Fast-growing Small Business Industries in 2019
So, you're looking at starting your own business. It may be tempting to delve into broader industries that are seeing more rapid and intense growth - areas such as Virtual Reality gaming, Ecommerce, IT & Computer Systems, etc.
But the truth is that these industries are inundated with people who may have the same mindset and talent as you, but very likely have more people and more money with which to build a successful large scale company.
Keeping it small means there is less financial investment needed. This means a better chance of being accepted for start up business loans and grants. Best of all, there will be less competition in any niche enterprise. It's also a more desirable path if you have less experience in starting your own business.
Below we've compiled a small but essential list of the fastest-growing small business industries so far in 2019:
In many countries, the use of cannabidiol or CBD (a non-psychotropic component of cannabis and hemp) is becoming legalized. This is due it's remarkable effects in areas such as anxiety and pain relief. Many businesses are purchasing CBD and creating easily used CBD products, such as oils, soaps, beauty products, and food.
But the conversation for legalization is being pushed in many other countries. So you can expect this industry to see exponential growth over the next few years.
While this may seem like an opportunity only available for experienced writers, the truth is that anyone can get started as an e-publisher. All you need is an idea and the commitment to finishing it. From fantasy and horror to self-help and technical textbooks, anything you write can be successful as long as you have an interested demographic.
With Amazon and other websites, self-publishing is fast becoming the preferred alternative to traditional publishing. And even better, the self-published writer retains anywhere between 65-85% of the revenue.
A rather obscure entry, but it makes sense. As both vegan and vegetarian lifestyles become more and more popular, along with growing education on the importance of physical health, the alternative-protein industry is a lucrative one. New products made from soy and plant-based proteins, along with other protein-rich foods, are certainly gaining traction in the nutritional marketplace.
Strange as it may seem, elderly care is becoming a vitally important industry. Baby boomers are the largest group of elderly people comparative to a population size that the world has ever seen, and this trend is likely to continue to other generations. New businesses are thinking of innovative ways to manage this growing issue. The revenue of this industry is expected to increase by 42% percent between 2017 and 2022.
Start Researching Now
These are only a few of the fastest developing niche industries that might inspire your small business. But they are by no means the only ones. With a little research and creativity, you'll no doubt find something to spark your next entrepreneurial journey.