Which industries have the most promise for starting a new small business right now?
The following answers are provided by the Young Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC promotes entrepreneurship as a solution to unemployment and underemployment and provides entrepreneurs with access to tools, mentorship, and resources that support each stage of their business’ development and growth.
1. Digital Education Disruption
Harvard and MIT are bringing classes to the masses with their ‘edX’ online learning initiative, and this is just the beginning. As the cost of higher education continues to rise and more and more people obtain degrees, the value diminishes. Leveraging online and digital education will continue to open new doors for people who want to enhance their skills at a fraction of the cost.
Baker, seamstress, or whatever your background, the time for you to open your own shop is now. The recession has reduced real estate costs almost universally, and social media and other online tools have made it easier than ever to cost-effectively promote your business. Most important, with many towns still depressed, you can do your part to create jobs and help get America back on its feet!
I still believe an incredibly under-tapped niche are video blogs within very specific subjects. If you have a dynamic personality (or can hire one) and put out good content (amazing HD cameras available for cheap nowadays) why would you only focus on text? The hardest part is consistent content generation, but if you are an expert and passionate about anything, you should be taking that to video.
People will always want to look beautiful. The salon, spa, and beauty world is still going strong. Clients maybe cutting back on everything, but they still need too look and feel their best. Hair on people’s heads equates to job security for stylists.
Startups that exist at the intersection of healthcare and technology have the best chance of success in this decade and beyond. Demographic changes, increased regulation and technological advances are providing endless opportunities for innovation in this space.
We are living in the greatest golden era for entrepreneurship, because the tools out there are cheap to use and can scale as your business does. Anything using tech, online or mobile as its platform is something with immense potential for growth.
Obviously, the technology industry is and will continue to experience a rapidly increasing rate of growth. More specifically, social media measurement services are in high demand. With more businesses turning to social media for marketing, CEOs want to see concrete results. Niche consulting businesses in this industry could make a killing.
We’re going to face a personnel crunch in the US in years to come — not only are Baby Boomers set to retire, but we have a shortage of medical professionals like nurses to care for them. There are other shortages, such as in STEM professions. We’re going to need major innovation in staffing and human resources very shortly, which makes it a very good field to start looking at.
The SEO industry is changing incredibly quickly after algorithm updates such as Panda and Penguin. While many will say this is a dying craft, the reality is that there’s more opportunity than ever for the savvy person to start a new kind of SEO-related business — one that focuses on quality content, branding, and not masses of linkbacks.
Anything in the mobile space is pretty fantastic. The trends are all pointing in the right direction, and there are so few people truly knowledgeable in the space. With the right mix of talent and focus, you could make a dent in fairly short order.
The industry that has the most promise for starting a new business is the one you are committed to. Sure, you can look at what’s hot right now, but that will change tomorrow. I would rather be fired up about my idea regardless of the industry than be only partially motivated about an idea in a hot industry. It’s that passion and commitment that will make you successful, regardless of the industry.
Anyone taking a static industry and merging it with social will threaten the giants that most likely haven’t dove into this space yet. So, regardless of industry, social will continue to rule in the future.
There were more millionaires made during the Great Depression then at any other time in history. When times are bad, there is a need for innovative thinkers to solve the major problems plaguing our economy. Right now, there’s a need for entrepreneurs to revolutionize heath care, energy consumption and management, clean water, high return equity investments, and training. Opportunity is knocking!
It is a poor formula for success to go after what’s “hot” today instead of pursuing what is first exciting to you and that which you can realistically build a successful company around. I might be capable of running a very successful construction company, but if I’m just chasing dollar bills into the mobile app market, I’m likely to fail.
Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. Learn more at yec.co.