You’re a born entrepreneur. You’re independent and have had success in your current position, yet you want more as you want to be your own boss and make a profit. However, many would-be business owners have difficulty deciding on an industry in which they feel they would thrive.
Luckily, finding that perfect idea is easier in 2018 as the economy is thriving. Find your inspiration among these thriving industries that have the potential to be profitable many years into the future.
1. Disaster Relief
A spate of devastating hurricanes and other natural disasters over the lat 15 years has increased the demand for such services. This industry isn’t limited, however, to large natural disasters, mitigation for water, fire and mold damage is also in high demand. Revenue for this industry is expected to increase to $11.2 billion in 2022 from $10.1 billion in 2017.
2. Elder Care
As baby boomers age, so will the need for services aimed at this demographic. Ninety percent of baby boomers indicate they want to continue living in their own homes, which will create a wealth of opportunity for businesses that serve seniors. Consider “on the go” services that travel to senior to help them. From driving and delivery, cleaning, catering, pet care, home care and much more, the market is ripe for offering services that go beyond helping seniors bathe and dress themselves.
3. Child-Oriented Businesses
At the other end of the spectrum are services related to children. Parents are spending more on their families as school budgets dwindle. Specific areas include quality preschool education, art classes and events, tutoring in ready, math and English and fitness/sports instruction, such as lessons for tennis, swimming or golf.
4. Virtual Reality
Virtual reality computing (VR) I about to make a huge leap forward in immersing the user in a realistic sensory experience. According to Statista, the worldwide VR market is expected to surpass $40 billion by 2020. Potential uses go beyond 3D movies and include markets such as real estate marketing, team-building exercises, social media interaction, training and meditation.
Walk through almost any shopping mall in a developed country and you’ll see empty stores. People are shopping, but they are doing so online. Platforms such as Amazon, eBay and Etsy make it easy to sell online or go your own route and set up a website. Finding a niche that needs servicing can make your venture more successful
6. Corporate Wellness
Business have realized that investing in employee health saves millions in lost productivity and missed workdays. More than 70% of employers now offer some type of wellness programs, up from 58% in 2008. Many businesses hire outside firms to provide services such as massage, yoga, meditation, fitness coaching and more as well as managing these services.
7. Alternative Foods
Alternative-protein foods such a veggie burgers and gluten-free products are hot items. Technology has recently improved the taste of these products, increasing their demand even more. For gluten-free, there is a built-in market of individuals suffering from Celiac disease, while alternative protein sources are attractive to vegans as well as those who are trying to eat healthier. The market for alternative protein foods is expected to grow 6.8% by the year 2022.
This one comes with a caveat: you must have a background in building construction. Ask anyone who wants a kitchen or bathroom renovation about the trouble they have finding a reputable contractor. Putting your knowledge to work as a general contractor who can pull together reputable architects, interior designers and tradespeople to help customers realize their dream home can result in considerable profits.
9. Green Living
Building materials and practices that reduce pollution and waste continue to gain traction. This industry includes sales, service and installation of solar panels as well as tiny home living and off-grid living. Sustainable building materials are currently a $36.1 billion industry and are expected to grow by 10.6% annually through 2020.
10. Facilities Support
Facilities services is a catch-all term encompassing a full range of services for business that include cleaning, security, building, maintenance, painting, moving, etc. The industry is expected to grow by 30% through 2026.
DRDA Can Help You With Establishing Your New Business
You don’t have to go it alone. DRDA specializes in creative solutions to help entrepreneurs finance new businesses. Our exclusive BORSAtm (Business Owner’s Retirement Savings Account) allows you to use retirement savings to fund a new business without incurring penalties or excess taxes. We can also handle all the normal activities that you expect from a certified public accounting company. Contact us today for more information.