5 of the Fastest Growing Industries for Starting a Business
Do you know what you want to do with your professional life? Are you tired of job hunting only to end up hating the positions you get? The position you want may not even exist yet. If so, you might just need to create it yourself.
This is the essence of entrepreneurship.
Starting a business is no simple undertaking but finding the right niche can make it a whole lot easier. Often, you’ll find that investing in the right field can give you a major boost when it comes to getting a new business off the ground
To help with this, we’ve put together some of the most promising up and coming industries 2018 has to offer. You may have an angle on one of them that could set you apart. Just be sure to invite us to the launch party.
1. Elder Care
Let’s try to put this as delicately as possible… The Baby-Boomers are getting older. If the name wasn’t a giveaway, they are a large group of people, people who will need progressively more and more care as their lives begin to wind down. Combine this with the fact that technology and medical advances are keeping people alive longer and longer with better and better quality of life and you have a huge market to break into.
There are all kinds of products and facilities. From things as small as canes and walkers to chair lifts and special showers, all the way up to fully staffed rest homes.
Starting any business is going to come with costs, but you might be surprised how successful a home caregiver service can be on a shoe-string budget.
Alcohol has been in vogue for the majority of its existence. Wine, in particular, hasn’t changed all that much over those thousands of years. What has changed is the containment method. You may have heard of the recent Rosé boom of the last few years. It’s not a new product, but it was marketed in a new way and it exploded.
The latest trends are canned wine (for some reason) and craft brewed beers. It’s one of the few industries where not being an established brand can be a benefit. Everyone is looking for the new thing that no one has heard of. People are putting wine in cans and beers in wine bottles and raking in money in the process.
If you can find a way to differentiate yourself and if you can find a solid product, eventually it might just sell itself.
There are a lot of directions from which you can attack breaking into the lucrative field of professional gaming. Depending on your tech setup the startup costs are effectively nonexistent. With sites like Twitch and YouTube, popularity has become more about personality than prowess.
That being said, if you actually are really good at a popular game the world of eSports has exploded over the past ten years. Back in 2014 players at a top tournament were paid a minimum of $12,500 just for competing. Not only has the legitimacy of the sport grown since then, but many of the players made much more than that even at the time.
That’s just one facet of the industry. There is money to be made in events, promotion, representation, production, and design just to name a few.
4. Peer-to-Peer Lending
Social lending is the practice of anonymously lending or borrowing money via a website like LenderClub.com to/from a stranger online. It’s safer than that quick and dirty explanation suggest, but like any other investment, it is not entirely risk-free. You can choose what kind of loans you want to give out. High-risk loans have considerably higher interest rates to dramatically increase your rate of return, but they are, as the name suggests, high-risk. If they are not paid back, you are pretty much out of luck (you can’t even sell the debt). On the other hand, there are low-risk loans with lower interest rates, that are extremely likely to be repaid. This offers a new way to diversify your investment portfolio. While it may not make you rich tomorrow, it can give you a nice cushion down the line.
Conversely, if you need money for your startup, it’s another option that removes a lot of the headache of trying to get a loan from a bank or other private institution.
5. Health Foods
Despite all the advances in medical technology, Americans are about as unhealthy as they’ve ever been.
It’s our diets. The issue has gotten so bad that this generation of kids may become the first in decades that will not outlive their parents. This alarming prospect has spurned a revitalization in ‘health kicks’ and you can cash in on it.
Low carb and Paleo are the diets du jour and they are centered around protein. The problem is that not everyone vibes on meat that way.
The solution is nontraditional protein sources. Of course, nontraditional protein sources are not new. What is new, is the ability to make them taste amazing. What were once seen as products predominantly for health nuts are becoming more and more mainstream. Do you know what quinoa is? Did you 5 years ago?
The beauty of working with food is that having a great product is a huge portion of the battle. The rest is getting your product in front of as many people as you can. Pop-ups and food trucks allow you to go to the customers instead of facilitating the customers coming to you. This can help you keep costs down significantly during the early going.