Starting a business? 5 best industries for startups in 2017

Starting a business? 5 best industries for startups in 2017

As the 75 million baby boomers age, there’s increased demand for health care services.

Small businesses are certainly not few and far between. According to the U.S. Small Business Administration, there are 29.6 million of them operating across the country. If you’re interested in successfully joining their ranks, the last thing you want to do is start a business in an industry with a gloomy outlook. Here are five industries with promising futures, based on data from the U.S. Bureau of Labor Statistics, market research firm IBISWorld and financial information company Sageworks.

 

As the 75 million baby boomers age, there’s increased demand for health care services. According to an outlook by the Bureau of Labor Statistics, more than half of the 20 occupations projected to have the highest percent increase in employment by 2024 are in the health industry. Meeting the needs of an aging population creates opportunities for physical therapists, doctors, optometrists and other specialists to open their own practices.

Don’t have the expertise to open that kind of business? Starting a home health aide staffing firm is one idea you could pursue. According to the bureau, employment of home health aides is expected to increase 38% by 2024, and finding employees may be relatively easy since the job doesn’t require a degree.

2. Marijuana

Good news for those with green thumbs: 28 states and the District of Columbia have legalized medical marijuana. IBISWorld predicts that industry revenue for medical and recreational marijuana growers will jump 33.5% over the next five years. The retail side of the business is also expected to see sales rise this year, according to the firm.

But for every high, there’s a low. Because the drug remains illegal at the federal level, says Dmitry Diment, a senior industry analyst at IBISWorld, new growth opportunities arise only when regulations are approved by the states. Those at the forefront of medical and recreational marijuana — like Colorado, Washington, Oregon and California — offer the best examples of how the industry could evolve, he adds.

3. E-commerce

Personal disposable income is projected to grow by 4% per year from 2014 to 2024, according to the Bureau of Labor Statistics, and as disposable income grows, so does the “quantity and quality of online purchases,” IBISWorld says.

But e-commerce can be an easily saturated market, given low barriers of entry. To increase your online business’s chance of success, focus on your customers — whether through customizable products, timely support or fast delivery of products, IBISWorld industry analyst Madeline LeClair says.

4. Tech

In a similar vein, continued innovation in the tech world means continued opportunities for tech-savvy entrepreneurs. IBISWorld projects a 31% revenue boost for smartphone app developers alone in 2017. Don’t forget about the support side of the industry; Sageworks found that tech consulting and installation services had strong sales growth in 2016.

5. Home and building maintenance

From landscaping to cleaning to pest control, businesses in maintenance industries that service residences and commercial buildings saw a 13% increase in sales in 2016, according to Sageworks. If you gain the right expertise, Sageworks analyst James Noe says, these businesses are easy to start because they have relatively low upfront costs and don’t require large inventory, staff or dedicated office space.


How to Get a Business Loan in 5 Steps
How to Start a Floral Business
Best Places for Black-Owned Businesses



Add Comment

all comments

  Other news

more
Manchester attack: CCTV shows bomber before arena blast

Manchester attack: CCTV shows bomber before arena blast..

27-May, 17:08

CCTV images showing suicide bomber Salman Abedi on the night he attacked...

South Africa: Jacob Zuma 'plans second home in Dubai'

South Africa: Jacob Zuma 'plans second home in Dubai'..

28-May, 06:43

South Africa's embattled president Jacob Zuma has been planning to set up...

Trump team brush off Kushner 'secret Russia line' questions

Trump team brush off Kushner 'secret Russia line' questions..

27-May, 18:01

Senior US advisers have refused to answer questions about Donald Trump's...

Iraq starts new assault on Islamic State group in Mosul

Iraq starts new assault on Islamic State group in Mosul..

27-May, 14:25

Iraqi security forces have launched a new assault on Islamic State (IS)...

South Africa reports drop in rhinos killed by poachers

South Africa reports drop in rhinos killed by poachers..

27-Feb, 09:00

South Africa says poachers killed 1,054 rhinos in the country last year,...

Ben Stiller Shares Stories From Meeting Refugees in Jordan

Ben Stiller Shares Stories From Meeting Refugees in Jordan..

08-Feb, 07:20

Actor and director Ben Stiller is using his star power to draw attention...

Dunkin' Donuts slaying suspect now on FBI's 'Most Wanted'

Dunkin' Donuts slaying suspect now on FBI's 'Most Wanted'..

18-Apr, 10:48

The FBI is adding a man wanted in his wife's stabbing death at the...

UN official calls for more work with disabled in North Korea

UN official calls for more work with disabled in North Korea..

08-May, 22:58

A United Nations official visiting North Korea called Monday for more...