Every year, over 4 million Americans set out to start their own businesses and find success. Some of them are artists, chefs, and technology wizards who are ready to change the way we live, work, and play. All of them, though, are budding business owners. And you might be one, too. If you have an entrepreneurial spirit and a drive to succeed, you might want to start a business — but that begs the question: what kind of business should you go into? When making this decision, you should consider your interests, skills, as well as the current market. In other words, you should know some of the fastest-growing industries that offer opportunities for growth, expansion, and revenue.
Below are just a few of the fastest-growing industries you should consider.
To no one’s surprise, technology is among the fastest-growing industries. In the United States, tech has a market size of $1.8 trillion, which is expected to grow by 5.4% in 2023. Up-and-coming tech subsectors include cloud computing, machine learning/AI, as well as big data.
If you want to stand out in the tech world, you should:
Make technology approachable and personable
Develop a user-friendly interface
Design integration capabilities
Make no mistake: even as the pandemic ends, the healthcare industry is still booming. In fact, it has a market size of $808 billion and a 10% annual growth rate. In particular, biotechnology, health data management, as well as personalized health products are all growing subsectors.
Some tips for standing out in the healthcare industry also include:
Developing products that cater to individual needs
Leveraging data to provide relevant health insights
Investing in data privacy and security
From gaming to virtual reality to streaming services, media is the name of the profitability game right now. In fact, the media industry is worth $717 billion and is expected to grow 8.9% annually through 2030. So if you love games and movies, it might be time to jump into the industry.
Here are a few ways to differentiate yourself:
Create original and unique content
Focus on interactivity, especially with virtual reality
Use data analytics to personalize content
If you’re a creative visionary, retail might also be the best industry for you. Retail sales topped $5.5 billion in 2020, and the industry sees an average growth of 3.6% every year. E-commerce, pop-up retailers, as well as personalized retail are rapidly expanding.
Some tips to stand out include in the industry include:
Combine online and brick-and-mortar retail
Offer a seamless online and offline experience
Use social media marketing to engage customers
Research shows that real estate has been slow to innovate, which means it’s ready for disruptors. And with a $222B market size, it’s a profitable industry, too. The fastest-growing real estate subsectors are online brokerages, online design services, and real estate tech.
Here’s how you can be innovative in the industry:
Collaborate with industry experts to build credibility
Leverage big data to identify investment opportunities
Focus on sustainable design and construction
In an industry dominated by Airbnb and VRBO, hospitality could also use some shaking up. In fact, it has a $4B market size and a 5.5% annual growth rate. Hotels, room-sharing services, as well as sustainable food are the fastest-growing subsectors of hospitality.
Some tips and tricks for standing out in the industry also include:
Develop unique and immersive experiences
Prioritize environmentally conscious practices
Partner with local businesses
If you’re a prospective business owner looking to get into any of 2023’s fastest-growing industries, you also need expert insight to guide you. At Foster Financial CPA, we can help you make a business plan, meet industry regulations, manage cash flow, as well as stay profitable from start to finish.
Learn how we can help you become the next big thing in business – contact us today!
Tax Tips for the Self-Employed – Foster Financial
6 Benefits of Having a CPA on Retainer
Brand Awareness and Your Small Business
5 Steps You Must Take for Small Business Growth
What is a Tax Planning Strategy?