Ashley, I’m a single mother of three looking to get into business for myself. I’m sick of working for other people and I believe it is time to ‘spread my wings and fly’ into business ownership. I am interested in starting a business concept that is trending. I’d like to know what are fastest growing industries to do business in at this time? ~Rachel Parker; Salt Lake City, UT
Rachel congrats for breaking out of the 9-5 rat race! Business ownership is truly about freedom and happiness. There is the potential to make a lot more money than you have ever made before, but keep in mind that there are a lot more responsibilities and roles than you have ever taken on before also. Before stepping out on your own be sure to have a strong business plan and a plenty on money saved up for a rainy day (especially with three children). It is also important that you love (not just like) what you are doing because it’s a lot of work —running a successful business. Earlier this year industry and market research firm, IBISWorld published the 10 Fastest Growing Industries. The report highlighted flourishing industries within the United States and they are as follows:
Generic Pharmaceutical Manufacturing
Solar Panel Manufacturing
Pilates & Yoga Studios
Self-Tanning Product Manufacturing
3D Printer Manufacturing
Social Network Game Development
Hot Sauce Production
Green & Sustainable Building Construction
Online Eyeglasses and Contact Lens Sales
Many of these steadily fast growing industries require an extremely large investment; however, there are a few opportunities that have nominal entry fees. Yoga and Pilates, for example has a relatively low entry fee (compared to some of the other opportunities listed) and unlike the other nine industries; there are no major industry players at this time. If you are interested in a small business opportunity that has the potential to be large, the yoga and pilates industry is ideal because no other company has dominated the market. Anyone that can think of a unique system for this industry that will appeal to the masses can really do well since there are no visible competitors at this time.
Rachel thank you for this great question. Remember to choose something that you truly love and enjoy over the trendiest business opportunity. Good luck!
Images: (1) money plant (2) generic pills (3) solar panel manufacturing (4) graduate (5) lady doing yoga and pilates (6) woman with tan (7) 3D printed fashion (8) social network game (9) hot sauce (10) unique shaped building (11) eyeglasses