Are you a budding entrepreneur looking to build a startup? There are many directions you can take. Of course, you’ll want to stay away from traditional ideas that have been done to death. You’ll also want to avoid dying industries. The best approach is to look into some of the fastest growing industries for lucrative startup ideas.
Rapid change has been a prominent characteristic of the last decade. Technology is changing and improving at a breakneck pace. Business practices have evolved massively. There have also been many cultural changes that have brought about changes in our everyday life.
The good news is, these changes have led to all kinds of new business ideas. You can get involved in something new and innovative. But you’ll need to do your market research and find out what sectors interest modern consumers. Here are some interesting industries to look into for exciting startup ideas.
The general attitude on marijuana has changed immensely over the past few decades. Despite still being a Schedule 1 controlled substance, state laws have become much more relaxed on its usage. These changes have made the marijuana industry much more lucrative, making it prime for startups.
Medical marijuana dispensaries have become huge in legal states like Colorado, Nevada, and Washington. The legalization of recreational use in some states has also bolstered the industry. California’s marijuana industry is projected to be a 25 billion dollar opportunity. Recreational use could soon become legal countrywide, so it’s a perfect time to get in on the action.
Dispensaries are the next big thing. You can bring tons of customers in if you set one in and market your store right. You might want to set up shop in one of the legal states and use a cannabis marketing agency to bring people in.
Selling marijuana itself isn’t the only option, either. Many health stores now sell CBD oil. It’s extracted from marijuana and has many medical benefits. Head shops are also popular, selling equipment such as vaporizers and pipes for ingesting marijuana.
It’s a fast-growing industry with high profits. It’s well worth looking into if you’re looking for an exciting startup idea.
The gaming industry used to be shrouded in negative stereotypes. Back in the days, many people considered it a waste of time that ruined people’s career prospects. Today, 155 million Americans play games, with 42% playing for at least three hours a week.
The industry has grown and adapted enormously. Now unique games are available for all demographics. Smartphones have been one of the main factors in these changes. People of all ages love to play games on their phone to pass the time while commuting or in the doctor’s office.
Smartphone game developers can make massive amounts of money. Many create huge profits by offering free games with in-game purchases like extra lives. If you learn about mobile game programming, you could make a lot of money.
You could also focus on other areas of gaming. Online gaming is also becoming huge. Web-based games and MMORPGs bring in stable player bases which often pay monthly to play. Virtual-reality is set to become the next big trend in gaming, with many startups focusing on this sector.
One of the most interesting developments in the industry is the growth of eSports. Games like Counter-Strike, League of Legends, and DOTA have become spectator sports with millions of fans paying to attend events. Many startups have flooded the scene, from event promoters to gaming teams. Check out this example of one entrepreneur who started an eSports talent and marketing agency.
The health and fitness industry is hardly a new one, but it’s becoming more popular than ever. Statistics show that gym memberships continue to grow each year. Personal health is becoming a more common concern in people’s everyday life, so it’s a great area for businesses.
Of course, one startup idea is to start a gym. Even though there are many established gym chains, it’s something that still has room for growth. For instance, you could start up in a gym in a suburban area with no gyms for miles. Tons of people get gym memberships in convenient locations, which can often cover the cost of equipment and upkeep. Look into what gym-goers want. Offering features like no-contract monthly memberships can make you stand out ahead of competitors.
Health stores can also generate a lot of business. The supplement market is also growing. More people are becoming interested in things like multivitamins and protein shakes. You could also start a healthy smoothy store, or even healthy fast food! Many people want healthier options when they need something to eat or drink at lunch.
If you’re passionate about exercise, you could even become a fitness guru. Many people start out as personal trainers and build a business out of it. Fitness bloggers often make money by selling eBooks, fitness programs, and even one-to-one mentoring. If you can develop a good reputation and a loyal following, you can also generate cash!
With more consumers demanding the ability to buy things online, ecommerce is becoming huge. Online retail sales reached over $101 billion this year in the US. These figures are only expected to grow.
It’s easy to get in on the action by starting an online shop. Services like Amazon and eBay make it simple to sell anything online. You could also start your own site and use shopping cart software to make sales. It’s a cheap business to start, and it can go a long way.
The best thing about it is you can sell anything! Some people craft items such as jewelry or build furniture to sell online. Some people sell hand-painted crockery or pictures. You could also buy items in bulk and sell them at a markup to make a profit.
All it takes is a good idea and some smart marketing. The most successful ecommerce startups also provide plenty of options for their customers. Providing different ways to pay and extra delivery options appeals to more people. You can look at some of the hottest ecommerce startups for inspiration.