If you’re a budding entrepreneur, you’ll want your first business to become an instant success – that’s no secret. And although the journey to this won’t be easy, if you follow the right steps, you will be able to create a business that sticks in the mind of customers and is always their first choice every time.
If you’re still not sure which industry you should enter, it’s good to compare and contrast various markets. Although, of course, you might want to enter an industry in which you have experience in (perhaps, the most sensible thing to do) if you’re looking to kickstart a new career and venture into one that you’re less familiar with, you’ll want to use the best resources available.
To help guide you with this, here is a list of the top 10 most lucrative and profitable industries that you can start a business within:
Accounting
The accounting industry is easily one of the most profitable globally. With a net revenue that’s in the billions of dollars, it’s easy to see why so many businesses want a piece of the pie. A service that’s frequently in demand, there are many pathways that you can take to make a name within this industry, including utilizing social media marketing and partnering with third-party businesses.
Of course with this industry, it’s incredibly competitive. So you’ll want to identify how you can stand out from your competitors and showcase to your customers why they should choose you over others.
Insurance
Another big player within the world of business is the insurance industry. Yet again a market that’s frequently in demand and will continue to grow in the future, the prospects look bright within this sector. If you’re considering starting an insurance business, you’ll be pleased to know that there are a variety of specialties that you can focus on (i.e. auto insurance, health insurance, life insurance etc.).
However, there is also specific legislation and policies that you must be aware of before you enter this world. This legislation includes employee welfare, labor laws, etc. that is required under many state laws.
Manufacturing
One of the oldest and yet still successful industries is the manufacturing industry. Whether you’re looking to manufacture your own products or partner with other businesses (such as a retail business), the possibilities are endless within this industry.
As long as you follow the right steps, you can have a successful manufacturing business that can easily turn a profit. You just need to make sure that you uncover market demand for your products, purchase high-quality equipment (including the likes of a Diesel Generator that will supply you with power in the case of a power cut) and have an experienced team of workers from the beginning.
Oil
The oil industry (also known as the petroleum industry) has long been a profitable and extraordinary industry to enter. However, it’s also one of the most difficult to enter due to the complexity and initial capital that you need.
You’ll also want to seek investors, be aware of all of the regulations and identify the best location in which to drill. These aspects make it hard for oil entrepreneurs that haven’t got the connections needed to set the business up. However, it’s not all negative. If you have the expertise and are determined to succeed within the industry, there’s no reason why your business can’t thrive.
Dental and Medical
These are placed together in this list due to their similarities. Both very lucrative industries, they are an essential part of the national and international economy. Because of this, there’s always space for new dental and medical practices.
With the right knowledge of the industries and experienced and skilled staff, you’ll be able to have a rewarding and prosperous business that continues to grow throughout the years.
Real Estate
The world always needs more real estate – which is why if you have the experience working within the industry, you too can become a popular and blossoming real estate business owner that clients always opt for. Whether you want to specialize in smaller, residential homes or branch out to the more luxury properties, there is always room within the market.
Of course, alongside many of the other industries on this list, there will be competition from the more well-known real estate brokers such as Ryan Serhant in this country. But this will depend on where you’re looking to set up your business and the type of properties you want to specialize in.
Transportation
The transportation sector is rapidly growing. With the introduction of automatic cars, machine learning, artificial intelligence and other new age tech, the future looks very exciting for the industry.
If you’re considering entering this sector, there are several routes you can take. Whether you opt to specialize in air freight, marine vehicles, railroads, airport services, marine ports or trucking, you can be rest assured that there is always a demand for your services. There are also great opportunities for scaling the business, especially as you diversify the transportation and invest in new locations.
Hospitality
Worth over 500 billion dollars, the total revenue of the global hospitality industry is ever on the rise. An extraordinary industry to enter, the scope for businesses within it is huge. Needed globally, there are millions of hotels, restaurants and tourism-related sectors that you could venture into. This makes it a very exciting business to start, no matter what you want to specialize in.
Construction
Like the thought of building and constructing new buildings? Similarly to working as a real estate broker (but a little more practical), the construction industry always has gaps to fill. Once you’ve established yourself within this industry, you’ll have a handful of loyal customers and be able to attain new customers based on the quality of your work.
This will help you to become profitable and recognized as one of the leading construction businesses in the country or internationally. There are, of course, things that you’ll want to keep in mind when starting your construction business, however. These can include legal regulations, quality assurance and required insurance.
Legal Services
And finally, legal services. An extremely specialized and unique industry to find yourself in, the legal industry is the place to go for any pre or post-litigation services. From city law firms to national and international firms, there is a business for every budding entrepreneur within this industry – as long as you know the right path to take to get there.
A significant part of the economy both in this country and internationally, there are millions of law firms worldwide. Although this might make it feel as though it’s a tough market to enter, the growing demand and input of this industry makes it one that’s ideal for startup businesses. Just make sure that you have the skills (or acquire the skills) and know the ins and outs of this industry before trying to enter it.
Final Thoughts
So, there you go! Those are 10 of the world’s most lucrative industries to get into. What industry you choose to enter, of course, is up to you and may depend on certain factors. These can include your personal preference, where your experience lies and how much initial capital you have to start your business venture.
Once you know which industry to enter, you should then seek professional advice and take time looking at the most suitable ways to make a start with your business venture. Then, the rest will follow and your initial worries regarding your new business will soon become history.
