Every new year we look forward to expanding our scope in the industry or in a different industry. The decision on which industry one should venture in is often determined by factors such as advancement in technology and availability of capital. Additionally, the prevailing trends may favor some industry. Other industries have also proved to be more profitable over time.
We asked entrepreneurs and business owners the best industries to start a business in 2018 and here are the responses.
#1-The Auto Industry
In the last 10-15 years, the automotive industry has gone through a technological evolution. With that comes many opportunities for companies to provide better efficiency in many areas: customer retention, lead generation, vehicle acquisition and disposal, fixed operations, advertising… the list goes on. As the next generation of owners takes the reins, the technology asked of dealers, original equipment manufacturers, and the people they serve and interact with on a daily basis will continue to increase. Within the last 3 years, many mergers and acquisitions of vendor companies occurred, which provided many of these technologies. This has opened the door for new ones to emerge, offering dealers, manufacturers, and customers the opportunity to create more efficiency, improvements, choices, and alternatives within their products.
Thanks to Michael Waterman, ACV Auctions!
#2- Self Development
The Best industry to start a business is in the Self Development arena. It’s so easy now a days to turn your passion into a business and help others and to solve a problem. Now a days if you know how to do something you can turn around and teach others how to do it and make so much money from what you know how to do. You can also turn what you know how to do into books, programs and even into a Coaching practice. It’s so easy to start a business and being involved in the Self Development arena is the best and most low cost way to get started.
Thanks to Sharlrita Deloatch, Sharlrita Speaks!
#3- Low displacement by technologies industries
The best industries to start a business (and to look for a career) are those for whom displacement by technologies like AI and machine-learning are low or unlikely, but are also industries that are growing fast and evolving by virtue of the same technology revolution. Examples are industries like lawn care – autonomous lawnmowers may end up being ubiquitous someday, but they’ll never be able to trim hedges, perform edging, or build a retaining wall. At the same time, AI that leverages satellite imagery, property tax assessment data and vacancy rates can help size a job, cost it, determine a time of completion, and understand what a competitive price is to quote the job properly in order to win it. In-home services is another example – from hospice services to tutoring services, to plumbing and HVAC repair – all are in high demand and will continue to grow organically as the housing market continues to grow, along with the aging population driving more demand for in-home services. People expect services to be delivered faster (sometimes immediately) and with a high quality standard. Technology in this case is not meant to be disruptive, but assistive and value-added.
Thanks to Sam Pillar, Jobber!
#4- Business and Finance
Having the highest rate in growths among any trade, ecommerce business is most likely to be the best bet to start an entrepreneurship in 2018. People are eagerly trying to save some time than money these days and for the same reason they are showing more and more reluctance to physically visit any store to purchase anything. They would prefer getting informed and purchasing everything online through smart phones on their way. More advanced technological applications are being induced in the ecommerce industry to make the automation more flawless than ever for both buyers and sellers. Showcasing, informing, demonstrating, ordering and making payments online will be amazingly smoother and faster for everyone. Therefore, starting any ecommerce business will produce the most effective and encouraging result for the first time entrepreneurs than any other business in 2018.
Thanks to Andrei Vasilescu, DontPayFull!
In my opinion, SaaS is the best industry to start a business in. There’s been so much growth and it’s continuing to thrive. It’s an industry with high margins, recurring revenue, and a lot of opportunity to provide value at scale. It’s easier than ever to develop SaaS products as there are various platforms you can build on. The SaaS model allows you to deliver products and services to consumers, no matter where they are. Your app can have a web based version they can access through their browser, and a mobile app they can download on their phone. I think that the SaaS industry has lots of potential and will grow even more in the future.
Thanks to Steven Benson, Badger Maps!
#6- Building or home maintenance
One great industry to start a small business in 2018 is that of building or home maintenance, as recently there was a 13% jump in sales, meaning it’s an industry in high demand. The best part about it is that if you offer multiple services in that realm, such as pest control to cleaning and landscaping, the potential for success grows. Another great industry to start a business is pet care. Spending on pets is higher than ever, and owners are willing to spend top dollar in a lot of cases for grooming, sitting, and boarding. Street vending is another industry to potentially capitalize upon this year. Demand is at somewhat of an all-time high, and this is especially true for more unique and ethnic foods. Keep costs down when possible and make sure you obtain all appropriate licenses and permits before moving forward. And although these are three great examples, it’s important to understand that you can’t just go by statistics. In fact, you’re probably better off starting a venture as an entrepreneur in an industry that you’re extremely passionate about or an expert. Those two qualities may serve you much better than simply going by what’s hot at the moment.
