Today, the world is in economic distress due to the current pandemic. Luckily, there are a couple of industries that are keeping our economy going.
During these trying times, a couple of industries have managed to stay optimistic and keep their heads up high. So, if you’re planning to start a business today, you have nothing to worry about.
Several individuals venture into entrepreneurship knowing what industry to enter and what kind of business they hope to start.
Unfortunately, it can be hard for a lot of new entrepreneurs to determine how to start a business and exactly what type of industry they should try to conquer.
Always keep in mind that not all business ideas that you come up with will be profitable. Because of this, it’s always a wise move to find an excellent place to start.
Here are some of the most lucrative industries that you should consider for your upcoming business:
Event Planning Industry
Everyone likes a party. However, not all of them have the time to plan everything they need to host a successful event.
As a host of the party, there are a lot of things to consider. This includes the DJ, security, invitations, venue, food, and much more.
Fortunately, there is a service that can help hosts do all of these things. Event planning services are flexible. They can manage a huge range of events. This includes Bat Mitzvahs, fundraisers, business conferences, weddings, and much more.
If you enjoy the thrill of parties and have a knack for planning events, think about making a career in this industry.
Keep in mind that you might want to work with a medical injection molding company Seaskymedical for some of your furniture and event accessories.
Real Estate Industry
This is the right industry for you if you’ve got a huge network. When it comes to revenue, real estate offers a lot. According to reports, the industry has an average net profit margin of 14.8% in sales and 17.4% in leasing.
You can establish a brokerage company and get a broker license, aside from setting your schedule and working on your own time as a real estate agent.
Keep in mind that this is an extremely competitive industry. Thus, if you want to enter it, you need careful planning. However, there is a chance for you to succeed if you’ve got the correct approach.
Personal Training Industry
Do you love working out? If so, you don’t have to work for a big corporate gym. You also don’t have to establish your own gym.
All you have to do is to throw a couple of yoga mats, bands, and weights inside your car and you can take your fitness business on the road.
You can provide one-on-one sessions in the homes of your clients as a personal trainer. You can also try to host group classes at a community center or local park.
If you do want to build your own gym, you need to work with Waverley Brownall for some of the gym equipment’s components.
Janitorial Service Industry
In-home cleaning is one of the services in high demand today. The reason for this is that there is a growing generation of retired and aging adults with disposable income.
As long as the economy of the country keeps on going strong, you don’t have to worry if you start a business in the home cleaning industry.
Opening a franchise is one of the simplest methods to enter this industry. According to reports from the IBIS, franchises in the janitorial industry saw a 3% yearly growth from 2012 to 2017.
While this growth might slow down as the competition in the industry increases, it will still keep on growing in the future.
Food And Restaurant Service Industry
Residents in the United States are busier than ever, even though there is an increase in remote work.
Nowadays, home-cooked meals are not an option for every family. More than 60% of families in the United States have both parents working, with an average 47-hour work-week.
Luckily, the current pandemic reinforced all types of delivery services. This is the main reason why the restaurant industry managed to survive during the lockdowns.
According to reports, restaurants aren’t getting the same levels of reservations as before the pandemic happened. However, it is slowly increasing over time.
According to the data from SBA, the foodservice industry is taking 13.65% more healthy business loans in 2021. Unfortunately, we are still around 27% away from normal.
Even though the data shows that the food and restaurant service industry is greatly affected by the pandemic, restaurants still accounted for most of SBA loans in 2021.
Furthermore, the restaurant industry has generated the most jobs in the previous year.
So, if you plan to enter the foodservice industry, make sure you work with reliable bucket manufacturers.
While industries such as product manufacturing, finance, and technology may dominate the stock market, these industries aren’t profitable for most small business entrepreneurs.
If it is your first time, it might be a lot better to enter an industry that can capitalize on a market trend or need, have low initial expenses, and is easy to get started.