With the rise of the service economy and more people embracing the concept of an ‘individual economy, more people than ever seek to launch their own business and become their boss. Surveys revealed that over 63% of young adults are keen on establishing their own business for the first time.
However, to ensure long-term success, you need to dive into an industry that shows great potential, just like how you would search for the search for the best mortgage or loan rates for better deals and benefit from it over time.
Here are some of the best and growing services business industries ripe for new investors and better opportunities.
One of the most productive and profitable sectors that have seen significant growth over the years is the transportation industry. When you consider the latest advancements like uber and self-driving cars, you can see how much this industry yearns for growth and continually seek new talent. Also, keep in mind that every individual or company relies on transportation every day—leading to massive demands.
If you’re thinking of establishing a business in this niche, you’ll need to stand out, so consider significant factors such as accessibility, convenience, and technology.
Home Improvement and Maintenance
If you have the skills for it or now people that do, this is an industry that you can join in from your garage. With relatively low startup costs and only requires a handful of staff members and a moderate inventory, service businesses offering landscaping, cleaning, plumbing, or home repairs can rack in a decent amount of profit.
Food and Restaurant
Hectic work schedules have overrun modern society. More people are turning to delivery services or fast-casual dining, making it the best time to launch a business in the food and restaurant sector. With demands steadily increasing, all you need to do is establish your business and market it to stand out among the rest.
The education sector has grown alongside recent technological advancements, resulting in the ed-tech industry to become one of the fastest-growing industries worldwide. Providing online certification or reskilling services online can be a profitable business venture to try next year as more individuals seek knowledge at home.
If you have a degree in accountancy or just a natural whiz with a balance sheet, providing accounting services for different organizations might be a great business to start. Thanks to more businesses shifting to online operations in recent years, companies have driven the demand for accounting and bookkeeping services through the roof. Take advantage of this need and launch your own accounting service business in 2021.
The convenience and ability to shop from anywhere have become the latest shopping trend, and according to experts, by the end of 2021, most e-commerce sales will take place on mobile devices. The two most popular online stores are niche-specific online shops and broader ones that sell all kinds of products, like Amazon.
If you have the finances for it, it’s best to start with an online store focusing on a brand niche-specific product, such as Adidas for sports equipment or an HP store for refillable ink. If you’re looking to start a business in 2021 and want to achieve long-term success—focus on your growth and choose the right sector for you. The industries mentioned are some of the best ones that allow you to gain excellent success long-term.