Of course, India is not the only place. You can live anywhere in the It industry. Another reason it’s great is how prevalent technology has become in our lives, and so many people aren't that great with technology, and even the people who are good with it, they don't understand how to make good use out of it. IT support can help in a big way to make a huge difference. Many times, the free customer IT support from the manufacturer often doesn't feel like good support because it often fails to even solve the problem.

5. Food Trucks

Another one of the fields where entrepreneurs have had incredible success is food trucks. This type of dine and go model will most likely continue to grow in popularity in the future due to its low start up costs and ease of running the business. Starting up a food truck business, people can park themselves at local events, farmer's markets and the local townsquare to get some added business. The overhead costs are fairly low and new dine-in restrictions need not apply to this model. In major cities like Portland, food truck favorites take the spotlight over traditional dine in options. This model also makes it easy to move locations because it does not have a brick and mortar location to stick to.

New Companies Solve New Needs

Understandably, this year has caused some business to shutter or adapt to new product and service models. We will continue to see this throughout the year, however we will also see new companies, new products and services, and new ways of operating business in response to needs that we have not seen before.
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