Top Industries for New Small Businesses
Despite the setbacks caused by the pandemic to the overall state of the global economy, there’s still no denying the appeal and promise of starting your own business. And with 2021 looking more hopeful than the current year, it’s safe to assume that many small businesses will open or reopen in the coming months.
If you’re one of these business hopefuls and you are looking for the next great idea to pin your hopes on, this article can help. It narrows down your choices into the most profitable and prominent industries where small businesses thrive.
The Business Services Industry
This year has been uniquely advantageous for web designers and online marketers. Out of necessity, a lot of businesses started exploring their online options. This increased the demand for serviceable websites and digital marketing strategies. Delivery services have also evolved and scaled to accommodate the growing number of clients.
These are just a few examples of how the business service industry has been growing. According to the numbers reported by Oberlo in August of this year, there are 30.7 million small businesses in the US. This means that if you have a B2B product or service in mind, you have a robust market to work with.
The Restaurant Industry
Although 2020 has been rocky for the restaurant industry, especially for restaurants that rely on tables being filled, it still holds a lot of promise. First of all, the industry has seen significant growth – according to Statista, industry sales have more than doubled since the year 2000. This is affected by another continuing trend of households having more than one working adult.
If you want to start a restaurant business in the coming months, it’s important to note that the world has not fully recovered from the pandemic’s grasp. This means, like other restaurants, you will need to adapt your operations to include deliveries.
The Automotive Services Industry
Whether you’re thinking about starting your own maintenance and repair garage or a detailing shop, the automotive services industry is another viable option for a new small business. According to IBIS World, the industry has been growing at a steady pace in the last five years.
Private vehicles have taken on a more important role in 2020, mostly because of how the pandemic has compromised public spaces including public transportation. All this means is that there are a lot of automotive business opportunities for hopefuls in the coming year/s.
The Home Maintenance Industry
If you add the rising number of aging adults and the overall increased disposable income, you’ll find that many services will be in high demand. Among these are home maintenance services. More people either have careers or businesses that lessen the time they’re spending at home. And when they do have time to kill, they want to spend it relaxing and with family.
This means there are a lot of opportunities for products and services that cater to home maintenance. You can start anything from an in-home cleaning services business to a home improvement DIY distributorship.
The Tech Industry
Although this was briefly touched on in the first item on this list, the tech industry deserves its own discussion. This industry is wide and encompasses a lot of segments, including business services. There is also an extremely lucrative retail potential in the tech industry, what with all the electronic devices, smart home appliances, and other innovations that have seemingly become necessities in the modern world.
You can open a repair business, an electronic device accessories store, a software development firm, and everything in between. The possibilities in the tech industry are vast and there’s no sign of slowing down.
Whatever industry you choose when you start your business in the coming months, make sure that you do your research and you play your strengths. Good luck!