The Top 10 Industries to Start a Business in Now
by www.SixWise.com
These days, it seems everyone is an entrepreneur, or at least
wants to be one. In a 2006 survey by Yahoo Small Business
and Harris Interactive, 66 percent of respondents said they
wanted to start
their own business someday, and 37 percent hoped to do
so within the next five years.
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Looking to be a consultant? Consulting jobs in everything
from business to marketing to finance are expected to
grow 55 percent by 2012.
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But people aren't just wishing they had their own business,
they're going out and starting them, too. In 2005, close to
672,000 companies with employees were created, according to
the Small Business Administration (SBA). This represents the
largest surge in business start-ups ever in the United States.
Of course, starting a business isn't easy. Though more and
more entrepreneurs are taking the startup plunge, there's
a
great deal of risk involved. More businesses than ever
began in 2005, for instance, but another 544,800 small businesses
closed, not including over 39,000 that filed for bankruptcy.
The bottom line? If you're thinking of starting a business,
make sure and do your homework first. Following is a list
of top industries that are expected to grow in the coming
years ... and make up the perfect place for budding entrepreneurs
to plant their seeds.
1. Internet Services and Data Processing
According to the Bureau of Labor Statistics (BLS), the Internet
service industry is expected to grow 10.3 percent annually,
which is the largest growth rate among all industries. Further,
employment in this industry is expected to grow over 46 percent
by 2010. The Internet has fast become a staple part of American
businesses and personal lives, and computer ownership is expected
to keep growing, reaching 1.4 billion computers worldwide
by 2010.
Business Ideas: Internet matchmaking service, Consultant
for SEO (search engine optimization), Online personal training
2. Computers
With the huge number of computers in use throughout the world,
almost anything computer-related will be in demand in coming
years. Computer design and service firm employment is expected
to increase 55 percent by 2012, with profits growing 9 percent
per year.
Business Ideas: Computer security services, Solutions to
avoid hackers, Consultant for mobile technologies or hardware
and software problems.
3. Software
Through 2012, 68 percent more software publishing jobs are
expected, and profits are expected to grow at 8.4 percent
a year. Growth is a certainty in this industry because as
more software is created, so is the need for complementary
software products that work with it (for instance, PayPal
was created in response to eBay's need for a safe credit-card
payment system).
Business Ideas: Software security consultant, Software engineer
consultant
4. Employment Services
Increasing numbers of companies are hiring temporary workers
and more employees are changing career paths, so the need
for employment services is immense. Employment in this industry
is expected to grow by 54 percent by 2012, with an output
rate of over 5 percent a year.
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Looking For a Business Off
the Beaten Path?
Business 2.0 Magazine has come up with 12 lucrative
startups for the adventurous entrepreneur. Among them:
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Build cheap Wi-Fi networks for Brazilian resorts.
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Produce biodiesel fuel in Argentina.
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Launch an exclusive social network for Russian
millionaires.
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Open an American-style restaurant in China.
-
Export wines from Greece, or import them to upscale
restaurants in India.
-
Become a social entrepreneur in South Africa.
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Business Ideas: Start an online staffing firm for temp workers,
Consultant for human resources in a specific specialty such
as worker's compensation claims, health benefits or employee-related
laws.
5. Consulting in Management, Science and Technology
Businesses are becoming increasingly complex, more work is
being done overseas, and technology is constantly changing,
which means consultants are becoming a necessity for most
companies. Consulting is expected to bring a 4.1 percent output
per year though 2012, and job growth in the industry is estimated
at 55 percent.
Business Ideas: Marketing consultant, Financial consultant,
Legal consultant, Foreign business consultant, Business consultant
6. Home Health Care
The population is aging and each year nearly 8 million people
receive home health care services, according to the National
Association for Home Care. Meanwhile, employment in home health
care is expected to grow nearly 55 percent by 2012.
Business Ideas: Mobile in-home nursing service, Medical supplies
delivery
7. Personal Financial Advisory
As the population ages, increasing numbers of people are
looking for help managing their money, planning for retirement
and setting up estate plans. Employment in this industry is
expected to grow nearly 46 percent by 2012.
Business Ideas: Financial consulting, Online financial planning
8. Child Care Services
People are working longer hours and increasing numbers of
women are joining the workforce. The result is a huge demand
for day care and other child care services. Employment in
this industry is expected to grow 43 percent by 2012.
Business Ideas: Open a day care in your home, Private nanny
9. Arts, Entertainment and Recreation
Recent retirees are looking for ways to spend their newfound
freedom, including fitness centers, cruises, health spas and
other recreational facilities. Meanwhile, younger Americans
are saving less and spending more on recreation and entertainment
as well. The industry is expected to grow at a rate of over
30 percent by 2012.
Business Ideas: Open an art gallery or retail shop, Yoga
teacher, Personal trainer
10. Motion Picture and Music Entertainment
Cable programming is constantly expanding, motion pictures
are growing more and more technologically advanced, and consumers
are loving it. Employment in the motion picture and video
industry is expected to grow 31 percent by 2012.
Meanwhile, expanding options in digital, portable music and
motion pictures are changing the entertainment industry, and
demanding increasing support from production studios, engineers,
advertisers and more.
Business Ideas: Online music service, Motion picture marketing
consultant, Open an independent production studio
Recommended Reading
How
to Get Outside Capital for Your Business Idea: A Primer
Delaware
Means Business: Ever Wonder Why Most U.S. Businesses are Established
in Delaware?
Sources
CNNMoney.com
February 1, 2007
Inc.com
Business
2.0 Magazine
LoveToKnow
Business