Businesses that (might*) make you rich in 2020
8 min read
09 January 2020
Here are the key industries that are tipped to become popular and profitable this year.
Is your new year’s resolution to become a business investor? If so, why? Are you looking to become the next great angel investor? Or are you simply looking to get the best ROIs where you can?
Whatever your reasons for investing in a business (or businesses) this year, look no further because Real Business has compiled a hotlist of the sectors that are set to rise this coming decade.
1. Non-alcoholic fun
The 2010s gave us ‘sober October’ and ‘dry January’, forcing a nation of wine glugging and beer chugging Brits to put down their glasses and venture into unknown territory – namely involving one’s self in social interactions that don’t end in a hangover.
Despite more and more people welcoming the teetotal lifestyle, activities for those who wish to avoid a pounding headache the day after are quite sparse.
“Cocktails bars” such as Redemption in London are one of the only alcohol-free pubs in the area. Fast-paced work-life culture is not set to slow down in this new decade, but people are searching for new ways to unwind that do not revolve around damaging your liver – and more often than not, your dignity too!
2. Urban farming
This year going green is not just a fad reserved for your “eco-warrior” peers, but an essential requirement for everyone on the planet. Consumers are now prioritising buying pure produce above processed.
Urban farming is an up and coming trend. It’s estimated that 47% of land in London is vegetated green land. However, not all of it is utilised for creating crops for consumption. Business such as Growing Underground in Clapham using hydroponic systems and LED technology, this team is able to produce leafy greens 33 metres below the busy streets of Clapham.
This is a trend that is only set to rise in 2020. So why don’t you get your gloves on and give it a try?
3. Premium pet food
50% of UK households own a pet, with many people viewing their furry companion as a child as opposed to anything else. So it won’t come as a surprise when I tell you that UK pet owners spend 57 billion pounds on their pets each year.
Keen to capitalise on the nation’s love of spoiling their pooch? Then investing in some premium pet food may be the 2020 business venture for you.
Today you no longer need to engage in dodgy dealings to access the benefits of Cannabidiol, (the pharmaceutical term for cannabis!)
CBD is a rapidly growing market and is not just reserved for those who wish to open their third eye or send themselves into a vegetative state while watching cartoons on the sofa. There is a thriving market in the UK that is offering everything from oils to bath bombs. By 2025, it is estimated that the industry will be worth £1 billion pounds.
Do you have a niche topic of interest that you love to ramble on about to anyone who will listen? Then maybe you should start a podcast!.
2019 was the break out year of podcasting. With true crime podcasting taking triumph above any other genre. Many of the top podcasters make their income from brand sponsorships, so perhaps if you are an entrepreneur looking for the best way to promote your product, an advertisement feature on one of the UK’s top podcast may be the best way to go?
6. Smart tech for the elderly
The UK has an ageing population. There are nearly 12 million people aged 65 and above in the UK. And thanks to improvements in healthcare, this is a statistic that’s set to increase.
Devices such as Smart Door Lock can ensure your elderly loved one is secure in their home at night, by controlling their lock via a smartphone. In addition, there are many benefits of utilising tech if you are an elderly person suffering from Alzheimer’s, for example, many apps can help the sufferer locate household items or remind them of the date of crucial events.
7. Modest fashion
You do not have to be tied to a religious group, in order to wish to dress in a conservative manner. With the rise of modest fashion week in Dubai over the past two years, there is a growing commercial market for women who simply wish to show less skin.
Long sleeves and flared jeans are no longer a faux pas, leaving an open market for anyone who wishes to provide some new trends in the modest fashion scene. Globally sales in modest fashion are expected to reach £361 billion by 2023.