Image source: Getty Images
Entrepreneurs know that having a good business idea is only part of the successful business equation. You also have to find the right market or a unique niche for a business to thrive.
That's why targeting fast-growing industries is a smart move for entrepreneurs. Here are three thriving industries and a few tips on getting your business off the ground.
1. Online courses
The broad e-learning market is expected to grow from $197 billion in 2020 to $840 billion by 2030. There are some great platforms to add courses to, including Coursera and Skillshare, but if you build your own successful following online, you can even sell your courses directly to your audience to maximize your earning potential.
I've spent a lot of time using online courses to improve my writing, better understand the real estate market, and manage my time. The good thing about online courses is that people always seek new information for self-improvement.
To get started, determine which unique skills you've learned over the years that others could benefit from learning. This could be building websites, launching businesses, or managing others. With an online course, your skills are the main asset you're selling.
2. E-commerce
The e-commerce industry's expansiveness is one of its major draws for entrepreneurs. In just three years, the global e-commerce market will be worth $8 trillion, up from $5.7 trillion in 2023.
Maybe you want to sell wellness coaching services, launch a subscription box service, or even start a lifestyle brand. However, opening an online shop using Shopify and expecting customers to find your brand and start buying is not enough.
As with online courses, experts recommend finding a specific area of expertise to stand out. Narrow down your options to something you are passionate about and, ideally, have experience with.
Many businesses fail because their owners don't research the market first. So spend some time researching your market. Services like Similarweb and Glimpse can help you analyze the current competitive landscape.
3. Consulting
Consulting could be a good fit for entrepreneurs looking to use their skills to help others. The industry is also growing very fast, and the Bureau of Labor Statistics estimates that consulting jobs will increase 13.5% between 2021 and 2031.
You can start a consulting business in nearly any niche, but it's best to find something you have years of experience in.
I've used my marketing experience to help companies develop promotional materials and market their events and services on a freelance basis. While I don't have a full-fledged consulting business, I've had companies immediately see how my past experience can help them with their current problems.
The marketing platform company HubSpot says that business, profession, and accounting consultants are some of the most in-demand right now, so start there if you need some ideas.
How to get started
While there are no set steps to starting a new business, here are a few tasks to cross off your to-do list before launching your company.
1. Identify your skills
Knowing your skills and how to use them to launch a business is particularly important for the business ideas on this list. But this is applicable no matter what kind of business you want to start.
You don't have to be an expert, but if you know nothing 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. Do market research
The second step is to do market research before you launch your business. Many small business owners skip this step, and it usually doesn't work out so well.
Recent research shows that 17% of businesses fail because they don't have a business plan. Suppose you love making pizza and want to open a pizzeria. In that case, you'll need to know how many competitors are in the area, how much they charge for their products, what profit you reasonably expect to make, etc. Doing the research ahead of time could save you a lot of headaches once you open the business.
Starting a small business can be scary, but knowing a few fast-growing industries to focus on makes the process less daunting. Once you've identified what type of business to start, spend a little time researching the market, and you'll likely be one step ahead of your competitors.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy .
Most Popular
Comments / 0