The past decade has been tumultuous for virtually every industry due to innovative — and disruptive — technology. The widespread adoption of mobile devices, artificial intelligence, the internet of things and 5G networks will disrupt industry giants across even more sectors.
Because we live in an era of technology disruption, it’s important for entrepreneurs to know which business trends will fizzle out quickly and which ones are good opportunities for 2019 and beyond. Based on data provided by the Bureau of Labor Statistics, these 10 emerging business trends provide the greatest opportunity for the foreseeable future.
As the popularity of alternative energy continues to grow, so does the demand for a workforce to meet the needs of consumers. Solar installation is a prime example within this industry — and it’s showing no signs of slowing down.
According to the Solar Market Insight Report 2019 Q2, the solar market is expected to hit 3 million solar installations by 2021, and 4 million installations in 2023. Furthermore, the Bureau of Labor Statistics estimates the solar photovoltaic installers occupation to grow by 104.9% between 2016 and 2026, making it the fastest growing occupation in their study.
Entrepreneurs with an interest in renewable energy and experience in the home renovation industry should consider investing in a solar installation business. As an added bonus, the home renovation industry is at low risk of losing jobs to a robotic workforce.
[Read: 6 Green Business Ideas]
Home health care service
According to FQHC.org, the United States is currently experiencing a wave of an aging population, known as the “Silver Tsunami.” For the first time ever, the population of seniors in the U.S. has passed 50 million and is projected to reach 70 million in the next 25 years.
With the boom in the older population and a demand for geriatric care, rapidly evolving technology from telehealth to artificial intelligence is creating advantageous opportunities for entrepreneurs.
Individual and family service practice
According to the Bureau of Labor Statistics, the individual and family services industry is growing rapidly in regards to wage and salary employment, meaning more people will seek careers as social workers, counselors, personal care aides, social and community service managers, and more. In fact, the Bureau anticipates the industry to grow by 3.4% over the next ten years.
Launching a small individual and family service practice in their community is an opportunity for entrepreneurs to find a host of employees and serve the needs of their community.
Outpatient care private practice
While outpatient services in hospitals has grown 30% from 1995 to 2016, outpatient care centers provide a valuable service for those who do not live near hospitals. As the needs of the nation’s aging population increases, so too will the need for local private practices.
Even though the business consultant industry is expected to be the next in line for disruption, management consulting is still a profitable business. According to CB Insights, a platform that provides business information and market research, research spending on expert networks will rise over $1 billion before 2021.
While the retail apocalypse spreads across the country closing one retail chain after another, a few bastions stand out as stable, if not growing, industries.
According to IBISWorld, a business information and market research company, the marketing consultant industry generated $55 billion total revenue in 2018. The industry is projected to reach over $343 billion by 2025. With the rise of the gig economy, marketing consultants have filled several needs within the industry and the demand for such expertise presents a strong opportunities for entrepreneurs with a marketing background.
While the rise of artificial intelligence (AI) automation is threatening job loss across several different industries, AI has ironically solidified the need for software developers to design and implement these systems. The Bureau of Labor Statistics lists software developers as one of the fastest growing occupations through 2026. Launching a startup that serves a niche market in AI automation is a business opportunity for tech-savvy entrepreneurs.
The rise of the solopreneur has swept through many different industries and professions, including the statistician career field. As more and more small businesses start leveraging big data to serve the needs of their clients and customers, the need for a statistician to accurately interpret and use the data grows. Many small business owners can’t afford or justify hiring a full-time statistician. A statistician with an entrepreneurial spirit can grasp this opportunity and serve the needs of this emerging market.
While the retail apocalypse spreads across the country closing one retail chain after another, a few bastions stand out as stable, if not growing, industries. One such industry that is growing despite the advent of online shopping are bike services and repair shops. According to The NPD Group, a market research company, sales for bike repair shops grew 3% from 2017 to 2018. Additionally, the Bureau of Labor Statistics lists bicycle repairers as one of the fastest growing occupations, based on their 10-year projection from 2016 to 2026.
[Read: 10 Business Ideas You Can Start Today]
The Bureau of Labor Statistics includes office administrative services as a fast growing industry and starting your own administrative consulting business is an excellent opportunity for creative professionals. Because many administrative tasks happen online, solopreneurs can work remotely with several different clients to develop an organized, efficient business.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
Event Recap: Scaling a Business
Watch the replay from our latest Roadmap for Rebuilding event, where the panel discusses ways to expand your customer base into new markets and use technology to grow.
Published August 07, 2019