Every year, 8 out of 10 small businesses fizzle and bow out of the industry. While there could be several reasons for their failed run, one of the most common reasons in the recent times is the failure to develop a futuristic approach for their million dollar idea.
If an entrepreneur wishes to have a sustainable business, he/she not only needs to take into account the current trends, but also the future business trends for next 10 years. This means, not only analysing the problems that people are facing right now, but also being able to predict the problems that they might be facing in the coming years.
While it might seem like a twisted job, but it really isn’t that difficult. All one need to do is keep a tab on all the latest business trends and closely watch the declining industries as well as the fastest growing occupations.
In order to set you on a path to success, we at Indianweb2.com have made a list of 10 of the best future business ideas for entrepreneurs.
1) 3D Printing
3D printing business is closely climbing the popularity charts. It is also one of the most profitable business ideas currently in the world, mainly because it has completely revolutionised the prototype manufacturing business.
During the starting years, 3D printers costed a bomb and were out of range for several entrepreneurs. But with the passage of time, the prices have come down but they’re still a little expensive for many.
According to Wohler report 2015, 3D printer sales have climbed from 66 in the year 2007 to a whopping 232336 in the year 2015.
Currently, 3D printers range starts from $2000 and goes on till $15000 or more. The prices vary depending upon the specifications and features of the 3D printer needed.
Once you have your own 3D printers, you can set up your own shop and start advertising your business so as to attract good paying clients.
2) Real Estate Industry
With population increasing at an unprecedented rate, and a major percentage of population moving from rural areas to urban eying better jobs and life, the immediate future will witness an increase in need for affordable houses.
Hence, now can be a good time to start a business in or related to the real estate industry and cash on the future needs.
3) Healthcare Industry
According to the Labor department of United States, 10 out of every 20 fastest growing occupations in the United States are directly or indirectly related to the healthcare sector. Further, a Fortune article also clearly states that the healthcare industry has a bright future ahead of it. This is mainly because the future will witness the usage of preventive medicines increasing rapidly, and general healthcare practices being swapped with personal healthcare practices.
The healthcare sector is expected to generate more than 3 million jobs by 2018. The need for so many jobs will arise due to the rapid expansion of world population. So, if you want to start a business related to the healthcare industry, the future seems bright.
4) Renewable Clean Energy Supplies
The alarming rate at which the world population is growing each year is known by almost everyone, but what is more alarming is the fact that a majority of Asian countries still depend on traditional sources of energies such as nuclear, coal and hydro power plants to satiate their energy needs. Since the Earth only has a limited pool of resources, this is proving to be catastrophic for the environment.
In order to find out a solution for this problem, several scientists are now emphasising on the usage of renewable energy sources. People with a zeal to save the environment and the future of the Earth can come with several green business idea and chart a successful future for themselves as well as other inhabitants of the planet.
5) Outsourcing Business
The working environments are going for a major change in the near future, according to a WEF report. Outsourcing business is expected to become the talk of the town by the year 2020.
About 50% of Americans own their own small businesses. The same trends can be witnessed in several other big countries like the UK, Australia, and Canada. The one big challenge they face is that if they hire employees from their own country, they will not be able to make good profits due to the high operating costs. This is why, in order to maximise their startup’s profits, and reduce costs, they outsource their work to people in developing countries, where the manufacturing and operational costs are comparatively lower than their own native countries.
Freelance business is also growing at a phenomenal rate in developing countries such as India, Pakistan, Nepal etc. In order to provide virtual services online, all one requires is a good internet connection and specific skills set.
6) Internet of Things (IOT) Industry
IoT is the next big thing that is going to completely change the way humans live, just the way internet did a few decades back.
The world of Internet of Things (IoT) has opened us all to a world where we now have the power to automate, protect, and monitor our houses like never before. Not only this, one can now keep an eye on their children while out for work, integrate their home theater system, protect the house from theft, and even extend a helping hand in reducing capital spent on energy consumption.
According to Mckinsey Global Institute, the IoT industry has a potential to generate $4 Trillion to $11 Trillion in value worldwide by the year 2025.
So, IoT can prove to be a safe bet when thinking about future business ideas.
7) Co-Working Spaces
With the increasing rents, the working space is going to see a major change in the coming future. Separate offices will be replaced by co-working spaces so as to curb the expenses and keep the company above waters away from the burden of avoidable big rentals bills. Hence, starting a co-working space could be a smart decision right now.
8) Collaborative Economy Business
Businesses based on collaborative economy models like UBER, LYFT, Airbnb etc. are expected to grow immensely in the period pf next few years. Such businesses not only extend a helping hand to end customers but also assist the service providers, which ultimately makes them commissions.
9) Consumer Goods and Services Business
The middle-class population is expected to rise up to 3 billion by the year 2030. This population increase would result in an increase in consumption of goods and services. Hence, a business in goods and services has a huge growth potential.
10) Consultancy Business
Experts predict consultancy business witnessing good growth in the future. This could be mainly because of rise of entrepreneurial trends, increasing unemployment issues worldwide or high inflationary rates. Hence, starting a consultancy business like recruitment firm, career consultancy firm, or customer consultancy etc. can prove to be profitable for the long haul.