These are exciting times for entrepreneurship and if are not already involved it is high time you get involved. There is a chunk for everyone and the prospects of attaining financial freedom are reason enough to become an entrepreneur. Entrepreneurship, however, requires forward thinking – especially nowadays. The perpetual shifts in technological advancements can render your business obsolete in no time if you cannot project into the future. In a few weeks time we shall be stepping into the year 2020. What are you envisaging the next 10 or so years to be like? What businesses do you think will be most suitable these coming years? By ‘suitable’ the insinuation is on relevance, scalability and profitability. To help you get an idea of business ideas for the future, this article delves into 9 of them for your consideration, kindly read on.
1. Vertical Farming
This is the future of crop farming and if you are into that field you might want to consider looking into vertical farming. Vertical farming is still a relatively small global industry but is steadily gaining momentum. Vertical farming is essentially indoor crop farming that can require no soil and only require very small amounts of water. With advantages such as independence from reliance on natural weather and the ability to grow any crops all year round, this is definitely a business idea for the future to take up.
2. Renewable Energy
Building businesses around renewable and clean sources of energy is also a growing trend. With the ever-growing advocacy for eco-friendly activities renewable energy is no doubt gaining traction. We are talking about energy sources as solar, geothermal and wind. Take solar for instance; there are so many countries that enjoy clear and sunny skies virtually daily for most of the year. Due to these factors it is definitely expedient to venture into businesses around renewable energy. This is a business whose relevance will continue increasing in the future.
3. 3D Printing
3D printing started off as a seemingly impossible thing but the strides that have been made so far are remarkable. With 3D printing you can now print a lot of physical objects such hand tools, gadget spare parts amongst many others things. Initially getting a 3D printer seemed a tall order because they were ridiculously expensive. That has now changed and it is now possible to get a 3D printer from around US$3000 going up. The printing material has mainly been plastic-based but indications are that soon the range of printing material will widen. So businesses centred on 3D printing can be a perfect fit if you want to step into the future clad with relevance.
4. Sharing Economy
So to clarify, when we are talking about sharing economy businesses we are referring to businesses like Uber and Lyft. The working principle is creating a platform that mediates between owners of certain goods or services and prospective users of those things. In countries like China, the types of sharing economy businesses have spread to other areas other than mass transportation. So as an enterprising person if you think critically you will note areas in which the sharing economy business model can be applied. This is definitely a business idea for the future which you should consider.
5. Co-Working Spaces
This is business area worth exploring in the coming years because the trend is spiking. Co-working spaces are basically places or facilities which are made available to people needing working space either for work, business or academics amongst others. This is becoming a hit amongst entrepreneurs who now capitalize on co-working spaces to avoid the hassles of renting or leasing offices. Think of an internet café; people go there to access the internet. Co-working spaces provided access to working space and other related services. As a prospective entrepreneur you offer can co-working spaces or think around providing related services such as amenities.
By freelancing we are talking about a wide range of things such as consultancy, independent contracting and the like. People are increasingly realising they can make more money from freelancing rather than being full-time employees at some company. On the other hand more and more companies now prefer to work with freelancers as they are finding it cheaper than hiring full-time employees. So capitalising on these dynamics you can see why this is a space worth venturing into.
7. Equity Financing
This is a profitable business idea for the future. This is borne from the fact that more and more people are choosing to start businesses. This is creating an incessant demand for financing to those starting businesses. This is where angel investors are stepping in by offering equity financing options that are less strenuous than, for instance, venture capital. Equity financing has less demanding conditions for accessing funding but has great returns. So if you have disposable money you can seriously consider this avenue to become an entrepreneur.
8. Internet Of Things (IoT)
This is for the tech-savvy and is a field that is growing astronomically. Basically IoT entails the use of internet connections and relevant software architecture to use or control a wide range of devices, machines or systems that make up our daily lives. For instance, the ability to remote control your home systems (such lighting, locks and so on) is an aspect of IoT. This is a huge domain and is laden with so many business opportunities. This business idea will become more relevant during the coming decade 2020-2030.
9. Digital Marketing Services
Businesses the world over now depend on the internet and social media for their marketing drives. Due to the ever-evolving nature of the internet and social media there will always be emerging trends every time. This presents people with so many ways in which they can start businesses. Possible services to be offered can be in areas like search engine optimization (SEO), content marketing, graphic design, videography, social media influencing – the list is endless.
These are 9 of some of the top business ideas for the future. Especially in continents like Africa, Asia and South America these business ideas can open an avalanche of huge profits for those daring enough to enter the space. You are encouraged to research more on these areas as each of them is quite broad.