Entrepreneurs know that having a great business idea is only one part of starting a successful business – finding the right market or unique niche is also part of running a successful business.
That’s why targeting fast-growing industries is a smart choice for entrepreneurs. Here are three industries that are growing fast and some tips to help get your business off the ground.
1. Online Courses
The broader e-learning market is expected to grow from $197 billion in 2020 to $840 billion by 2030. There are several great platforms you can add your courses to, such as Coursera and Skillshare, but if you’ve built your own successful following online, you can also maximize your revenue by selling your courses directly to your audience.
I have spent a lot of time taking online courses to improve my writing skills, gain a better understanding of the real estate market, and manage my time. The good thing about online courses is that people are always looking for new information for self-improvement.
First, determine what unique skills you’ve acquired over the years that others could benefit from learning. This could be building a website, starting a business, or managing others. With an online course, your skills are the main asset you are selling.
2. Electronic Commerce
The expansion of the e-commerce industry is a major attraction for entrepreneurs. In just three years, the global e-commerce market will grow from $5.7 trillion to $8 trillion by 2023.
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Maybe you want to sell wellness coaching services, start a subscription box service, or launch a lifestyle brand, but it’s not enough to simply open an online store using Shopify and hope that customers will find and buy from your brand.
As with online courses, experts recommend finding a specific niche to stand out. Narrow your options down to something you’re passionate about and, ideally, something you have experience in.
Many businesses fail because the owners didn’t research their market first, so take the time to research your market. Services like Similarweb and Glimpse can help you analyze your current competitive landscape.
3. Consulting
Consulting may be the perfect career for an entrepreneur who wants to use their skills to help others. This industry is also growing rapidly, with the Bureau of Labor Statistics predicting consulting jobs will grow 13.5% between 2021 and 2031.
You can start a consulting business in just about any field, but it’s best to find a field in which you have years of experience.
I’ve used my marketing background to freelance for companies, helping them create collateral and market their events and services. Although I don’t run a full-fledged consulting business, companies have quickly seen how my past experience can help them solve their current problems.
According to marketing platform company HubSpot, business, professional and accounting consultancies are some of the most in-demand professions right now, so start there if you need ideas.
How to get started
While there is no set procedure for starting a new business, here is a list of things you should do before launching your company.
1. Identify your skills
Knowing your skills and how you can leverage them to launch a business is especially important for the business ideas on this list, but this applies no matter what kind of business you want to start.
You don’t have to be an expert, but if you don’t know anything about the business you want to launch, you’ll need to spend time learning from others or finding a knowledgeable partner or mentor to help you get started.
2. Conduct market research
The second step is to do market research before launching your business. Many small business owners skip this step, but usually with little success.
A recent study found that 17% of businesses fail because they don’t have a business plan. Let’s say you love making pizza and you want to open a pizza parlor. You need to know how many competitors there are in the area, how much your products cost, how much of a reasonable profit you can expect, etc. Doing your research up front can save you a lot of headaches when starting your business.
Starting a small business can be intimidating, but knowing about some of the fastest-growing industries can make the process less daunting. Once you know the type of business you want to start, taking some time to research the market can help you stay ahead of your competitors.
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