Often would-be entrepreneurs are very clear where their future lies. However, sometimes, the urge to buy a business is strong but you may want to spend a little time reviewing your options before deciding which sector to choose.
Following your hobbies and passions has obvious appeal, but if you’re hoping to be successful don’t forget to look into what’s trending now as well as what’s forecast to trend in the future.
Here are some fields you may want to consider:
A tech future
Undoubtedly this is a sector where fast development is guaranteed, and rapid growth is the norm. The tech industry has reinvented what is possible in both new and traditional fields.
Until recently, nothing seemed more resistant to change than the insurance sector. However, this industry’s mindset has been literally forced to change because of gross customer dissatisfaction – especially within the business and commercial insurance community.
As a result, small operators with insurance expertise – able to offer 21st-century tech and personalised customer-service – now have a golden opportunity to refashion insurance services to meet the real needs of today’s customers.
Elsewhere, Lucy Wayment notes that developments in the voice technology industry have revolutionised the way our default mode of communication can now be employed.
While tech giants like Amazon and Google have been busy developing technology and infrastructure and combining it with artificial intelligence, the time has come for those tech-savvy entrepreneurs with vision (and coding skills) to show what they can do in a myriad of new and existing ways.
Health is clearly of interest all of us, and the link between healthy eating and wellness sustain an industry which constantly throws up new niche opportunities.
The Your Company Formations blog identifies 2018 as a great year to bring sugar-free products to the food and drink market.
Recent initiatives have flagged up the urgent need for healthy alternatives for children, which is just one example of this trend.
In addition, many adults are now looking to the health-giving benefits of a whole new generation of superfoods.
Blue algae – also known as spirulina – is a new trending superfood offering 60% protein and set to become a significant product in the health market over the coming months.
Its ‘Instagram-friendly’ blue colouring is bound to be a promotional advantage. The health-conscious will soon be demanding regular supplies of algae-flavoured snack bars and smoothies.
Subscriptions and delivery services
It’s not just health food connoisseurs who want everything on demand.
Our society is becoming accustomed to convenience to such an extent that the list of what you can’t order via app gets shorter by the day.
Home convenience is the driver for a whole range of monthly subscription boxes, bringing consumer items such as pet foods and treats, a whole variety of food and drink items, beauty creams, aromatic candles and much more.
From an entrepreneur’s perspective, it’s a matter of selecting a product or service which offers a touch of luxury that can be easily supplied to a mass market.
Late-night street foods and fast food and drink of all kinds are another markets presenting many business opportunities.
Traditionally, this has meant greasy fried foods. And although these still have a place today, consumers are often looking for something healthier, more exotic, or perhaps something which meets a particular need – such as Muslim halal foods.
There is also a whole range of beauty and grooming products and services which can be delivered via a home visit. And with male grooming now becoming much more high-profile, this has simply increased the options available for entrepreneurs who have, or are prepared to develop, the essential skills and knowledge.
And likewise in many other business sectors, companies now find it much cheaper to outsource niche requirements to freelancers – which in many instances can be enough to provide an entrepreneur, who has the requisite skills, with all the work they will ever need.
New technologies have created new markets and new possibilities.
But smart entrepreneurs will note that technologies often facilitate new approaches to old problems or solutions which have suddenly become more viable. That often means reviewing your existing skills and interests which now, in 2018, could well be productively repurposed to your business advantage.
By Jo Thornley, Head of Brand and Partnerships at Dynamis. Joining in 2005 to co-ordinate PR and communications and produce editorial across all business brands. She earned her spurs managing the communications strategy and now creates and develops partnerships between BusinessesForSale.com, FranchiseSales.com and PropertySales.com and like-minded companies.