Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. There are numerous businesses-types that one can start but it’s also important to think about what the most profitable industries there are to start in. The following contributed post is entitled, Top 7 Profitable Industries To Start a Business in.
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Are you thinking of starting a business? Then one of the first things that you should do is consider what industry you’re going to enter. And with so many to choose from, this process can be very daunting and one that you’re not fully certain of from the get-go.
To help guide you and give you some inspiration, here is a list of 7 profitable and extraordinary industries that you can start a business in this year:
1) Artificial Intelligence
This might sound like an obvious one, but it’s still worth a mention due to its potential. An industry that’s expected to grow to $125 billion by 2025, there’s no better time than now to discover the possibilities within it.
Whether you’re looking to introduce devices that consumers can use within the home (think Amazon’s Alexa) or technology that can be used by other businesses, the industry is on the brink of an explosion – so take advantage when you can. You will have to come from a tech background for this one, however.
2) Hydraulic Power
Fluid power is another very profitable industry to enter this year. An industry that’s applications are used in everyday life, from agriculture to irrigation, there is ample opportunity to expand within it.
Of course, for this type of industry, it’s a good idea to fully understand the ins and outs of hydraulic/pneumatic engineering i.e. what equipment you’ll need to invest in (such as https://tameson.com/solenoid-valve-types.html) and the science behind it. But once you have an in-depth understanding and the right employees beside you, you can quickly grow your business exponentially.
3) Accounting and Bookkeeping
This is an industry that’s incredibly profitable as it has jobs within it that are specialized (like the hydraulic industry). Every business needs accounting and bookkeeping – no matter what type of business they are running and their size.
And with on-going development and changes within financial legislation, it’s good to have professionals on hand to ensure that they are on the right path with your finances. Because of this, this industry is a great one to start a business in. Just ensure that you have the skills in mathematics, and when your business grows, skilled and motivated employees.
4) Real Estate
Real estate is an industry that’s continued to grow and thrive globally throughout the years. And with so many opportunities within it – whether that be real estate technology, online design services or a similar field, the scope for a new business is simply extraordinary. As technology continues to develop and the need for housing increases, it’s easy to see why this is such a fantastic industry to start a business within.
5) E-Commerce
With the rise in technology and more people utilizing the internet, the e-commerce industry has rapidly taken over the world. A safe bet for entrepreneurs looking to start a business, you’re able to easily sell what you want from the comfort of your home/office – meaning it’s great for entrepreneurs who are just entering it.
Plus, with sales in the global e-commerce market now over an incredible $2 trillion, it’s truly a booming industry that’s only expected to continue progressing.
6) Hospitality
As the global population grows, as will the need for hospitality businesses. With two sectors in particular booming – sustainable food providers and hotels, it opens up the possibilities for new businesses looking to enter the market and diversify what they have to offer.
As long as you keep up with the trends, adapt to developments in technology and listen to customer wants, there’s no reason why you can’t succeed within it.
7) Transportation
Yet another industry that’s adapting with the rapid advancements of technology, transportation is screaming out for growth and new talent. An industry that is relied upon by businesses and the general population daily, the demand within it is undeniable.
From ride-sharing to automatic cars, the future looks bright for this industry – making it an extraordinary one for entrepreneurs to enter.
Final Thoughts
So, there you go! Those are the top 7 profitable industries that you can start a business within. No matter which industry you choose, with the right knowledge, preparation, financing, employees, marketing and advertising, etc. you’ll be able to thrive in no time at all.
Even if it doesn’t happen right away, you have to be determined to succeed and showcase to potential customers why they should opt for your services over your competitors – a skill that’s possessed by only the most driven entrepreneurs.
