Many new entrepreneurs today face the same problem — they can’t find a suitable industry to start their business in. It’s one of the many conundrums associated with looking to start a new business, as it’s not all about having a good idea. You also need to consider whether your idea is viable, whether there’s a market for it, and whether the industry you’re looking to enter is profitable.
So, if you’re at the very start, I wanted to give you a list of some of the leading industries today that are great starting points for new entrepreneurs. By the end of this piece, you’ll have more than enough examples that will help you in your business ventures.
1. Financial technology — Fintech
Financial technology or fintech is one of the leading industries completely disrupting the traditional financial market. However, what’s good for new entrepreneurs here is that the leaders of fintech are new startups that keep on drawing the attention of a wide range of successful investors, which can only mean that new entrepreneurs have a lot to hope for in this industry.
To better understand how great of an opportunity fintech is, consider the reports for 2018. They stated that the year’s total value of fintech funding was over $112 billion.
One of the biggest parts of fintech is alternative lending which includes niches like peer-to-peer lending and crowdfunding, two notable sectors many entrepreneurs are interested in today. The good thing here is that there are laws for these niches that protect the interests of both consumers and entrepreneurs, making them great starting points for new business leaders.
2. iGaming and online gaming
iGaming is a broad name that connects all forms of online gaming that have something to do with gambling or betting. This means the industry includes blackjack, sports betting, horse racing, GTO poker, slots, and so much more.
Even though some consider the iGaming industry to be highly volatile due to the numerous changes in laws and regulations across the world, things are pretty stable in countries like the UK.
The online gambling industry in the UK is exceptionally steady due to laws and regulations that benefit everyone, but it also enjoys a constantly growing market. The future of gambling in the UK is digital, making the iGaming industry perfect for new entrepreneurs.
The same goes for online gaming, as the gaming industry is on the rise. With the recent pandemic dealing a heavy blow to many forms of entertainment, online gaming is likely one of the few that saw an increase.
3. Renewable energy
Green and renewable energy used to be a business for governments and massive corporations. However, times are now changing, and people are more and more interested in renewables of all forms, which has given more than enough opportunities for new entrepreneurs.
What’s more, the cost efficiency has improved, technological innovation is better than ever before, so it makes sense for regular entrepreneurs to consider entering the market.
Global investments in the renewable energy sector grew to over $300 billion in 2020, with the most significant part being solar capacity investments ($148 billion). The most important thing here is that renewable energy investments have surpassed that of coal and gas energy, making it more than clear that the world is moving in a greener direction. New entrepreneurs should look into joining this sector now when it’s the most promising.
4. Digital marketing
Traditional marketing is quickly losing ground to digital marketing, an industry that sees more than $325 billion spent on digital ads per year, with numbers rising every year. The best things about the industry are that it’s incredibly important today and can easily be entered by new entrepreneurs looking for success.
Digital marketing is already the most significant part of the marketing industry, so it’s the leading niche entrepreneurs should consider if they are interested in marketing.
You can concentrate on the whole digital package, but you can also specialize in specific areas like search engine optimization (SEO) or pay-per-click (PPC) advertisements, two of the most lucrative sub-niches of the digital marketing industry.
5. Cannabidiol (CBD)
The world is changing, and cannabis is being destigmatized across the globe. However, at the forefront of the new cannabis industry, burgeoning in some countries is the CBD niche. Cannabidiol or CBD is a beneficial extract of cannabis or hemp used as part of many oils, creams, and even foods. It brings a wide range of health benefits that people recognize more with every passing day.
The CBD market is a massive one, as it’s growing very rapidly, and it reached $2.2 billion in 2019. Moreover, analysts expect it to reach $40 billion by 2027, a CAGR, or compound annual growth rate, of 46.4%, one of the largest across the board. All in all, it’s clearly a market new entrepreneurs should consider in 2021 and beyond.