Now, it seems harder than ever to keep up a thriving business, and if you are trying to find your place in the entrepreneurial world, by starting a startup, it’s time to take a closer look at the most lucrative industries right now. While it’s never easy to predict, are there any sectors that it seems common sense to take a punt on in 2018?
The Food Industry
The food industry has always been booming, and now with the growing vegan trends, and an unprecedented demand for protein from non-traditional sources, this is a sector that looks like it will continue to blossom. While there are many challenges involved, from keeping food cost low for paying customers, or if you want to jump on the health bandwagon, or even by going for organic products, there’s no denying that there is an abundance of choice out there for the modern entrepreneur.
Disaster Relief
Well, it’s a shame to say that it is lucrative, because of natural disasters and various man-made emergencies, there is an increased demand for services in disaster relief. From providing supplies to war-torn countries to being on standby should there be an emergency in your home country, disaster relief, in many different forms, is expected to increase in revenue to $11.2 billion by the year 2022.
Beauty Technology
Beauty products are nothing new, but by integrating technology into the beauty business, this is creating so many exciting products. With advances in industrial automation as well as machine learning, businesses are now able to create products that are customized exclusively for an individual consumer. As far as providing dedicated customer service is concerned, tailoring products that are specifically for one person is by far the most lucrative aspect of the modern business.
Canned Wine
Yes, believe it or not, this is becoming a commonly accepted way to consume the most sophisticated of nectars. The sales of canned wine increased last year to $32.3 million! As far as practicality is concerned, and especially the fact that this packaging is accepted with open arms by younger generations, specifically millennials, this is going to be a very lucrative approach to consuming alcohol, especially as restaurants and bars are increasing their prices with every year.
Caring For The Elderly
The care industry is still a very lucrative market, and as the baby boomer generation is getting older, and are many, the revenue of caring for the elderly is expected to increase by 42% by the year 2022. Care homes are many nowadays, but the quality of care appears to be slipping, which is a very important angle to consider when approaching this type of business with an entrepreneurial mindset.
As the starter generation continues to increase, there are more businesses than ever before. This is why, in the current climate, every entrepreneur needs to look for the most lucrative approach. Of course, we can play the long game, but now, with so much competition out there, it is imperative that we find an in as soon as possible.
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