10 Future Business Ideas For The Enthusiast Entrepreneurs
If you are born with a genius mind that always wonders to look for new business ideas and start your own profitable startup, it’s good to expand knowledge about forthcoming businesses that have a promising future in the coming years.
Every single year, thousands of entrepreneurs lay the foundation of millions of small businesses across the globe. Unfortunately, out of 10 businesses, almost 8 fail and close down. Sometimes, scarcity of funds is the reason and sometimes, there are no competitive benefits.
Have you ever tried to know the reason behind these failures? Ignoring the latest trends is probably the first cause. Lack of futuristic vision always overpowers the fulfillment of dreams and goals. Simply put, to start a business that sustains and booms, exploring the current & future trends for coming 10 years is important.
With these really crucial factors in consideration, here are 10 business ideas that will ace the race in the future business world.
1. Outsourcing Business
According to Forbes, 50% Americans work either independently or earn money through small-scale businesses. Canada, Australia and the UK are other countries following the same trend.
Hiring native employees obstruct these business people from making profits, as the operating expenses are quite high. Ensuring the expenses are reduced and profits are increased, they outsource their projects to employees of developing nations. This is because these countries have low operational and manufacturing costs.
In a nutshell, it makes sense to start either outsource business or freelance firm. Without any or almost negligible investment, this is an amazing business idea.
2. Internet of Things (IOT)
Every object that’s used by humans, has internet connectivity to send & receive data, is known as the Internet of Things.
As per Mckinsey Global Institute, this very industry will make $4 Trillion to $11 Trillion by 2025.
During the past few years, there has been a fabulous advancement in the technology sector with smartphone market topping the list. Taking an example, it has got easy to reach office by taking taxi service; mobile apps update about the upcoming weather conditions and there are smart thermostats apps as well as wearable fitness devices too.
Developers and programmers can upscale their invention ideas and create new smartphone applications that can help others with their everyday life.
3. 3D Printing
In the last few years, 3D printing has made its presence strongly in every corner of the world. Why? By revolutionizing the prototype manufacturing business. High-paying clients can be reached with effective advertising once printing part has been done.
In the beginning, 3D printers were costly and out of budget for most of the entrepreneurs. With time, there happened a fall in price; however, not everyone can afford them even today.
Plethora of 3D printing business ideas and opportunities are floating these days. With a little investment, things can be taken to whole new levels. At present, 3D printers range between $2000 to $15000. Features and specifications are the factors behind the price.
4. Co-Working Spaces
Future offices will have different trends than the current ones. Expensive rental spaces make it impossible for businesses to own a separate office. These days, professionals are drawn towards co-working spaces. Not only it decreases the rental cost but also helps to mingle and share skills & expertise with each other.
If you have some free space, start with a Co-Working Space business. Best thing, you need just a little investment.
5. Real Estate Sector
Rapid urbanization has forced thousands of individuals to migrate to cities. Finding employment opportunities and raising the standard of living are the major reasons behind this step of them. As obvious, this leads to rise in the need for affordable houses.
Real estate brokers, industries and construction companies can take this as an opportunity to serve these people by offering their services and earn huge commissions. Undeniably, owning a real estate agency is a lucrative idea for the approaching era.
6. Consumer Goods and Services Business
In researches conducted by experts, the middle-class population is on the verge of rising up to 3 billion by the year 2030. Countries with increasing percentage of this population are termed as ‘emerging markets.’
Expansion of these people has boosted the consumption of good and services. Of course, this is a bright opportunity for enthusiasts with eyes on starting goods and services business.
Starting a chain store or planning an import & export business are some of the coolest ideas.
7. Healthcare Industry
According to the business magazine, Fortune, the healthcare industry will take over the world in the coming time. General healthcare practices will be thrown out by personal healthcare and need for preventive medicines will increase tremendously.
Reports of Labor department of United States have shown that out of every 20 fastest booming occupations, 10 belong to healthcare. Hence, this sector alone will lead to more than 3 million jobs by the end of this very year, i.e. 2018. Rapidly increasing population is the main reason behind this would-be trends.
In easy and bold words, this industry is soon going to cherish a high return on investment.
8. Consultancy Business
Several factors will lead to thriving consultancy business in the upcoming years. High inflation rates, rise in entrepreneurial trends and flaring unemployment can be counted as the reasons behind. To help common people in coming out of their problems, there are a variety of consultancy businesses like:
- Customer Consultancy
- Recruitment Firm
- Career Consultancy
- Educational Consultant
9. Collaborative Economy Business
Businesses based on collaborative economy models are sure to enjoy extreme success. Talking about the best examples, they are UBER, LYFT and Airbnb. Apart from helping customers, these businesses will also support service providers, which signals towards them making impressive commissions.
Essentials to begin are well-though business plan and investment.
10. Renewable Clean Energy Supplies
Generating the right amount of energy is one of the biggest problems most of the countries are facing nowadays. Asian countries are still limited to the traditional energy sources like nuclear, hydro and coal power plants to meet the needs. However, according to experts, generating energy from these sources is hazardous to the environment.
As scientists are accenting on the renewable energy sources that don’t harm the environment, it is a great opportunity for entrepreneurs thinking to start a medium scale business.
Fourth Industrial Revolution: Are You Ready For It?
Our world is moving towards the fourth industrial revolution (industry 4.0), as concluded by experts. This revolution will have digital, biological and physical spheres. In simple language, there will be cyber-physical systems.
Multinational companies are investing heft funds in Bio-Technology, Al and machine learning, internet of things, Nano Technology, Genetics and 3D printing. Why are they spending so much? Because they know they can grab outstanding opportunities in the future.
Predicting future business ideas and trends isn’t possible for anyone. However, it gets way easy to estimate future ideas and develop better ideas by analyzing both the previously available data and current trends. Ponder upon these business opportunities, relate yourself to the best fit and begin it with for a thriving tomorrow.