Now more than ever people are looking to launch their own businesses in order to become their own bosses. This is mainly because of the rise of the service economy and more people embracing the concept of single person economy. According to surveys, more than 63% of young adults are keen on setting up their own business for the first time.
If you are looking for long term success, it is very important to look for an industry that shows great potential. For instance, just like how everyone is always looking for better deals so they can benefit from it over time. We shall now look at some of the best and growing industries with better opportunities that can help new investors.
The latest shopping trend is the convenience and ability to shop from anywhere. Experts believe that by the end of 2021, more than 75% of e-commerce sales will take place through mobile shopping. If you have the finances for it, it is a good time to start an online store.
The two types of most popular online stores include general marketplace that sell all kinds of products, like Amazon and niche-specific online shops. However, there are other types of online stores as well. Make sure you choose the right one before you start.
One of the most profitable and productive sectors that have seen a lot of growth over the past few years is the industry of transportation. If you look at the recent advancements in this industry, like Uber and self-driving cars, you will see how much this industry is capable of growth. Transportation industry is continually looking for new talent.
Moreover, it is important to note that every individual or company relies on transportation every day. Needless to say, this leads to a huge increase in demands. If you are thinking about setting up a business in this niche, you will have to stand out, so keep in mind important factors like convenience, accessibility, and technology.
Accounting services or home improvement and maintenance
If you are good with a balance sheet or have a degree in accountancy, providing accounting services to as many different organizations as you can could prove to be a great business to start. As there has been a huge shift to online operations by so many businesses in recent years, the demand for accounting and bookkeeping services by companies has gone through the roof. You could take advantage of this huge increase in demand and set up your own accounting service business.
Home improvement and maintenance services is an industry that you can join in from your garage if you have the workforce and the skills for it. This will require only a handful of staff members, a moderate inventory and a low startup cost. Offering services like cleaning, plumbing, landscaping, or home repairs can rack in a decent amount of profit. However, both of these services will require you to have some sort of relevant skillset.
Food and restaurant
Modern society is being overrun by hectic work schedules. A lot of people are moving towards fast casual dining and delivery services. All of this makes it a very good time for starters to launch a business in the sector of food and restaurant.
The demands will keep on steadily increasing. All you will have to do is establish your business and make sure it stands out from the rest of the businesses or brands that are already in the market.
With the help of recent technological advancements, the sector of education has grown. The pandemic resulted in the ed-tech industry becoming one of the most fast-growing industries everywhere in the world.
Providing online certifications or teaching new skills online can prove to be a very profitable business venture to try in the year 2021. Now, more individuals want to learn new things and look for knowledge from their homes.
The world of cryptocurrency exists digitally only. It is not like any of the other industries we have talked about. However, with Bitcoin’s price at an all-time high and a huge growth in total market value of cryptocurrencies, it is important that we look into this. Bitcoin has been called the future of money. The cryptocurrency market is known for its volatility and that is what scares most investors away. Cryptocurrency is for those who are looking to just hold on to an asset for the long term and wait for its price to go up.
Most people see cryptocurrencies as a risky investment. However, more and more businesses and online merchants have started accepting Bitcoin. With China about to introduce their state-backed digital currency, it would not be wrong to say that wide adoption of digital currency is finally here. Click here to be one of the early investors if you want to see yourself at the forefront of it all.