Web Development

Fastest Growing Industries to Start a Business- What to Choose?

best industries to start business

If you are starting a business, what are the aspects that you should be definite about? Getting the required finance, setting up the infrastructure, drawing up a business plan are some of the things that you have to cope with. You might be tempted to hop on to the bandwagon of one of the fastest growing industries to start a business but are you fully equipped to deal with all the requirements of the industry?

So, how do you start your journey to become the entrepreneur that you have always dreamt of? It all starts with a germ of an idea at the corner of the mind – an idea for a business – and then it spreads wings to become a reality. However, the period between laying the first cornerstone to becoming an enterprise is not easy to overcome and is definitely not for the faint-hearted. So what are some of the best industries to start business?

Here are some suggestions for you. What you choose depends primarily on your interest in that field and a somewhat passing knowledge of the intricacies of the business.

Consumer Retail

This sector is quite flexible and has a wide scope. You can opt for ecommerce exclusively, a brick-and-mortar store, a combination of both or a personalized retail store. The advantage of consumer retail is its scalability. If you have the resources to match your ambition and dreams, you can start big, if not; begin from the lowest rung with a few specialized goods on major ecommerce platforms. In consumer retail, the sky’s the limit if you want to be a part of the fastest growing industries to start a business. 

Mobile food trucks 

Americans are considered to be among the top connoisseurs of good food in the world. The more interesting and offbeat the food is, the more is the demand for it. It is therefore not surprising that online subscription services, independent and alternative food shops, and mobile food trucks are the latest crazes in the country. If you have a penchant for cooking and have a few like-minded friends with you, this is the industry to be in. The initial investment can be a bit steep though. A 38-foot or 42-ft chassis bus converted into a mobile kitchen can set you back by about $300,000.     

Construction 

Economies will grow and so the infrastructure! With the economies of most countries on a high now, there is a boom in construction activities around the world. This is regardless of whether it is commercial properties, residential properties or infrastructure. A study by McKinsey estimates that by 2025, that is hardly 5 years from now, a third of the world’s population will be looking to get secure housing. This will open up almost indefinite possibilities for you and make the construction sector one of the best industries to start business. 

Beauty care 

This is one of the fastest growing industries today and it is not merely from the cosmetic point of view. Look beyond the ordinary beauty care salons and spas and start an establishment with high-tech and sophisticated equipment. Laser and IPL technologies have brought advanced beauty care treatments within the reach of the common person. Offer such services as laser hair removal, fat reduction, non-surgical facelifts, breast enhancements and body contouring. You will be assured of high returns on your investments. Initially, take machines on lease or hire. Gradually, expand as your appointments pages keep filling up.    

Personalized Nutrition 

There is no one size fits all for diet and nutrition and hence if you can specialize in this field and start your business, the possibilities are almost limitless. Additionally, the medical sector is shifting focus from treatment to prevention, where proper nutrition is emerging as a way to prevent illness. For becoming successful in this field, you should have a background in food and nutrition, have some expertise in human biology, exercise physiology, life sciences, and behavioral psychology.      

Photography 

Photography is definitely one of the fastest growing industries to start a business. The main prerequisites are a passion for photography, a high sense of creativity, infinite patience and good equipment. You can start with event photography of weddings and birthdays and go on to corporate bashes. You have the option of being a freelancer and selling your photographs to news agencies or famed channels for wildlife. Your only investment is in top-class equipment. Once you make a name for yourself in this industry, earnings can be among the best for any industry.    

Hospitality 

The hospitality sector includes hotels, leisure, restaurants etc., but it is the smaller options that are stealing the show. Be a part of one of the largest hotel chains in the world – Airbnb – as a franchise if you have a couple of rooms to spare and adequate facilities to back it up. There are other hoteliers who look forward to partnering with startups to take their business forward. Returns on your investment – which can be really low – are very high. Or if you have the business knack and some culinary experience, start a small niche restaurant serving specialized cuisine.    

Creating  a flawless hotel booking app was never so easy!

Education software and online learning

The American education system is slowly moving away from classroom-based learning to a life beyond. This is why the education software and online learning is becoming the norm rather than being an exception. Consider what the studies show. The global online education industry is galloping along at more than 30 percent year on year increase and the early education and prekindergarten market which was hardly anything in 2012 is almost $90 million in 2018. Adult training online courses such as languages and professional business and marketing are hugely popular today. If you have a penchant for education-based software design and development, consider this to be one of the best industries to start business and take the plunge.      

Now that you have a fair idea of the best industries to start business, do not think that it is enough to get your business off the ground and rest on your oars once it starts rolling on the lines as laid down in the business plan. You have to work out strategies to take your business to the next level. 

