Category: Contributed Posts

Keeping Your Business Agile

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As a business owner, you want your business to be able to agile and to be able to adjust. Doing so will increase its chances of survival in circumstance like the current Covid-19. The following contributed post is entitled, Keeping Your Business Agile.

* * *

The COVID-19 pandemic has taught us a lot of things about a lot of things. It’s shown us which governments step up to the plate in times of crisis, and which do not. It’s reminded us how something as simple as washing our hands regularly can save lives. And it’s proven an emphatic reminder to many businesses just how ill-prepared they are for crisis, even though they’ve enjoyed robust turnovers and healthy profit margins for many years. In times of fair weather, we can lose our introspection. We can fall back on old familiar processes and lose the urge to change them. After all, if it ain’t broke, why would you want to fix it? The problem is that when a crisis comes along like a huge market shift, a disruptive technological revolution or a worldwide pandemic, complacency can mean death for businesses. Look no further than Blockbuster video for a reminder that crises come in all shapes and sizes.

Image by Yogendra Singh via Pexels

Businesses need to be agile in order to counter the changing nature of the challenges it faces. In an era where technology is changing with alarming speed, and consumer habits are changing in kind, it shouldn’t take a global pandemic to encourage us to shed weight, make our operations leaner and make our businesses more agile.

Here are some ways in which you can restore your business’ agility…

Don’t be afraid to outsource

You’re the best there is at what you do. But don’t mistake that for being the best at everything. When it comes to your digital infrastructure, for instance, doing everything yourself can make you unnecessary unwieldy and sluggish. Investing in managed IT and Computer Support Services, however, can not only make it easier to adapt to changing technological environments, it can help you to put out little fires faster and minimize potentially crippling downtime.

Shorten the communications cycle

As businesses get bigger, communications between teams can become needlessly complex. Multichannel environments can make communications harder to keep track of and reference for future conversations and strategy meetings. Make your communications more efficient, both in terms of channels and in terms of content and you’ll avoid ambiguity and miscommunications while also streamlining your response to crises of all kinds.

Stay aware of what’s going on around you

Your business doesn’t exist in a vacuum. While it’s understandable and admirable that you’d want to keep your attention firmly on your own work, you should always maintain an awareness of what’s going on inside and outside of your industry. Every book, every newspaper, every blog post, it all helps to weave a tapestry that can help you make better informed decisions and react decisively to market change. This means carrying out market research and competitor analysis regularly. It means A/B testing your digital marketing materials, and it means keeping both hands on the proverbial wheel at all times.

If the recent months have taught us anything, it’s that there’s no such thing as being too agile, and that businesses that can’t adapt quickly and decisively to crises can suffer fatally.

Get The Mortgage That Makes The Most Sense With These Tips

A key focus of my blog is Financial Literacy/Money. Choosing the right home is important but getting the right mortgage is arguably more important. Choosing the right mortgage product will assure that you’ll stay in the home for as long as you want to. The following contributed post is entitled, Get The Mortgage That Makes The Most Sense With These Tips.

* * *

The vast majority of homebuyers, whether they are first-time purchasers or have been on the market before, aren’t going to have the cash ready to buy a property outside. As such, you may need to rely on a loan, or a mortgage, that covers the cost of the home for you to then pay back monthly. However, many buyers make the mistake of arranging a mortgage that keeps them locked down, paying too much for too long. Here are a few tips on how to get a mortgage that’s more cost-effective, more flexible, and a better investment overall.

Credit – PIxabay License

Check your credit health, first
A mortgage is a loan and may be the largest loan you’re likely to take out. As such, like all lenders, mortgage providers will look at your credit score, which is a numeric value that’s supposed to show how reliable you are when it comes to managing loans, credit, and other financial agreements. If you have no credit history or one that’s marred by a broken agreement, it can limit your mortgage choices. Credit reporting bodies like the TransUnion have to offer you one free credit report check a year. You can see what issues might be pulling your credit rating down and fix them, if possible. For instance, reducing your credit card utilization and challenging fall credit reports can help raise your score.

