Types of Businesses That Are Booming

If you’re thinking about starting a business, the last thing you want to do is start one in a dying industry. Industries trend up and down all the time, so while one particular industry may have been booming a decade ago, it may be slow now. Understanding the popular business trends when you’re starting your business is important because it helps you make sure you’re starting a business in a field that offers room for growth.

If you’re looking for some of the best businesses to start today, here are some of the many businesses that are big right now.

Electrician explaining work to customer

Skilled Trades

As so many industries have become overrun with fresh faces who are eager to work, skilled trades continue to lose potential workers. It’s not that the work is bad, but so many other opportunities have arisen that people simply don’t choose skilled trade work as often these days.

If you’re really looking for a business with a high success rate, starting a trade business is a good way to go. Whether you choose to hire plumbers, electricians, HVAC technicians or something else, you can always count on skilled trade work being available.

One of the best parts about this industry is that you get a lot of word-of-mouth business, which means your business’s growth tends to accelerate as time goes on.

Team of software developers working in a vibrant office

Software Development

Investing in technology is always a good idea, and software development is one of the best industries if you want to succeed in business like Mark Stevens and others. One of the coolest parts about software development is that it doesn’t force you into any one industry. Since just about every business in the world needs some form of software in today’s world, software development companies can find work across various industries.

While there is a lot of money and diversity in software development, it’s also one of the more complex businesses you can start, so you should have some knowledge on the subject if you’re going this route.

Self storage facility
photo credit: lonely radio / Flickr

Self Storage

If you’re looking for a simpler business to start that you can make a solid profit from, self storage is a good choice. Self storage is an interesting industry because there’s a constant need for it. People move from home to home all the time, and many people use self storage to make those moves easier. Self storage is also a popular way for people to clear some clutter from their home, which is becoming an increasingly popular concept thanks to people like Marie Kondo.

Perhaps the best part of starting a self storage company is the fact that you don’t have to have any specific knowledge to do it. As long as you have an area to put self storage units, all you need to do is sign people up for those units and make sure the property is secure.

Bicycle repair shop
photo credit: Cenas a Pedal / Flickr

Bike Sales and Service

Successful businessmen like Mark Stevens succeed because they take advantage of budding markets, and bikes are quickly becoming more and more popular.

People everywhere are turning to bikes to save money on gas and reduce their carbon footprint, which means there’s never been a better time to be in the bike sales and service industry. Whether you sell high-quality road bikes and bike accessories, offer repair services or do both, there are a lot of business opportunities thanks to the current popularity of bikes.

Keep in mind that if you plan on opening a bike shop where you sell nice bikes, you need to have a way to pay for the location and inventory upfront.

Online learning via mobile devices

Online Education

You can learn just about anything on the internet these days, which means a lot of people are turning to online education over traditional education. You can take advantage of this by starting an online education service for anything you can possibly imagine.

If you feel like you’ve got a lot of knowledge to offer on a particular subject, chances are there are people out there who would pay to hear it. If you’re going this route, make sure there’s some demand for the knowledge you’re providing before you take the time to invest in a website and write educational content.

When you’re starting a business, you should always consider what’s trending at the moment and what has potential in the future. Fortunately, today’s market offers a lot of great business opportunities no matter what kind of business you want to start

The best thing you can do is research some of the most profitable, fastest-growing industries and choose the one that most closely aligns with what you’re passionate about. As long as you choose a good business to start and make sure you put the time and effort into growing it, you can have a successful business faster than you might think.