Updated: Feb 17, 2020
The pace at which the entrepreneurial world is changing at a global level is not an easy thing to predict. With advancements in the digital technology and easy accessibility to smartphones, the business world has galloped leaps and bounds.
It is equally challenging for women not just men to start a SME business or open their own start-up, because of the sheer number of variables that need to be taken care of such as financials, resource management, marketing, digital marketing, sales, logistics, and much more.
However, a positive mindset and a unique idea that sets your business apart, breaking from the herd mentality and providing your customers unmatched value can indeed turn out to be something profitable. What women need to realise is that having a competitive advantage for your business matters, even if it about handling one dimension of your business differently and cost-effectively vis-à-vis your competition.
The businesses in 2020 definitely need to keep up with the changing trends, so that they can even sail through the toughest future. Here are 10 high paying business ideas for women to get started in 2020 –
1. 3D Printing – The design field has grown exponentially in the recent years owing to the importance that is being paid to visuals. With progression into 2020, it is being predicted that 3D design will slowly be seeping into various fields such as architecture, virtual reality, gaming, photography, etc. 3D printers are expected to meet the future demands.
2. Marriage counselling centers – Women counsellors can provide the empathy that is required to save a marriage. With the growing discontent among spouses, this is a business that can turn out to be really profitable if managed well.
3. Veterinary centers – The demand for vet clinics is expected to rise by 36% in 2020 according to a research. People in the modern age love to have pets and care for them. This is a business which is suitable for women who wish to start their small business.
4. Privacy protection firm – Personal data is an asset which every individual wants to protect and does not want it to be misused. The laws are being developed to prevent online theft and data breach due to information leak at the hands of digital organisations. Privacy protection firms can legally help people who are dealing with such issues.
5. Digital and social media management firm – Digital marketing has turn out to be a major differentiator for generating sales. Many companies outsource this work to professionals who look after their websites, SEO, digital content, social media handles, etc.
6. Translating services firm – With globalisation and rise of multi-national companies, the importance of translating confidential documents, contracts, business and IT documents, etc. will increase in 2020. Firms providing quality translation services shall be sought-after.
7. Kids app development firm – The new age school-going kids are glued to smartphones these days. Apps focussing this demographic that provide a kid-friendly content helping them acquire new skills through games, puzzles, visual learning tools, etc. will also be appreciated by parents.
8. Renewable energy development firm – Climate change is a major concern in the world today. Industries are being abided to switch to renewable sources of energy. In 2020, innovative ways of producing renewable energy can turn out to be highly profitable.
9. Technology migration service firm – Compatibility between various technology platforms is a major issue in today’s global business landscape. Firms providing advanced and cost-effective technology migration services will be in huge demand.
10. Eco-friendly products and natural healthcare – Consumer behaviour is shifting to adopting choices that are eco-friendly and using products made of natural ingredients. This can turn out to be a lucrative business for someone who is expert in wellness through nature.