Have a down payment ready
When paying for a home, most people are going to pay in a two-step arrangement. The first step is paying a lump sum of cash, the down payment, directly. The total of this down payment is then removed from the total of the home value. The price that’s left over is then split into monthly payments. As such, a larger down payment will mean a lower overall mortgage and can help you get more advantageous mortgage rates and payment plan arrangements. It’s recommended you have at least 20% of the home’s total value saved up in a down payment. If you don’t have enough, you may have to pay homeowner’s insurance, which is an additional expense that’s highly avoidable.

Get the right experts on your side
When it comes to finding the best mortgage rate, then you’re going to need to take the time looking over all the different offerings on the market. Rates and fees change from place to place. However, you don’t have to go it alone. Expertise from broker teams like Altrua Financial can help you find the mortgage rate and arrangement that best suit your needs. Brokers bring a working knowledge of the mortgage market, who offers what, including which deals may suit your individual needs or have advantages that are specific to you. You can look through the mortgage market yourself, but it’s not wise to deprive yourself of some expert help.

Have some cash reserves at your side
When it comes to saving for a home, a lot of people will save what they need for the down payment, as well as any services and fees they might have to pay along the way. However, most banks are also going to need you to have at least two months’ worth of cash reserves on hand. This is the money that will ensure you can pay your mortgage for those two months. The cash reserve requirement may be higher on higher risk mortgage, but you can also get cash reserves together to leverage your way into a better mortgage arrangement, so it’s important to get as much money together before buying a home as possible.

Bear in mind that you can change things around in future
You might have looked through the market and, whether due to current financial realities or the fact that you don’t have as much time to improve your credit score as you would like, your options are limited. If you’re not willing to wait, you can buy a house with the best mortgage available, but that might not be the best mortgage available to you, forever. Remortgaging is always an option. It’s not always a smart option, as the costs can often outweigh the savings. However, if you take a fixed-rate mortgage that’s about to expire, you could save money with a switch.

There are no quick fixes when it comes to finding a good mortgage. You need to be in a good place, financially, and you need to comb through the market in detail. Hopefully, the tips above show you how to do that a little better.

Essentials Every Business Should Have in Their Company Cars

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Some businesses use company cars. If you business uses them, there some basics you need in your cars. The following contributed post is entitled, Essentials Every Business Should Have in Their Company Cars.

* * *

Photo Source

Company cars can be a great investment for any business to make. At the end of the day, your employees will often have to get from one place to another. This can vary according to your business’ field of specialism. Some may need to attend meetings with clients. Some may have to visit different sites. Whatever they need to do, a company vehicle can prevent delays that are so common with public transport. This not only helps them to do their job as expected, but it can also help to maintain your business’ reputation. Now, there’s plenty of help out there when it comes to choosing a company car. But what about once you’ve got one? Very few talk about how you can combat problems that you may experience with a company car. Here are a few essentials that you should make sure are present in your company car at all times!

Breakdown Cover

Technically, you don’t store breakdown cover in your company car. But it’s a good idea to have some. If the vehicle breaks down or experiences problems, they can simply call your company’s breakdown cover provider and be back on the road as soon as possible. It’s a good investment to make.

Jump Leads

Sometimes the battery in a vehicle will die. Perhaps lights have been left on. Maybe the engine’s been running too long. Sometimes people just can’t figure out why the battery’s gone. Regardless of the reason, jump leads and a helpful passerby can help to get the vehicle running again!

A Spare Tyre

Every car should have a spare tyre on board. Flats can happen at any time. There’s glass and debris present on many roads and a flat can prove extremely dangerous. Having a spare tyre on hand can allow an employee or a breakdown assistant to replace a punctured tyre and, again, have the car up and running again in next to no time.

Snatch Straps

Driving in a muddy area? Or near ditches? Hopefully, you don’t find your company car stuck anywhere. But if this does occur, heavy-duty snatch straps can allow a tow truck to get the car out of its sticky situation quickly.

A First Aid Kit

First aid kits are always useful. Whether that’s for a small issue, such as a cut, or a much bigger issue that requires more serious first aid to be carried out. You can purchase ready-made kits with all the basic equipment a first aid kit needs already packed up in them.

A Warning Triangle

Should the car break down, it’s a good idea to have a warning triangle on board that can be placed metres behind to alert other road users that they are approaching an incident where the car may be blocking a road.

