A considerable aspect of setting up a business revolves around the industry you venture in to. Some industries are better set up than others for budding entrepreneurs. So, how do you find the ideal one?
In essence, it comes down to a few factors:
- Is the industry in demand?
- Is it possible to compete in this industry?
- Do businesses in this sector cost a lot to start and maintain?
- Is there profit potential?
- Can you find a gap within the industry to slide into?
As it happens, quite a few industries tick all of the boxes you’re hoping for. So, let’s take a look at the best sectors to start your small business in:
Healthcare
The healthcare industry is always a good one to venture into if you want to start a successful business. While many companies you associate with this industry are massive, there are plenty of opportunities for small businesses as well. Think about small pharmacies, physical therapist practices, nutritionists, and so on. There are loads of healthcare business ideas you can pour over and consider!
The only thing that might hold you back is that you will need the necessary qualifications to operate in the healthcare field. Also, some may argue that these businesses are expensive to start and run. That can be true, but a lot depends on the specific business idea. Some companies may need all sorts of equipment like a medical refrigerator, dental chair, and various other medical devices. Others will need very little. Plus, you can start off with the bare minimum and invest in better equipment as you get better. Double plus, the demand for healthcare services means business should always be constant, allowing you to still make a profit on top of any expenses.
IT Support Services
The IT industry on its own is almost too large to include as one category. There are so many IT-related business ideas you can consider. However, if you wanted to choose a specific sub-category within the sector, then IT support services is your best bet.
This refers to business ideas that are all about supporting other people with IT issues. Needless to say, it’s a service that’s constantly in demand. Think about all the businesses out there that use computers and technology every day. Now, think about all the people that have issues with their IT network. Without support, the entire business world would basically crumble all around us! That is how valuable the IT support services sector truly is. So, you already know there’s amazing demand here, which allows for excellent profit potential. The only slight worry is that it’s a saturated industry with many companies out there. However, with the right marketing strategy, you can easily beat the competition and still make a profit. Also, the sheer demand for services means that there’s always more than enough work to go around.
Accounting & Finance
You could start a business in one of the ‘classic’ industries. Accounting & finance is obviously a sector with huge demands. Again, much like with IT support, businesses across the globe depend on the services of your business. You will take care of all sorts of financial issues or tasks for business clients. This can include bookkeeping services, taxes, and so on. If you’re skilled in these areas, business owners will happily pay to outsource the work to you.
But wait, it gets better. Regular people also need accounting & finance help for various things. Somebody may want a financial advisor to help them manage their money. Others may want to work with someone who can do their individual tax return for them. You may even offer help with investments, etc. The bottom line is that the opportunities are endless in this industry.
Furthermore, it has one of the lowest costs you can imagine. There’s almost no equipment that you need for this line of work at all. Offices are optional in your early stages, so you could theoretically start your business today. Much of your work can be done remotely, which leaves the door open to work with clients from lots of different places. This means you can widen your target demographic as their location doesn’t matter too much anymore.
Web Design & Development
While the last option was more of a ‘classic’ one, this is certainly a modern industry that’s blossomed since the turn of the century. 20 or 30 years ago, you’d rarely find a web design company. The service wasn’t in demand as the internet was more of a luxury. Therefore, the web design industry was almost non-existent, and you were brave if you ventured into it.
Fast forward to modern-day, and things couldn’t be more different. Web design is now an essential service for businesses, bloggers, freelancers – you name it! If you start a company in this sector, then you won’t struggle to work at all. People need websites, and they need someone to help set everything up and make it look perfect. Part of this industry also extends into developing sites that are good for SEO as well. In fact, this is often an additional service that can separate your business from the rest. Many web design companies eventually blend into the marketing realm by offering these types of services too.
A really great benefit of starting a business in this industry is that you basically just need to be talented. There are no qualifications or degrees that you need to be a web designer. As long as you can prove that your work is great, people will come to you. Likewise, you don’t need any equipment bar your computer!
Digital Marketing
It was mentioned in the previous point, but the marketing industry will always be a profitable one for small businesses. You can start a digital marketing company and instantly open yourself up to loads of different clients. Most of them will be businesses, but bloggers and freelancers are also keen to help you market their websites. You may also work with charities or other organizations keen to gain more exposure.
The beauty of this industry is that there are so many services you can offer. Hardly anyone will offer a general digital marketing service. There are too many things to do, and it’s impossible to specialize in all of them. As such, there are companies that focus on SEO and PPC, ones that offer social media marketing services, ones with an emphasis on digital video production, and so on. Now and then, you see businesses that combine different digital marketing methods in their services. This is a great way to progress as a business. Start with a specific service and build yourself up as an expert in it. Then, as business starts to boom, open the doors to another digital marketing service, then another, and keep going until you’re unable to sustain the quality of service.
It’s an industry that ticks all the right boxes, and also one that continues to grow. New means of digital marketing are born all the time, allowing for further service diversity. The ability to diversify your services is so essential as you compete against a lot of other companies!
Auto Repair & Maintenance
Basically every single auto repair or maintenance company is a small business. This industry is perfectly set up for people to make a name for themselves. Once more, the type of business you set up can vary. Some people may open a garage and repair vehicles for people. You could also service cars and change oil, etc. It’s a highly popular idea as you’re providing an essential service. It’s literally illegal for car owners not to service their cars once per year. Plus, cars break all the time, so people will always come to you.
The only downside of this idea is that it requires a few costly expenses. But, these should more than pay for themselves when the customers start flooding in. Alternatively, there are lots of lower-cost ideas in more of the maintenance realm. A simple example is a car washing or valeting business. You can go door-to-door and wash people’s cars inside and out. Again, it’s a service that’s always in demand. Also, it’s a great example of a mobile business, meaning you can travel around to reach clients far and wide!
There are so many different ways you can take a business in this industry. No matter what, you’re always offering a service that people are keen to pay for. The majority of individuals own a vehicle of some sort. So, it stands to reason that they need to have it serviced, maintained, or repaired. Take your pick of what sub-sector you’d prefer to focus on!
All in all, you have lots of great and diverse industries to choose from. Do any of this prickle your interest? If you have experience or skills relating to any of these sectors, perhaps it’s time to start a business.
However, if you don’t think any of these options works for you, then don’t worry. There are more out there, just remember the key questions we went over at the start of this article!
