The Best Industries to Consider for Your Startup
The key to great startups is a great choice of industries for entrepreneurship. If you are looking to maximize your return on investment money, labor, and other resources you’re funding up front, it just makes sense to go where the biggest growth is happening. Today’s boom industries are a little different from the high-tech innovators of ten years ago, so it’s important to stay abreast of changes as new industries rise to prominence.
The fastest-growing segment of industry in the United States today is healthcare. As more than 75 million baby boomers age, their children are also getting old enough to have increased healthcare demands. This is placing demand on the system, which provides a lot of opportunity for innovators looking to make changes in this field. If you’re looking to go where the demand is, this is one of your best bets.
Almost as attractive is the prospect of investing in the legal cannabis industry. 29 states now have some form of legalized cannabis industry for either medical or recreational purposes, and just this last November, Michigan became the latest state to legalize full recreational decriminalization for all adults. In every state, the adoption of legal cannabis has provided windfalls to the tax base and the investors who get in at the ground floor. It’s worth noting that startups in this industry do face risks not seen in other industries, including banking restrictions and conflicts of legality between state and federal law. This has not stopped visionary investors from betting on a future where this change continues to sweep the nation, though.
E-commerce is also booming, as more and more customers move to online retailers for the convenience and variety. The key to making an impact in an industry with this many actors? Adopting a clear purpose. Offering specialized goods your customers means you won’t have as much competition, especially from the big retailers. It’s also worthwhile to investigate partnering with one of the large ecommerce platforms to maximize your profits while minimizing the infrastructure needed to realize them.
Finally, remember that all personal care and luxury services are on the rise as more and more Americans are choosing to provide themselves access to high-end services rather than investment in large-ticket consumer goods. Cater to a unique customer need with a top-flight service that has a seamless, stress-free experience for the client and you’ll come out ahead of the pack in this area.
These are the fastest-growing industries for new companies today, and if you’re looking to build startups that deliver a return on your money quickly, you should consider your options in each of these fields before starting your next company.
