There’s never a bad time to become a new small business owner. Nothing can match the personal fulfillment of being your own boss – selling your own products – rather than working all day and being on call all night to increase someone else’s bottom line. Starting a new business isn’t easy, though – if it was, everyone would do it. In most industries, you need to have significant capital available before you can even get started. You’ll need to have a buffer in place because it’ll be a while before you begin to earn money. Most importantly, you need to select an industry with real growth potential – and that’s what this article is about. We’re going to identify some of the industries that you should target if you want to start a small business with the potential for life-changing success.
You’ve probably known more than a few people whose lives were affected by tobacco smoking. Maybe you know someone who died from lung cancer. Maybe you’re even a smoker or former smoker yourself. Running a vape shop means that you’ll be selling vape mods all day to people who will tell you that your products changed their lives. That sounds like a pretty good job to us. Do you need more confirmation that vaping is a growth industry? Nicotine is one of the world’s most addictive drugs, and there are still millions upon millions of smokers in the world who haven’t made the switch to vaping yet. Vaping could eventually displace tobacco use completely, and by starting a vape shop now, you’d be getting in on the ground floor. If you’re still not convinced, just compare the wholesale and retail prices for e-liquid and vaping hardware. Vaping products have the potential to be incredibly profitable.
If you can invent a small electric vehicle such as a scooter or bike, you would have investors beating down your door right now; venture capitalists have invested several billion dollars into the local mobility industry over the past few years. If you’re not an inventor, though, that doesn’t mean you can’t still earn a living within this rapidly growing industry. If you live in an area with heavy foot traffic, those pedestrians would be very interested in renting personal transportation if you could make it easy for them. Over the next few years, some startups are going to earn a great deal of money by setting up self-service kiosks for bicycles or scooters in major metropolitan areas.
Within the next few years, the total size of the worldwide dietary supplement industry will approach $200 billion. That’s a lot of money, and the growth of the industry is being fueled by extremely popular supplements such as cannabidiol (CBD). If you understand how to market products, the dietary supplement industry has the potential to make you a millionaire several times over. CBD isn’t the only hot supplement on the market; there’s also green tea extract, ashwagandha, acai and more. Pick a supplement and begin building your own unique brand around it. One you’ve got your basic brand identity sketched out, it’s time to choose what supplement you’re going to sell – and once you’ve done that, it’s simply a matter of finding a supplier. Not capable of making your own supplements? No problem; the industry is full of white-label suppliers who will sell finished products to you. Just buy the products, put your label on them and put your marketing skills to work!
Economic conditions change over time, and during some periods, consumers may have less disposable income than at other times. Established businesses, on the other hand, have managed to stay around for a while because they’ve learned how to stay afloat when the condition of the economy is less than ideal. It’s a reasonable notion, then, that your small business may have a better chance to stand the test of time if you serve other business rather than consumers. There are many different potential niches for a business-to-business company, so spend plenty of time brainstorming ideas. It’s wise to avoid fields such as cleaning and landscaping because your local businesses probably already have contracts in place for those services. Instead, try to think of a service that businesses aren’t already getting elsewhere. If you can think of a more effective or less expensive way to market a business, for example, that’s a service that could generate plenty of interest.
Modern technology has changed the event photography industry forever. Once upon a time, event photography meant having a person with a camera roving and snapping pictures during a party. These days, though, people are more interested in capturing little moments and sharing them instantly on social media. In the next few years, there will be a very large market for selfie kiosks that allow people to swipe their credit cards and instantly get selfies perfect for sharing on social media. If you’re not interested in selling or renting selfie kiosks, consider launching a drone photography business instead. Many people own drones these days, but very few people own drones capable of taking truly professional photos. Drone photographers can earn money from a variety of sources such as events and real estate sales.
People are living longer than ever, and senior citizens often need help with various day-to-day tasks such as laundry, cleaning and cooking. Many older people can’t afford to live in assisted-living facilities, but they can afford to pay for a bit of in-home help if the cost is reasonable. The ratio of older people to younger people increases every day, and there isn’t nearly enough help to go around. If you launch a business in this field, there’s a good chance that you’ll be able to attract clients almost immediately. Remember that to provide certain services to the elderly, you may need to obtain licensing or comply with specific local or federal regulations. Once you have your small business idea in mind, consult with an attorney to find out what compliance laws may apply to you.