Few things in life are get-rich-quick endeavors, but that isn’t to say that some aren’t more promising than others. Take, for example, the numerous industries that recently started booming across the nation. If you were to start a business, it would make sense to begin one in a promising field where you know you have a chance to make it big. Avoid the riskiness of entering a struggling field where you’re up against the wall before you even open your doors for business.
What makes for an excellent industry? There are a variety of variables, but it all comes back to demand for a particular good and a current market shortage of the good. With that being said, here’s a look at five excellent industries that consumers are looking for right now:
It’s estimated that some 14 million Americans say that a doctor or a therapist has recommended yoga as both exercise and life-enhancement. Specifically, yoga helps invigorate the mind, body, and soul while also improving flexibility, which is why it’s a recommended all-around exercise. In 2008 alone, Americans spent $5.7 billion on yoga classes and products, which reflects an 86 percent increase from previous years. Keeping consumers in shape is an excellent business and nothing’s better than finally being able to touch your toes again.
Contractors that refuse to update their practices are definitely feeling the heat, as the green construction industry picks up the pace. The green building market is expected to top $140 billion by the end of 2013. Largely based on a growing demand for sustainable housing, entrepreneurs that keep their business policies eco-minded will discover an enormous pool of consumers looking to remodel.
Sure, the economy is down, but capitalizing on new consumer practices is an important trick to conceptualizing your small business. Rather than buying new products, more and more people are holding onto older ones and maintaining them through warranty and repair. Products like cars, home appliances, and general handyman work are getting the spotlight once again. Auto shops have seen up to a 3 percent uptick in business recently as well as plumbers and electricians discovering an increase in repair jobs by up to 5 percent in some cases.
The energy sector is the fastest-growing industry among private companies. A part of the reason behind this growth is a plethora of developments in the alternative energy sector. Solar energy, renewable energy, biofuels—all are being researched and developed in hopes of widespread adoption. Another reason for the increase in the industry is the generous stimulus funds and government grants that energy-related start-ups can qualify for. Develop your contacts in the energy field, identify a community that needs solar, wind, or other innovative methods of powering their world and create something that could change the world.
The baby boomers are aging and living longer than any previous generation. As our generation ages, we’ll require more advanced healthcare practices and innovations. There’s a shortage of health-care professionals, which is why nursing jobs have some of the highest demand nationwide. Other fields within the healthcare sect are taking off as the medical field evolves. Home healthcare businesses, for instance, are becoming more and more key as elderly consumers turn away from the retirement communities of the past. Another booming field is healthcare technology, and we’d suggest talking to any doctor friends you may have to discover what they’d want to see from a new product.
Adam Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Matthew. Adam is co-author of the newly released book: Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.
Follow Adam on Twitter: @thebizguy