Industries to Pick from When you Decide to Start a Business
There have never been more entrepreneurs than there are now, with people all over the world deciding to start businesses in fields they are passionate about. As of 2021, the US has counted a staggering 31.7 million small businesses, which is far from insignificant. Thousands of small companies are being launched every month. Some entrepreneurs already have an idea of where to put their resources, but others are still testing the waters. For those who are not sure, let’s evaluate which are currently the most successful industries and how you can tap into them.
Whatever your product idea might be, one thing is for certain: people will not stop consuming and shopping. Since the rise of online shopping, retail sales have skyrocketed and there is no better time to tap into this industry than now. People’s favorite online activity is shopping, so if you have any kind of hobby that involves creating a product, you should start thinking about how to sell it.
In this field, there is no universal formula that works for everyone. However, there has been a monumental push in recent years to focus on sustainability and upcycle where possible. A prime example of an e-Commerce platform that has taken advantage of this ethos is Depop, which is a virtual second-hand shop or vintage shop that resells people’s items. With an effective marketing campaign that consists of TV advertisements and word-of-mouth, Depop has really resonated with users who now have an easy means of finding new clothes/merchandise whilst saving the planet.
Following in their example would be beneficial for any burgeoning business as they’re going from strength to strength as a platform.
From video streaming and VR to iGaming and eSports, the entertainment, or more specifically the gaming industry, is flourishing at the moment. However, a particular facet of the entertainment industry that has seen considerable growth in recent years is the online gambling sector. Developers are hard at work, constantly producing fresh content in the form of themed slot games, live iterations of classic table games (such as poker, baccarat, and bingo, etc.) and players flock to online sites to get their entertainment fix. In a world where internet access is more widespread than ever before and smartphones are capable of supporting online gaming, the online casino industry has boomed.
An effective way of establishing a new online casino venture is to take a look at the competition currently available on the market. For example, a brief look at the most popular online casinos, rated by the big casino comparison site casinotopsonline.com, demonstrates that they carefully consider customer reviews, offer enticing promotions and bonuses for new customers, and provide easy accessibility and website navigation, to promote inclusion.
EdTech, short for educational technology, is yet another online industry that keeps on growing. Edtech involves a mix of educational practices and IT tools that aim to make learning more accessible and more interactive. Your business idea could include any subject you might have an interest in, delivered in whatever format you find suitable. It could be a YouTube channel with immersive visuals, an easy-to-access mobile app, or a more advanced platform.
Lately, a lot of EdTech start-ups have been praised in the press, receiving huge investments from already established companies. Mathpresso, a South Korean EdTech start-up, has come to Google’s attention, which became one of its investors. Mathpresso is a learning platform that offers tailor-made learning content and math solutions to users of all levels.
All three examples are an excellent choice for entrepreneurs, but of course, there are others. What matters the most is that you choose something that is receiving a great deal of attention, investment, and demand from consumers. Running a business is difficult, which is why you should choose an industry that can give you a head start.