Fastest Growing Industries: Your Best Bets For The Next Decade
Wondering what business you should start? Check out the fastest growing industries of the next decade.
Are you considering taking the plunge to start your own small business? If you’re in the process of considering being your own CEO, then you’ll want to check out what industries are on the rise. You would not have wanted to be the one selling typewriters when computers came out!
5 Fastest Growing Industries
What are the current hot growth industries? Here are our top insider picks for the five hottest industries of the next decade. Learn what’s happening, which trends are driving growth, and what kinds of small businesses can get in on the action.
Construction is a business that is often considered to be recession-proof. Even during slumps in residential construction, business and other types of construction may continue to grow. Pervasive industrial and utility needs mean that there will always be a segment of the market to serve for businesses that specialize in these areas.
According to Forbes, construction was thriving in 2016 and is expected to keep gaining momentum. Forbes reports that “five of the 10 fastest-growing industries in small business are tied to construction. Contractors involved in site preparation, foundations, utility lines, remodeling and mechanical equipment installation all have been growing sales notably faster than the 8.5% average for all small businesses.”
If you have any expertise in construction or maintenance, this is a great industry to consider for your small business. You may offer contracting services, sell construction materials, or provide contract labor – you’ll always have business coming in.
2. Virtual Reality
First there was radio. Then, television, eventually in color. Then there was 3D. Now, the next frontier in visual media is virtual reality (VR). VR refers to computer-generated, 3-D images designed to simulate the real world. Where a 3-D movie is visual on a screen, VR is a completely immersive experience. The images are all around you, often through the use of a headset that completely covers your eyes.
The virtual reality sector is poised on the cusp of a meteoric rise. Need further convincing that virtual reality is the wave of the future? Perhaps you have kids (or are just one at heart). Two words: Pokemon Go.
Currently the video games and gaming systems make up the majority of the virtual reality landscape. However, Deloitte Global predicts that virtual reality – in all its forms – will break the $1 billion mark. Pros expect virtual reality to expand from gaming to other industries, such as health care, engineering, and architecture.
Where does small business fit in? Computer and artistic expertise are always a plus. You may also get into the game selling parts or assembling virtual reality technology, or helping adapt the technology for new applications.
3. Food Safety and Innovation
We all need to eat. Food is a broad industry, and one that is ripe for innovation. Pros say that there are two ways to break into the food industry and make it big.
The first involves making the dining experience more fun. Basically, if you can innovate a new food trend or product, then you’re bound to see some cash returns. Fickle diners demand novelty, so if your company can satisfy that demand, then you’re in the money.
The second way to innovate and break into the food industry is by creating new ways of food handling and food safety mechanisms. Smart kitchen or restaurant products which guarantee a safer, healthier experience are the new forefront of food service innovation.
Another hot trend in the food industry is the e-commerce market. Online companies that provide customers with a fresh grocery or meal prep service have taken over the food industry, especially in the wake of COVID-19. So now is a great time to kick off that interesting restaurant idea or culinary innovation you’ve been thinking about!
What’s a drone? A drone is an unmanned aerial device. While drones have made news as of late for their use in the military, drones have a huge possibility to change the way we do business in many different industries. And they’re already started to hit consumer markets.
Drones may change the way we engage in combat, grow and harvest crops, and even conduct personal business. One area that’s expecting a lot of growth is in the supply and manufacture of parts for these machines – they’re being produced en masse and there’s plenty of room in the supply line for an enterprising entrepreneur.
5. Green Companies
Environmentally responsible companies are having a moment. Green seems to be the wave of the future for many businesses, big and small.
Social entrepreneurship is just one segment of the green industry. Social entrepreneurs strive to help solve pervasive social, environmental, and humanitarian problems by creating solutions through business. Green start-ups seek to help humanity and the earth while also turning a profit.
Green start-ups have caught the eye of venture capitalists, which means there’s plenty of money to be made in this area. Lots of socially conscious and green businesses can also take advantage of generous tax incentives, making it even easier to get off the ground.
Green building is part of this eco-trend. According to Entrepreneur, “IBISWorld projects 23% annual growth in the green building industry through 2016.” Going green can be a way to make lots of green in the coming decade, so consider structuring your small business around doing good in your community or for the environment.
Ready For The Future
Predicting the future isn’t an exact science, but experts expect these industries to really take off in the next few years. And that means there’s plenty of room for new small businesses – it’s all about finding your niche.