Being self-employed can be an opportunity to break the 9-to-5 routine you dread. Are you planning to launch a startup and be the boss for a change? Below are 8 industries that present substantive opportunities for entrepreneurs and new plays to invest and grow.
1. Artificial Intelligence
Businesses that develop and offer AI (artificial intelligence) solutions are thriving thanks to the growing number of consumers who rely on Apple’s Sire and Amazon’s Alexa. Gartner, an advisory and research company, says human involvement in customer interactions will drop by 85% by 2020.
It is a finding echoed by the increasing number of companies hiring AI firms to help with machine intelligence, smart buildings, track individualized customer experiences or provide predictive analytics. It is estimated that the AI industry’s expansion will see the sector be valued at more than $16 billion by 2021.
2. Accounting Services
You can earn impressive wages if you work as an independent accountant, especially if you are a whiz with balance sheets. The Canadian economy is a favorable space for those providing bookkeeping and accounting services.
The demand for these professionals in Canada registered a steady growth over the past five years. Different players, especially small businesses and new entrepreneurs need help navigating the complex tax and regulatory structures. Moreover, the sector will be a safe bet for accountancy startups because of a growing number of multinational companies expanding into Canada.
3. Virtual Reality
Virtual reality is a high-tech sector that made its mark known in 2017. The industry has innovative plays churning out content, applications, and games regularly. The drop in VR headsets and rigs helped make virtual reality palatable for the masses.
The lifelike experiences contribute significantly to the influx of consumer acceptance that led to the industry’s phenomenal growth. Research shows the VR sector was valued at $7.9 billion US dollars and is projected to reach $44.7 billion US dollars by 2024
4. Mobile App Technology
App developers are perhaps the happiest lot of tech-savvy entrepreneurs. 2017 saw smartphone app developers enjoy a 31% revenue boost. Studies show that in-app adverts are at the driver’s seat regarding mobile growth as they spur more sales.
Analytical data from Statista projects the gross annual revenues in this industry to surpass 189 billion dollars by 2020. The exponential growth is not restricted to app development. Supportive sectors like tech support and consulting services will also be lucrative entrepreneurial spaces.
5. Children’s Services
Our little ones have a wild imagination, which creates room for some parents to be over-ambitious about their children’s future, especially when they have overachieving little ones. Various services see it as an opportunity to make money by providing specialized tutoring, specialty playschools, innovative camp experiences, creative arts classes, and more.
An enterprising startup has limitless opportunities when operating in this space. For instance, daycare centers are lucrative businesses that provide customized services to meet kids’ needs, and some have additional services like special needs support.
E-commerce offers vast business opportunities for those who are creative and willing to invest in what they believe can become a profitable venture. Hence, it is an evergreen space because of its potential. The growing number of consumers shopping online speaks volumes about considering this a safe bet when trying your hand at a new venture.
People are content with shopping for goods and receiving them in the comforts of their homes instead of going to traditional brick-and-mortar stores. Statista says the global amount of retail e-commerce sales in 2017 was a whopping $2.3 trillion US dollars, with online retail revenues projected to increase to $4.88 trillion US dollars by 2021. A good brand and good online promotion can do a lot to increase popularity.
7. Beauty And Cosmetics
The current generation is obsessed with looking good for the camera; they want the perfect mag for social media; hence, they turn to beauty products to ensure they look perfect for Snapchat and Instagram. Beauty products have become a daily ritual, and companies that make or provide beauty products and services can become online sensations.
New players in this industry should focus on identifying niche customers while offering high-quality services and products. Smaller brands that provide quality attract a substantial customer base and more effective online reach. Moreover, consider working with established online channels, aligning with them to push your products or services, therein boosting your business.
8. Home Improvement And Maintenance
The average US homeowner spends around $3,000 annually on home improvements. You can see how that adds up to significant earnings if you have several projects in a year. You can start a home improvement and maintenance business and run it from your garage.
It can be a low initial-capital enterprise that needs less than five staff members and operates on a moderate inventory. Diversification is key to growth and success. You can specialize in carpet and floor cleaning, tiling, and roofing, but include roofing and landscaping. Most homeowners hire contractors who can handle different projects. So, the home improvement industry has plenty of incentives for those who want to start on a small budget.