The best business you can start now

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If you have an idea for a small business, it’s worth doing some research before launching it. It can be especially helpful to know which industries are most in demand.

Based on the latest data from the U.S. Bureau of Labor Statistics, starting a technology-related business is a great choice. Here’s why and some specific examples of tech companies worth considering.

Technology companies are among the fastest growing

Apart from the medical industry, the fastest growing professional group are “IT specialists and mathematicians”. This means that for most people, technology is the best choice. Or you can spend over 10 years becoming a doctor and open your own practice – your choice!

It is estimated that between 2022 and 2032, the number of jobs in the technology industry will increase by 15.2%. But where do you start in the vast tech industry? Here are some industry segments where great businesses can emerge.

1. Artificial Intelligence

There is a lot of hype around AI these days, but many legitimate businesses can be started using this technology. Earlier this year, 22% of software jobs were related to artificial intelligence. Many companies will need guidance on implementing AI in their business, so if you have some experience with AI, you may want to consider starting an AI consulting business.

2. E-commerce

E-commerce continues to grow and is expected to reach 41% of global retail sales by 2027. There are many niches, including launching an e-learning course, making money with a blog, selling niche clothing, or even starting a dropshipping business.

3. Software development

I know several people who started their own software development companies or worked as freelancers, and both were very busy. Artificial intelligence is helping some developers improve their performance. I was recently talking to a guy at a coffee shop who runs his own software development company and he and his team are using artificial intelligence to speed up their work.

How to start

Before you start a business, you should have a plan that will give you the best chance of success. Here are some general suggestions to get you started:

This is not an exhaustive list. However, market research will help you find out if there is a demand for your product or services, and creating a solid business plan will help you figure out what steps to take to start your business. So take some time to think through the details, like how you’ll manage your money in your business checking account or how much you’ll need to earn to go from a side hustle to a full-time job.

Many small business owners also overlook the more subtle issues of tax management and accounting. While it’s not as exciting as thinking about business ideas, choosing the right accounting software right away can help you manage your money more easily at every stage of your business.

Starting a small business in technology or any other industry is not a reason to rush, but the good thing is that those who start their own business are generally very glad they did so. A recent American Express survey shows that 95% of small business owners are “overwhelmingly happy” as owners.

Compare this to just over half of workers who are very satisfied with their jobs, and it’s clear why so many people are willing to take on the extra work that comes with starting and running their own business.

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