Business owners want to make a profit. Why shouldn’t they?
Being an entrepreneur is the dram of many, and quitting their day job to start their own business is a ballsy and courageous move. But what happens when these new small businesses offer services or products that are no longer being needed by clients?
According to the Bureau of Labor Statistics, in the U.S., by the end of 2017, only 80% of small businesses that opened during that year survived, and only 30% of the ones that opened in 2007 are still standing.
Industries that used to be very popular and successful are now in decline, like retailers. Only last year, big stores in the U.S., like Claire’s, Nine West and Sears, filed for bankruptcy, while Toys ‘R’ Us closed all of its stores. So if even big companies can’t keep up with technological changes, how could small businesses make themselves a place in the industry?
The Federation of Small Businesses (FSB), has released surveys that show that the confidence in small businesses across the UK is declining, and by the end of 2018 it was at its lowest level since 2011. Small businesses are also not increasing employment and are operating below capacity.
These numbers seem to paint a grim future, so what could one do to survive?
One has to prepare for any kind of eventuality, and making thorough research and knowing where the best opportunities are is vital.
Toys ‘R’ Us didn’t change at the same pace as technological advancements, online retailers, like Amazon, ate all up their profits and clients. You cannot be as naïve as to think that working in an industry you love and are passionate about (but that is old and in decline) will mean success. You need to be business savvy and position yourself in an industry that’s new, shiny and with a bright future ahead.
According to the Telegraph, by 2016, the average amount a start-up needed during its first year was £22 756. This figure only includes legal costs, accountancy, HR and the formation of the company. Other business-specific costs, like buying stock or developing a product, are extra.
So if you’re going to spend that much of your hard earned money, why not make it a smart investment? Before even thinking of starting a business, it’d makes sense to find out which industries are already successful.
In this article by Camino Financial, 35 Most Profitable Small Businesses, you can get ideas regarding which industries make money and eliminate the guesswork. By choosing a business industry that generates higher profits, you make an informed decision and join other entrepreneurs that enjoy the fruits of their labours.
Now let’s take a look at a couple of these industries.
IT Support: technology will always fail and people will always need their computers fixed
IT Support is becoming more and more relevant. Every day goes by, it gets stronger and more important. Big companies are coming up with more advanced technology, new systems, and way too many apps and software. It’s very hard for regular folks to keep up with all these novelties, they will always need support in understanding new programs and solving issues that might arise.
Every week the preposterous amount of 140 000 hard drives crash in the United States. Monitoring, maintaining and fixing computers is nowadays an essential role in any kind of company.
By 2020, the amount spent in IT support services is expected to be of 172.2 billion dollars. Just to give you perspective, during 2017 it was of 164.2 billion dollars, in 3 years it’s expected to grow by 6 billion. That’s a growth of £4 523 010 000 in only 2 years.
The industry is growing at an incredibly fast pace, and it doesn’t seem to be stopping anytime soon.
Marketing and PR Services: businesses will always want to be known and recognized by clients
All industries are becoming more and more competitive every day that goes by. With ads on Google, Facebook, and even YouTube, companies are fighting over for virtual space so that potential customers get to know them.
It’s no secret that businesses rely on marketing and PR services to promote their products and services. If they don’t, no one knows they exist. Ceasing this opportunity is a great idea, you could be the one that helps others in their marketing and personal relationships endeavors.
The UK is the largest market for digital ad spending in Europe. It’s now even a bigger market than traditional ads, the overall digital ad spending for 2018 is of 63.6% of the total media ad spending.
People seem to be glued to their phones, so looking for customers in that virtual field is a very sound idea. The problem is that most businesses are not marketing experts and don’t know how to run online ads. So, why not take advantage of that?
According to GroupM, the amount spent in advertising for 2019 in the UK is projected to top £20 billion. Now, if you’re smart enough, you’ll want to take a piece of that cake.
Online Courses: updating others’ knowledge will mean success for them and for you
Education is the foundation of any industry. No one has ever gotten anywhere without the right knowledge, and you can be part of the growth of many others.
By sharing your expertise through online courses, you will not only be able to be part of others people self-improvement, but you’ll also be part of a very lucrative market that won’t go anywhere in the future.
Did you know that during 2011 to 2017, the numbers of American students taking online degrees in UK universities increased by 26%. And that’s just courses offered by colleges, there are many online learning websites out there, like Coursera, Khan Academy, Skillshare and Udacity, among many others. Online learning is growing by the minute.
During 2018, in the U.S. alone, 73% of schools started offering online programs. The potential of online learning is unlimited. Anyone from anywhere around the world can study any number of subjects for wither personal of professional growth.
What can these profitable industries mean for you
With a little research, you’ll have fewer questions from the get-go about which businesses turn a profit. That means you have a clearer direction for your business’s future and know you made the right decision.
Why not discover the most profitable businesses and which one makes sense for you? Then, you can become a successful entrepreneur and never look back.