All of these additions can come in extremely useful in any road situation that you or your employees may encounter when using the company vehicles. So, invest in them and make sure to have them in your company car at all times!

Cloud Computing Technology: Why Your Business Needs It

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In our new digital age, the cloud has become a major piece for many businesses. Learning to maximize its usage is key to any business that wants to survive as the years go on. The following guest post is entitled, Cloud Computing Technology: Why Your Business Needs It.

* * *

Over 83 percent of business workloads will be done on the cloud by 2020, according to a recent report by infrastructure monitoring firm LogicMonitor. Despite concerns with security and implementation, cloud adoption continues to grow, as the industry is projected to earn 17 percent more in 2020 compared to last year.

A lot of articles and experts that talk about the importance of technology in business cite cloud computing is the future. This is because it has a wide variety of cost, collaboration, and efficiency benefits to companies, especially small and medium-sized ones.

How does the platform work and what are its benefits to your company?

What is Cloud Computing?

Cloud computing involves using applications and storage on the internet instead of your computer’s hard drive or office servers. Think of it as renting computing capacity from an outside provider.

It comes in three categories:

• Infrastructure as a Service (IaaS) – This involves renting the servers, virtualization, and other network hardware and software of your provider to create software based on your chosen platform.
• Platform as a Service (PaaS) – PaaS has everything that IaaS has, but with development and business intelligence tools built-in. All you need to do is to develop your enterprise software.
• Software as a Service (SaaS) – Here, the provider hosts applications on its servers and makes it available for customers to use immediately. This includes applications you probably already use in your business, like Salesforce, Google G Suite, MailChimp, and more. For small businesses, it’s best to stick with SaaS since all you need to do is learn and use the software instead of developing it yourself.

Benefits of Cloud Computing

Cloud computing usage continues to grow, and it’s because of the following advantages:

• Work Anywhere, Anytime – Cloud applications can be used on any device with a browser and an internet connection. Some providers even provide mobile apps. As such, you can check on your company’s productivity or even get some work done from anywhere you are in the world.
• Better Collaboration – Gone are the days of passing files manually either through hard copies or email. Cloud applications, like Google Docs, Sheets, and Slides offer collaboration tools that let you and your team edit and comment on the same live document. This provides one source of truth instead of multiple revised files.
• Scalability – Cloud providers often have a pay-as-you-go model, which means you only pay for the resources you use. If your company is still starting out, you can get a basic subscription that provides usage for a few users. As you expand, you can scale up your subscription to accommodate more employees. Because you don’t need to install any kind of software or hardware, the modifications to your plan happen immediately.

If you want to improve and save on your business processes, try to look for ways to take them to the cloud. Apart from freeing up your office space of large stacks of servers, it provides you with flexible, scalable, and collaborative applications that can increase the productivity, quality, and efficiency of your work. As long as you have a trustworthy and experienced cloud computing provider, your business is sure to enjoy these benefits and more.

How COVID-19 Is Affecting Garages

Three of the focuses of my blog are Current Events, Financial Literacy/Money and Business/Entrepreneurship. The Coronavirus/COVID-19 Crisis/Pandemic has caused a lot of changes to numerous business sectors. One sector that has been severely impact by people social distancing due to COVID-19 is the auto repair garage business. The following contributed post is entitled, How COVID-19 Is Affecting Garages.

* * *

COVID-19 is changing the way we interact with vehicles. Cars are an essential part of everyday life. In a normal situation, your car would be the preferred mean of transport to get to work. As more and more companies are moving their business into the digital sphere, the commute to work has been temporarily transformed, except for essential workers. Nevertheless, people still rely on their vehicles to support them in their everyday trips. From grocery shopping to necessary doctor appointments or helping vulnerable relatives, the car makes it possible to stay connected and alive during the pandemic.

Unfortunately, essential repairs and services are being interrupted as a direct consequence of the quarantine. For garages, COVID-19 creates an impossible dilemma. How do you keep people safe on the road when you can’t get the parts you need?

