5 best industries for aspiring entrepreneurs in 2017
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This could be the year you decide to stop working for someone else and start your own business. While your individual skills and interests are key to determining what type of venture to pursue, the last thing you want to do is start a business in an industry with a gloomy outlook. Here are five industries with promising futures, based on data from the U.S. Bureau of Labor Statistics, market research firm IBISWorld and financial information company Sageworks.
1. HEALTH CARE
As the 75 million baby boomers age, there's increased demand for health care services. According to an outlook by the Bureau of Labor Statistics, more than half of the 20 occupations projected to have the highest
Don't have the expertise to open that kind of business? Starting a home health aide staffing firm is one idea you could pursue. According to the bureau, employment of home health aides is expected to increase 38
Good news for those with green thumbs: 28 states and the District of Columbia have legalized medical marijuana . IBISWorld predicts that industry revenue for medical and recreational marijuana growers will jump 33.5
But for every high, there's a low. Because the drug remains illegal at the federal level, says Dmitry Diment, a senior industry analyst at IBISWorld, new growth opportunities arise only when regulations are approved by the states. Those at the forefront of medical and recreational marijuana — like Colorado, Washington, Oregon and California — offer the best examples of how the industry could evolve, he adds.
Personal disposable income is projected to grow by 4
But e-commerce can be an easily saturated market, given low barriers of entry. To increase your online business's chance of success, focus on your customers — whether through customizable products, timely support or fast delivery of products, IBISWorld industry analyst Madeline LeClair says.
In a similar vein, continued innovation in the tech world means continued opportunities for tech-savvy entrepreneurs. IBISWorld projects a 31
5. HOME AND BUILDING MAINTENANCE
From landscaping to cleaning to pest control, businesses in maintenance industries that service residences and commercial buildings saw a 13
This article was provided to The Associated Press by the personal finance
NerdWallet: How to start your small business https://nerd.me/2iKsuin
Bureau of Labor Statistics: Fastest Growing Occupations https://www.bls.gov/ooh/fastest-growing.htm