The Best Business Opportunities in 2020

Photo by Austin Distel on Unsplash

The world of business has always changed quickly but with globalization and the increasing importance of digital technology, things are evolving faster than ever. If you want your business to stay relevant and successful, you need to adapt, quickly.

If you are willing to take risks and pay close attention to changing trends, you and your business will reap major rewards.

Do not waste time passively contemplating what the future might hold for your business; be proactive and jump on opportunities before they pass you by.

To help you succeed, here is a list of promising business ideas to pursue in 2020.

1. Tailor Your Advertising/Marketing Agency Towards Small Businesses

Every business needs advertising to draw new business and continue to grow. Without new clients, sales and profits dry up fast. This is true for the largest corporations right down to the smallest startups.

North Americans, particularly those in the millennial generation, increasingly value their independence. Contract work and internet-based small businesses are on the rise and this trend will continue into 2020. New businesses are springing up daily and they all need to market themselves.

That’s why it’s a good idea to put your own advertising and marketing skills to good use by directing the focus of your agency towards small businesses.

Advertising does not have to be as costly as it once was, meaning it’s within reach for even the tightest budget. Social media has turned the advertising world on its head. Use what you know about digital marketing to create cost-effective advertising campaigns that are specifically tailored to help small business owners reach their target markets.

Do not be like other advertising agencies and only chase major corporate clients. Startups and small businesses have to advertise their products and services, too, and filling this niche is a rewarding opportunity.

2. Specialize in Search Engine Optimization

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In this day and age, every business needs an online presence. No one’s looking in a phone book these days. If a business is not online, potential customers and clients will not find it. But simply having an online presence isn’t enough. Once you have a website, you need to maximize traffic. This is where digital marketing and search engine optimization comes into play.

Whether you are advertising your own business or working on behalf of a client, ranking high in search results is essential. This is done by learning how to analyze, review, and implement changes to your website in a way that makes it easily searchable online.

Learn the skills necessary to maximize traffic to your site. In 2020, optimizing your website for search engines will not only be a good opportunity for your business to grow, but it will also be necessary if you want to stay relevant.

3. Become a Social Media Expert

Social media is one of the most powerful marketing tools at your disposal. Your customers use social media every day and it is necessary to keep them connected to your business.

It is not enough to just create generic social media profiles for your business and then walk away. You need potential customers to engage with your brand. To do this, posting stimulating content that appeals to your target market is key.

Learn everything you can about the various social media platforms and research which types of posts will help your brand connect with new and existing clients.

Younger audiences prefer to connect with brands on social media. To capitalize on this, post relevant content and reply to leads that interact with your content.

A strong social media presence for your business ensures that you benefit from increased exposure and traffic, which leads to improved sales. Social media use is trending upwards; do not take this trend lightly, especially as we approach 2020.

4. Do Not Be Afraid to Outsource Projects

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The concept of outsourcing business is not new, but it is becoming more and more popular. Work environments are changing and the workforce increasingly values independence.

More than ever before, people are beginning to value the ability to work from home or make a living from their own small business.

Outsourcing manufacturing and call center services to developing countries, where operational costs and wage expectations are much lower, is the old approach to outsourcing business.

What you should take into consideration as we approach 2020 is the ability to outsource projects domestically.

Take advantage of the fact that many Americans are now operating in the “gig economy” and trends are continuing that way into the future. Consider delegating projects and tasks to small businesses that might be able to complete a project at a cheaper rate than if you hired a full-time employee to complete it.

Freelance work is an increasingly competitive space which means you can benefit from lower costs and improved options. If you are not considering outsourcing, you are wasting time and money.

5. Focus on Email Marketing

We are now firmly in the digital age. Everyone uses email, and for many people, it is their primary form of communication when conducting business.

Learn how to create effective email marketing campaigns that promote your business. Determine your target audience and launch an email campaign to generate leads for your business.

Email marketing is not as simple as spamming potential clients with nonspecific emails. People are only drawn in if you offer them what they want. Hit them with something that will save them money, make their life easier, or seriously benefit them in another way.

Analyze the effectiveness of your email campaigns so you can repeat what works.

Push existing and past clients to join your email list. Use email lists to inform large groups about new products and promotions.

Do not overlook the effectiveness of a well-devised and captivating email. In the past, we could call clients at home or mail them promotional material but sales calls and direct mailers don’t work anymore. People find these outdated tactics annoying and off-putting. Adapt to the digital age and do not let it pass you by.

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