Every year comes with the excitement of creating new resolutions. Some of the resolutions may include starting a new business. However, you might be unsure about the best business to start that will probably reduce your chances of failure if you were to venture into. We asked entrepreneurs and business owners the best businesses to start this year and here are the responses.
#1- eCommerce businesses
People tend to think in the eCommerce world, you create a website and instantly start generating sales. This isn't the case. It is a long process. Think of eCommerce like growing a tree. If you plant a seed now and continue to nurture it, 2-3 years down the road, you'll be in great positioning. This is the reason I'm bullish on starting an eCommerce business. Just look at Amazon. It is the wave of the future so 2018 is the best time to get started!
Thanks to Andy Tracewell, Caretta Workspace!
#2- Fintech
Now more than ever, Fintech is expanding into new and exciting directions, and is completely transforming financial services, from lending to payments. The Fintech industry is still in its infancy with exciting opportunities and innovations yet to come, with 2018 being an excellent year to get into this exciting area. At some point though, this industry will reach a saturation point of competitive companies with commoditized services. To build on your long-term approach and market focus, you also have to maintain an eager eye on the competitive landscape and make sure your company (product and/or service) stands out.
Thanks to Tom Villante, YapStone!
#3- Artificial Intelligence
The best business to start in 2018 is defining your area of expertise and incorporating artificial intelligence into an app that solves a problem within that space. We have made such great advances in AI that the ability to make unbiased, fully informed decisions can now be done by machine. This requires the right expertise in the industry when the app is created.
Thanks to Patrick Sweeney, The Fear Guru!
#4- Baby Boomers
As Baby Boomers continue to age and enter their Golden Years, they will be looking for better ways of maintaining their health, and for ways to make their lives easier and more productive. The health, wellness, and beauty industry is one to consider, since the demand is certainly there. Baby Boomers make up a ¼ of the population in the U.S., and this is a market which you can bank on to some degree.
Thanks to Nate Masterson, Maple Holistics!
#5- Digital marketing agency
Over the last several years, individuals seeking answers to their queries on the internet has gone up exponentially. With the mass adoption of mobile phones and smartphones in particular, almost everyone has access to Google in the palm of their hand. As a business if you want to be found on the internet, you will list yourself on Google. This applies to your business irrespective of whether you're promoting information, selling a product or a service. If your business is not on Google, you're at a disadvantage because your competitors are already using SEO techniques to rank above you for relevant search queries, and PPC platforms such as AdWords and FB Ads to find relevant customers for their product or service. With all this being said, there is a dearth of high quality digital marketing agencies to provide for the needs of everyone. 2018 and beyond, digital marketing and the demand for it will only grow larger.
Thanks to Nigameash Harihar, Marketing Pros!
#6- Provision of sustainable raw materials
Vegan-friendly retail and food businesses could be on the up in 2018, and veganism is already expected to be the number one food trend this year. With a growing awareness of the effects of human activity on the environment, providing clean/sustainable raw materials that aid construction/manufacturing could help exploit a gap in the said industry.
Thanks to Alexandra Isenegger, Linkilaw!
#7- Online course business
In the beginning you can easily earn a few hundred extra dollars per month, but with the right marketing funnels, you can potentially turn your online course into a 7 figure business. Whether you want to teach coding, yoga, origami… everyone has something to teach and there will always be people who pay to learn.
Thanks to John Omar, Chain Operator!
#8- Ones that meet the empathy needs of others
There is a rising concern among mainstream about the role of humans as AI and robotics become smarter. Putting aside many of the fallacies and assumptions about this concern, what are the types of jobs in 2018 and beyond that we should consider? In my second upcoming book *The Human Race: How Humans Can Survive in theRobotic Age,* I discuss that for those who are not PhD specialists in advanced technologies will need to focus on empathy-based jobs that machines cannot easily replicate. In more layperson terms, the jobs that we need to start thinking about are jobs that directly meet the empathy needs of other humans, such as coaching, counseling, friend-as-a-service, etc. With the retail disruption underway, traditional retail franchises are doomed. Same goes for any retail businesses. Past 2018, expect accounting, paralegal, online marketing and even auto repair to become more automated and replaced by robotic process automation (RPA), AI, bots and advanced robotics tailored for the home, work, public spaces and industries. When thinking about starting a new business in 2018, it's important to consider sustainability beyond the next 5+ years.
Thanks to Scott Amyx
#9- Online business
In my honest opinion, I think the best business to start is an online business. It's the best, because a lot of people are online nowadays. Almost everyone is glued to their phones, which makes it easier for business owners such as myself to promote services and products to customers.
Thanks to Joanna Douglas, Clean Affinity Cleaning Service!
#10- One that makes customer delivery easier
By now, if you’re not putting tech first when starting a business, it can't go so far. Technology is enabling businesses to break boundaries more and more every day, so moulding your idea around tech is key, whatever industry you go in to. As for the business type itself, choose anything which makes a customer’s discovery or buying journey simpler – consumers are more impatient / lazier than before (depending how you look at it) – so looks for industries that seem archaic and long-winded then see if a marketplace or subscription model could resolve its current limitations.
Thanks to Lana Elie, Floom!
#11- Digital stores
Time is advancing and becoming the most precious thing today. People are ready to adopt any method which can save some valuable minutes. For the same reason, modern people are less interested to physically knock the doors of stores for buying anything. Instead, they are very much fascinated to purchase anything online without making it a time-consuming event. Stores and service providers also found online business is the most convenient way to generate revenue nowadays. Within few years, absolutely everything will be required online throughout the world from digital stores. Hence, in the next year, e-commerce businesses are going to be the highest ROI yielding above any other businesses and e-commerce business should be the best startup business for the fresh entrepreneurs in 2018.
Thanks to Andrei Vasilescu, DontPayFull!