It would be great if all you needed to launch your own business was some money and a bit of luck, but this isn’t the case. Although it is easier than ever to start your own business today thanks to the internet and the many technology and software applications available, making it a success is a whole different story. The reality is that in order to make a success of your start-up in the modern commercial market, you need to work hard and, if you can, launch within one of the best industries for start-ups.
With competition from other firms within your industry, unpredictable market conditions and timing all playing a huge role in the viability and success of a business, it is important to know which industries are the most promising and provide fertile soil upon which you can really make a success of something.
The Best Industries to Break into Today
If you want your start-up business to still be around and relevant in the next five-to-ten years or so, it is vital that you know which industries are open to new entrants and have lots of room for innovation. Whilst there are many of these, here are your best bets:
eSports is a new concept and it is the watching of people compete in video gaming tournaments. Although this may sound odd, it is a very popular market which is growing rapidly and has made a great many people very successful doing what they love: playing games.
There is a lot of opportunity for new eSports companies and start-ups, especially those which focus on in-game analysis and player data. The overall popularity of online gaming has grown massively over the last decade, and given that Amazon recently purchased Twitch – an online streaming platform – for close to $1 billion, that should give you an idea of its viability. This is by far one of the best industries going today.
2. Alternative Food Products
The rise of vegetarianism and veganism has paved the way for alternative food products and companies which produce these products to take the market by storm. Consumers understand the importance of protein and are willing to pay a price for alternate sources of it. Vegan milk substitutes and meat-like products are some of the more popular products within this industry.
Consumers are growing increasingly aware of the importance of sustainability and many are trying to reduce the amount of meat they consume as a result. This trend is likely to continue growing and therefore this industry is a hot one to get into if you can.
3. Beauty Technology
Technology is integrating with the world of beauty to create opportunities for start-up companies which want to innovate pre-existing products. The beauty industry has literally undergone a makeover and now offers cosmetics which are “camera-ready” and products which can be tailored to fit a customer’s needs and skin complexions based off a single image. Makeup alone is already a huge business and is great to get into, but beauty tech offers far more opportunities for firms which want to innovate pre-existing products.
Technological advancements have made it much easier for beauty companies to products tailored to consumer needs and preferences – think foundation which perfectly matches skin or shampoo and conditioner which meets specific haircare needs.
4. Virtual Reality
This list wouldn’t be complete without including AI or virtual reality being featured somewhere. It has been lauded as the next frontier of technology and lots of people agree with this statement, and it is clear to see that VR is a serious contender within the market. They are becoming commonplace in many homes and they have specific applications to gaming.
Although VR equipment has only been available to regular consumers for a few years, it has benefitted from a huge surge in popularity which has enabled tech firms to improve and innovate with it. VR headsets feature highly on the wish lists of consumers across the world and as technology and gaming get even better, the potential for new start-ups to make a massive success within this industry is huge.
Although it is possible to make a success of a start-up within most industries with enough hard work, there are a select few up-and-coming ‘best industries’ that have great potential for start-up companies who can break into them and innovate.