Before business owners take the plunge and start a business, it’s important to decide which industry to pursue. After all, only about 70 percent of businesses survive the first year, and a full 49 percent close their doors within the first five years.
When choosing an industry, a business owner’s personal education and expertise should be taken into account. However, it’s equally necessary to examine which industries are currently growing. A growing industry presents a favorable option for potential entrepreneurs. Here’s a list of the top 5 industries expected to fare well in 2013.
Now is a great time to start a business that focuses on data collection and retrieval. These days, we live much of our lives online or interacting with electronic devices. Most of these devices don’t forget anything we do, and form an electronic record of our activities. Every purchase we make or webpage we give a thumbs-up is documented and stored on a server somewhere. The companies that find and analyze this type of user data are making a killing as of late. “Big Data”-related companies saw $3.2 billion in sales in 2010, and according to recent estimates, total revenue for this industry could well top $17 billion by the year 2015.
If an entrepreneur has been thinking about starting an online shopping or travel site, the moment is now. Between 2007 and 2012, e-commerce and online bidding sites saw 10.4 percent in growth. But between now and 2017, growth in this arena is estimated at achieving 8.8-percent growth annually. This is a huge space to be filled by new businesses as consumers shift away from visiting big box stores in person and towards a more nuanced and personalized online experience.
Widespread agreement within the scientific community about the causes of global warming has led lawmakers to pass stricter regulations regarding the emission of greenhouse gases. This increase in regulation demands an increase in environmental consulting in order for companies to achieve compliance. The environmental consultancy industry is projected to top $20 billion in revenue growth this year and to increase overall revenue 45 percent by 2017.
Healthy and new food concept restaurants are where it’s at. The restaurant industry employs 12.9 million people in the United States, or about 10 percent of the total workforce. Although revenue of restaurants declined by 6.8 percent in 2009 due to the recession, revenue is now back up. This especially holds true in full-service restaurants, which are projected to see a 4.5-percent increase in sales revenue this year.
Internet Publishing and Broadcasting
Consider starting an informative or entertaining website. Today, nearly half of all Americans will go online to read news. Nearly a third will go online and watch videos. As more consumers go online, the ad dollars are following. In the next 5 years, online ad spending is projected to almost double, reaching nearly $72 billion.
Justin writes about business and marketing strategies for medium-sized companies with a focus on landscaping businesses and start-ups.