If you want to build one of the fastest growing small businesses in America, the good news is that there is no shortage of selection when it comes to which industry to pursue. From technology to childcare, there are numerous industries that are growing across the country, leaving opportunities available for entrepreneurs from all backgrounds.
Fortunately for aspiring entrepreneurs and small business owners, we can learn from their success and follow in their footsteps. Luckily, there are several boom markets that have plenty of room for new players to enter and share in the spoils.
The Leading Growth Industries for 2019
As we look ahead to the new year, there are several red-hot industries that are ripe for fledgling entrepreneurs. Whether you are looking to purchase an existing business or create your unique products and services, the industry you choose to pursue can make or break your success. Below we’ve listed some of the fastest growing business opportunities for veteran business owners and newcomers alike:
When considering what industries are growing fastest, it might be hard to imagine that putting environmental concerns first could be profitable. After all, public discussions surrounding climate change often portray businesses as the problem rather than part of the solution. However, going green and prioritizing sustainability does not necessarily mean sacrificing profits.
On the contrary, green contractors and eco-friendly construction are some of the fastest growing industries in the US.
Construction has long been a profitable industry, but there is more demand than ever for professionals who can minimize the emissions of a project. At least one study predicts that the prevalence of green building is set to double in the coming years. Not only can green building help the environment, but it can also lower energy bills in the long run through better insulation, the use of LED lights and other ecologically friendly innovations.
New buildings are not the only way green contractors can make money—many existing businesses are saving money and acting through eco-friendly retrofits on existing buildings.
Child and Infant Services
Many growing small businesses in America are addressing the higher number of double-income households and single parents. Considering that shifting social values have led to a higher number of women in the workplace, daycare services are now in high demand, including specialized services that cater to infant care, special needs or at-home childcare. If working with children is a strength of yours, starting a business in childcare may be ideal.
Freelance Professional Services
The service sector is among one of the fastest growing industries to start a business in. In particular, the number of freelance workers are growing, which is especially appealing to millennials, parents who wish to stay at home or set their hours, and businesses within the creative industries.
Some of the most appealing benefits of freelance work include being able to work remotely, set your work hours, and create a business without necessarily needing additional employees. Another benefit is that freelancing is a viable career option for people from all educational and career backgrounds, from photographers to programmers to project consultants.
If you want to enjoy increased freedom and build one of the fastest growing small companies, then beginning your own freelance business might be the best route to choose.
When considering what is the fastest growing business of 2018, it can be easy to focus on new, technologically dependent industries that may not have existed in past generations. However, one of the most lucrative fields is one that has been consistently profitable over the course of decades: specialty trades, such as electrical work, plumbing and construction site management. Other specialized trades can include carpentry, roofing and drywall installation.
Overall, these trades are commonly utilized in most construction projects, both residential and non-residential. Despite being considered a sub-industry of the much larger construction sector, specialty trades saw an increase in sales of 13% in 2017. If taking up a trade has always been a point of interest for you, there is no better time to create your business and begin offering professional services.
Gaming and Virtual Reality
The world of gaming has always been a lucrative sector of the entertainment industry but has grown significantly since the emergence of virtual reality. In fact, virtual reality alone is projected to increase from 2.2 billion dollars in 2017 to 19 billion in 2020. Despite its popularity in gaming, virtual reality has the potential for applications in education, medicine and employment training.
Regardless of whether gaming is an industry you are interested in, it is obvious that virtual reality can help you produce one of the fastest growing businesses in 2019.
Medical Cannabis Industry
Having one of the fastest growing small businesses could be as easy as embracing the shifting political tide. An increasing number of states are moving to legalize the use of medicinal and recreational cannabis, and as a result the cannabis agribusiness is booming.
If you are considering entering the burgeoning cannabis market, look no further than the fact that cannabis stocks have consistently continued to grow, quarter after quarter.
Renewable energy is certainly one of the fast-growing businesses in America, with more people than ever before accepting the need for sustainable practices and infrastructure. The scientific community almost unanimously agrees that climate change is real, manmade, and presents an immediate threat to humans worldwide.
Issues concerning the environment have quickly become prominent in public conversation, and both government leaders and business owners have taken note. Fortunately, this newfound concern is likely to create an economic boon for entrepreneurs in solar, wind, hydro and other renewable energy industries. Already, renewable energy has been showing admirable growth worldwide, which is likely to increase even more in coming years.
In our current era of so-called “big data”, companies of all sizes are living in fear of the legal and fiscal ramifications of data breaches. Regardless of whether a breach occurs on a company-wide or individual level, the outcomes can be incredibly costly, from losing critical, classified data to falling victim to the rising rates of identity theft.
For this reason, small and large businesses alike (along with governments and individuals) are upping their cybersecurity budgets. The projected spending on cybersecurity efforts in America in 2018 was a whopping $66 billion, an amount that will certainly grow as our dependency on digital communication and data harvesting increases.
Data breaches are scary ordeals, but with the right innovations, you could turn these growing concerns into one of the fastest growing small business ideas in the country.
There is no better place for a growing small business to thrive than the Internet. From social media influencers to the collection and analysis of data, the Internet has presented countless opportunities for businesses and individuals to find new ways to make a profit.
With fewer people wanting to visit stores during a busy holiday season and more people looking for the best deal on products and services, eCommerce has grown exponentially. eCommerce, in particular, is an exciting sector that is set to produce an impressive $4.5 trillion by 2021.
Some buzzworthy statistics regarding the industry include the fact that average American shopper now spends approximately 36% of their shopping budget online, and millennial consumers now make over half their purchases online.
There are lots of benefits to embracing the eCommerce trend, including lower operational costs and the potential to use social media and email as a marketing tool. Although some businesses exclusively provide products and services on the Internet, businesses can also use the web as a tool to supplement in-person sales. If you are looking at the fastest growing businesses to start, then the world of online sales is not one to be ignored.
What Are You Waiting For?
The fastest growing small businesses of 2018 found success not because they were led by owners who were smarter or luckier than the average entrepreneur, but because they were willing to take advantage of opportunities instead of waiting for the perfect time to get started.
Too many entrepreneurs have yet to tap into the potential presented by recent technological advancements, changing demographics and the shifting priorities of American shoppers. Whether you want to act upon your lifelong dream of working with children, work at home through a freelancing career or become the next cybersecurity giant, your fear is the only thing limiting your personal success.
Ultimately, starting a new business can feel daunting and challenging, but it is important to remember that there are some quickly-growing industries that offer entrepreneurs from all backgrounds the opportunity to find success and build lucrative businesses in 2019.