THREE ISLAND INDUSTRIES THAT ARE THRIVING IN 2020

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In 2020, the way we do business is changing. The world around us is becoming increasingly reliant on technology, and this is spilling over into every area of our personal and professional lives.

This is no different on the Isle of Wight to elsewhere. Day-to-day, we rely on our smartphones and other tech to a significant degree. When we wish to go shopping, we place an order online. When we want to track our daily step count, we use an app on our mobile. No matter how mundane the task, modern technology makes it easier and more efficient.

This has, of course, had a knock-on effect on businesses, with certain industries and sectors thriving as a result. For those are considering setting up their own enterprise, it is thus interesting to see the areas that are doing best in the current economic climate.

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With this in mind, here are three business ideas that have picked up speed in 2020.

Dropshipping

Local business is something we’re really passionate about at the Island Echo, and if there’s one industry that has seen a surge in recent months, it’s dropshipping. With online sales rocketing by 33.9 percent in June alone, and 32.8 percent of total retail purchases now taking place over the internet, there is a huge demand for products that are sold on the world wide web.

This is down to a number of factors, foremost among them the convenience and accessibility of buying online, but not all businesses have the money or room to stock a full inventory. For those that don’t, dropshipping is the latest trend.

An e-commerce model where you don’t own nor warehouse any physical products at all, it is done by setting up an online store and then partnering with suppliers who stock what you want. While you manage the sales side of things, they take care of the storing, packaging, and shipping.

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Indeed, dropshipping has become so popular in recent months that there are even apps to help you find products to sell, such as the highly popular Oberlo. This makes it eminently easy to set up a company and make money online, with very little outlay or risk involved.

Investing

Many of us have had time on our hands recently, which has left us free to pursue other avenues of income. As a result, a lot of people have discovered an interest in investing, and for those who approach it properly, this can potentially prove very profitable, especially in 2020.

However, investing is not for the faint of heart nor those who aren’t willing to put the time into researching how it works. Above all, it requires a solid knowledge base and a top-tier broker to do well on the financial markets, and the latter must be chosen with real care. Directory sites are a good place to start your search, allowing you to easily locate a reputable company that meets your criteria. If you’re trying to find the best online forex broker, for example, this particular website ranks and reviews over 200 different options.

Provided you educate yourself and make wise investments, there are plenty of opportunities to do well in the current environment.

Home-based catering

With many people opting to spend more time at home, there is also a demand for those who can take care of common household tasks, meaning individuals with a penchant for cooking are now faced with an ideal environment in which to set up their own catering service.

Businesses that deliver home-cooked meals to local doors have seen a real uplift in their earnings, with many opting to eat in rather than go out recently. However, for food lovers, this hasn’t stopped their appreciation for top-quality cuisine – they’re simply finding a new way to embrace it.

Enter home-based catering. There are lots of different ways for would-be entrepreneurs to capitalise on this, from delivering a general catering service through to specialising in home-cooked meals for smaller numbers. Irrespective, it’s really easy to get your idea off the ground at the moment, with a well-equipped kitchen, basic website, and strong social media presence being all that’s really required.

If you want to enhance your appeal, you could choose to specialise in certain types of cuisine, whether your particular talent is for delicious desserts or Sunday roasts. The trick is to find something you’re especially good at and turn this into your main selling point.

If you’re based on the Isle of Wight and looking for a new business venture, it’s hard to go wrong with these three types of enterprise in the current climate. Why not take a deep breath, gather your courage, and see if you can carve out a new and better career for yourself as we move forward into a different but exciting future?

The views/opinions expressed in these comments are solely those of the author and do not represent those of Island Echo. House rules on commenting must be followed at all times.
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