Starting your own business can be a rewarding experience, but it’s also true that starting and running your own business comes with its share of difficulties. You have to wear many hats at once, which can leave you feeling overwhelmed and stressed if you aren’t prepared to deal with all the changes in your life.
When you’re ready to start your own business, it pays to know which industries are most friendly to entrepreneurs so you can begin your career on solid ground. Some industries are more competitive than others or pay better than others, while some are simply less risky than others.
Automotive
For many entrepreneurs, starting a business in automotive is an idea that pops up at one point or another. There are two important factors when deciding whether you should start your business in automotive:
1) The size of your industry and 2) Whether you have any experience with cars. If you’re thinking about starting an auto-detailing business, for example, it helps if you’ve worked in an auto body shop before. You’ll need some training on detailing vehicles, painting techniques, etc., but having some knowledge beforehand can save you time in learning all of those things later.
Insurance
With all of our technological advances, insurance is an industry that won’t be going anywhere anytime soon. With all sorts of new forms of both personal and commercial risks, there will always be a need for insurance companies. They’re also one of those industries with established and repeatable processes, which makes starting up your agency quite easy.
Another advantage of starting an insurance agency is that you have hundreds of potential clients! Almost every person owns something or has some risk. And if you help people save money on their policies, they’ll likely keep coming back when they have other needs. Here’s an example, almost 44 million Americans don’t have health insurance. It can make sense to start your agency if you know health policy well and have good contacts in hospitals and doctor offices.
Fashion
The fashion industry is booming, and an e-commerce store selling trendy clothes can be very lucrative. There are plenty of ways to get started: you can become a reseller, selling your items at a profit through platforms like eBay or you can open up your online shop. Another option is creating your clothing line and marketing it directly to customers through social media and platforms like Instagram. You should have experience in fashion design for any of these options— but if not, don’t panic! Sometimes you just need to be creative with how you market yourself.
Construction
It’s no secret that residential and commercial building has been experiencing a boom. Between booming industries like healthcare and entertainment, construction provides one of the best opportunities for early-stage entrepreneurs. Contractors need architects, real estate agents need contractors, and home builders are always hiring.
Starting a home building business can be a great option. Do a franchise that specializes in building houses and improving homes. This is one of many businesses you can invest in without having any prior experience. And it can be easy to start if it’s a franchise since you are given instructions and training on how to do everything yourself. That way, when you build your own first home for clients or yourself, you already know what needs to be done and you’ll spend less time researching how to proceed with your project.
Technology
The Internet and social media have exploded over the past decade, allowing anyone with an idea to start and promote a business. Today, you can turn your good idea into reality without having to go through all of those annoying red tape-filled government channels. Not only that, but technology allows you to market your product online and reach millions of customers quickly and efficiently.
With technology changing constantly, it’s one of those industries that are constantly in need of fresh new ideas; what could be better? When thinking about creating a startup in technology, think hard about how other people use today’s devices or tools, and try to come up with new solutions for problems people face every day. Facebook was a response to other applications on MySpace; Airbnb responded to high hotel costs during busy times.
While starting a business is never easy, you can make it more manageable by understanding your strengths and weaknesses. Starting small within an industry you understand—whether it’s one related to your past career or another one entirely—can help you be successful. Make a plan, define clear goals, and surround yourself with others who are invested in helping you succeed. And don’t be afraid of failure; learn from your mistakes and keep moving forward. You never know what could happen next!
