Hot Industries For Budding Entrepreneurs

In 2010, the world experienced an unemployment rate that was beyond anything anyone had seen before. For a rate that tends to stay between 5-8%, it hit 12% and beyond. For the past five years, individuals and corporations have been playing catch up without much luck. It’s no wonder that people are turning to entrepreneurship in their time of need. As the boss, they can make the decisions that will benefit them the most. And, there is no reason to listen to stuffy politicians in suits. Anyone that wants to become a self-made person can as long as they enter the right sector. Below are the industries which are ripe for budding businesspersons.

Street Vendors

People like to look at numbers, so here are a few. The industry has grown by almost 4% since 2010. In total, the street food vendor sector is now a billion dollar industry, $1.7 billion to be exact. Clearly, there is more room for growth and for a businessman or woman to take advantage. What is even more lucrative are the social factors that surround the business. Not only is it an easy company to start, but it is also becoming more popular in 2017. People don’t have the time to cook, or to do anything, to be honest. As a result, they have no qualms eating off the street.

Ethnic Supermarket

Think about this for a second. How many people gravitate towards their nationality when they go abroad? The answer is almost everyone that has ever stepped foot on a plane. There is nothing wrong with experiencing a sense of nationality because it’s normal. What’s not normal is the fact that businesspersons aren’t taking exploiting it to their benefit. The world is a big place thanks to globalisation. As a result, thousands of different ethnicities all live under one roof, metaphorically. These people will always want to shop at places which cater to their culture. There is a reason that Asian corner shops have been so popular in the UK for decades.

By 玄史生 (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Salon/Hairdresser

Yes, there are hundreds of salons in a single town. Still, that doesn’t mean that it isn’t a lucrative startup. The great thing about a hairdresser company is that the owner will always get traffic. Unless the entire area goes bald overnight, people will need a trim. The important thing is that entrepreneurs understand how they will stand out from the crowd. A promotion is often a good option, as is a job well done because it inspires customer loyalty. A well-run, professional outfit is essential, which is why a feature like Phorest makes sense. Even though it’s a salon, people don’t want a mani-pedi from a cowboy. That is unless dressing up as a cowboy is a gimmick.

Photo credit: Jane Coffey

App Development

Apps take off because people want a quick and easy way to shop or communicate. WhatsApp is the prime example. The public was getting tired of messaging by text, so the market was open to change. The instant messaging service came along and took the world by storm. Nowadays, it’s one of the biggest social media platforms on the planet. As long as the concept is solid, the app will get traction. And, developing one is pretty easy.

The process? Get in touch with a developer and pitch them the idea. They should have it up and running within weeks.

Speak Your Mind

*