When you are considering starting your own business, the first question to ask yourself is: Does my company have to meet the real market requirement? Success as an entrepreneur requires bringing solutions to market and many startups today are really just solutions to looking for a problem.
The list of the best Industries to start a business serves as a roadmap to find the most promising opportunities. Every year, we speak with industry experts and crunch the latest data to identify sectors of the economy that are primed for new entrants. See 7 Best Industries for Starting a Business in 2020.
1. Clean Water Services
No one can ignore our most precious natural resource: water security. Managing and monitoring the quality of drinking water is an important opportunity for entrepreneurs who can protect public health by providing solutions on a large scale. Industries in the region are also working on developing new sources of drinking water.
Why it’s growing: Nowadays difficulties about water and if we waste to water and do not consume it then after a few days a then we can face a big problem. The water crisis from Flint, Michigan, has increased awareness about the damaging impact of contamination, which makes water filtration an increasingly important issue for enterprises and consumers across the U.S.
Barriers to entry: Building systems connecting water testing hardware and software may require significant investment.
Forecast: Investment in U.S. Industries addressing declining water quality has grown 25 percent to $50.7 million in the past five years.
2. Gender-Neutral Personal Care
Gone will be the times when personal-care goods were categorized as”attractiveness” for girls and”dressing” for guys. A growing set of startups are currently producing lashes, deodorants, perfumes, shampoos, along with other products which lead using their ingredient lists and do not target a specific gender.
Why it’s growing: More guys are also embracing skincare regimens and after other health trends.
Forecast: Market writer CB Insights called”expanding inclusive attractiveness” one of the sector trends with considerable momentum in 2020, also noticed men’s and gender-neutral personal-care goods are equally growing industries.
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3. Gun Violence Prevention
In the wake of mass shootings, businesses, schools and other organizations are investing in security advisors and technology to help them prepare for the unthinkable. Companies in this industry provide employee training and monitoring tools and work with organizations to develop policies to prevent – and, if necessary, respond to – violent incidents.
Why it’s growing: At a 2019 poll from the Society of Human Resource Management, almost half of HR professionals said their company had undergone a workplace-violence episode, and half of these said an incident had happened within the last calendar year.
Forecast: As high-profile shootings spur more discussion about security measures, anticipate more present safety consultancies to change their attention to active-shooter coaching, and equipment vendors to begin pushing products such as augmented doors, panic switches, and cutting edge surveillance systems. The Alice Training Institute, based in 2000 following the Columbine shooting, is the nation’s most dominant for-profit supplier of active-shooter training. Startups also have proliferated in the sector; Tomahawk Strategic Solutions, which conducts active-shooter drills and sells gear to law enforcement, earned $2.8 million in revenue in 2018.
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4. Healthier Junk Foods
Healthy diets are all the rage, but Americans are still craving chips and cookies. As a result, Industries are inventing new types of packaged foods, along with minimally processed fruits and vegetables, as well as snacks that mimic the taste and texture of popular junk food but have fewer calories and artificial ingredients. Huh.
Why it’s growing: Health-conscious consumers are demanding for better versions of their favorite snacks. Some consumers assume products labeled with the words “vegetarian” and “sugar-free” do not look as good as packed with salt, fat, and sugar, so startups are a new one between enjoyment and health. Aiming to create balance.
Forecast: US In, snack food production is a growing category, valued at $ 43 billion in 2019, according to IBFford. Healthy snacks are driving that growth a lot, as Millennial consumers increase demand for low-calorie, organic and gluten-free alternatives.
5. Next-Wave Logistics
Third-party logistics Industries just recently started crunching the information to drive higher efficiencies. The sector’s increased reliance on automation has helped develop opportunities for software companies that may match shippers with trucks and also maximize the movement of cargo, among other solutions.
Why it’s growing: Truckers are generating an increasing number of information on driving time, miles driven, and motor performance, which electronic cargo brokerages can use along with sophisticated GPS systems. Additionally, a 2016 national law demanded many industrial vehicles to log information about their surgeries.
Forecast: U.S. freight industry revenue is expected to increase 54 percent to $1.6 trillion by 2030, while overall freight tonnage is expected to grow 26 percent to $20.6 billion, according to the American Trucking Associations.
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6. Pet Wearables
Devices that monitor health and well-being are not just for humans. A growing awareness of the physical and mental health of pets is increasing the demand for welfare data on animals, while GPS tracking devices are becoming increasingly popular.
Why it’s growing: U.S. pet spending in 2018 attained a record high of $72.6 billion, according to the American Pet Products Association.
Forecast: The world pet wearables market is expected to grow to $1.7 billion in 2024 from $703 million in 2019, according to data from research firm MarketsandMarkets.
7. Space Technology
America’s private space sector is flourishing due to the decreasing costs of sending rockets to the increasing accessibility of launching vehicles. Advances in commercial electronic equipment have enabled even amateurs and high-school pupils to construct tiny satellites which have attained orbit. Even though the U.S. government is among the world’s largest procurers of satellite information, Earth imagery taken by satellites will soon be in high demand from farmers, first responders, and scientists.
Why it’s growing: the development of firms like SpaceX and Blue Origin have helped attract the amount of international rocket launches to approximately 100 per year, while demand has increased for more high-definition satellite imagery.
Forecast: According to market data provider Pitchbook, venture capital investment in space technology companies has increased from $ 2.6 million in 2019 to $ 2.27 billion in 2019.