Pixabay – CC0 License

Social distancing means remote solutions
When most businesses are going remote, there’s a practical argument for garages to do the same. Unfortunately, as most manufacturers have stopped activities worldwide, mechanics and garage owners find it impossible to get essential automotive parts for repair and servicing. However, they can jump on the digital bandwagon to teach their customers how to perform essential maintenance on their vehicles. It is crucial to remind customers how to look after their vehicles at a challenging time, such as now. Cars that are left untouched for several days or weeks will face difficulties restarting. The battery could go flat; the brake pads could rust, etc. Basic maintenance tutorials during the quarantine can make a difference!

Many businesses are facing monetary issues
Most small-town garages are independently owned. For them, a loss of income could put their survival at risk. When you consider the costs of a lease, insurance plan, and basic business maintenance, many small companies have to find ways of borrowing money to survive. While commercial loans are typically available to businesses, banks and other money lenders may not be willing to take the risk. Consequently, garage owners need to think outside the box. Joining a credit union and taking a secured loan against an asset are some of the most popular options.

Businesses have to face unfair complaints
Unfortunately, garages still face demands for last-minute repair works. Clients who have postponed repairs or services before the lockdown are now in a rush to get their car road-safe. But, as it can be difficult to secure car parts, garages have to focus on the repair works they can make. As such, it’s not uncommon to face complaints when a vehicle is not fixed to the owner’s expectations. Automotive defense attorney William Ferreira is the first to warn mechanics and garage owners against unnecessary activities during the pandemic. Clients have to understand the risks related to the supply situation.

Post quarantine is going to be worse than the holiday rush
As soon as it is safe to go back to normal life, garages are likely to face a rush of clients. Cars that have been left unmaintained during the crisis will need servicing and repairs. Preparing your business to meet the rush will make a difference. Small garages need to start planning to face demands as quickly as possible.

In those difficult times, car specialists need to get creative to support their community safely. From offering online tips and tricks for everyday maintenance to explaining to your customers why you can’t provide full repair services, maintaining positive communication with your audience could help save your garage business.

Discover The Ways To Make Your Online Marketing Magnificent

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. With today’s world being highly digital, it’s important maximize your online marketing so that it’s as efficient as possible. The following contributed post is entitled, Discover The Ways To Make Your Online Marketing Magnificent.

* * *

Each day, the only world is getting more competitive and this is true regardless of the business sector or industry that you are part of. If you are operating in the e-commerce sector then there will be hundreds of thousands of other sites that are selling the exact same or similar products to you. So, you’ll need to make sure that you are choosing the right price point and you definitely have to ensure that you have a USP. A USP is a unique selling point and is a key feature of your business that is going to help you stand out. This could be anything from rapid delivery times to exclusive offers. Of course, you have to go beyond the USP because you also need to make sure that you have fantastic marketing for your company as well.

Marketing will ensure that your business is noticed in the first place and that’s never going to be a complete guarantee. You’ll need to work to ensure that people take notice of your business brand and pay attention to what you can offer on the market. So, let’s explore some of the ways to ensure that your marketing campaign does stand out the right way.

Pexels Source CCO License

Dynamic Design

You should ensure that your business does have a dynamic marketing design because this feels more immersive. In other words, key parts of your brand profile should be moving and versatile. You need to ensure that it feels like something that an audience can not only connect with but be a part of. One of the easiest ways to do this is by exploring video marketing. But again, it needs to be the right type of video marketing. You need to make sure that you are connecting with an audience and delivering something more than what they might imagine.

One of the ways to do this is to utilize the latest tech to create videos that are part of your marketing campaign. For instance, you can think about exploring sites like Dr Drone. Here, you’ll find plenty of information on the different drones available, some of which have steadying technology. This will be perfect for capturing video that will be suitable for marketing and designing unique ads for your business.

Semantic Marketing

You need to think about the tech that customers are using when they are accessing the online world. Today, that means putting more of a focus on voice control technology. This has become more popular in recent years and more accessible. So, for instance, you can easily find that the majority of people will have a smart system in their home. It could be anything from Alexa to the Siri on their iPhone. This means that they will be able to search online by asking questions and that completely transforms the way that you should be approaching website optimization. Ultimately, you need to think about how you can ensure that you are directly connecting with the queries that your audience has. The best way to do this is to research the type of questions that they are asking and then provide a direct answer. In doing so, you are far more likely to end up higher in the SERPs. This is due to the fact that you are going to be able to provide the high-value content that your customers are depending on and that Google wants to see on a website that reaches page one. You might even end up with your website being chosen as a featured snippet. This is going to push claims for your business through the roof.

