When you’re launching a business, market research will be absolutely vital for success. You have to know whether you can start a viable business under current or pending market conditions, in terms of both your local and the national outlook.
Unfortunately, many startups fail due to insufficient planning and poor management after opening. Though the US economy is currently better able to sustain new businesses than it has been over the earlier half of the past decade, it cannot make up for poor financial decisions, which is the number-one reason that new companies fail.
One of the keys to opening a successful business is choosing to operate in an industry that’s likely to thrive. In 2019, the following seven industries are projected to be on the list.
1. Freelance Services
Remote work is growing in popularity. The majority of US employees work at least some of the time from home these days. This has raised the demand for freelance services, which are more affordable and easier for startups and small businesses to depend on for their labor needs. Starting a freelance business in a particular niche can be a great way to meet the high demand for today’s small business market. All you need is an incorporated business name, a website, social media presence, and the skills to keep your clients happy.
2. Insurance Tech
Insurance technology has been one of the fastest-growing fields in the past decade. According to Deloitte, major traditional insurance companies are losing clients as their customers jump to newer, more user-friendly online insurance firms.
The last few years have demanded significant improvements from the insurance industry, and startups have been answering. If you’ve thought of a new, cutting-edge way to make insurance easier to use and understand for the masses, now is the perfect time to develop and present your idea.
3. Sharing Economy
Uber, Lyft, Airbnb, and other digital sharing services have ushered in a new age known as the “sharing economy.” It entails using what you already have to make a further profit by fulfilling the needs of others in your community.
The sharing economy is becoming more competitive, thanks to the popularity of the concept, but there’s still room for startups in this area. With a new app and unique service, for example, you could carve your way into the successful sharing economy niche with relative ease.
4. Digital Therapeutics
Video games and other forms of entertainment are no longer being regarded as simple recreation. Recent research has identified these visual tools as a method of treating certain medical conditions.
Some physicians have even written prescriptions for what’s become known as digital therapeutics, a type of mental therapy that’s growing in popularity. If you propose to enter this arena, you’ll need a solid understanding of the medical field, the ability to develop software, and an affinity for cutting red tape.
You might have all these abilities yourself or you could build a team. It’s not such an easy industry to enter, but it can be a fantastic way to establish a successful business!
5. Pet Care
Pets are more valued than ever. It’s not uncommon to see Christmas cards and family portraits that include the beloved family pet. On-demand pet services are becoming a bigger portion of society today, and people who have a strong love of animals will jump in while the opportunities are hot!
Pet-care firms can be successful by rescuing, boarding, grooming, sitting, walking, or clothing animals. You can also find potential opportunities in the sharing economy.
For instance, you might be able to develop an app that pairs pet owners with people who love pets and want to take care of them.
6. Knowledge Economy
Although material commodities will always have their place, the knowledge economy is rapidly growing. The phrase refers to the increasing number of online transactions, concepts, and knowledge bases made available either to promote community knowledge or to promote products.
You could start a blog or online publication, a forum, digital marketing consulting base, or other platforms that will help other businesses thrive and consumers stay informed. The profit potential and competitive nature of this company type can make it well worth the initial investment of time and money.
7. Mobile Businesses
When you can shop online, arrange to have food delivered to your door, and obtain information at your fingertips, why would you want to leave home? This is the mindset of many consumers, and that has made mobile businesses increasingly popular.
Develop a business that goes to the customer instead of expecting him or her come to you. For example, you might start a mobile car service in which mechanics and personnel will change oil, wash a car, fix flat tires, jump batteries, and perform other simple maintenance requests so customers don’t have to bring themselves in.
They’ll love your flexibility and gaining clientele should be a breeze.