5 rising industries to start a company in 2020
In order to understand market trends of rising industries, you need measure changes to society in general. Politics, laws, technological advances, climate change and changes in consumption patterns can all influence the next new product.
This article will outline 5 rising industries that you can grab a slice of, just as they continue their rapid growth into 2020.
Hemp
Hemp is the non-intoxicating variety of cannabis, so there is very little THC – the psychoactive compound. The usefulness for hemp is really beginning to be both utilised and discovered as of late. Hemp can be used for all sorts, such as fuel, ink, paint, body products, whilst the nut aspect of it can be used in food, such as bread and protein powder because of its health benefits. Additionally, the hemp stalk has even more uses, such as clothes, bedding and bio-fuel. With the climate in crisis, now is the right time to start a hemp business in the UK – you will get the benefits of great sustainable quality, a truly topical USP, along with the support of those conscious about the environment.
Digital marketing agency
Influencer agencies are the newest way to advertise. By building relationships with top influencers and understanding their reach, audience and engagements, you can become the middleman between businesses and influencers. When budgeting thousands and potentially millions for a marketing campaign, it’s obvious that turning to a specialised agency and handing over a lot of money makes sense to optimise their return from this marketing budget. The influencer marketing industry grew from $1.7 billion in 2016 to $3 billion in 2017. The trend is continuing, and if you have your finger on the pulse of social media, this is a great time to get in before it’s too late.
Machine learning
If you can utilise Big Data, you’re onto a winner. Not just from an employment perspective, but also an entrepreneurial one. Predictive analytics using AI is very hot right now, and will only continue to grow into more rising industries. Using the data for commercial purposes and developing ways to use data to help businesses achieve their results, whether it be from an operations perspective, financial or simply creating a chatbot. One way this can could niche down is to analyse the likelihood and ETA that invoices will be met for companies by predicting previous customer behaviour. If you can create very accurate prediction models, there’s no reason why you can’t turn this into a very profitable agency/contractor business.
Content creator
With top Twitch streamers estimated to be earning over $1.75 a month without purchasing Twitch viewers, and Instagram influencers making millions, you can’t deny the money that’s being thrown around at content creators. The thing is, it’s not like the top Instagram, Youtube and Twitch influencers and content creator are all incredibly skilled gamers or the most beautiful people on the planet. There has been a rise in startup businesses actually formulating a path to success by merely outsourcing (or employing) those who have the skills necessary to make, for example, a news channel dedicated to explaining Brexit as the process unfolds. There’s no doubt that once the views start coming in, there is serious money to be made.
Climate change
The crisis to our climate is becoming the number one issue for much of the public. With a feeling of being let down by government policy, it’s now up to small businesses to innovate and produce positive changes to the environment. Similar to the hemp example (eco-friendly way of producing clothes), there are infinite opportunities to rehash the same products but with an environmentally-friendly twist, even things as simple as water in a can.