Personalization

Finally, you should make sure that you are exploring some of the ways that are going to help you personalize your business brand. This is going to make it easier for people to connect with your company and understand exactly what you can offer. Some of the key examples will include injecting fun into your social media profiles. It’s important to engage with customers the right way through social media. This means that it should be about simply promoting your brand or your product. You need to help them feel like they are connected with people behind your company rather than just a brand name.

We hope this helps you understand some of the key ways that you can guarantee your marketing is going to stand out online. In doing so, you’ll be able to ensure that your business is not forgotten by the market and that you do get a high level of attention your business brand deserves.

Pexels Source CCO LIcense

Four Things To Think About Before Setting Up A Healthcare Business

Two key focuses of blog are Financial Literacy/Money and Business/Entrepreneurship. A sector of business that will never go away is the healthcare business. There are some important considerations to think about before setting this type of business up. The following contributed post is entitled, Four Things To Think About Before Setting Up A Healthcare Business.

* * *

Are you looking to set up your own healthcare business? Although technology has made it easier to start an enterprise, starting up a health care company involves a lot more preparation than your average business. There is a multitude of things to remember, such as policies and procedures that need to be followed and funded.

In this article, we are going to look at some of the primary considerations to make when you think about starting your own healthcare company.

Image credit: Pixabay CC0 License

Do you have the right qualifications and experience?

In an ideal world, you will have plenty of experience working in the healthcare business. But, if you don’t, it is worth getting some. If you’re going to take a hands-on role, you are going to need to be as qualified and trained as possible; otherwise, you should always recruit professionals.

As well as the actual care experience and skills, you may also want to seek training in business management. Of course, if you are trained in a certain kind of health care, such as dentistry or sports massage, you are going to need different qualifications for that kind of business.

Do you have the budget for the infrastructure?

A healthcare business can be costly – you need all of the medical equipment and machinery, adequate staffing, and technology. Healthcare is one field where you cannot skimp on any of these things, as you could be putting your patients at risk. Healthcare IT Support will prevent any technical failures and keep your business up and running so that you can focus on the important thing: your patients.

Is there a need for your service?

Healthcare is almost always an in-demand service. However, before you pour all of your time, effort, and money into it, make sure it is needed in the location you are considering setting up in. If several other clinics or providers are offering the same thing in the area, you may want to reconsider.

Can you stay on top of the legalities?

Legalities are one of the most important things to be aware of when beginning a healthcare company. When you work with members of the public, you will be responsible for their health and treatment. This means that you will be expected to comply with a specific set of guidelines and regulations.

It can be a good idea to seek professional advice when starting up your healthcare business to ensure you comply with the rules and regulations to stay on the right side of the law. You will also want to make sure you have adequate insurance in place. That way, if anything does go wrong, you will be protected financially.

Setting up a healthcare agency is a lot more complicated than other types of businesses. The above are some of the main things you should consider before diving in. Make sure you do plenty of research and enlist legal professionals’ help to ensure you meet all necessary legalities.

Here Are The Careers To Consider In The Wake Of The Coronavirus

Three of the focuses of my blog are Current Events, Career Discussions and General Education. In the working world, the Coronavirus/Covid-19 Crisis/Pandemic has created an environment where some careers and jobs have risen to the forefront. Going forward, it behooves individuals to consider careers that will thrive under circumstances like these where the Coronavirus has decimated whole sectors. The following contributed post is entitled, Here Are The Careers To Consider In The Wake Of The Coronavirus.

* * *

The coronavirus is going to have a massive impact on the world economy and evidence of this is already apparent. For instance, you might have heard that the unemployment rate in America right now is skyrocketing. Ultimately, this is going to lead to a massive flood of people entering the job market, once the furlough period ends. It’s important that if you are one of these individuals, you are pursuing the right careers. In this brave new world, certain careers are going to be in greater supply than others. So, let’s take a look at some examples.

