More than 5.4 million new businesses were launched last year, marking the first time in the past two years that the number of startups has exceeded the number before the Great Recession.
Clearly, entrepreneurial spirit is alive and well in the United States.
But starting a business is notoriously hard: Nearly half of all businesses fail within the first five years. This means it’s increasingly important for entrepreneurs to start up in industries with high growth potential. growth.
According to a recent HubSpot study, the five fastest growing industries are:
1. E-commerce is still growing
Although e-commerce has grown rapidly over the past two decades, there are still many ways to enter the industry.
For example, you might want to start a dropshipping business, sell jewelry on Etsy, or create an app to sell online. With ecommerce software like Shopify starting at just $20 per month, setting up a website or online store has never been easier.
Global e-commerce sales are expected to grow from $5.7 trillion last year to more than $8 trillion by 2027. This significant growth forecast means there are plenty of opportunities for entrepreneurs.
2. Content creators are making money
As a freelance writer who has been creating content for a variety of businesses for over 12 years, I can tell you there is a market for content. This content can be articles, blog posts, marketing materials, and even social media influencer videos.
With over 60% of marketers working with content creators, it’s likely easy to find businesses that require this type of work.
Many people can also start a content writing business with very little investment of money. This means you don’t need a large business bank account balance to get started.
3. Entrepreneurs are ringing wedding bells
Before the pandemic, an average of 2.8 million people got engaged per year. The number of engagements has dropped significantly during the pandemic, but is now approaching pre-pandemic levels.
This has created a huge opportunity for entrepreneurs to start businesses like hosting weddings, catering, taking wedding and engagement photos, baking wedding cakes, and much more.
While pay will vary depending on the type of wedding business you start and where you live, the national average income for a wedding DJ is $65 per hour, while the average income for a wedding photographer is $48 per hour.
4. Consulting is booming
If you have years of experience in a particular industry, you might be able to parlay that into a consulting business. Many companies need experienced professionals to teach them how to grow their business, and some are willing to pay top dollar for that help. Consultants can make up to $300 per hour.
Consulting is also growing fast, with the industry expected to grow 13.5% between 2021 and 2031, according to the Bureau of Labor Statistics. You can become a consultant in just about any industry, but the most in-demand industries are accounting, business, and professional services, according to HubSpot.
5. Digital marketing is booming
Working with organizations as a digital marketer, I have seen that businesses need strategy and content for events, branded materials, social media, and email newsletters.
If you have experience in marketing, advertising, or content creation, you could use that to start a digital marketing company.
Demand for the job is growing, despite some concerns about the impact artificial intelligence will have on marketing. According to the Bureau of Labor Statistics, the industry is expected to grow 10% by 2026.
Choose your own adventure
I have a friend who created an online calculator to help teachers grade their students’ work, and another who designs and sells his own t-shirts. These are different businesses, but they have one thing in common: they both started out of a founder’s passion.
Even if you don’t find something on this list that interests you, there’s a good chance you’ll find a small business that matches your personality and experience.
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