by Liberty Stembridge, Money Columnist
Published in Money on 7th December, 2018
Practically everyone you meet has an excellent business idea that they just know would succeed, but how many do you actually know who have acted upon it? Probably very few.
Becoming a successful entrepreneur and owning a business takes guts and a very good idea, and in this climate, it can be tough. Taking advantage of naturally growing industries can be an excellent strategy to help ensure your own success, so if you're thinking about starting up your own business in 2019, here are the top industries you should be looking into.
Public transport is just getting more and more crowded, while simultaneously more and more cars are jamming up the streets of major cities, especially in the US. People are flocking to cities in their droves, and it's predicted that by 2050 over half of the world's population will live in cities. That's insane, and the current transport model most likely won't be able to cope.
As such, more and more businesses are popping up providing solutions for commuters and city-dwellers to get around the city quickly and easily, without having to rely on public transport or use the main roads. "Micro Mobility" is a term referring to the boom in individualistic urban transportation solutions such as e-scooters, electric bikes and electric skateboards and it's only expected to grow. These battery powered methods of transportation are not only highly convenient for the user, but can actually help to cut down on congestion and pollution. More and more investors are looking into such products as the demand for them only grows.
If you want to get into this industry, there may be a steep learning curve and some capital to acquire, but it can be done. You'll need knowledge of the latest technological advances in battery operated transportation devices, as well as legal knowledge as to where you can operate and whether devices such as e-scooters are allowed in your region. Since these are fairly new products, the legality surrounding them is changing all the time, so you'll need to keep a close eye on that.
You'll also probably need some significant investment into your business to get started, as building lot's of these transportation devices to sell or rent out will require a lot of money and manpower. However, don't let this put you off. Profit from e-bike, scooters etc. is projected to nearly double by 2025, so this is certainly an industry to consider.
College tuition isn't getting any cheaper, and with people ever more desperate to find new ways to make money and improve their prospects, online education is becoming the new norm. Platforms like skillshare have found great success in providing education resources for people looking to learn entrepreneurial skills, improve their art, start on online platform and much much more. Even larger platforms such as coursera offer qualifications and opportunities for students to audit real university classes to further their education.
Startup costs for this kind of business can be minimal if you start off with a small website and grow from there. You will need to know how to market yourself well, as many different online learning platforms pop up, and beating the competition can be tough. If you have an original idea though, or a way to otherwise entice users by offering a new and improved experience, you may well find great success with minimal startup costs.
With the recent legalisation of cannabis in Canada, and the growing popularity of CBD worldwide, people are becoming more and more open to the idea of cannabis-related products. There is already a high demand for CBD products in the US alone, and the rest of the world is catching on too.
To be clear, CBD stands for Cannabidiol, the non-psychoactive compound found in cannabis that doesn't get you high, but has been shown to have some medical benefits such as reducing anxiety, treating epilepsy and more. Cannabis having been illegal for so long, CBD holds an allure that many other medical supplements can't. There is a certain excitement surrounding it that green tea and grape seed extract just can't muster, and as such, CBD products are surging in popularity.
It's not all just hype however - CBD products can provide genuine benefits to the consumer, and that's a big part of their exponential growth. Fans of cannabis and cannabis products have been preaching for years about the medical benefits of the plant, and CBD is the first step in that direction. For many people suffering with long-term chronic conditions, the idea of using CBD, a more natural alternative to common pharmaceutical products is very appealing, since it's non-addictive and has yet to be shown to have any harmful side effects.
As the tourism industry continues to grow steadily, so does our awareness of the environment and the issues facing the climate. As such, sustainable housing is becoming a hot topic, with more and more people looking into ecotourism to house themselves on their holidays. Unique homes such as earthships, tiny homes, solar houses, tree-top forest dens and glamping tents such as yurts are all becoming more and more popular, both for their aesthetics and their environmentally-friendly attributes.
This has led to an increasing number of startups providing sustainable housing, both for the short-term tourist through AirBnB and in the long-term, for people looking to change their entire lifestyle to better look after the planet.
Startup costs might be high, as you'll need to find a way to purchase an eco home. However, if you already own a large plot of land, there's nothing stopping you from buying a cheap sustainable home such as a yurt of bell-tent and renting it out on your property. CBD can be incorporated into a variety of different products including sweets, drinks, baked goods, lotions, oils, vapes and much more. The fastest growing area currently is food, with entrepreneurs creating entire businesses based on providing CBD infused ice cream, soda drinks and more.
If you're thinking of creating a food based business then, incorporating CBD may be something you want to consider. You will of course need to be up-to-date on all the latest news on CBD and other cannabis related products, both legal and scientific, have a good knowledge as to how to correctly infuse CBD into your products and be able to market yourself well.
We're entering into a climate crisis, there's no denying it at this point. Oil and gas are non-renewable resources that are bound to run out at some point. As such, we need new and innovative solutions to power the planet without simultaneously destroying it. Governments all over the world are investing in renewable energy startups in an effort to cut down on pollution, which pretty much guarantees that there's going to be a market for it. In fact, renewable energy is one of the only areas that we can be almost certain there will be growth.
Of course, in order to start a business in renewable energy, you will need a lot of scientific knowledge as to how the technology works, how you can improve it, and you may well need an innovative idea to make the technology even better, as innovations in renewable tech are popping up every day, such as flexible solar panels, or more efficient hydroelectric plants. As such, you'll need a lot of capital to start, but that may not be so difficult to get what with the abundance of investors looking to support green energy initiatives.
No one diet suits every single person on the planet, and with a growing number of people dying every year from chronic conditions such as diabetes, obesity and heart disease, we're becoming collectively more interested in preventative nutrition. But how are you supposed to know what to eat? This is where nutrition startups come in. With delivery services such as HelloFresh bringing healthy food straight to your door, and companies offering genetic testing to give you a personalised nutrition plan, innovation in the nutrition sector is booming.
Many companies in the medical industry are shifting their focus to preventative medicine as more and more people look to nutrition as a way to prevent illness from appearing or returning.
If you have a background in food, nutrition or medicine, starting a company providing personalised nutritional advice or packages is excellent idea for 2019. Bonus points if you can provide genetic testing.
There's no telling what the future holds, and the industry you choose to start your business in ultimately isn't the factor that ensures your success. With the right idea, strategy and determination, you can succeed. Picking the "right" industry might help you grow, but it's up to you to continue that growth and provide value to your customers. Many small businesses fail because they rely on the growth of a new "booming" industry and don't take into consideration the importance of providing real value into their customers lives - that is where the longevity and ultimate success of your business lies.