Thanks to Andrew Schrage, Money Crashers!
There has never been a better time to be an independent beauty brand. If you have a great product that solves a pressing skincare problem, uses quality ingredients, or targets an underserved niche market (such as men, people of color, customers with aging skin, etc.), you have the opportunity to become very successful. Beauty is a growing industry where savvy smaller brands are taking market share away from industry giants. Independent brands can launch online with their own eCommerce store and distribute products through online channels like Amazon, which holds a 37% share of online beauty sales. Beauty brands can also use influencer outreach to drive traffic and sales. When optimized and done correctly, beauty brands can have ongoing, long-term sales from loyal customers.
Thanks to Jacklyn Deans, Flash + Color!
#8- Consumer tech
Why? More netizens are now interested in cool and amazing products or tech that they can purchase right away. The regular market is saturated with all sorts of gadgets which of course make your life easy but there are more number of youngsters and people in their 20s looking for the cool factor in the products they want to purchase. You can see increasing number of such cool products on crowd-funding platforms like Kickstarter and Indiegogo which are funded 10X to 100X their initial goals. If you’ve got a design/prototype, jump onto these platforms, showcase it via a cool video (which of course can be shot on your smartphone), reach out to press for some coverage and you are on your way to achieving the completion and shipment of your product.
Thanks to Ujwal Surampalli, InterviewBuddy™!
#9- Digital currencies and AI
2017 left us with plenty of new trends and technologies that lots of entrepreneurs are starting to take advantage of. During the end of 2017, you probably remember the huge media attention surrounding crypto-currencies such as: Bitcoin, Ethereum and Ripple. 2018 is going to be no different when it comes to these new digital currencies. From payment processors to transfer services, there is lots of potential in the crypto industry. Another interesting industry to start a business in would also have to be Artificial Intelligence. AI can help businesses save lots of money while also making companies even more efficient. Since we’re still in the early stages of AI (automated chatbots) there’s lots of potential for new businesses to enter the market.
Thanks to Alexander Winston, PPC Protect Limited!
#10- Mobility Tech
Not only does AI in mobility have significant business applications on a small scale, practical mobility technology also serves as a lottery ticket of sorts in terms of an eventual buyout. As AI, in general, is still in its relative infancy stages on a commercial level, big-name corporations are gathering up as many assets as they can in order to get a leg up on the competition. There aren’t many more industries – if any – that offer more potential than mobility tech, if you’ve got the chops for it.
Thanks to Nate Masterson, Maple Holistics!
#11- Online businesses
Nearly every market is saturated right now, but that should not deter aspiring entrepreneurs from starting their own business. I still think online businesses are the way to go, especially niche blogs. I started the personal finance blog DollarSprout.com in 2017 and our business earned nearly $100K revenue in our first year (as a bootstrapped startup). The low overhead makes online business especially enticing, even despite the fierce competition.
Thanks to Jeff Proctor, DollarSprout.com!
#12- Audio services
Podcasts are booming. Many individuals and businesspeople want to record and publish podcasts, but they don’t necessarily want to do all the work that goes into it. Setting up interviews, writing scripts, organizing sponsors, editing, publishing, distribution, promotion, etc. I think it’s a big opportunity for people that can manage a company’s entire audio marketing effort and the opportunity will only expand with smart home technology like Amazon Echo with its Flash Briefings.
Thanks to Dayne Shuda, Ghost Blog Writers!
#13- Digital marketing for small businesses
In 2018, there has never been better opportunity to start a business in digital marketing *specifically *for small business owners. While some may caution there is a lot of competition, small business owners who need strategic help with basic services (social media posts, email marketing, web updates, and blogging) are looking for trusted, local partners to help them grow their business. They want a hands-on approach, not a big box company. Creating an affordable monthly retainer-based model and sharing your availability with local networking can quickly build a solid client base. Digital marketing can also be learned quickly online and executed on nights and weekends, allowing you to start small (potentially around a current job), and build over time. Creating some systems and focusing on word of mouth referrals will help boost your success!
Thanks to Anna-Vija McClain, Piccolo Marketing!
#14- Cryptocurrency industry
There are two reasons that the cryptocurrency industry is a great area to start a business. The first is the opportunity for innovation because entirely new business models are possible using a cryptocurrency. The second is reinvention because the industry needs services both for businesses and consumers. A good example is professional services such as legal and accounting.
Thanks to Jim Bursch, Dash Digital Cash!