Starting your own business is tough, no matter what industry you're in, but you might have a bit more luck in these specific industries. Here are a few hot sectors right now.
Futuristic technology
There is more and more demand for cutting edge technology products, so if you have a great idea that is revolutionary and visionary, this trending industry has plenty of opportunities for startups. For example, Virtual Reality has become a modish sector. Consumers are expected to purchase several million VR technology products in the years ahead. Artificial intelligence is another area that is expected to boom. Then there are less hyped but equally in-demand areas of this industry that are gaining popularity. Food Analytics and Tech is one example. Food tech startups make the preparation or distribution of food more efficient and lucrative by offering smart kitchen products or devices that help with food inventory management. There are many other futuristic tech areas to choose from whether it be the development of drones or robotics, the future is now.
Software
Still in the tech area, software providers offer services that consumers can no longer live without. The need for software services, as we have become more and more dependent on technology, is ever-increasing. There are so many areas that a startup can choose from. For example, the demand for fraud detection software is only going to rise, as more and more people conduct online transactions and as the number of platforms on which they take place multiplies. Increasingly, cyber criminals will push the need for top-of-the-line fraud detection systems. Software is required in all sectors of business, whether it is designing software to allow manufacturers to manage their inventory or banks to safely streamline financial services; as a savvy software startup the world is your oyster. Developing software that improves people's lives, allows them to mesh their virtual with their physical world is a great startup idea. Uber is the perfect example we all know. Overnight Uber grew from a small startup to an international success by providing a mobile service that supplies taxis to clients in a seamless door-to-door experience that tracks clients, drivers and gives customers the chance to give feedback to ensure quality service.
Health and wellness companies
Not surprisingly in a world increasingly characterized by stress, companies that offer products and services to boost people's well-being are reaping large profits. Some businesses provide more traditional offerings such as organic foods, drinks and/or supplements, whilst others harness technology to allow users to interface their mobile devices with their daily activities to improve their physical fitness. For example, Endomondo was a startup created by three management-consultants-turned-entrepreneurs. They offer Tracker, a free GPS-assisted iPhone app to track any outdoor sports adventures, to enable users to monitor their performance over time. Members can network online with 13 million-plus users who cheer each other on or compete with one another. Corporate wellness startups are also making big bucks. In a world where work stress is snowballing, corporate wellness companies are being increasingly turned to by large companies for solutions to ensure a sustainable workplace and boost employee health so as to decrease soaring health and benefits costs.
