What’s one promising industry or niche you think young entrepreneurs should start their businesses in now, and why?
These answers are provided by Young Entrepreneur Council (YEC), 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.
If there is one field I wish I would have pursued, it is programming. In fact, programming is essential for young entrepreneurs for several reasons. First, if an entrepreneur knows how to program, they can complete tasks on their own. They can also better create ideas that are technically feasible and also hire other qualified programmers who can take the company to new heights.
Marketing is a promising industry for young entrepreneurs because it’s growing and evergreen. Companies will always need effective marketing, and as the internet grows bigger, competition is becoming fiercer. If young entrepreneurs can hone their marketing skills, they can build a solid business doing marketing for other businesses.
3. Data Science Technology
Everything in business today is dependent on data, from daily processes to decision making. The combination of artificial intelligence and machine learning to turn data into a powerful tool using technology will be the foundation of how businesses operate in the future. Entrepreneurs should focus on bringing new or better data science technology to market.
4. Health and Fitness
A promising niche that’s expected to grow even more in the year 2023 is health and fitness. Covid-19 hit us hard and changed our perception of health and well-being for good. People started leaning more toward a healthy lifestyle, and that significantly increased the demand for fitness-related products. It’s still an upward-moving trend, making health and fitness a suitable niche for targeting.
Gaming is an industry that is evolving fast and has many sub-niches. For example, the metaverse represents a real opportunity for gamers. Customers who enter metaverse platforms are looking for games that may include all kinds of virtual assets to buy and sell, such as treasure, weapons and virtual land. Game creators will be needed in order to build innovative worlds in this space.
6. Educational Technology
The edtech industry is one of the most promising industries for young entrepreneurs. This is because there is a growing demand for education and training services, and edtech companies are able to provide these services at a lower cost than traditional educational institutions. In addition, edtech companies are often able to scale their businesses quickly and reach a global market.
7. Mental Wellness
One promising industry that young entrepreneurs can try their luck at is mental wellness. A lot of people are finding it difficult to cope with the fast-moving and evolving world. This leads to depression, stress and other mental struggles, so people are constantly looking for ways to deal with these problems. If you can offer a good solution, your business will surely take off.
8. Software as a Service
SaaS platforms are growing more popular by the day, offering entrepreneurs a variety of benefits that make them part of the best industry for modern entrepreneurs in 2023. These platforms allow entrepreneurs to operate their businesses without investing in developing any software or hardware, making them particularly appealing to modern businesses that are always looking for ways to save money.
Advertising is one promising industry that young entrepreneurs should definitely consider trying their hands at. With the availability of the internet in every corner of the world, it has become easier to start a business online. But simply setting up a business won’t do much. People need to advertise and promote it to attract sales. This means advertising is a business that will always flourish.
10. Content and Social Media Management
I think that blogging and social media management are great niches for young entrepreneurs to get into. They’re industries that are constantly evolving and offer a lot of room for creativity. Additionally, there’s a growing demand for content creators and social media managers as more and more businesses realize the importance of having an online presence.
11. Green, Renewable Products
It seems like green, renewable products are on the rise. People want to do more to reduce their impact on the world, so they are turning to solar- and wind-powered devices. If you’re thinking about starting a new business, it’s safe to say that this industry will continue to be profitable for years to come.