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We live in an increasingly uncertain economic time. However, that’s not to say that there aren’t some sectors that are performing well. Some industries are thriving and look set to continue doing so for the immediate future. From small startups to large eCommerce brands that span the globe, setting up a business has never been more popular. If you want to avoid the risks of entering a sector that has little to no potential for financial longevity, then here are the top seven industries that you need to be looking at for more chances of success in 2020 and beyond.
7: Hospitality
It’s not an easy sector to crack, but with forecasted revenue growth of 2.4%, it might be well worth looking a little closer at hotels and restaurants. This niche industry is seeing growth, but it usually comes with lots of working hours and a lot of running around. If you can cope with the long working hours, then make sure that you design your brand with sustainability as a core value, and that you take advantage of digital marketing.
6: Construction
Both residential and nonresidential construction firms are growing in value, and that looks set to continue well into the new year. One of the easiest business models to secure funding for, construction is a sector that has high-profit margins once everything is in place. However, you’re going to need to stand out from your competitors and will need to make allowances for construction insurance so that your business is more protected.
5: Consumer Retail
Although it isn’t a surprise to see this niche on the list, it does surprise many at just how easy this business model is to set up. Of course, all businesses face their own unique challenges, but the big one for commercial retailers is the sheer number of competitors. Look at eCommerce ideas and in-depth personalization if you want to stand out from the crowd.
4: Media
There are many opportunities to make your name in the media industry. For those without acting talent or the financial backing to launch the next Netflix, there are still options to look at. Gaming is a sector that shows continued growth, with VR also worth investigating. You’ll need to know your tech, but this can be a lucrative business when done right.
3: Energy
It’s no surprise that this sector continues to grow. If you fancy becoming the next big energy mogul, then you’re going to need to focus primarily on sustainable energy. The traditional energy companies have oil and gas locked up, but there are still plenty of opportunities for industry disruption for those that can leverage the next big leap in renewable energy.
2: Health
There aren’t many opportunities to break into the health industry unless you already have a presence within it. However, there are options. Personalized healthcare plans can be a profitable venture to consider, and if you do establish a firm foundation, then you can consider branching out into biotechnology or health data management.
1: Technology
This should surprise very few people, but technology continues to be the most profitable industry in 2019. That trend can be expected to grow, so this could be the sector to explore if you want long-term gains. While data is probably the biggest area of opportunity, you should also look more closely at machine learning and AI applications. VR and AR should also be looked at if you want to start making your impact.
These industries are not the only ones that are showing signs of growth, but they do have the best opportunities for solid profit generation and long-term sustainability. If you want to stop launching business models that are doomed to failure, then look to where the growth is happening and get yourself out there.
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