One of the first questions many people ask themselves when they contemplate starting a new business is ‘will my idea be profitable?’
Studies have shown that almost half of new companies fail during the first five years, while only a quarter make it to the 15-year mark.
However, with carefully planning it is certainly feasible to be successful in business if you are prepared to put the work in.
The most important factor to consider is to try and position your firm within a growth sector, so read on as we look at three industries tipped to continue on an upward curve in 2020.
Online betting Boom Continues Apace
The online gambling industry has expanded rapidly in recent years, with experts saying it is currently worth more than $53 billion.
Existing companies have expanded their operations in a big way as they are dominating other avenues by offering ‘one-stop shops’ for sports betting and online casino services.
There are also a plethora of new firms in the sector who have used innovative get the code promotional offers to quickly increase their customer database.
Technology advancements and legislative changes in key jurisdictions are expected to power further growth of more than 11 percent per annum over the next few years.
CBD making waves in Health & Wellbeing
The cannabidiol (CBD) oil industry remains one to watch, with an increasing number of people becoming switched on to the health and wellbeing benefits its associated products offer.
Studies have shown that CBD can have a positive impact on many common ailments including heart disease, dementia and multiple sclerosis.
The publication of the 2018 Farm Bill created a wealth of opportunities for companies within both the public and private sector to profit from this.
It has been estimated that annual sales revenues of CBD products could reach $20bn in the United States by 2025, highlighting the strength of the industry.
Innovations Driving Huge Growth in the Sleep Industry
With people spending around a third of their lives in bed it is little wonder that the sleep industry has become a massive financial hit.
According to Zion Market Research, the global mattress market alone is worth $27bn and that figure could nearly double in the next four years.
Secondary products such as temperature control systems, sleep masks, mobile apps and wireless sleep buds are amongst the other products driving growth in the sector.
The global sleeping aids market is tipped to smash through the $100bn barrier by 2023, making it one of the most lucrative industries around.