3 Fast-Growing Industries That Entrepreneurs Appreciate

Entrepreneurs know that a good business idea is only part of the equation for a successful business. You also need to find the right market or unique niche for your business to thrive.

That’s why targeting fast-growing industries is a smart move for entrepreneurs. Here are three booming industries and some tips to get 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 several great platforms to add courses to, including Coursera and Skillshare, but if you build your own successful online following, you can even sell your courses directly to your audience to maximize your earning potential.

I have spent a lot of time using online courses to improve my writing, understand the real estate market better, and manage my time. The good thing about online courses is that people are always looking for new information to improve themselves.

To start, identify what unique skills you have learned over the years that others can benefit from. This could be creating websites, starting businesses, or managing others. In the case of an online course, your skills are the main asset you sell.

2. E-commerce

The expansiveness of the e-commerce industry is one of the main attractions attracting entrepreneurs. In three years, the global e-commerce market will be worth $8 trillion, up from $5.7 trillion in 2023.

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You may want to sell wellness coaching services, launch a subscription box service, or even start a lifestyle brand. But opening an online store with Shopify and expecting customers to find your brand and start buying isn’t enough.

As with online courses, experts recommend finding a specific area of expertise that you will excel in. Narrow your options down to something you are passionate about and, ideally, something you have experience with.

Many businesses fail because their owners don’t do their research first. So, take the time to research your market. Services like Similarweb and Glimpse can help you analyze the current competitive landscape.

3. Consultations

Consulting can be a good fit for entrepreneurs who want to use their skills to help others. The industry is also growing rapidly, with the Bureau of Labor Statistics estimating that consulting jobs will grow by 13.5% between 2021 and 2031.

You can start a consulting business in almost any niche, but it’s best to find something you have years of experience in.

I used my marketing experience to help companies develop promotional materials and market their events and services on a freelance basis. Although I do not run a full-fledged consulting business, companies immediately saw how my previous experience could help them with their current problems.

Marketing platform company HubSpot says business, professional and accounting consultants are in the highest demand right now, so start there if you need ideas.

How to start

While there are no strict steps you need to take to start a new business, here are some tasks you may want to complete before launching your business.

1. Identify your skills

Knowing your skills and how to use them to launch a business is especially important for the business ideas on this list. But this is important regardless of what type of business you want to start.

You don’t have to be an expert, but if you don’t know anything about the business you want to start, you will need to spend time learning from others or finding a knowledgeable partner or mentor to help you get started.

2. Conduct market research

The second step is to conduct market research before launching your business. Many small business owners skip this step and it usually doesn’t work out very well.

Recent studies show that 17% of businesses fail because they don’t have a business plan. Let’s say you love making pizza and want to open a pizzeria. In this case, you need to know how many competitors there are in your area, how much they charge for their products, what a reasonable profit you can expect, etc. Doing some research ahead of time can save you a lot of trouble once you start your business.

Starting a small business can be intimidating, but knowing a few fast-growing industries to focus on can make the process less daunting. Once you have determined what type of business to start, take some time to research the market and you’ll likely be one step ahead of the competition.

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