In your opinion, what is the most promising industry or niche to start a company in right now, and why?
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These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. Learn more at yec.co.
1. Artificial Intelligence
I suggest anyone interested in starting a business take a good look at the AI niche. You’ll find that companies are making big moves designed to help other business owners. The best part about this industry is we are just scratching the surface. There are so many possibilities that come with using AI, and I think getting people involved in this niche now will help all businesses in the future.
Currently, cybersecurity is the hottest in the market. It’s no secret that the technology industry has exploded in popularity in the past few years. It’s been a backbone to many companies, the government and society. This has attracted many hackers who steal data and cause monetary loss, which has in turn brought forward the high demand for cybersecurity.
3. Digital Marketing
With the ongoing pandemic, when the entire world has been forced to go digital, I think the best industry to start a business in right now is the digital marketing industry. It lets you start your business online and you can continue earning good money even without stepping out of your house.
4. Web Design
I think the web design industry is the place to be right now. Many businesses are transitioning to online-only, and so need someone to create their website. In 2021, we will see a massive influx in new online businesses, all with websites made by designers who anticipate the need.
The best business to invest in right now is the e-commerce business. What I like best about this business is that your customers aren’t limited to specific boundaries. You can reach out to people far and wide and do business with them at any time and from anywhere in the world.
6. Retail or Grocery
Opening an online retail or grocery business is perhaps one of the best businesses to invest in right now. Although it might be a short-term boom, the online grocery industry is on the rise.The pandemic has made people who initially weren’t comfortable shopping online become much more accustomed to it. This has increased the target market and opened opportunities for new businesses to grow.
7. Social Enterprise
I’d recommend social enterprises. Consumers are looking for businesses that align with their values and beliefs. They want to know that companies are putting equal importance on people, the planet and profits. When I started MiaDonna and our foundation, The Greener Diamond, 15 years ago, this was a new concept, but I knew that consumers were evolving and we are on the cusp of a new era for business and commerce.
The entertainment industry is a promising industry. That may seem counterintuitive because large gatherings are prohibited in most areas, but entertaining doesn’t mean having to host large events. People are social beings and need interaction and entertainment. Creating small events or online entertainment events for people to interact and have fun is in high demand. Once demand is created, whoever supplies profits!
9. Human Optimization
Human optimization, supplementation and nootropics is a major growth industry in the years ahead. Today more people than ever are buying self-help books and tuning into podcasts dedicated to personal development and improvement. At the same time, scientific studies attesting to the efficacy of nootropics are coming out and wholesale suppliers are becoming more abundant. It’s a big growth market.
10. Sustainable Consumer Goods
Sustainable consumer goods are a growing industry. So many people want to live better and care for their bodies and our world in a sustainable way. If you can package a product that does that and then market the problem that you solve to that demographic, you will be in a promising business!
One of the most promising industries to start a company in today is the wellness niche. With millions of people now working from home and homeschooling their kids, people are experiencing higher stress levels and, therefore, are starting to focus on their health and wellness more. Vitamins, fitness, supplements and self-care can be very lucrative niches.
I’d recommend telemedicine. With the pandemic not ending anytime soon, opening a business in that niche should come with a high chance of great success. If there’s any way for doctors to connect with patients in a non-in-person environment, they’ll be likely to gravitate toward that.