by Sharon Jones
It has never been easier to start a company, but that doesn’t necessarily mean that you should. This is advice that you don’t always hear, but it’s true and important: some industries have a bleak future, and it’d be unwise to begin a business if you don’t know for sure whether it’s going to be viable in the years to come. Fortunately, while there are some sectors that are best avoided, there are others that have a brighter outlook. If you’re going to enter the business game, then it’s recommended that you take a look at some of the industries outlined below, all of which offer a strong potential for generating profit.
Accounting and Bookkeeping
Some of the most profitable and robust businesses are the ones that help other companies focus on what they do best. A company doesn’t want to waste their time taking care of myriad corporate tasks that distract from their primary goal. But they have to be handled in one way or another, so they usually outsource the work to a third-party company. Accounting and bookkeeping companies work with other businesses to handle their financial matters, and because they’re so valuable to companies (they help save money), they can attract a sizable fee. Profit margins are in the region of 20%, which is among the highest available.
Offering Legal Services
They say that money makes the world go around, but this isn’t really true -- the law makes the world go around. If you can successfully argue something, then it’s yours. And this makes it easy to see the attraction of quality legal services for businesses and individuals. Sometimes, this is because they need to react -- say, they face a legal challenge and need to defend themselves. But most of the time, it’s proactive, such as making sure that everything about their legal setup is watertight, strengthening their brand and trademarks, and so on. As the world becomes ever smaller, there will be a lot of work available for lawyers who can understand international trade laws.
Car and Home Repairs
They say that robots and automation will take over jobs, and that is most definitely true for certain positions, but there will be some things that robots can't do -- not until many decades into the future, at least. Take, for example, car and home repairs. This is something that most everyone requires at some point or another, which makes it a steady business, and there’s little that a robot could do about, say, a leaking roof. If you’re technically minded, good with your hands, and want to be your own boss, then something related to repairs could be a good option.
The Manufacturing Game
The world will always need manufacturing, which makes running a manufacturing business a solid option. Indeed, even if there comes a day when robots do most jobs, there will need to be a company making the robots and the machines they use. But even that’s a long way off: just think of all the items in the world, they’re all made somewhere. One reason why people shy away from setting up their own manufacturing company is because of the prohibitive costs and networking that’s required to get contracts, drum up sales, and so on. But there is another way. You can work with a manufacturing business broker, and buy an existing manufacturing company. It’s a smart way to get into the industry since all the systems are already in place.
Real Estate
People speculate about real estate, if property prices are going up and down, the long-term view, and so on -- and you'll likely have heard of people who have gambled on the property market, and lost everything. But all these narratives mask something that is as true today as it was a hundred years ago: that property and land ownership is always a smart way to build wealth. The problem is that some people think that real estate is guaranteed success, but it’s not -- and how could it be? Nothing is guaranteed, least of all success. If you have experience in the field, and know what you’re doing, then it’s more than possible to make handsome profits through buying, selling, or other businesses connected with the real estate industry.
Personal Healthcare Growth
We’re entering into uncharted territory. For the first time in perhaps human history, there is now more people in retirement age than there are people under the age of five: that has never happened before. And the market is going to shift to reflect this change -- in the coming years, companies that offer personal and home care will be in great demand. And this is on top of increased profits for medical companies. Whenever you’re thinking about starting any business, it’s always recommended to keep the target audience in mind. When it comes to all things medical, there’s no shortage of people who will need those services.
Company Designs
You can argue that we’ve moved past the age where companies make things, the big companies we mean. Nike, for example, doesn’t really sell shoes: they sell a lifestyle. As such, their branding is hugely important -- indeed, it’s what the success of their business depends on. All the manufacturing of their products is outsourced, they don’t do any of it. If the 20th century was dictated by companies who made things, the 21st century is about image -- the branding. As such, all modern companies put great emphasis on their designs -- and since they don’t have an in-house designer, they outsource the work. If you’re a talented designer, then you’ll find plenty of opportunities for work, and even more so if you can set up your own agency that offers other services, too.
Supplying Energy
The world is changing in various ways, sometimes by choice, other times by necessity. For the latter, think about energy. It has become crystal clear that we need to move away from fossil fuels as the source of our energy. It is simply doing too much damage to the earth. In the not too distant future, the majority of the world will be powered by low-impact, renewable energy -- there have already been giant strides forward made in this department in certain countries. With the costs of these energy sources coming down all the time, most and more people will use them to power their home, making it an especially attractive business opportunity.
Outsourcing Companies
Businesses are beginning to change the way that they’re working. The costs of having a full team of staff to handle every issue mean that companies are increasingly looking to alternative options, which means outsourcing work to third-party companies. If you have experience in a field that can be outsourced by companies (such as marketing, legal matters, and IT), then you could look at setting up a company that specifically offers services to other businesses. The growth potential for these businesses is high, especially in the coming years.
Online Connectors
Some of the largest companies in the world don’t have any assets. Uber, AirBnb, and other online companies have a lot of potential for making a revenue purely because the investment needed to get the venture off the ground is minimal. Of course, the difficult part is coming up with a business that operates in this way, those that do will find a lot of potential, especially since it’s a trend that consumers like and want.
Tech Suppliers
We tend to think of the digital revolution as being in full swing, but this isn’t really true. Tech might be everywhere, but it’s still in its earliest stages, compared to what the future will be like. In the not too distant future, tech will touch all aspects of life, especially in business. Because companies know the value of technology, businesses that supply companies with custom tech built with their specific needs in mind are increasingly profitable.
Personal Training
If you want to find out what businesses are profitable, it’s best to look at first, what people want, and second, what businesses are relatively cheap to get off the ground. One such example of a venture that fits both these models is personal training. While the amount of money that can be made isn’t astronomical, in terms of profit percentage, it’s one of the better ones there. Also, not for nothing, this is routinely cited as one of the most rewarding companies to run out there.
Food Trucks
The food truck looks as if it’s here to stay. After an initial rush that some people thought was unsustainable, food trucks have shown that they have staying power, because consumers like them so much. While there is a significant startup cost to consider, the money that food trucks can charge means they can be hugely profitable, especially if they’re in the right location.
Conclusion
If you’re looking for a business with bags of potential for making money, then consider one of the industries outlined above, all of which have a bright future ahead of them.
