You Want To Start A Business, But In What Industry? Part 2

We last looked at that long laundry list of hot industries out there, and you’re probably still reviewing that list. Would you have expected that there’s actually still more out there for you to consider? Is the corporate stratosphere that good? Quite frankly, yes, it is. The only thing that may be missing from this person or the next is the drive and desire to succeed.

Sure, it’s scary starting a new business. You never really know if it’ll fly. You need capital funds, something to boost your ability to get off the ground running. That’s always the hardest part. However, once you’re running — even if it’s just a trot, know that because you’ve chosen a good industry, you’re practically destined for success as long as you keep your game strong and measure your success systematically.

Let’s continue, shall we? Starting with….

  • Green Construction —

I do understand that the homebuilding industry is struggling given the lackluster real estate market. You know what that means, though? Alternatives are rich with opportunity, namely that of green and renewable products, rejuvenating the tired industry.

I’m talking about the “green building market” growing around $140B in 2013, green product pricing steadily dropping to something more affordable as industry professionals seek to revamp everything in the development and research of ways to revitalize with trends. There are possibilities here…. Plus, you’re helping the Earth out.

  • Education Technology —

Ever since chalkboards went out of style, we’ve seen the huge upsurge of technology enveloping the education model in ways we never could imagine. These days teachers and students alike carry around tablets instead of textbooks, netbooks instead of binders. It has, too, increased efficiency, productivity and receptivity by plenty, resulting in $650MM in stimulus funds to provide for that technology. The proof and metrics are there.

  • Niche Consulting —

Overall, this particular industry is actually the fastest growing market out of the entire list here and of part 1. Make no mistake about it. Why is that? Have you ever heard of the old adage “if you can’t do, you teach?” It can’t be any truer than it is now. As more corporate layoffs occur, professionals are finding a way to reinvent themselves by taking their skills and utilizing it as consultants.

They’re teaching others what they know, basically. If you don’t want to try and expand on yourself, going back to college or attending a trade school of some kind, consider consulting. After all, this is a workforce growing by 5.9% through 2016.

  • Temporary Staffing Firms —

Speaking of downsizing, what do companies do about all the work that needs to get done? This is what they do: they outsource. Of course, the best way to try and keep the job market healthy is by keeping it local, in the country, and not over in India somewhere. That’s where these temp staffing services come in. You’re providing professionals on call at a convenient and appealing price.

Corporations can lick their lips. This is why you might see a majority of companies out there already utilizing temp services as a way to continue filling their needs.

  • Government Services —

Thanks to Obama’s $787B Economic Recovery Act, we’re seeing a tremendous power surge of government-owned companies, a lot of them on the Inc. 500 | 5000 list, expanding revenue from $678MM to $1.2B in just 1 year. That’s staggering. One would think the government would be pretty static, year in and year out. It seems, though, as the government really works toward bolstering small businesses and working on cutting the taxes for those businesses, improving the job market, a lot of that money’s coming back to Congress to provide for municipalities.

  • Accounting Services —

Even numbers these days still do add up to dollar signs (obviously). While TurboTax and other self-service accounting platforms do what they do, to this day there are still some companies out there providing those services for individuals and other companies as a means for mergers and partnerships. Imagine a business not having to worry about paying certain bills.

Why not hire another company to do it for you? That’s convenience. You can especially expect some high profit margins if you’re a sole proprietorship, even running a business from a home office. Companies need these services like the deserts need water, and the statistics don’t lie as private accounting firms enjoy a comfortable 20.9% profit growth in the past 12 months.

  • Repair Services —

As prices go up for premium products, the demand for an ability to repair a broken computer, iPod or tablet screen increases. That’s just one facet of the repair industry, and that gets as large as even the home-improvement sector of business where some companies will specialize in basement renovation or window replacement. As it stands, 2.4% to 4.6% are the growing percentages for auto repair shops, electricians and plumbers.

These days you might even see shoe repair shops getting a good amount of business. The fundamental model here is simple — if you’re good at fixing things, you might have a good business going here.

  • Self-Improvement —

When you’ve got countless seminars all over the U.S. talking about everything from relationships and romance to training sessions for your corporate workforce, you know we’ve got a society of self-improvers and motivational speakers. This is an industry covering several mediums, too: everything from speaking engagements to education to publishing.

It’s no wonder that the niche has hit a revenue mark of $11B annually just for all the self-improvement products and services, plus a forecast of 6.2% in annual growth. This may tie into the last industry as well — if you’re good at fixing things and teaching others how to do it, you might have two industries here that’ll benefit you.

  • Last But Not Least…. Energy —

Definitely not least. As technology rises higher and higher, so does the prospect of something affecting not only the nation, but the world as a whole. The concept of energy, electricity, renewable resources, the ability basically to turn on a light bulb. We all need it everywhere we go. This is a vital industry with new trends cropping up in the automotive market, the homebuilding sector and even the agricultural field.

With a median 4-year growth rate of 287.5%, comprised of 79 companies total listed in the 2008 Inc. 500 | 5000 list, it’s no surprise that you might have a $43B moneymaker in this. Just make sure you have the scientific background to break into those kinds of areas….

You’ll Need a Lot of Energy, Though (Since We’re on the Topic) to Figure Out What You Want to Do

It’s so crazy good that we had to split it up into two pieces for you. Think of it this way, though: this kind of research should be fun. You’re exploring the possibilities. Absorb it. Discover desires and passions you never knew you had. Maybe you want to delve into the technology industry, or just be a holistic health professional.

Whatever the case may be, as long as you work it out with your business lawyer and get something set in stone for your future, your future will set your life in stone forever. That’s a promise. Happy hunting and good will to you.

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Matt Faustman is the CEO at UpCounsel. You can follow his business insights on Twitter at @upcounsel.