There are a lot of people who are inspired by other entrepreneurs and want to start their own business. But what idea do they implement? What industry do they tap into? Which industry is profitable right now and in the coming years, so a business can be set up?
I know this pain because I went through the same thing. I wanted to start a business, be an entrepreneur, but where do I start? What do I do? I couldn’t just sit and wait for an epiphany. So, for those who are wondering the same, I have researched and written the top 10 industries to tap into –
1. Software Development.
This can range from building a simple website for a client, to building the entire structural software. Despite the huge number of people already doing this, it’s still a good option to tap into this industry and get your own set of clients. I personally know a few people who have started doing this in the same city. With the number of startups on the rise, you can take advantage of that with software development.
2. Movie Industry.
We all love to watch movies. In the recent years, TV shows have become the new trend too. There are more and more shows being aired on TV. Revenue generation has become easier with the help of production houses lending you full support with your next big idea for a TV show. Movies have always been part of our culture; We quote characters from movies and this is all because of that culture. So, this industry will always be in the rise.
3. Smartphone Industry.
Oh how revolutionary this industry has become! The few companies who recognized the awesomeness of a smartphone are still minting money despite thousands of ‘me too’ companies. This industry took more than 50% of the market share last year, and this year it is expected to grow more and thus take about 65%-70% of the market share! So, if you have enough capital to come up with a new smartphone prototype and get investors on board, you’re in for one hell of a journey. If you don’t have the capital, you could sell phones as a retailer and earn little money, but it ensures continuous cash flow.
4. Cloud Computing.
The annual survey by Rightscale revealed that over 90% of organisations used public cloud and on-cloud applications. With cloud having trouble being accepted by the common people, the industries have already accepted them and are also using them. Higher availability, geographic reach, cost savings, and business continuity are all the advantages cloud can offer. Which organisation wouldn’t want that? Also, there are startups tapping into the on-cloud editing feature. By editing, I mean, converting your PDF documents, editing your videos, filtering your pictures, etc., which might make people open minded about the cloud.
5. Design Industry.
Designing is not perceived well. That’s because growth is much slower and looks random. but, the truth is that despite the gradual growth, the way it’s perceived is quite the opposite. With designing, you can get into a bunch of other industries while operating on every one of them simultaneously. There are websites which take your design and put it on T-shirts, laptop skins, etc., and give you a part of the profit. You can even start printing designs on T-shirts, hoodies and mugs and sell them. You could charge startups for designing logos. People love to see some color and creativity in their lives and you can always take advantage of that.
6. Restaurant Industry.
In the USA, the restaurant industry, which comprises full-service restaurants, quick-service restaurants, cafeterias, buffets, and snack bars, accounts for 20% of the revenue generated in the country. We’ve all watched chef and we’ve seen how passionate those foodies are about making food or to offer hospitality. Good food joints are always appreciated and will always make your business. There are websites in which people themselves endorse your restaurant depending on the ambiance, taste of the food, hospitality, service, etc., ( see Zomato ). This can be a wonderful industry for you to tap into, not just to make money, but also to enjoy a lot of what you will do.
7. Social Network Game Development.
I’ve only included “social network” because not everyone can sacrifice loads of time and money to make a full fledged game and release it to the market. But if you can, then go ahead. There are LOADS of people who play Assassin’s Creed and DOTA 2.
But for those who can’t, then social networks might offer a solution for low cost games. You’ve all got hundreds of requests on Facebook to play Poker or Farmville. I know you did! And the ones who made those games are making a lot of money. Zynga ( behind Zynga poker ) is currently valued at $750 million and they started with Farmville !
8. Publishing And Broadcasting Via The Internet.
This has seen a lot of growth over the last five years and as a lot of companies, startups and organisations are shifting to generating advertisements online, it’s time to take advantage of that and reap the benefits. Startups could post content online on their site, which could be anything ranging from blogs, to music and videos. Revenue is generated by sale of advertising space or subscriptions to people. In addition, companies may derive revenue from intellectual property licensing and the sale of user information to third parties.
9. e-Commerce Industry.
This had a very good start as it came at a time when people were well acquainted with the web. It saw around $600 billion revenue worldwide and by 2015, it is expected to make around $950 billion. The number of internet users are over 2.5 billion worldwide and with a lot of work done online, free advertising could be part of the whole package. We’ve all seen Amazon rise and still rising and expanding (They recently launched in India ). e-commerce is the next best thing because people just love to shop from home. It is convenience at it’s best.
Companies spend a lot of money trying to get their product/service inside people’s heads. That’s all that is needed; to get in people’s heads. Beats headphones cost $1000 and the actual cost for making them? It’s far less than you would imagine. Here’s a video by MKBHD explaing why the headphones cost so much. Why beats headphones cost so much.
In a nutshell, it’s all about advertising! There are a lot of companies out there selling a lot of products and services and there’s only so much the internet can do to help market them. That’s why there are firms set up exclusively to help other companies and firms in marketing. As simple as that.
This will see about $400 billion in revenue worldwide and that’s not a small number. There are a lot of freelance marketers as well who earn a lot of money by getting hired by other companies. Perhaps that could be an easier option.