Not Sure Where to Start? These 5 Industries Are the Best for Startups
The key to running successful startups? Understanding where the growth is and making sure your next business venture starts there. If you’re looking for your next project, these five industries are currently leading the pack with growth and diversification, so it shouldn’t be too hard for you to find a unique and profitable niche.
The Baby Boomer generation is no longer the largest in history, but it is larger than the one before, and it is aging. That means demands for health care services are on the rise, especially elder care. Advances in medical technology that allow more people to be treated more effectively for what were previously life-threatening conditions are also increasing demand, and the Millennial generation is now entering middle age, so their own medical needs will only be increasing in the years to come.
Startups working with recreational and medical marijuana have found a receptive public audience over the last couple decades as it has expanded into legitimacy in many states. With the tide turning toward cannabis acceptance, opportunities in the industry will only grow. Currently, there are logistical challenges posed by the difference between its legal status in jurisdictions, but there are very good reasons for believing that legitimate cannabis businesses are the wave of the future.
Online storefronts are booming, continuing to outpace sales growth in brick and mortar outlets. With more goods available online, including personal hygiene and housewares staples, this sector will only keep growing. Find your niche before investment in the area gets saturated and establish your company’s name firmly in your customers’ minds.
You might have noticed that the other booming industries so far have been heavily dependent on technology for the delivery of their core services. From data-driven agriculture to healthcare information to shopping, information technology drives most other industries today, so demand for it is predicted to rise reliably for the foreseeable future. Startups focused on this industry will have no trouble finding a niche customer base to appeal to, and there are a wide range of services to move into offering.
Other Personal Care Services
Luxury personal care is one of the fastest-growing expenditures as Americans begin to enjoy an increase in disposable income after a decade of nearly flat wages. Get onboard with the rising trend in consumer behavior and offer your customers some creature comforts they can’t find anywhere else. Demand here is also increasing and expected to continue doing so.