We’re a generation that lives and eats fads. You see this with diets, clothes, music, and just about anything else we’re into. And this is what makes it kind of hard to find a niche for a startup business.
If you’re wondering what’s the best industries to start a business, you’re not alone. It can be hard spotting new and upcoming trends while trying to stay relevant to your customer base for years to come.
In this article, we’re going to suggest some of the fastest growing industries to start a business in for 2018.
So let’s dig in!
Marijuana, Ganja, Weed
Whatever you want to call the popular green leaf herb, you can count on this industry booming louder now that’s it’s being legalized than it did when it was completely illegal.
There are currently 29 states that legalized medical marijuana (including Washington DC). No, it’s not selling herb to anyone who walks into your establishment. But you’re doing a great service by providing a remedy to customers’ ailing health conditions.
In 2016, marijuana sales totaled a whopping $6.7 billion!
Aside from smoking and consuming marijuana leaves, there’s a growing need for vape pens and CBD oil (or cannabidiol oil), which derives from the marijuana plant. It’s definitely something worth looking into as more evidence comes forth about its healing capabilities.
Disaster Relief Services
If you’re paying attention to world events, then you know how disastrous the world has become. From the weather, civil wars, and health crises, the world is in dire need of disaster relief in all shapes and forms.
And if you’re thinking charity work isn’t profitable, think again. Charity today is now a business. So much so that disaster relief logistics is expected to be an $11 billion industry.
Not to confuse this with disaster recovery as a service, which helps businesses recover data after a disaster hits. But don’t overlook this business idea – it’s expected to increase to $12.5 billion by 2022.
Yes, a lot more people today want to eat their peas and carrots. But they’re not doing it in the traditional sense. Those who are looking to improve their health are searching for alternative food options that are both great-tasting and healthy.
For example, alternative-protein, alternative-dairy, and alternative-protein products are highly sought after today. The alternative-protein market alone accounts for over $4 trillion as of 2016. And it’s expected to increase by nearly 7% between 2017 and 2022.
Professional Video Gaming
Sure, this sounds like a dream some guy in his mom’s basement has each night after playing 17 hours straight of video games. But the truth of the matter is that video gamers can go pro by playing eSports.
After Amazon acquired Twitch, there’s the possibility that the NCAA will support the growth of eSports, which is expected to increase to nearly $2 billion by 2020.
You can get involved in playing all types of competitive games, including basketball, football, Overwatch, and Dota. Already, NBA 2K joined the growing craze and went as far as to have drafts for their eSports players.
The aging population needs support, but most families can’t or won’t foot the bill. Meaning, they’re not looking to be the one that takes care of their elderly parents or grandparents when they’re no longer able to care for themselves.
This is where elderly care services come into play. Some businesses offer daycare services, where you send agents to the home to watch elderly patients while your customer is at work. You’ll need licensure to provide home health aide services.
You can even go as far as to offer 24-7 services, where you have agents in the home at all times. They rotate shifts throughout the day and evening.
So how profitable is this industry? Well, it’s expected that by 2021, elderly care services will increase to $388 billion.
Social Media Influencer Agents
Social media is blowing up and it’s causing people to blow up with it. If you’re able to learn the ins and outs of social media marketing, you can gain your own popularity and use that to profit off of businesses that need your audience.
Consumers today are searching on social media for social proof and reviews about brands. And some even go there to directly connect with businesses. It’s definitely where every brand should be. And with your help, you can help these businesses grow their visibility, trust, and ultimately, their revenue.
If you can find a niche, this will make you even more of a hot commodity. This is because you can attract specific brands that are looking for your specific audience. So make sure to pick something you’re knowledgeable about and enjoy so your social media persona is authentic and authoritative.
And just to note, 2017, the social influencer agencies generated $10 billion in revenue.
Health Care Services
The great thing about health care is that you can provide services to both the sick and the healthy. Health is something everyone needs and as we grow more health-conscious, we’re looking to not only to improve our well-being but to maintain it.
You can get in on this action by offering services and products that’ll appeal to this market. Supplements, vitamins, and even plain old expert knowledge are enough to attract this crowd to your business.
And if you work with an influencer agency, you may be able to boost your visibility quicker. You can learn more about digital marketing agencies here.
Finding the Best Industries to Start a Business
Now that you have a solid list of the best industries to start a business, it’s time to start researching which market is right for you.
The key is to find a startup idea that’s not too expensive to launch and that’ll last for decades. Avoid fads and go after long-forming trends, like the ones listed in this article.
And if you’d like to learn more about what people like to inspire more ideas for your new company, then be sure to visit our site, Curiosity Human!