So, you have your “million dollar idea”, and you’re ready to take the next step in achieving your dream of successfully running your own business. How do you know your idea is going to satisfy your dreams while still putting food on the table? As you’re weighing your options, consider this list of the growth industries that are a great bet for starting your new business.
1. Online Dating Services
We’ve found your match. In a recent study, the online dating service industry grew by 2.3 percent in the last three years and is expected to grow nearly 3 percent annually through 2016. Why the increase in success? The social stigma of meeting your match online has decreased significantly. Did you know that 40 million Americans are using online dating services, which is nearly 40 percent of the singles in the US?
2. Location-based Apps
It’s all about location, location, location – well, at least when it comes to the smart-phone application industry. Each day, we are inundated with reports of new mobile applications that incorporate your physical location into their functionality, and for good reason. Revenue for location-based applications is expected to increase to 13 billion dollars by 2014, according to a report from Juniper Research.
3. Clothing/Accessory Retail
While it may seem like a surprise in today’s economy, consumers are making smaller, more frequent purchases to keep their daily wardrobe updated. Such purchases include clothing, handbags, luggage and jewelry. The industry took a bit of a dive in 2009, but saw a nine percent increase in 2010. Thankfully, “looking good” will never go out of style.
4. Travel and Tourism
By the end of 2011, travel and tourism revenue is expected to reach nearly $1.4 trillion, according to IBISWorld. If that isn’t enough, check out these staggering forecasts for 2011; international and domestic trips will jump 5.5 and 1.2 percent respectively, hotel revenues will total $12 billion and RV parks and campgrounds will increase 1.5 percent in revenue. As the mobile-application market continues to grow, opportunities in the travel and tourism industry will emerge, making way for more advanced and social-friendly travel applications.
5. Home Improvement
With many homeowners putting a halt to their remodeling projects when the recession hit, the home improvement industry went south. Now, with more money in consumers’ pockets, this industry has hammered its way back into the minds of many homeowners. In fact, it had a five percent increase from 2009 to 2010 and is expected to top out at $133.7 billion by the end of this year. The idea of going green is on the minds of many consumers as well; so renovating existing homes to meet energy-efficient standards will be huge opportunity for business owners.
Now you know which industries are best to invest your resources for your next startup, but before you hit the ground running, be sure to check out our list of hidden costs of running a small business.