5 Best Industries for Starting a Business Right Now
The ideal sector to start,the most profitable sectors to establish business
Starting a business is always a gamble, but in these fast-growing industries, the odds are stacked in your favor. For Inc.‘s annual look at the best industries for starting a business, we sought out the hot sectors where immediate opportunity and long-term viability converge. From agricultural software to fantasy sports and legal marijuana, these are the niches waiting for first-movers to jump in and take off. Consider this your call to action.
E-commerce hasn’t transformed the food industry the way it has many other retail markets, but that should change soon as consumers warm up to the idea of going online to buy everything on their plate. Entrepreneurs who can provide hungry consumers with the fresh ingredients they’re after–without charging an arm and a leg–have a golden opportunity.
Getting gamification right is tricky, but the use of game elements in non-gaming fields to engage employees and customers is expected to grow rapidly in the next few years. The key for new entrants in this space is developing software and other products for businesses that effectively boost their sales and make work environments more enjoyable.
Companies that make software to increase farmers’ profits have already begun taking root across the U.S., but this field is far from saturated. The precision agriculture systems and services industry is expected to grow from $1.5 billion today to $2 billion in 2019. New entrants should be prepared for an information overload, however, as the agricultural data being collected by farmers is multiplying by the day.
Americans who have grown sick of the energy drink fad and are now looking for the exact opposite product–a drink to help them relax–are helping grow the $150 million relaxation beverages industry. With more than 70 million U.S. consumers reporting that they have trouble sleeping, a subset of this sector, sleep-aid drinks, represents an especially attractive opportunity. Entrants should act fast, though–convenience-store shelves are already filling up with new brands
Government agencies using decades-old technology have created an opportunity for hardware and software startups. If you can increase efficiencies in the $450 billion government IT market while navigating this compliance-driven sector, your business is sure to prosper. Keep in mind, however, that winning government contracts can be a lengthy process.