Starting your own business requires a giant leap of faith, and the type of business you open could mean the difference between a dream deferred and a thriving business of your own. Depending on the business climate and current trends, certain industries and types of businesses prove more successful then these 10 worst businesses to start right now.
Consider these potentially lucrative ventures.
1. Home Elder Care
With an aging population wishing to remain independent, home elder care services promise to be in demand for years to come. According to the U.S. Department of Health and Human Services Administration for Community Living, 19 percent of the population will be 65+ by 2030. Earn big bucks providing homecare services, such as cooking, companionship and running errands. Command even higher compensation by adding nursing services to your offerings.
2. App Development
Smartphone usage continues to grow at exponential rates. Statistica estimates that there will be more than 196 million U.S. smartphone users by 2016. The more cellphone owners, the more apps they will use. The costs of developing apps are fairly high, but you can make the process more affordable if you have some development knowledge or if you team up with someone who does.
3. Smartphone repair
Given the increasing number of people using smartphones, repair services are and will continue to be in high demand. If you have some knowledge of electronics and cellphones, or can team up with someone who does, you can create a thriving business.
4. Healthcare Consulting
The Affordable Care Act and an aging population are creating an unprecedented need for healthcare consulting. Hang a shingle as an independent healthcare consultant, and you can offer hospitals and doctors data analysis and management services that help ensure they stay current on legislation and continue to provide efficient and effective healthcare.
5. Translation Services
An increasingly global marketplace means that communicating across cultures and languages will become more commonplace, and this means a demand for translators. The U.S. Bureau of Labor Statistics reports this field growing by 46 percent by 2022.
6. Construction Contractor
The recession and resulting plummet in construction caused many contractors to leave the market. With the economy improving and building resuming, homeowners and businesses are in need of contractors and the skilled labor they bring.
7. Investment and Trust Assistance
Helping baby boomers manage their estates is an increasingly profitable business. Rally the assistance of a group of accountants, investment advisors, lawyers and insurance agents, and you can provide one-stop assistance that will earn you a lucrative referral/coordination fee.
8. Environmental Consulting
As environmental awareness grows and more government regulations require that businesses abide by eco-friendly practices, the field of environmental consulting is mushrooming. Take advantage of what is likely to be hefty profits and open a consulting firm that helps businesses conform to earth-friendly laws.
9. Niche Business Web Design
Every company needs a website and web designers are common nowadays, but for those companies that specialize in complicated businesses, not every designer will be well-versed in what is needed. If you know a complex business inside and out, hire some great designers and guide them.
10. Employee Monitoring Service
With an increasing number of employees working flextime and from home, it can be difficult for employers to trace hours and productivity. A number of computer software programs track employee activity, but company management may not have the resources to oversee such systems. Offer businesses monitoring services, and you’ll find yourself with plenty of work.
Starting your own company is an exciting undertaking made even more enjoyable when you jump into a burgeoning field likely to be successful from the beginning.
Next Steps: You’re busy. We get it. So why not let us do some work for you? By signing up for the weekly Small Biz Ahead Newsletter, you’ll receive hand-picked articles, How-Tos and videos covering the latest in small biz tools and trends. We’ll do the research while you spend your time where it counts: managing and growing your business.