With Barack Obama leaving office on January 20 and starting a new life away from the White House, a lot of people are also influenced to start anew. This can be the year to stop working for someone or to start a business. And, even though individual skills or interests are the factors to determine which venture to choose, the last thing one needs is starting a business in a gloomy industry.
Based from the data of the Bureau of Labour Statistics, IBISWorld and Sageworks, here are the industries that have a promising future.
Based from the Bureau of Labour Statistics, greater than 50% of the 20 professions that are predicted to get the highest percent increase for employment before 2024 are in the healthcare industry. Dealing with the needs of the ageing population generates opportunities for the doctors, physical therapists, optometrists and the other specialists to start their practices.
An idea is having a staffing firm for home health aides, since based from the bureau, the employment of these aides is predicted to grow at 38% before 2024, and looking for employees is somehow easy because this job does not need a degree.
It is predicted that from 2014 – 2024, a 4% increase in personal disposable income will happen, based from the Bureau of Labour Statistics. The quality and quantity of the online purchases is also going to grow as the disposable income increases, according to IBISWorld.
However, e-commerce can somehow become a saturated market, given its low barriers for entry. To increase the chance for success in an online business, Madeline LeClair, an industry analyst from IBISWorld, mentioned to focus on customers, regardless if that is through personalized products, fast product delivery or timely support.
Home and building maintenance
From pest control to cleaning to landscaping, the businesses which are in the maintenance industries that serve residential and commercial buildings got a sales increase of 13% in 2016, as indicated by Sageworks. A business in this industry is easy to start since it has low upfront costs and do not need big staff, inventory or office space, according to James Noe from Sageworks.
An individual can consider these industries for a new business venture. Regardless if that may be a new company that offers Rat Removal in Perth or a firm that provides staffing solutions in California, the chances are a business is going to do well in the future.