From Startup to Corporate Levels

At some time or the other, you have to rid your enterprise of the startup and small business tag and reach the next level to be one of the big players. However, this is not so easy. Getting out of the set groove and trying something different requires an element of daring and a willingness. 

On the other hand, by following a few steps you can achieve enormous success. However, these suggestions are not standardized and what you choose to do in the ultimate analysis depends on your industry and the unique requirements of your business. 

Introduce value-added products 

Your products and services are what your company is based on, so tweaking this aspect will pay you rich dividends. Over the time, same set of offerings year after year leads to stagnation. To give your growth curve a mighty heave north, you will have to introduce new products that need not be new lines only. A tweak of the existing popular ones will do as well. For example, if you are into flavored food, you need not get into something totally different at a huge cost and investment. Simply bringing in a new flavor at periodical intervals will lead to new conversions, sales, and growth. 

It is always recommended that you carry out a market survey first. Dole out sample packs to your existing customers for their reaction before taking the plunge 

best industries to start business

Try new marketing methods 

Getting through to existing and potential customers in new and exciting ways will lead to higher sales. Keep in tune with technological trends and incorporate new marketing avenues in your company to work on. In today’s business environment, digital is in. More and more people are searching the Internet on their small handheld devices before arriving at purchase decisions. Hence, if you have to take that leap forward, get yourself  a website that is user-friendly and SEO optimized to be on the top of results pages of major search engines. If your business is not highly visible in online searches, you will be missing out on business opportunities galore. Have a website created by a leading digital marketing company and have them conduct periodical online digital marketing campaigns on your behalf.

Prepare necessary infrastructure 

When you are planning for a step to the next level in one of the best industries to start a business you cannot possibly do so with the existing infrastructure. Hire a consultant from one of the top international business consulting firms to structure an improved business plan to help you out in this regard. Some of the variables that might need modifications on the existing plan include strengthening customer service, introducing advanced technological systems to deal with the increased workload and acquiring higher credit limits to get new product lines moving without facing a working capital shortfall. 

 What a new plan will do is basically start a new goal-setting exercise. Boundaries that you have become used to will be pushed  further and you have to devise new strategies to reach your objectives. Collectively, this effort will help you raise the bar and take your business to the next level. 

Delegate work to the maximum  

Once you prepare to break the barriers of exponential growth, you have to ensure that you don’t get tied down to overseeing the day to day operations. You have to deal with the broader picture of growth and implement policies and strategies. You have to delegate work as much as possible, especially those that do not involve crucial decision making.

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Hire Business Consulting Services

For most ventures, especially small businesses and startups, it is necessary to hire professional business consulting agencies to take the enterprise forward. There are a number of reasons for this. Any business, especially in the initial stages of operations needs expert management strategies to guide it to quick growth and development. However, that means hiring executives with high salaries, something that you might not be able to afford in the initial stages. On the other hand, getting a qualified consultant on board is much cheaper. He/she will be highly trained and qualified with a great deal of industry related experience and can, therefore, steer your company to become a profit-generating entity in the shortest possible time.

The savings can be used for investments in core activities thereby facilitating faster expansion and growth.

Create a master Business Plan

Another crucial area that is taken care of by consulting firms is the preparation of a business plan. It is actually a road map that gives in detail the direction that your start-up should follow to maximize growth. All crucial business parameters are accounted for here. 

First is the financial aspect. Projections are made by the consultant for sales and revenue, expenditure under various heads and the investments that need to be made in the future. Cash flow is also estimated as the working capital requirements. In short, complete financial budgeting is taken care of by the consulting firm. All these will determine how quickly your company can break even and generate profits.

 The next is the marketing factor. A detailed analysis will be made by the consultant, including competitors’ analysis, devising marketing strategies to be adopted, and pricing and new product launches. Goals and targets are fixed taking into account all operational aspects. 

Consulting agencies do not take arbitrary decisions. The consultants first make an in-depth analysis of the firm’s objectives before formulating the business plan. If necessary, they work in-house with you, studying and evaluating the day to day operations to ensure that everything is on course as per the plan. So comprehensive is this business plan document that you can even submit it to financial institutions and lenders to acquire credit limits or even to get new partners and investors on board. 

It is therefore very beneficial to hire business services consulting agencies, especially when you are launching your startup. At every step of your operations, be in touch with the experts. For example, to keep up with the modern digital business environment, you have to have responsive apps developed by mobile app development companies so that all your business information is always in the palm of your targeted audience. To know more about taking your business to the next level, contact us at hello@doynt.com for a free consultation.

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