Pexels Source CCO License

Work From Home Positions

Businesses are definitely going to be keen to hire employees who can work and operate from home. There are numerous examples of companies like this. For instance, you might want to create content for a living. If you are keen to do this, then a work from home position is great. You can get a strong income and ensure that you don’t have to worry about the Monday morning commute. Of course, certain businesses are likely to become more flexible about which workers they allow working from home. An example of this would be customer service businesses and call handling companies. With the right tech and the correct setup, there’s no reason why these people can’t work from home.

Tech Operations

As the world shifts to an economy where significantly more people are working from home, it’s going to be important to ensure that businesses can remain connected. This leaves another opportunity wide open and that’s any industry that is required to ensure that these connections can be set up the right way. For instance, if you are involved in setting up cloud servers, then you’re definitely going to be in high demand over the next few years. Businesses will be keen to ensure that they can send and access data and files without delay.

There are lots of opportunities for training on the market too. For instance, you can explore a solution like Flackbox. This will provide the right training you need to ensure that you’re a pro in this particular sector.

Logistics

Finally, it’s likely that there is going to be a higher demand for logistics businesses in the near future. So, whether you are setting up your own company or joining an existing business, this could be a fantastic opportunity. You just need to make sure that you are delivering a quality solution that your customers or clients can trust. Businesses failing to deliver a high standard are going to stick out like a sore thumb.

We hope this helps you understand some of the key steps that you can take to ensure that your career is on the right track in the wake of the coronavirus. Remember, it may seem bleak right now but there are going to be job opportunities on the market. There are going to be positions that need to be filled. You just need to make sure that you are finding the right choice for you.

4 Important Security Tips When Video Conferencing During The Lockdown

Two key focuses of my blog are Current Events and Technology. The Coronavirus/Covid-19 Crisis/Pandemic has further pushed digital forms of communication to the forefront. In terms of businesses and organizations of all kinds, video conferencing has become critical. It isn’t without its security concerns though. The following contributed post is entitled, 4 Important Security Tips When Video Conferencing During The Lockdown.

* * *

The COVID-19 crisis and the resulting lockdown have had a huge impact on businesses around the globe. All businesses are having to find new ways of doing things, and many of them are using online tools to keep themselves going. Video conferencing software is one of the most important online tools that people are using right now because it allows everybody to stay in touch when face to face meetings are not an option. However, when you are discussing sensitive business matters and sending important data online, it’s vital that you consider security. There have already been a lot of issues with video calls being hacked, so it’s important that you take steps to protect yourself. These are some of the best ways to make sure that your video conferences are safe.

Image From Pexels CCO License

Use Managed VoIP Services

There are a lot of popular video conferencing tools, like Zoom or Google Hangouts, that many businesses and consumers are using to stay in touch with people during lockdown. However, these free pieces of software are not always suitable for business purposes and if you really want to ensure security, you should use managed VoIP, or voice over internet protocol services instead (click the link to see more information). A professionally managed VoIP will give you access to all of the video conferencing features that you need and they are a lot more secure than the consumer options.

Waiting Rooms

Whether you are using a managed VoIP service or a simple piece of video conferencing software, you should always use the waiting room feature. This feature puts people into a separate waiting room and then the host can see who they are before admitting them to the meeting. That way, anybody that shouldn’t be in the meeting can be blocked from entering.

Passwords

Most video conferencing software allows you to set a password that users need to input before they can join the call. It’s vital that you use a password on any meeting, no matter how trivial it may seem. If you are using software that allows you to create your own password for a meeting, make sure that you use a strong password that is not easy to crack. If you have a password in place and a waiting room, it’s incredibly difficult for anybody to access the meeting.

Do Not Allow Screen Sharing By Default

One of the best things about video conferencing software is the ability to screen share, but it can also be dangerous. If somebody manages to enter the call, and one of your employees is sharing their screen with lots of sensitive information on it, that’s a big problem. When you set up a call, do not allow screen sharing by default. That way, you can make sure that the call is definitely secure before you activate screen sharing, and ensure that people are only using it when absolutely necessary.

Video conferencing software is a great tool that is helping businesses adjust to the lockdown, but it is important that you follow these tips to make sure that you are secure.

Top 7 Profitable Industries To Start a Business in

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.

* * *

Photo by Startup Stock Photos from Pexels

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.