If you want to be your own boss, you should definitely consider starting your own business. But understand that not every business in every industry will survive. To increase your odds of success, though, you can look into industries and niches that are currently thriving and that are forecasted, according to experts, to continue to grow.
Are you ready to start a business in an industry that will make it easier to be profitable? Check out these industries for new business ideas right now.
1. Online retail
Starting an online business can be a great way to be profitable, thanks to the fact that so many people prefer shopping online today. Millions of people purchase everything from accessories and home goods, to pet supplies, clothing, and more online. Because of this, the retail marketplace that’s found online has been one of the fastest growing and largest industries.
If you want to succeed in online retail, stick with selling items that people are shopping for. Books come in first place, while accessories, clothing, and shoes (even those for babies and children) come in as the second biggest category of products that people buy online.
You can start an online shop quite easily with sites like eBay, Etsy, and more, which have also shown steady growth over the last few years.
2. Game development
With so many people finding their entertainment on their tablets and smartphones, it’s no surprise that game development is another lucrative industry that you can get into if you want to run your own business.
In fact, social gaming is considered one of the most rapidly growing niches for startups. Social games, especially, are what have been getting most people’s attention and the most downloads. With the increased demand for social games, you can put your creativity to the test and create one that will do very well.
3. Translation services
If you know more than one language, you’re definitely at an advantage in this world where business crosses over borders and goes international. But many people don’t know more than one language, even though they do business internationally, so translation services are in high demand.
Of the 50,000 businesses that are currently in the translation industry, the majority of them are operated by individuals, so you can try to establish your own business on your own or hire a crew of translators. Or if you’re really tech savvy, you can develop your own automated translation product.
4. Business app development
Similar to social games and game development, app development is also a huge industry to get into because it’s continuously growing. But one particular niche that you can get into is business app development. Businesses in a variety of sectors, from the financial market, to retail and beyond, are all looking for apps that can serve as valuable tools for employees who can get their tasks done more effectively and efficiently.
Running a business is a great way for anyone to establish career independence, but if you’re a woman who wants to get into business, check out the article at http://www.servcorp.com.sg/en/news-articles/business-articles/start-up-business-ideas-for-women-in-singapore/ for some helpful tips and advice.
5. Internet of things
The Internet of Things (IoT) is the interconnection of uniquely identifiable embedded computing devices within the existing Internet infrastructure. It’s a world where your thermostats is capable of learning your daily habits, the new world where you control Wifi security cameras with your smartphone and where Doorbells can recognize your face the moment you get close.
It also includes a wide variety of devices such as heart monitoring implants, electric clams in coastal waters, automobiles with built-in sensors etc. There is so much being explored in this new and smart industry. Gartner estimates there will be 26 billion units of smart devices installed by 2020.