3 Fast-Growing Industries Entrepreneurs Swear By

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

That’s why focusing on fast-growing industries is a smart move for entrepreneurs. Here are three thriving 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 in 2030. There are some great platforms to add courses to, including Coursera and Skillshare, but if you build your own successful number of online followers, you can even sell your courses directly to your audience to maximize your earning potential.

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

First, identify what unique skills you have acquired over the years that others could use in their learning. It could be building websites, starting businesses, or managing others. With an online course, your skills are the main asset you are selling.

2. E-commerce

The expansion 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.

Maybe you want to sell wellness coaching services, launch a subscription service, or even start a lifestyle brand. However, opening an online store with Shopify and expecting customers to find your brand and start buying is not enough.

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

Many companies fail because their owners do not research the market first. So take some time to research your market. Services like Likeweb and Glimpse can help you analyze the current competitive landscape.

3. Consultations

Consulting can be a good option 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 the number of jobs in the consulting industry will increase by 13.5% between 2021 and 2031.

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

I have used my marketing background to help companies develop promotional materials and market their events and services on a freelance basis. While I don’t have a full-fledged consulting business, companies have immediately seen how my previous experience could help them with their current problems.

The story continues

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

How to start

While there are no set steps on how to start a new business, here are some tasks to cross off your to-do list before starting 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 starting your company. Many small business owners skip this step and it usually doesn’t work very well.

Recent research shows that 17% of companies fail because they do not have a business plan. Let’s say you love making pizza and you want to open a pizzeria. In this case, you need to know how many competitors there are in the area, how much they charge for their products, how much profit you can reasonably expect, etc. Doing your research in advance can save you a lot of headaches 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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We are big believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved, or endorsed by the advertisers included. The Ascent does not cover all offers available in the marketplace. The Ascent’s editorial content is separate from The Motley Fool’s editorial content and is produced by a different analyst team. Chris Neiger has no position in any of the companies mentioned. The Motley Fool holds positions in and recommends Target. The Motley Fool has a disclosure policy.

3 Fast-Growing Industries Entrepreneurs Swear By was originally published by The Motley Fool