Deciding on the kind of business you want to start is a very big decision. Some require specialized skills that either the owner or employees will need. Others require a substantial initial capital outlay. In any case, it’s always a good idea to consider the health of the industry you’ll be entering in.
While we are not giving any kind of investment advice in this article, we thought it’d be fun to list the business ideas that will be recession-proof in 2020, many of which were also fast-growing in 2019. They are not in any particular order.
1. Building Services
This group includes businesses that provide services like office and home cleaning, landscaping, and pest control. New demands in cleaning will continue for some time.
2. General Contractors Services
This category includes construction companies that provide drywall, painting, and flooring to finish out a building or house. The need will continue in 2020 as offices, shops, and other businesses remodel to meet social distancing and other safety rules.
3. Software Development
Businesses with skilled developers are in demand as other businesses look to automate more and more of their processes. Workers with skills in artificial intelligence and virtual reality are in very high demand. In 2020, we added a huge demand for video conferencing tools, and other tech tools we need to work from home.
In most places, construction is booming, so there is a demand for general contractors, subcontractors, architects, engineers, and businesses that support construction.
Architects should be busy re-designing spaces, such as offices, restaurants, nursing homes, daycare centers, and jails, to name a few, to keep people safer.
5. Administrative Services
There’s a growing need for businesses that need additional administrative support beyond what employees can provide. Virtual assistants are included in this category as well as staffing companies that provide temporary clerical workers onsite.
6. Professional Services
Fields that are fastest-growing include technology and marketing consultants. An interesting new type of security consultant is one that trains groups on how to deal with violence in the workplace and schools.
Attorneys are busy helping individuals update their estate plans and will likely be busy with divorce filings after COVID-19 has let up some. Accountants have new laws to communicate to their clients, and many small businesses want their books caught up now.
7. Real estate agents
Competitive, yes. But the average home sells twice as fast as it did eight years ago, so the number of transactions have doubled, increasing demand.
Have you recently started a new business in one of these fields? We'd love to hear more!