The best industries for the billion-dollar startups of tomorrowMunira Rangwala
If you want your startup to achieve meteoric success, you need to start your business in an industry that has the potential to create billion-dollar startups. Here's what you are probably thinking – how can one know which industries are capable of producing successful startups? The answer is easy. By speaking with experts and examining investment data, you can find the industries that are offering major opportunities for new ventures.
We've narrowed down on a few industries that we believe hold the maximum promise for startups in the near future.
From pins to pianos, you can find everything online in today's day and age. It is for this reason that e-commerce businesses are flourishing across all sectors. Also, e-commerce provides a level playing field for everyone, and the investment required for starting a business is very little, which makes this industry all the more desirable for startup ventures. However, owing to low barriers of entry, e-commerce is an easily saturated market. Therefore, you need to find your niche and develop a strong business plan if you want to succeed in this industry.
Do you love playing Cupid? If yes, you can now start an online match-making business and make money while doing what you love. The online dating industry has seen remarkable growth in the last couple of years, and it is poised to grow even more in the near future. Also, the social stigma that surrounded meeting your soul-mate online is fast vanishing, which makes this industry all the more lucrative.
Considering the number of people opting to join this profession, the beauty industry is all set to witness a salon renaissance in the coming few years. Today, a good haircut for both men and women can cost more than a meal for two at a luxury restaurant. Cosmetology and barber schools have seen exceptional year-over-year growth, and therefore if there is one industry you should consider strongly for building your startup, let it be the beauty industry.
The logic of most millennials is simple – the more they earn, the more they want to spend on food. Be it trying the latest food trends, or flocking to a recently opened cafe, most people don't mind spending a fair share of their income on food, and therefore it is one of the most up-and-coming industries of all time.
Corporate health and wellness is a growing industry because more and more companies are willing to spend money to keep their employees healthier and happier. Team-building exercises and in-house yoga are just a few ways of reducing burnout and turnover. Therefore, if you want to start a business with a small-budget, this is the best industry for you.
A final note of warning, though – don't simply consider the profit you can make while selecting an industry to start a business in. See whether you have the skills and knowledge to make it big in the industry, and only then take the plunge.