Looking to start your own business this year? Here are some industries to consider with promising futures, based on data from the U.S. Bureau of Labor Statistics, market research firm IBISWorld and financial information company Sageworks.
Meeting the needs of an aging population creates opportunities for physical therapists, doctors, optometrists and other specialists to open their own practices. Don't have the expertise to open that kind of business? Starting a home health aide staffing firm is one idea you could pursue.
Good news for those with green thumbs: 28 states and the District of Columbia have legalized medical marijuana. IBISWorld predicts that industry revenue for medical and recreational marijuana growers will jump 33.5 percent over the next five years. But for every high, there's a low. Because the drug remains illegal at the federal level, new growth opportunities arise only when regulations are approved by the states.
Personal disposable income is projected to grow by 4 percent per year from 2014 to 2024, and as disposable income grows, so does the "quantity and quality of online purchases," IBISWorld says. To increase your online business' chance of success, focus on your customers — whether through customizable products, timely support or fast delivery of products.
In a similar vein, continued innovation in the tech world means continued opportunities for tech-savvy entrepreneurs. IBISWorld projects a 31 percent revenue boost for smartphone app developers alone in 2017. Don't forget about the support side of the industry; Sageworks found that tech consulting and installation services had strong sales growth in 2016.
Home and building maintenance
From landscaping to cleaning to pest control, businesses in maintenance industries that service residences and commercial buildings saw a 13 percent increase in sales in 2016, according to Sageworks. If you gain the right expertise, these businesses are easy to start because they have relatively low upfront costs.