If you are an aspiring entrepreneur considering starting a business, you need to think about your business idea. And the first step in vetting your concept is considering the best industries to start a business.
Some industries are more welcoming to newcomers than others and ripe for growth. Others are stagnating or over-saturated, so spend some time analyzing different sectors.
This list is not all-inclusive but highlights some top industries where businesses have been thriving and are expected to continue growing.
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Healthcare is a sector of the business world that’s booming because of our aging population.
No matter who you are at some point in your life, you will engage with some healthcare industry sector.
This is reflected in the numbers as the healthcare industry is on its way to becoming a 10 trillion dollar industry by the coming year.
You can invest in many things in the health care industry ranging from medical transcription service to supplying medical equipment to hospitals.
A list of the best industries to start a business would not be complete without freelancing.
COVID-19 has cost a lot of people their jobs as many companies have gone out of business.
More and more people are working from home, and freelancing has been a lifesaver. It is a massive industry with countless investment opportunities.
Freelancers have contributed more than $1.5 trillion to the overall economy of the United States.
You can easily start a freelance gig in areas like bookkeeping, web development, marketing, and many more. There’s not much you can’t do on a freelance basis these days.
More and more people are gravitating to shopping online because of its convenience compared to the traditional brick-and-mortar business model.
There are several distinct advantages: lower overhead, no need for commercial space, and no reduced need for inventory.
More than 2 billion people are selling online right now, and this number will only grow.
You can use several platforms, such as Etsy, Amazon, etc., to set up your e-commerce business without a website.
Because of this, you can start an eCommerce business with minimal investment and high returns if you choose your products wisely.
Another of the best industries to start a business is the relatively new sector of online courses.
If you have a valuable skill that other people want to learn, the best way to do this is by starting an online course.
The online learning market is growing by leaps and bounds. It is estimated to reach nearly $16 billion next year.
It is a great way to help people by teaching them a valuable skill and making a very lucrative living in the process.
You can also leverage a number of online course platforms that make it easy to create your own course.
Transportation is one of the fastest-changing industries in the world today.
After decades of being ruled by the old guard, the transportation industry is being disrupted in a big way.
Many new frontiers can be conquered in transportation, from ride-sharing and electric vehicles to scooters and fully autonomous cars.
Not only are the vehicles and services themselves an industry to consider, but there is a robust accessory market in transportation as well.
Many small businesses thrive on selling accessories to outfit vehicles for consumers further.
This one might not be for everyone as you have to have great writing skills.
But if you can write, there are many opportunities for business in the space of content writing.
There are several freelancing platforms like Fiverr and Upwork where you can offer your services. It is a growing industry that is making a substantial impact. It is a great industry to invest in as a business.
The Bottom Line
As you begin to think about your business, consider the industry you will be entering first. Some of these industries are easier to navigate as they aren’t saturated with established players.
You should also spend a fair amount of time considering the amount of cash you will need to startup. A lot of new business owners are looking to start on a tight budget. If that’s your situation, consider an online option first, as they typically have lower startup costs.
The same goes for services-based industries. If you have a skill that is in demand, put it to use by selling the service or creating an online course.
If you think through your business idea and industry before jumping in, you can better set yourself up for success.