When you’re looking to start a business it can be useful to know exactly where to invest your money for the best ROI.
After all, you may have an idea of which industry you’d like to get your teeth into, but it’s essential that you do your research at the business planning stage to ensure that you’re going to be a success and provide yourself a sufficient income.
Thanks to the explosion of technology and the digital world we live in, we know have more information than ever before about the sectors that are booming and their proposed continuance in the economy.
To give you a useful guide on the areas that are thriving, we’ve listed the sectors below that are worth considering if you want a thriving business.
It’s estimated that 3D printing will be responsible for 90% of 3D objects made by production companies in the next 5 years.
Whilst high-end printers have been available for a number of years, primarily used by engineers, there has been a rise in low-cost 3D printers in recent years elbowing it’s way into every type of manufacturing possible, from med-tech creating new joints to the retail sector using these devices for more complexed designs.
Not only is the 3D printer becoming popular with the average consumer and small business owner, it’s going global by helping many corporate and government funded companies.
It doesn’t matter what type of product you’re wanting to distribute, if you can get your hands on a 3D printer you have a business.
As a technology that is disrupting the ordinary 3D printing is building a new future.
You simply cannot avoid the catalyst of digital media, as YouTube celebrities are now more popular than reality TV stars, and the term ‘viral’ has become a common term in the modern language, embracing online can be a profitable niche if you’re passionate about the internet. From creating a YouTube channel of your own to even starting a blog, all of these areas can now earn a tidy profit if you do your research and find a niche that’s lacking.
65% of viewers watch a video on an iPhone or Android device, which they check 22 times a day. Engage with this audience and you have an active audience ready to consume your media.
Health & Fitness
Whether you wish to dabble in a designer lycra or open up a gym, fitness centres saw a 4.5% rise in total memberships in 2014, and the UK population that are members of a fitness club has increased by 0.6%. Although the initial costs to set-up may be substantial, the turn around for revenue is considerable.
However, if you don’t have the large investment available the E-Cigarette industry can offer substantial success if you can manage the constant media controversy.
Growing by 115% annually between 2009 and 2012, there has been predictions that the E-Cig market could increase to as much as $10 Billion by 2017.
With many now requiring a healthy alternative to traditional smoking there is scope to develop an established business both online and offline. Helping approximately 20,000 smokers to quit in 2014, it’s estimated that 2.6 million adults currently use electronic cigarettes.
Take the time to consider your options before you invest heavily in any sector, and make the effort to talk to those who are already in the industry and how their business has dealt with the current economy.