There is a certain allure to entrepreneurship. The ability to create something of value and be fully responsible for your own success can sound very appealing.
But starting a new business takes a certain mindset. Many feel that entrepreneurs must be daring and have the foresight to determine which trends are on the rise. What might be overlooked is the hard work and strategic thinking that goes into successful entrepreneurship.
Sometimes, getting off to a good start is as simple as picking the right industry — since there is a need for all types of organizations in almost every field. Strategy is the name of the game when it comes to starting your own business, so here are four booming industries in which to consider starting your own venture.
1. Online retail and supporting industries
Ecommerce will continue to grow in Canada and North America — the industry topped $15.7 billion across Canada in 2017 alone, jumping 31 per cent year over year.
As companies like Amazon, Etsy and other major retailer websites continue to grow, there is ample opportunity for entrepreneurs to join in the process.
This could involve becoming part of the supply chain or adding novel technology to ecommerce. There’s even an opportunity to get in on the marketing side of things by partnering with different companies to help move specific products they want to sell.
It’s a growing industry with several players, so try to think of a way to stand out and offer something unique. Strong budgeting is key, as it can sometimes take a while to become profitable. Also, consider alternative marketing efforts to gather name recognition. Try creating visual content marketing that explains the benefits of your product.
2. Healthcare on the rise as the population ages
With an aging population in Canada, the already-huge healthcare industry is only going to get bigger. Total health spending in Canada reached $242 billion in 2017, at about a tenth of our national GDP. As advanced technology and science in this area become more accessible, there is an opportunity for savvy business people to come into the industry and grow a successful business.
Of course, the population trends mean that doctors, pharmacists, physical therapists and other healthcare professionals will likely have an opportunity to create their own clinics and practices that are self-sufficient in terms of clientele. Specialists will have an opportunity to stand out from the crowd by offering unique services, too.
If you’re not a medical professional and are still looking to enter the industry, there are many opportunities on the pharmaceutical development, business-to-customer and complementary B2B side of the equation.
Additionally, home healthcare either as an aide or assistant is a growing area that is more accessible than ever, so providing services individually or from a higher, managerial business level is another potential opportunity.
3. Alternative proteins and meatless food options
Food science has come a long way, and feeding the world is one of the many ways businesses are looking to give back. Getting into the industry is not only a great way to do so, but it also presents a real business opportunity.
More research is being done on the carbon impact of livestock and there are a growing number of vegetarians and vegans worldwide — so the search for alternative proteins is on. As well, people enjoy having options and food is no different — especially tasty food.
According to ResearchAndMarkets, this niche is well on its way to being worth a sizable US $11 billion — expected to grow significantly over the next five years. Opportunities exist for the creation of new alternative food options, leadership in the nutrition industry and more.
One tip is to consider thinking outside of the box, while still incorporating elements familiar to most consumers. For example, what dishes do people love, but wish they had an alternative, meatless option?
4. Gaming goes mainstream
As another burgeoning industry, many are turning their eyes to the next behemoth in the world of entertainment. Focusing once more on the digital side of things, eSports is essentially professional competitive video gaming.
Much like traditional sports themselves, there are whole industries built to support this niche industry including supplies, targeted food and beverage, and even semi-pro tools to give hobbyists an advantage.
In the past, video games may have had a connotation of being somewhat childish, but the size of the current industry is nothing to sneeze at. It’s estimated that 42 per cent of people play video games regularly.
Even with that knowledge, it’s somewhat shocking to see that the industry will be worth $90 billion by 2020 — with eSports alone set to be worth $2.3 billion by 2022.
And if you’re looking to specifically focus on younger generations like millennials, the main demographic overtaking the workforce and the soon-to-be leaders of the business world, there may be a place for eSports in your business.