When it comes to starting a business, it is a wise idea to research what industries are performing well at a given time. Similarly, it is important to know what industries are performing poorly, in order to avoid investing time and money into an entrepreneurial venture that is doomed from the start.
While the business market can change frequently, there are a few business industries that are particularly successful in the current market, and have a seemingly sustainable business future. Here are the top five booming industries for entrepreneurs:
- Health care
The projected outlook for the health care industry is extremely strong, as it is expected to grow nearly 20 percent in the next five years. This projection is due to the increase in the population, as well as the expected population increase within the next five years, making it a viable industry. Many consider the only roles in the health care field to be doctors, nurses, and other medical technicians; however, there are many other aspects to the industry, perfect for start up companies, such as medical sales, software technology, and real estate.
- Electronic Cigarettes
One of the fastest growing industries currently is for the production and sales of e-cigarettes, e-liquids, and other types of vapors. This is a growing industry, as it has become a popular replacement for traditional cigarettes, as many have found e-cigarettes and other similar products to be helpful in curing their addiction to traditional, tobacco cigarettes or cigars. E-cigarette shops, vapor shops, and even smoking lounges have become a widespread, profitable business opportunity.
With the world’s ever-present dependency upon technology, the software market is a highly successful industry. The technology industry has many different factions, making it a great industry for entrepreneurs. From security software to business software to mobile apps, the industry is widespread and in a constant need of new, updated technology to keep up with the modern world. In fact, the software industry is projected to grow nearly 15 percent each year, with app development growing by almost 40 percent.
This industry is projected to grow 19 percent in the next five years, as similarly to software, there is always a need for engineers. Many engineers who have spent time working as an employee for an established company often seek to start their own businesses, as they recognize the need for new innovations and new technologies, and they know how to develop, market, and sell their technology solutions. Additionally, many large companies are now interested in outsourcing to smaller start-up firms for technology resources, making the demand for engineering entrepreneurs higher than ever before.
This is an industry that has remained at the top of the charts for years, as accounting is a necessity among business owners. Due to the increase in new startups, there is a continual need for financial regulation and auditors.
These are the top industries currently that offer a sustainable future for entrepreneurs.