In-Demand Businesses You Can Start
Now is the perfect time to get started working toward your entrepreneurial dream. And today more than ever, there are countless business opportunities designed to fit virtually any skillset and budget. To be successful in your new venture, it is best to get into a business that is in-demand and already has a built-in market.
Here is a list of some of the in-demand industries where you can start a successful business:
IT Consultant: If you are an expert in technology, your services are in-demand. In addition, they are virtually guaranteed to be in-demand for decades to come. Why? Because there is one thing that is certain about the digital age and that is technology continually evolves. And with these constant changes come challenges for businesses that are unable to stay on top of the latest developments and keep their firms secure. Many of these businesses will look to a trusted expert who can handle this for them.
In-Home Care Provider: The aging demographics and the determination on the part of Baby Boomers to stay active as long as possible have created ideal conditions for the home care industry. Even if you do not have a medical background, you can still get into this business by providing non-medical care such as companionship, light housekeeping, grocery shopping, etc. All you need is the desire to help seniors in your community and the ability to manage a handful of employees (depending on how large you want to grow).
Social Media Consultant: There is little doubt that social media is here to stay. Popular social platforms such as Facebook, Twitter and LinkedIn continue to grow exponentially, creating opportunities for businesses to tap into this trend and build their customer base. The challenge is that most businesses do not know how to take advantage of these opportunities, or even where to get started. If you are a social media expert, your skills can be worth a fortune for businesses that want to expand their digital footprint.
Healthcare Consultant: In recent years, the healthcare industry has become more complicated than ever before. Under the Affordable Care Act (ACA), individuals are now required to purchase health plans, and businesses with over 50 employees are required to provide coverage for full-time workers or pay a fine. With a new Administration taking office this year, there will almost certainly be changes to the ACA, thus enhancing the need for consultants to help businesses (and individuals) successfully navigate these changes.
Crowdfunding Consultant: Crowdfunding is still in its infancy in the U.S., and most potential startups are still struggling to understand it. Crowdfunding is a great way to get a new business off the ground without having to seek the traditional financing methods. However, there is a right way and a wrong way to do it. Done correctly, it can produce a successful campaign that provides businesses the funding they need, and that is where you come in.
Mobile Auto Repair: Many consumers who have car trouble do not want to take the time (and expense) to have their vehicle towed to a shop. This has created the need for mobile mechanics. By doing the repair on-site, there is no need for the overhead of a large shop, a savings you can pass along to your customer. The key to success in this business is establishing credibility through positive online reviews. There are a lot of less-than-reputable people out there in the mobile servicing industry, so your credibility is critical to your survival.
Uber Driver: This is not exactly your typical business because it falls more in the category of “side hustle”. That said, the sharing economy is here to stay, and Uber is at the forefront. What makes Uber (and similar services) so attractive is their low barrier to entry. All you need is a clean background, a clean driving record, a reliable car, and a smartphone (from which to download the app) and you are ready to start making money. This may not be your dream business, but it is a good way to make extra money while you are busy climbing your ladder to success.
CPA/Accountancy Firm: On the other end of the spectrum from Uber are CPA firms. Of course, there is a high barrier to entry because of the skills required. However, if you are qualified, the opportunities are virtually endless. The economy is more complex than ever before, and each business model is unique. This means you can put your accounting skills to work in countless ways to help clients minimize their tax burdens and maintain regulatory compliance.
These are just a few of the businesses that are in-demand now, and are likely to be for many years to come. In general, there are two ways you can form a new business in one of these or another industry; start one from scratch, or buy an existing business. If you are on a limited budget, starting a new business from scratch might be the right option. If you have the funds and/or ability to obtain financing, however, you may be better off purchasing an existing business that has already done all the hard work to obtain profitability.
If you choose the latter option, it is best to work with a reputable business broker. A business intermediary will be able to show you all your options and help you navigate the often complex and confusing process of purchasing a business. Their experience can be invaluable in ensuring you end up in the business that is right for you.