For those interested in an industry or field that is on the rise, the good news is there are plenty of business opportunities that have the potential for massive growth. And these booming markets have room for many more entrants. You just need to take a little time, do some research and align your skillset with an industry that's on the move. In this article, we explore some of the faster-growing markets in the country today.
Green Construction
People definitely care about the environment which is why the move toward green construction and more eco-friendly contracting practices is rampant. Recent studies have shown that more and more companies are segueing into this "green" niche. And environmentally sound construction practices are set to double over the next few years.
Keep in mind too, it's not solely about sustainability and the environment—people are also more focused on energy conservation as well as establishing an overall healthier environment. From air quality to lighting to the way in which the structure is physically built, green construction is a movement that is not going away any time soon. Plus, there is a ton of opportunity in retrofitting existing buildings to align with more eco-friendly standards as well.
Childcare Services
With the rise of double-income households, not to mention the number of single parents out there, offices and companies are having to deal with childcare issues. And still, there seems to be a shortage of high-quality childcare and daycare businesses. This is a field that is wide open. If you do like working with children and/or have a degree in education, you may want to look into starting a childcare business—there should be no shortage of clients.
Freelance Services
More and more companies are starting to outsource some of their primary tasks. Everything from copywriting to graphic design to courier services is in demand right now from those working on a freelance basis. By freelancing you set your own hours, you can work from the comfort of your home, and you dictate which jobs/projects you decide to take on. Depending on what type of company you start, the overhead could be quite low. And from there, you have a ton of room to grow!
Gaming and Virtual Reality
By the year 2020, Virtual Reality is set to be a 20 billion dollar industry. And it's not just relevant to gaming. Fields of medicine, education and other such industries are set to leverage the power of virtual reality. Gaming, of course, is a big one. If you are interested in this sector, now is definitely the time to get in. Predicted to be the fastest-growing market in the next two years, there is still room for those who aspire to become a part of the virtual reality wave.
Cannabis Industry
From medical cannabis to cannabis in general, this is one industry that is poised to make a major move forward in the next few years. With more states starting to legalize cannabis, there is going to be a demand for those wanting to get involved in this agribusiness. Simply look at the stock market, and you can see how certain cannabis stocks have been shooting up.
Renewable Energy
Sustainability is the focus. Americans are looking for more and better ways to promote clean energy, renewable energy, and practices that protect the environment. Those interested in working with solar and wind power, for instance, stand to find plenty of clients. Be it residential or commercial, there is opportunity everywhere when it comes to renewable energy. And this certainly is not just a US phenomenon; globally, companies working in renewable energy are making giant strides—their businesses are booming.
IT Security
Breaches and hacks have unfortunately become somewhat commonplace. This, however, is why if you are in IT security, your company stands to turn a pretty decent profit. Companies everywhere are looking to IT experts to help safeguard their data. Not to mention, they need to ensure that if something does happen they can quickly regain access to vital information. This is where your company comes in.
As far as cybersecurity numbers go, in 2018 the country spent nearly 70 billion on such security measures. And this number is only predicted to rise in the years to come. Now is the time to get into IT security if you have the skills and the know-how.
eCommerce
Brick and mortar stores are fading fast thanks to the likes of eCommerce and game-changers such as Amazon. People love to shop from home; they like the convenience of it and the endless array of options from which they have to choose. Within the next three years, eCommerce is set to become a 4 trillion dollar industry—so yes, there is a ton of room for growth.
With an eCommerce business, operating costs are fairly low. And of course, you can start out right from home. In getting into eCommerce you do have to have some internet savviness, plus you definitely want to have an established social media presence as this will help drive customers to your online store.
So What Type of Business is Right For You?
It's all about seizing an opportunity. Your company doesn't necessarily have to be bigger or better, but you do have to be able to identify those niche areas that are on the rise and then capitalize on this. The most successful entrepreneurs were those who recognized a dynamic market and went after it.
And use technology to help you along. Not enough small business owners take advantage of all of the technological advancements out there that make faster growth possible. From utilizing analytics to recognize shopping patterns to platforms that help staff connect more effectively and thus stay on the same page, find what works for you and what will help facilitate your operations, regardless of the industry you're in.
You can make a go of your company. These industries are just a few that are currently on the rise and expected to stay booming in the coming years. There are tons more out there for you to explore in order to find that golden opportunity.
At First Union, we love helping small businesses to thrive. If your business is in need of funding, call today!