If the pandemic has taught us anything, it’s that we need to be open to changes in how we do business, sometimes at a much faster pace than we would like. Although we could not have foreseen the how rapidly the switch to a more fully digital economy has occurred, technology allowed many companies to not only survive but thrive during the outbreak of the COVID virus. Born out of necessity, the increased reliance on the online economy is here to stay and will inform many trends over the 2020-2030 decade.
This is a good time to open your own business or invest in one of the industries that is expected to flourish in the next 10-20 years. This changing business economy presents a number of opportunities. You can start by making a list of the best ideas for new businesses based on projected demand and pick the one that appeals the most to you.
What industry is best for you?
Focus on industries that are expected to experience a high growth rate in the coming years. Here are a few to consider:
– Lead generation: All small businesses rely on leads to garner new customers, but rarely have the resources to mine various sources like Google and social media platforms for this data. Generating online traffic to supply these leads is an extremely valuable skill to offer small business owners.
– PPE: The sale of personal protective equipment exploded due to the recent pandemic, and that trend has not ended. In fact, the pandemic has opened the door to various pockets of PPE demand which are likely to continue medium and long term.
– Space tourism: The global space tourism market is expected to experience a whopping 14% growth rate over the next four years.
– Artificial intelligence: This is one of the hottest industries in the world. The use of AI is expanding like wildfire through various industries. Nearly all big industries either currently depend on AI or looking to do so in the near future.
– Medical Equipment: The field of healthcare itself is growing exponentially as is the reliance on purchasing medical equipment online.
The market is always growing and changing and by thinking creatively, you can take advantage of that fact. Starting a business in one of the areas that is projected to have an excellent growth rate over the next ten years just makes sense.