5 Industries Worth Starting A Small Business For In 2018
Whether you’re a seasoned entrepreneur ready for your next challenge, a full-time employee looking to start a side hustle or someone itching to grab a slice of the on-demand economy, you’ll be looking for one thing – a great business idea.
The good news is that there are lots of industries which are on the up and, as a result, a whole new world of potential to tap into for those looking to start a small business in 2018.
Here are five industries worth considering:
1. Health and wellness
2017 has arguably been the year of health and wellness.
Mindfulness has been very much in the spotlight, plant-based diets and veganism have never been more popular and meditation, yoga and pilates continue to grow in popularity like never before.
Interestingly, this industry intersects with a range of others.
An increasing number of workplaces are rolling out employee wellness programs and downloads of meditation and workout apps are booming.
In the USA, mindfulness and meditation training is estimated to be a $1.1 billion industry.
If you can’t survive without your morning cup of joe, you’re not alone.
But, while the UK’s often chilly early commutes seemingly demand nothing less than a piping hot cup of tea or coffee, cold brews are where it’s at for coffee connoisseurs.
Trade group Specialty Food Association says that between 2013 and 2015, there was a 262% leap in revenue from ready-to-drink cold brews.
This growth is the highest of any speciality food or beverage segment and the trend shows no signs of slowing down anytime soon with cold brews available everywhere from garage forecourts to supermarket fridges.
3. Pet Care
The UK is a nation of animal lovers with around 44% of households owning a domestic pet.
The market value of pet care products has grown steadily since 2012 according to data from Statista.
In 2015, Pet Industry Business reports that Brits spent a record-breaking £7.16bn on their furry friends, with a 25% increase in pet pampering.
If you love animals and want to start a new business in 2018, the pet care industry is one rich in possibilities – from grooming and gourmet treats to pet clothing and even personal trainers.
4. Rental and leasing
Whether you want to rent out your spare room or chauffeur passengers a few hours a day, the rental and leasing business is booming thanks to the on-demand economy.
5. Digital marketing
One of the things that 2017 will be remembered for is a record breaking level of ecommerce.
According to the official Adobe figures, Cyber Monday was the biggest online sales day ever, with a staggering $6.59 billion dollars transacted on 27 November.
Revenue originating from mobile devices also broke records – so expect there to be an even bigger demand for digital marketing professionals in 2018, as more brands attempt to tap into the shift to online purchases.