Today, many people with an entrepreneurial spirit are discovering that with hard work, a business in a booming industry can turn into a lucrative career move. Although success in any business requires serious determination and drive, a person can ensure the best prospects by selecting an industry that has a high rate of projected growth. Here are the top five businesses that have a proven track record for increased sales and are expected to continue to grow over the next twenty years.
Health and Fitness
Between the aging population and the current self-improvement trends, any business that falls into the fitness category is sure to succeed. This industry has many different niche areas in which a company can specialize. From yoga to nutritional supplements, there should be something that any entrepreneur would enjoy pursuing as a business venture.
Home and Automotive Repairs
With more people choosing to stay in their current home and drive older vehicles, home and automotive repair companies have enjoyed a recent growth spurt. Online, DIY guides and supply stores and repair subscription services are two types of companies that are beginning to thrive.
For those with a technological knack, developing and marketing smartphone applications is a great way to take advantage of current technology trends. There are a variety of apps from which a person can choose that range from smartphone games to shopping services. While many apps are sold at a low-cost, they can turn into a goldmine when they catch on with the public.
Many small businesses rely on accounting firms to handle their accounts receivable. Additionally, many individuals need assistance with retirement planning and taxes. An accounting firm also offers an easy start up option that can be simplified by using new technology. For example, recurring billing software can simplify the process of handling customer accounts so the business can focus on what they do best.
Restaurants and other food services have always done well in any economy; however, the food service industry is currently experiencing a new shift in the direction of casual dining and online food shopping. Today’s consumers want to enjoy their favorite foods, but they also need them to be conveniently available. From online candy shops to drive-in diners, there are many options available for a start up business.
Keep that entrepreneurial spirit alive by starting a business in an industry that is already booming. Then, all a person needs to do is add their own special twist and use technology to streamline their business operations. As the company takes off, the opportunities will only continue to develop for expanding into an even more successful business venture.