Now is the time to start your own business if you have decided that enough is enough and that you don’t want to work for someone else anymore. Assessing your skills and taking into account your current interests is crucial before deciding on what type of company you want to start. Our best advice is to pick an industry with a promising future.
Here below we will list 5 industries that will drive growth and jobs in the near future. The data it is based on comes from the US Bureau of Labor Statistics, the market research company IBISWorld and the financial data comes from Sageworks.
There are close to 80 million baby boomers and they are aging fast, which means that health care services will be in high demand very soon, and they actually already are. More than 50% of the occupations that will grow the most by 2024 are in health-related industries. Meeting the needs of an aging population creates opportunities for physical therapists, doctors, optometrists and other specialists to open their own practices.
If you don’t have the required expertise to start a business in the healthcare industry, you can still consider starting a home health aide staffing company. 38% by 2024: this is the expected increase in employment of house health aides, and finding competent staff should be rather simple since their occupation doesn’t require a degree.
3. ONLINE SELLING
Household’s disposable income should grow by 4% per year between 2014 and 2024, and so does the quantity and quality of online purchases meaning that customers buying online pay more attention to what they buy.
E-commerce can be an easily saturated market, since starting an online business doesn’t require much capital. If you want to have more chances to be successful, you should care about your clients — create custom products and services, excellent customer support and focus on fast delivery of your products.
Similar to e-commerce, the tech industry should continue to create brand new opportunities for entrepreneurs comfortable with new technologies.
Smartphone application development alone will see 31% growth in 2017. Support is also huge in the industry; tech consultants and software installation businesses have been doing particularly well in 2016.
5. HOUSE AND BUILDING MAINTENANCE
companies in the maintenance industry servicing residences and commercial buildings alike saw a 13% increase in sales in 2016. It’s relatively easy to start this kind of business because of low upfront costs and limited inventory, employees or office space. Landscaping, pest control or cleaning witness a steady growth and healthy profit margins.