The 5 Best Industries to Start Your Own Business

Written by Xinlan

On January 14, 2020

According to the Global Entrepreneurship Monitor 2018 – 2019 Report, 62% of adults believe entrepreneurship is a good career and 40% think it’s easy to start a business. It may be true that starting a business is easy. However, many don’t realize that although it’s easy to want to start a business, making the business survive and thrive is likely to be tough.
 
If you want to succeed in running your own business, the industry you choose to start your business is vital. Some industries are doomed to fail because of the loss of customers and threats from innovative technologies. For example, the newspaper industry and the language translation industry are quickly being disrupted by new technologies. Meanwhile, some industries are growing fast and generating more profits.
 
Here are the 5 promising industries.
 

1. Fintech

 
The fintech industry has been thriving in recent years. The industry does not only provide lucrative careers but also offers a lot of opportunities for entrepreneurship.
 
Fintech (financial technology), is used to describe new technologies that seek to improve and automate the use of financial services and financial products. Although fintech companies are growing in popularity in recent years, the idea has a long history traced back to the 1950s. A lot of innovations can be counted as fintech, including credit cards, ATMs, and e-commerce.
 
The last five decades of development in the fintech industry have created a financial technology infrastructure that most people use almost every day but seldom notice. The fintech sector never stops innovating. Nowadays, the most active areas of fintech innovation include cryptocurrency, digital cash, blockchain technology, and cybersecurity. What’s more, customers of financial products are currently longing for more innovative financial services. According to the 2019 Accenture Global Financial Services Consumer Study, customers increasingly want integrated propositions and fully personalized offerings to address core needs. Those changes need fin-tech to achieve.
 
It looks like the fintech industry will continue to strive.
 

2. Healthcare

 
The healthcare industry is also a great industry for entrepreneurs to start their own because of people’s continual drive to improve their health and this industry’s requirement of a strong technological basis. With the boom of technologies, the healthcare industry is growing fast.
 
Healthcare startup prospects are positive. In 2014, healthcare startups gained the highest amount of venture capital funding. Major healthcare providers including Cedars-Sinai have recognized the potentials of healthcare startups. In 2015, Cedars-Sinai joined forces with Techstars Healthcare Accelerator to provide training assistance to startups with the intention of advancing healthcare delivery.
 
What’s more, the healthcare industry currently needs technologies to address issues including collecting data, providing better patient engagement, and improving information repository.
 

3. Tech

 
The last decade has already witnessed an explosion in entrepreneurial activity in the technology industry and is believed to grow continually.
 
The technology industry has a lot of opportunities for entrepreneurs because various new technologies keep emerging, including cloud computing, machine learning, AI, and big data. One innovative technology brings numerous job positions as well as startups.
 
Besides, multiple industries rely on tech organizations or corporate with tech companies to finish tasks. As mentioned earlier, the healthcare industry and the finance industry both are connected with technologies. Nowadays, some banks outsource the operations on the back office to technological companies. Thus, there are lots of chances for tech startups to grow.
 

4. Construction

 
The construction industry is a high-potential field of startups.
 
According to the Wall Street Journal’s report, investors are pouring billions into construction technology. One of the most important reasons is the high return. For example, Bee Partners, an investment firm, made 7X its original investment on its $275 million sale of BuildingConnected to the construction industry software giant Autodesk.
 
According to a McKinsey study, they predicted that by 2025, the number of urban households that live in substandard housing could grow up to 440 million from 330 million, which means that more people cannot afford fair-quality housing. Construction startups can address this problem.
 

5. Video Games

 
With fast-growing speed, the video game industry continues to grow in popularity. The industry is predicted to see continued growth, which is a good sign for startups.
 
The video game industry is booming partly because of the growth of streaming services. Microsoft, Google, and other video game companies are competing to make video games that are easy to stream. Just like more and more people start using their smartphones, tablets, and laptops to listen to music or watch movies, more people will use mobile devices to play video games as long as they are streamed.
 
Zion Market Research predicts that the global video-game streaming market is going to grow by 27% a year between 2018 and 2026. Therefore, we can come to the conclusion that startups can grow in the video game industry.

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1 Comment

  1. Benjamin

    House prices these days are getting higher, construction industry should be a sound point to breakthrough.

    Reply

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