It’s often said that all an entrepreneur needs to be successful is a good idea, and the skills to nurture that good idea into a profitable business. That’s always been too simple a way to look at things, and it doesn’t paint a complete picture. You do need all those things, but they’re a long way from being the only things you need. You also need to make a very clever, very safe decision about which industry you launch your business into. Business types, like fashions, come and go. What’s trendy and profitable one year might be dead in the water the next, and an astute entrepreneur always knows when to get in or out of any particular trade.
Becoming an astute entrepreneur means getting experience, though, and you can only get experience by living through it. That means you might make some mistakes at the start of your career, and those mistakes can be costly. We don’t want to see that happen to you. If you’re a budding young entrepreneur preparing to take your first few steps in the world of business and self-employment, we’d like to see you set off on the right foot. With that in mind, we’ve been casting our eyes over which industries are ‘on the up’ here in late 2020. There might be no such thing as a safe bet, but some bets are safer than others – and here they are.
Forgive us for starting with virtual reality, because it’s been tipped as the ‘technology of the future’ every year for the past twenty years. 2019 was supposed to be the year of virtual reality, and when that didn’t quite work out, 2020 was pegged as the year of the VR explosion instead. 2020 hasn’t exactly gone to anyone’s plans, and so now we’re looking toward 2021 instead. When we talk about virtual reality, though, we’re also talking about augmented reality and hybrid products. VR gaming is growing slowly, but it is most certainly growing. It’s becoming more common to see VR headsets in people’s homes. 5G technology promises to make VR experiences more interactive and immersive, and that might finally take VR to the next level. The industry is worth around nine billion dollars right now. Some studies expect it to be closer to fifty billion in five years’ time.
Speaking of industries that are worth fifty billion dollars, gambling doesn’t have to imagine that figure. It’s already there, and we’re only talking about the online aspect of the hobby. It’s been a fantastic few years to own an online slots website or a web-based sports betting agency. We’ve seen permits granted for online slots websites to operate in parts of the world they’ve never been permitted to before. We’ve seen the United States of America open itself up to sports betting in a gargantuan way. Gambling might even be one of the companies that takes advantage of the coming virtual reality boom – Paypal slots site might allow players to stand in front of virtual cabinets or sit at virtual poker tables rather than watching all the action unfold on a screen. Many online slots websites operate on a franchise model, which means there’s always a way in for smart entrepreneurs.
Do you have an Amazon, Google, or Apple speaker in your home that you can speak to and hold conversations with? Have you ever used Siri or a similar ‘assistant’ program on your mobile phone? If so, you’ve started to interact with artificial intelligence. AI has crept into our day to day lives without any of us truly noticing, and now it’s everywhere. Google opened an AI investment fund three years ago and continues to pour money into AI projects today. AI will one day handle more customer interactions than human beings do. AI might write our news articles, handle our shopping, or monitor our health. To a lesser degree, it already does some of those jobs. If you can find a way into this rapidly-expanding industry, it will likely serve you well for your entire career.
Parents spend shocking amounts of money on their children. They always have done, and they probably always will do. If you can come up with an attractive, unique, one-of-a-kind product or experience tailored to children, or parents and their children together, you’re almost guaranteed to do well out of it. Daycare services never go out of fashion, but think of the bigger picture. Can you offer tutoring services, days out, play camps, or products that will assist the development of a growing child? What’s the one thing you wish you’d had available to you as a child? If you have children of your own, what’s the ‘missing product’ that would make life easier for both you and them? It’s probably something so simple that everybody else has missed it, and if you can put your finger on it, it might make you a fortune.
Don’t overlook this most maligned and (apparently) boring of trades. We live in the era of the gig economy now. There are more people working for themselves than at any point in the past century, and those people need to ensure that their tax affairs are in order. Not everybody has the relevant skills or knowledge to ensure that, and that’s how fines and other sanctions happen. If you have the ability to stop people from getting fined and make sure that huge tax bills don’t just creep up on people out of nowhere, you should find that people are happy to pay you to take care of these matters for you. We’re not suggesting that you necessarily have to become an accountant or open your own accountancy firm. Creating an accountancy product, or something that makes the drudgery of doing accounts a little easier for either accountants or self-employed people, would probably go down a treat. We’ll leave the specifics to you! All five of these industries have a bright future and are likely to remain profitable for the long term. When you’re trying to launch a career, that’s exactly what you ought to be looking for in terms of stability and prosperity. We’ve shown you a few paths that you could go down – all you need to do now is come up with a product or a business idea that fits with one of them!