Which Industries Are Best for Startups and Why?
Entrepreneurs looking to start a business will often see which industries have the best growth potential before investing time and money in a company. This is because startups in flagging or troubled industries are more likely to fail than those in stable or growth industries. The best industries for small businesses are those with favorable outlooks.
Boomers, born between 1946 and 1964, continue to reach retirement age and place greater demands on the healthcare industry. There is a growing need for retirement homes, rehabilitation centers, and in-home healthcare professionals, creating space for more small businesses to open and meet those demands. Healthcare professionals like doctors and registered nurses can become successful business owners by identifying a market need and starting a company to fill that void.
Greater accessibility to online stores continues to increase demand for companies’ products, but the low barriers to entry can crowd this space. Nonetheless, small businesses that focus on delivering quality over quantity, and on customer-oriented services such as customized products, and fast, superior support will be well-positioned to grow their customer base.
Startups in the burgeoning cannabis space still face some regulatory and legal hurdles, but those who can effectively navigate this evolving industry can experience huge successes. This industry features cultivation, retail sales, and several ancillary roles, offering multiple avenues to building a profitable company.
The quick pace of innovation in the information technology industry means that demand for tech-literate professionals and IT services will continue to grow. Companies focused on cybersecurity services such as systems monitoring and protection from attacks are in high demand as more businesses seek to enhance their defenses against data breaches.
Personal Care Services
Personal care services is a broad category that includes industries like wellness services, tattoo parlors, and wedding planners. These are the most funded industries by the Small Business Administration, as small businesses quickly fill spots in the relevant markets. This category of industry usually features entrepreneurs turning a hobby or passion into a niche service that is in demand either online or in their local area.
Startups are the backbone of many industries, and those industries with the brightest futures can be the best place to start your new business. The best growth industries for new companies include healthcare, e-commerce, and marijuana, as well as information technology and personal care services. Finding your niche in one of these industries can give your idea the best opportunity for growing into a successful business.