Top New Industries to Consider for Your Startup
New industries can be a challenging exploration (to say the least). Ideas are born and die before they ever meet market fruition let alone maturity.
Let’s say you have a good idea for a product or service.
You do your research, create a prototype, or a baseline service to meet the market expectations. Things are going well yet you don’t quite have the critical mass to take the execution to the next level.
There’s no certainty that the market accepts your idea. This may be from your positioning, earliness to the market, or that consumers haven’t quite found the value of the offer at this time.
It happens all the time.
Trying to create a new industry can lead to incredible success but the capital and resources needed to build a foundation may bleed your business dry.
But entering a new and emerging market presents an opportunity to get in on the ground floor while having the ability to tap into business resources. There’s a great deal of money to be made with less risk. Keep reading and we’ll tell you the top new industries worth considering for your startup!
8 Top New Industries to Consider for a Startup
What are the hottest trends in the marketplace? Which industries are about to become nuclear and explode with profitability? Here is a list of eight that are ripe for the pickings for your next startup.
1. Virtual Reality
VR is on the cusp of going mainstream.
Companies like HTC, Sony, and Oculus are leading the way, but with any great piece of hardware there’s always a rule: it needs a killer app.
This is an industry expected to push close to $25 billion by 2020.
As of now, most VR apps feel like prototypes. Most are simple applications or games. If your business can develop a killer app for business or entertainment purposes then you’re going to catch this next big wave at the perfect time.
Drones are quite an interesting game-changer in entertainment and logistics.
Commercial drones have already been purposed into a sports league (drone racing) while big businesses have put them into logistics for delivery.
Consumer projections place the drone market revenue to $4.6 billion by the end of 2025.
With it comes the need for new models, software, and services to use with these commercial products — think the automobile but in the air!
3. Wineries/Craft Brewing
Alcohol has been a staple of humankind for ages so there’s no reason why we’d stop its consumption anytime soon.
Wineries take time to develop, but when you’re looking at a $38 billion dollar industry you’ll be quick to agree it’s one of the new industries worth pursuing.
Craft breweries can start with a couple hundred dollars for basic equipment and test batches. There are dozens of vendors to supply the equipment and ingredients online and now locally.
The craft beer and wine boom phase are in full effect. Discover a great recipe, do the right marketing, and you’re in business!
4. Cultural Training
Globalization is here to stay.
The web and vast intel connection have opened new markets across the Globe but an area that’s lacking is in cultural training.
Cultural training is the act of working with business individuals to help bridge the gap between cultures. It can be as simple as the correct way to address a senior official to the correct way to pour a drink during a meeting.
These small items can make the difference in whether a deal is closed or not.
Training can be done through face-to-face exercises or through a streaming service or even video-on-demand!
If you (and others) are well versed in etiquette and culture of a foreign country you’re already on the path to providing cultural training to businesses.
5. 3D Printing
3D printing has come a long way compared to the hefty price and limited programs available when first introduced.
It’s limitless industry only held back by creativity.
These printers (and the right know-how) can provide alternatives for expensive parts for medical supplies. They can create interesting gadgets and toys. Or used in engineering projects which may not have been possible due to the financial limitations of the individual.
Now is the right time to start a business in this industry because it’s still considered the “Wild West” — anything goes.
6. Educational Entertainment
The stiff structure of classroom education is difficult for the current generation who are growing up on the web and with apps.
Attention spans are at an all-time low because there are so many options/distractions.
Education has been taking a shift to gamification which is adding fun, game-like elements to the learning process to keep student’s attention.
There is no shortage to the number of children (and adults) that need educational training which gives you a great opportunity for creating apps, workbooks, guides, and other materials in this exciting, growing industry.
7. Big Data & Analytics
Companies have been collecting a wide range of data from their users but few are using it for their growth.
Taking the data and condensing it into actionable reports could be worth millions to certain businesses. Even small businesses enjoy these tools!
Data and analytics such as conversion rates, demographics, and customer lifetime value can be used to improve optimization. Areas which would be improved could be website design/layout, customer service, and sales processes.
This places you in the perfect position if you happen to offer services in this industry. Customer investment turns into immediate growth and opportunity so it becomes an easy sell.
8. Corporate Wellness
The human body was not designed to sit sedentary in cubicles for 8+ hours a day.
Long sessions of sedentary work at the computer will take it’s toll. These issues roll over in a lower workplace performance.
A large portion of health insurance costs can be related to the health issues that arise when employees remain inactive during their work schedule.
Corporate wellness is a growing industry which educates and motivates employees to focus on their health during their time at work.
There are many opportunities in this industry whether it’s providing items such as standing desks or ergonomic chairs to conducting exercise routines.
The options are limitless when you’re willing to take a look at marketplace trends and follow industry reports.
New markets emerge out of the blue. Keeping a pulse on hot commodities, new manufacturers, country-specific regulations, and “the buzz” will reveal more than what’s listed in this post. Though, it does give you a starting position.