Last Updated: Jan 14, 2016
Want to become a business owner this year? Consider starting a business in one of these six industries that are expected to grow during 2016.
A large number of industries are expected to grow rapidly in 2016. Among them: health care and technology. The construction industry will also continue to expand in 2016. To decide which to pursue, look first at your skills, experience, and available funds. If some of the businesses listed below are out of your reach financially now, consider ways you could get started as a subcontractor or vendor to the industry.
One report suggests that the health industry will grow by approximately 23 percent during the next 10 years. In the United States, gyms generate combined revenue of $30 billion per year, and fitness centers have more than 58 million members.
Although the initial costs of creating a gym can be relatively high, they have potential for significant recurring revenue. Offering additional services and products, such as massage therapy, saunas, hot tubs, fitness classes for groups, nutritional foods, personal training and climbing walls can bring in additional revenues.
Constructing and Renovating Buildings
While the average price of new homes continues to increase, the demand for renovations is also rising; however, the costs of many building materials have remained relatively stable. An entrepreneur might consider completing inexpensive renovations in an area that is regularly affected by natural disasters such as earthquakes, hurricanes, tornadoes or wildfires. Due to increased demand, contractors in these regions have raised their prices substantially, and by offering discounts, a proprietor can help homeowners and receive a large number of referrals.
Repairing Computers and Mobile Phones
According to one analysis, most American families regularly use at least four digital devices, yet the number of people who specialize in repairing computers and smartphones has barely increased during the past three years. Moreover, many customers do not have specialized tools that are compatible with their digital devices.
An entrepreneur can create a business that specializes in installing new hardware, removing viruses, performing routine maintenance and extracting unnecessary software programs. Additionally, some new companies provide on-site services for flat fees.
Search Engine Optimization
RELATED: Where to Find Business Ideas
During the last year, the number of people worldwide who commonly use the Internet has increased by more than 7 percent, and approximately 83 percent of these users regularly access search engines. That makes getting found in search imperative for businesses of all sizes.
Search Engine Optimization (SEO) can be either an add-on to a web development business, or a stand-alone service. A company can provide a wide range of services such as establishing quality inbound links, optimizing articles and web pages for search engines and site visitors, making sure pages of local businesses are marked up to show data like location and hours of operation to improve chances of being found in mobile and local searches. An important related service offering: re-designing websites or adding plug-ins for WordPress sites to make the sites responsive and easily viewable on smart phones. You must keep up with your field, however, to provide good and useful service for your customers.
Get and stay up-to-date on search marketing strategies
Home Care and Senior Care Services
The aging of the baby boom generation will result in there being more than 56 million people in the U.S. 65 years or over by the year 2020. And that means an increasing need for in-home aides to provide needed services to the aging population. These services may be health-related, or may consist of companionships, shopping, cooking and cleaning. Franchisees and independently owned businesses that can provide these services can expect a growing market. If you plan to enter this field, research licenses, state and local regulations, and insurance requirements, and be diligent about doing background checks on employees you hire.
Marketing Research and Analysis
Big businesses, small businesses and politicians all rely on data to help them reach their goals. But raw data, by itself, is useless. The data has to be gathered then analyzed to spot trends and understand what’s working or not working in a company’s search marketing, social media, and traditional marketing effort. Although many web-based tools (such as Google Analytics) have been developed to help do the analysis, smaller businesses often don’t have anyone on staff with the time or the skills to use the tools. If you have serious programming, analytical skills and experience with big data and data mining, big companies will need your services, too.
All of the business ideas mentioned above are in industries that seemed poised for growth. However, they are by no means the only industries you should consider. Remember, the most important part of business success will be you. So choose a business that matches your skills and interests.
RELATED: 300 Self-Employment Business Ideas
© 2016 Attard Communications, Inc. All Rights Reserved. May not be reproduced, reprinted or redistributed without written permission from Attard Communications, Inc.