Are you ready to start a business? This could be your year and while starting a business is always a risk, some industries are booming right now that you will want to be part of and pursuing one of these promising sectors will improve your odds.
Starting your own business not only gives you the chance to generate a healthy income, and be your own boss, you could also have a more flexible lifestyle, and the sense of achievement from building something from the ground up is very rewarding in itself.
Timing, competition, and future market conditions can make or break a business, so it is vital to know which industries are ripe for innovation and new entrants.
Food
In the food industry there are always different new trends coming around but luckily, if you know about food, know how to cook them in the food industry it is relatively easy to adapt to the changing market.
People will always need food and always want to try new food as well as wanting their trusted old favorites. A great new business venture is meal kit sales and delivery. With the likes of Deliveroo and Uber Eats, busy people who don’t have time to shop are increasingly opting for convenience, but people are also more and more health conscious and consider the environment, so there has never been a better time to get into the meal kit industry. Offering healthy meals with the correct portions and helping to reduce food wastage ticks all the boxes.
Skilled Trades
Sadly, kids today are being discouraged more and more from skilled trades. Parents consider university as the only decent future for their offspring, and many believe that tradespeople are poorly paid.
However, this couldn’t be further from the truth; there is a considerable gap in the market for skilled tradespeople meaning that there is plenty of business out there, not much competition and plenty of money to be made.
There is also many options within the industry: welding, carpentry, general construction; starting up a flooring company or a plumbing and pipe fitting business.
Most trades can be operated as home-based businesses as the work is performed at the customer’s home or office so compared to many companies, startup capital costs are relatively low for most skilled trades.
Technology
The ever-changing and advancing world of tech is definitely one to get in on. Virtual Reality (VR) in particular seems set to be the next significant trend and the potential uses of VR for business or leisure, really are endless.
There are 3D movies where you can watch a film in 360 degrees VR; Real estate marketing where you will be able to look around a new house from the comfort of your own home.
Then there is gaming as new VR titles are released almost on a weekly basis, and you can even do customized meditation using VR. VR “escape rooms” are also experiencing phenomenal growth, so this is a business that could be an excellent opportunity.
