By Ryan Velez
Starting a business requires a combination of passion and foresight. While you may have expertise in a certain area, you need to realize that certain fields are simply doing better than others. Choosing wisely, or unwisely, may start your business venture with a handicap or boost. The Hartford has recently profiled some of the hottest business fields right now, giving some potential advice on where to start your own potential company.
Sometimes, demographics play a major role in what businesses are growing. For example, there is a rising elderly population with the desire to remain independent. According to the U.S. Department of Health and Human Services Administration for Community Living, 19 percent of the population will be 65+ by 2030. This means that home elder care has the potential to be a hot item for years to come. This can include home care services like cooking, companionship, and running errands. Adding nursing services will allow you to command a higher price.
This same trend allows for an unprecedented need for healthcare consulting. There may be a bigger barrier to entry than home care, but the earning potential may also be higher. As an independent healthcare consultant, you can offer hospitals and doctors data analysis and management services. This allows them to stay current on legislation and provide efficient healthcare.
As tech trends and products evolve, so do the services that attend to their needs. Perhaps the biggest example is smartphones. Those with a basic knowledge of electronics may be able to start a nice side hustle in smartphone repair. This could be a thriving side business, or even translate into a main business if you can wrangle enough clients.
Of course, you may prefer to take over at a different stage of development. It is estimated that there will be more than 196 million U.S. smartphone users by 2018, and all of these are using more and more apps. As a note, this has a high price to get started, but knowledge in development or connections with those who do can help lower this.
Servicing the needs of other businesses is a great way to get a trove of professional and regular clients. For example, every business needs a website, but depending on the field, some need more specific websites than others. Specializing in a certain area of businesses may be a good way to take advantages. Web designers aren’t rare. However, you can focus on doing what others cannot.