So you want to start a business. With over 600,000 businesses starting in the US every year, it’s no surprise that you would. Maybe you have a unique idea or a new improvement to an already existing one. Or maybe, you’re looking for inspiration! What’s the best direction to go in to ensure fast growth? These are the nine fastest-growing business fields for new entrepreneurs.
1: Technology – Hardware
Technology innovation has skyrocketed over the past decade, and with more complex ideas comes the need for more streamlined hardware. For computers to be able to handle the increasingly large amounts of information they need to, they need to be reworked. One method of this is redesigning chip architecture. With a focus on security and machine learning, as opposed to simply memory, companies like Arm Ltd. have made new chips that stand out as innovations.
On a larger scale, new hardware is continuously implemented towards robotics. The applications of this can span from drone deliveries to biomedical technology—it’s an open playing field. It’s also a great field for revenue. Robots are expected to reach a value of almost 210 billion dollars within the next five years. If you have some expertise in hardware design, it’s easy to find a niche to apply your skills, as almost every other industry relies on hardware.
2: Technology – Software
The second pillar of technology is software design, and its applications are as varied as the first. Basic software is used every day in cell phones, and more complex designs contribute to success in financial and medical situations. Because software is such a large umbrella term for all its variations, we’ll cover some more unique ones—like artificial intelligence and social media—in detail later on. For now, let’s consider software as a baseline.
One priceless application of the software is web browsers. Without them, how would we have access to all the information we do? Web browsers are consistently being improved, and some people have taken to creating new ones. For example, Ecosia is a web browser dedicated to helping climate change. For every search, around 2 pounds of carbon dioxide are removed from the atmosphere. Another place for inspiration is in video games—and even virtual reality as an extension thereof. There’s no shortage of ideas for software startups, so don’t be afraid to be creative.
3: Social Media
Social media is a particular kind of software that’s become ubiquitous since Facebook’s beginning in 2004. Such platforms have grown quickly as places to share pictures and life updates. They allow us to have a closer relationship with people we don’t often see—and even meet new friends. And there’s always room for more.
There are largely two kinds of social media—comedy, and aesthetics. Aesthetic social media is places like Pinterest or Instagram, largely based around sharing images. Comedic social media is where platforms like TikTok or Twitter come into play. Creating a platform might seem daunting, but if its purpose is slightly distinct from those already in circulation, it’s fairly easy to catch onto. Or, you could take the brand-new route and provide a platform for a new kind of content. The internet is an enormous place, and there’s sure to be space for your ideas.
4: Artificial Intelligence
AI was the other example of particular software we mentioned earlier, and it gets its own place for a reason. The understanding we have of how to create artificial intelligence has dramatically increased since its earliest success in the 1950s. Now, it’s used in research for space exploration., and we even have a basic version on our phones. The applications of artificial intelligence are widespread.
But the idea doesn’t seem to be—creating an AI often falls under the same set of skills, so how can a start-up be unique? The distinction is that your company should handle a particular aspect of artificial intelligence. Of course, creating an AI is step one. But beyond the actual computer science, you might offer linguistic insight for AIs that speak or a physical design element to make the AI more marketable to new users. The successful creation of artificial intelligence is multifaceted, and you could easily apply what expertise you have here.
A recurring theme in software and artificial intelligence is their applications in biotechnology. Biomedical engineering will continue to be developed and improved for generations to come as we streamline medical procedures and find more efficient methods. Whether you take the technology or the biology aspect, biotech has huge possibilities.
You could come at this topic from almost any angle. One such example is robotics. Currently, robots are used to handle stem cell cultures in place of chemists or to run complex calculations. This leaves less room for human error and makes the overall procedure safer for patients. Another wildly different approach comes from DNA itself—researchers have found ways to fold DNA into complex shapes that protect medicine molecules and will soon move into trials with humans. Creativity is key in biotechnology, so take whatever expertise you have, and there will be a place for you to fit it in.
6: Renewable Energy
With climate awareness increasing, the demand for clean, renewable energy is climbing quickly. Enough research has been done to establish a couple of baseline options: wind, solar, or ocean energy are commonly used as electric fuel. Startups in renewable energy could range from actually providing green energy to customers to offering a consulting service—many people don’t know much about sustainable energy, and they would need your expertise to figure out the best path for themselves.
You might also go for a topic that uses renewable energy. Technology is working overtime to become more environmentally friendly. Electric cars and biodiesel trucks have already made striking progress, but there’s always work to be done. Consider looking into green web hosting, as companies like GreenGeeks have done. It’s crucial for renewable energy to be integrated into as many parts of technology as possible. Don’t be afraid to try it out!
7: Sustainable Alternatives
Sustainability extends beyond renewable energy, too. Many startups have turned to it as a business model, as it’s both attractive to customers and beneficial to the planet. Because of our dependence on fossil fuels and plastic, sustainability can be implemented in practically any sector you can think of. Shampoo, furniture, and even store packaging are all things that have sustainable options.
Like renewable energy consulting, you might also offer a behind-the-scenes approach. Companies that want to turn to sustainable options often don’t know enough about the topic to make the right decisions. Consider offering sustainability consulting, either locally or online. A service that provides a detailed explanation of the steps to take towards becoming more eco-friendly will always be welcome.
Buying and selling. That’s the heart of the business—and the heart of retail. Except for large-scale technology or medical operations, retail covers almost every other thing people want. Clothing, food, decorations, or plants are all examples of successful niches in retail. This is where many small businesses start, and for a good reason. If you have a new idea of something to sell, there’s a guarantee that somebody will want it.
How do you go about starting a retail business? You could either go in-store or online. Most retailers have switched to an internet option, however. It provides you with a bigger customer base, and you can have more inventory than you would in a concrete location. If you choose to be online, marketing and getting your site viewed is key. Create a page on a more established website, like Etsy, and linking to your site there; you could also turn to social media marketing or use a reputation management company to help yourself build a following.
9: Beauty and Health
The market for beauty and health products is always improving, so it’s easy to get your business out there. Beauty products, especially, come with a built-in marketing plan, as they are often publicized on social media. People buy beauty and health products and review them, giving honest opinions on their performance for others to watch—so it’s important to make your brand stand out.
To do this, you need two things: good quality and a good commitment to a cause. Of course, quality comes first. It’s best to focus on this as you’re growing your business. Being known for good quality, no animal cruelty, and reasonable prices will help boost your reputation all on its own. When people give honest reviews of your product, particularly on social media, you want them to be good. But the commitment to a cause will also help you out. Be it sustainability, feminism, or affordability, be vocal about what you care about.