Before jumping in head first to a brand new business venture, you need to do your research. Timing is crucial to success in any given industry. Although there’s always risks associated with starting a business, reduce your chances of failure by considering what industries are hot at the moment and which ones are fading into obscurity.
Home repair companies are in high demand right now as people try to refurbish their existing properties in lieu of buying new homes. According to Hoover’s, material dealers, hardware stores and real estate developers are expected to see double-digit growth rates in their industries through the year 2018. A home repair company that specializes in electrical work, plumbing, roofing, and flooring can benefit from this growing need.
If you have experience in the farming industry, then this could be a good fit for your new business venture. Besides providing food and farming products to your local community, there is plenty of room for growth. Agriculture is a thriving industry and you can use many growing and established companies as your inspiration. Joseph Calata, owner of one of the biggest agriculture conglomerates worldwide, had humble beginnings and was able to expand the Calata Corporation into a global distributor of fertilizers, feeds, agrochemicals, and veterinary medicines. Joseph Calata took over the small retail company in 2001 and would help grow the company exponentially over the next several years.
The food e-commerce industry is also experiencing a steady growth. Buyers are looking for fresh food that can be delivered right to their doors. There are also more and more co-op crop programs popping up online. This new trend allows consumers to buy their produce in bulk with their packages featuring in-season and fresh produce.
Fantasy sports leagues have become increasingly popular over the past decade. Sports fans can’t get enough of logging online to check their scores and trash talk their competition. If you have a background in information technology, this could be a good industry to break into. Fantasy sports websites host leagues and charge users entry fees to play for real cash prizes. The software on the site keeps track of their points and declares a winner once gameplay has concluded.
Mobile game development is also a hotspot for start-ups. Over the past five years, revenue growth in the industry has been up a whopping 24 percent. Start-up costs are relatively low and you can see your business get in the black within no time at all.
Job hunting can be a headache to many and staffing agencies ease this stress. According to The Business Insider, temp agencies and staffing companies have seen an 18 percent growth rate in recent years. Another thriving industry is tech and trade schools. These programs offer new skills in order to make employees more qualified for competitive positions within their job sector.
There are more industries that might be a good fit for you and prove profitable such as financial planning, tech consulting, physical fitness, and real estate appraisal. The important thing is to become well acquainted with how supply and demand will affect how well your business performs.