The time is always right to start that business you have always wanted to start. However, there are many questions that even the most optimistic of new small business owners have before taking the next steps to become great entrepreneurs. With questions surrounding funding, operations, and human resources, one important thing to consider is the industry that you wish to operate in.
While many startups completely fail or simply remain small, some do grow into large and thriving corporations. In fact, in a TD Bank survey in 2018, 53% of small business owners said they planned to grow, up from 46% the previous year. Additionally, 22% planned to recruit and hire more staff, also an increase from just 9% in the previous year.
Growth and making money are two very important aspects for small business success, and ensuring you place your business in a good industry that is already abounding in revenue is a great start. With that, here are the top 5 best industries to start a business in and make a pretty penny from doing so:
1. Technology
Of course, this would be first in line. According to a report by Fundera, the technology industry forecasts 135% in output growth. Technology continues to advance and grow into sectors and subsets which will leave massive room for entrepreneurs who have innovation and creativity at the forefront of their minds.
Some very hot roles in technology include data analysis, systems analysis, software programming, and cybersecurity. The United States Bureau of Labor Statistics suggests that growth in these fields will grow by at least 13% through 2026. Additionally, emerging technology roles in big data and machine learning, artificial intelligence, Internet of Things, blockchain and cryptocurrency, and automation are wide open fields over the next decade.
2. Healthcare
Well, we aren’t exactly getting any younger, but many people are aiming to live longer these days. The Bureau of Labor Statistics suggests that approximately 50% of all the occupations that are currently projected to have a significant increase in employment by 2026 are in the healthcare industry. As an increasing number of those in the aging population look for personalized care, more roles and facilities will open.
Traditional healthcare facilities have become huge conglomerations that don’t always act in the best interest of sick patients. Entrepreneurs could capitalize greatly on diversified opportunities in the healthcare and wellness fields that aim to put the best possible patient care first through convenience and data analysis. Additionally, biotechnology and voice assistant healthcare will continue to evolve in the next three to five years.
3. Financial services
In today’s digital world of online and mobile banking, one of the very first priorities for financial organizations is getting the digital experience for customers as perfect as possible. According to “The Power of Personalization in Banking” published by Digital Banking Report, 84% of professionals in financial services consider it to be “very” or “Extremely” important to know their customers but find it hard to implement strategies that help to make that connection.
Financial services will aim to create products and services that add value to customers by inducing a more relational banking experience. For entrepreneurs, this industry could be good for jumping into because as Gen Zers and Millennials come of age in the modern world, they will look for personalized banking experiences from financial institutions that offer 1-on-1 guidance and care about their life plans in terms of finances.
4. Self-Services
Advancements in machine learning and artificial intelligence will make the self-service industry even more relevant than it already is. According to a report by Mordor Intelligence, the self-service market was valued at $21.2 billion in 2017. By 2023, it is projected to reach approximately $45.3 billion. The growing demand for intelligent service stations and smart automation would certainly make this so.
An individualistic culture will demand even more autonomy in the digital age. Entrepreneurs and small business owners who tap into the market early could set themselves up for major success over the next five to ten years. Self-service implementation can be brought into almost any industry you choose even though it is quickly becoming an industry all by itself. While it is already mainstream, there is a great opportunity to still be disruptive.
5. Media
Netflix, Amazon, Hulu, and other streaming services are major players for nothing. No industry is transforming itself faster than media-focused industries including gaming, virtual reality, streaming television, blogging, and digital publishing, and augmented reality. In fact, the global video games market is expected to pass $138 billion by 2021. Also, by 2021, Netflix is expected to hit 800 million subscribers to its streaming television platform.
Getting on the bandwagon in this major industry, in one of these sub-industries could be big business for small business owners who wish to grow at scale or one day go global. The new forms of media are thriving off communicating information, telling relevant stories, and bringing entertainment and art to heighten interactivity, digitization, and personalization. The possibilities are endless for small business owners. These industries don’t show any sign of fading any time soon. With the right idea, business plan, and support system, you really could succeed in building a new and thriving business.
