If you’re entrepreneurial minded you’ll always be looking for opportunities and gaps in the market where you can turn a profit. And, if you’re looking for such an opportunity to start a business right now, you could do a lot worse than in a growth industry.
But which are the best industries to start a business in? We take a look at some of the leading sectors and opportunities.
Healthcare
With populations increasing globally; the rise in obesity and an ageing population in need of care, it’s no wonder healthcare is one of the fastest growing industries worldwide. A report by PWC suggests that they expect an additional £20bn spent in healthcare, wellness and fitness in the next five years, and that rise in consumer spending gives way to huge opportunities for businesses who can provide healthcare and wellbeing services.
Fitness and wellbeing, family healthcare and elderly care are the three key areas of opportunity for new entrants looking to take advantage of our increasing need for healthcare.
Business Services
According to a report by PWC, the business service industry has experienced the strongest growth since 1978 and continues to rise. It was one of the only industries that weathered the economic crisis of 2005-2007 fairly well and saw substantial growth in the years that followed.
This is such a broad industry and covers everything from HR & recruitment, security services, administration, building & office maintenance to business consulting and coaching. With so much opportunity, you’d be hard pushed not to start a profitable business supporting other businesses.
Renewable Energy & Clean Technology
Climate change is one of the biggest issues of our time and investment in the clean technology and renewable energy sector is growing rapidly.
After the historic ‘Paris Agreement’ in October 2016 where the UN Climate conference of parties (COP) joined all nations under a common cause to undertake ambitious efforts to combat climate change and keep global warming below a 2C rise, it is expected that further investment globally will occur.
This opens up an opportunity not only for businesses in the renewable energy and clean ‘tech’ industries to profit, but also make a significant contribution to limiting the effects of climate change. There will also be a need for more environmental consulting firms to support other businesses with compliance as government regulations increase.
Communications
2 Years ago, the UK government published a report that suggested that mobile and internet communications were the two main areas in the communications industry that were ripe for growth and opportunity. The report suggested that the following areas were a focus for investment in the UK:
- Infrastructure (including 4G and fibre broadband)
- Cloud computing
- Network security
As we’ve seen these areas grow rapidly in the UK since the report, we’re now in need of investing in engineering and ICT skills as well as innovation in communications technology.
Cyber and internet security remain a key opportunity for new businesses as ubiquitous use of electronic technology and the internet for all activities and functions increases vulnerability to cyber attacks and security breaches.
Sharing Economy
The final, and perhaps most talked about industry that’s witnessing rapid growth is the sharing economy. As we become more connected to the internet and technology, we’re seeing a huge rise in businesses tapping into the sharing of human, physical and intellectual resources.
Big players include Airbnb and Uber, however, many startups are cashing in on the chance to connect people with places, services or other people. If you can start a business that connects people and helps them share their intellectual or physical property, you may well be on to a profitable venture!
