If you are like many others, you have probably dreamed of being your own boss. You may have even investigated what it would take to open your own business. However, one of the key factors startups should consider is the outlook of the industry they are considering. The US Bureau of Labor and Statistics (BLS) has found several promising industries for startups.
Today’s economy is becoming more and more digital. Not only do customers search for online reviews and suggestions before they purchase a product, but they are also choosing to purchase their products online and have them shipped to their homes rather than going to a brick-and-mortar store and making their purchases. In addition, BLS projects that personal disposable income will continue to rise.
E-commerce also has low barriers to entry, which is beneficial to new startups. However, many markets have become saturated and competition is high. However, customer service, fast delivery and product quality or customization can put you ahead of your competition.
The service industry has increased exponentially in the last several decades. In fact, employment records show that this industry is one of the fastest growing. Most services, such as massage therapy, personal training, tattoo application and removal, cosmetology services and wedding planning, are included in this industry. This rapid growth also places these entrepreneurs in great positions for gaining financing.
Computer technology is expanding and changing rapidly. Therefore, companies in this industry are growing significantly faster than other industries. Companies that specialize in programming, security and analysis are in demand. If you have specialties in any information technology area, this may be an industry that you should research, especially due to the projected 28% growth from 2016 to 2026.
The healthcare industry has innumerable opportunities, from telehealth and computer-based charting to traditional and advanced medical provision. The move toward more digital solutions presents a unique opportunity if you have acumen in these areas. In addition, the aging baby boomer population requires an expansion of traditional care providers, including doctors, nurses, physical therapists, and other professionals.
The expansion of alternative energy demand has built a positive outlook for those who work in this industry. For example, windmills require regular maintenance and repair, so companies that service these assets are in high demand. Installation of alternative energies is also in demand.
Before you enter any industry, conduct thorough research on its requirements, competition, and outlook. Like most successful startups, you should set yourself up for the best possible outcome.