With so many students competing for a limited number of positions available in the workplace, many fresh graduates are now underemployed or unemployed. Situations like this can be problematic for young graduates because many of them have student loans that need to be paid as soon as possible. One of the best solutions for fresh grads is to become entrepreneurs. Here are some of the best industries to start businesses.
1. Meditation and Mindfulness Training
Many industries are spending money for their employees to take meditation and mindfulness training. These types of training involve bringing attention to the internal and external experiences occurring in the present through meditation. Employees who practice mindfulness are less stressed, feel better and enjoy life more.
2. Accounting, Tax Preparation and Bookkeeping
All companies require proper accounting, bookkeeping and need help with tax preparation which is why this industry is always looking for individuals to fill this role. No matter how well the economy is growing or how good a business is performing, good accountants are always needed.
3. Ready to Drink Coffee and Tea
The on-the-go lifestyles of many employees are the fuel of the ready to drink coffee and tea industry. Most people today want everything instantly and this includes their beverages. According to Specialty Food Association, sales of these types of drinks have tripled to $143 million annually since 2012.
4. Real Estate
Yes, it’s true that the real estate industry is dependent on the economy. However, the overhead cost of becoming a real estate agent is small. All you need is a license and you’re ready to start your own real estate agency.
5. Mobility Tech
Nope, we’re not talking about cellphones but about technology that enables autonomous vehicles. This is an exciting space because it allows for creativity and startups have the potential of partnering with bigger industries or acquisition by major players.
6. Pet Care
The busy lifestyle of many people has opened up the new industry of pet care. According to IBISWorld, revenue in the United States for pet grooming and boarding is nearly $8 billion and is expected to grow 7% annually through 2021.
7. Legal Services
Just like accounting, it has low operating costs and it’s a service many people need. Anybody who has ever hired a lawyer knows that it isn’t cheap. However, the need does not only refer to lawyers. Legal services include notaries, settlement officers (for transaction of securities) and search agents in real estate. Legal services enjoy repeat clients.
8. Computer Vision
Technology is very fast growing and diverse. Another field that has opened up recently is computer vision which basically deals with artificial intelligence that works to act and interpret visual data. The technology generated $522 million and 69 deals in just 2016 alone. Developments can be applied to child development, social media networking and web analytics.
9. E-Commerce
As personal disposable income continues to rise, so will e-commerce. It’s more convenient not only to shop online but to do business too. E-commerce has low barriers of entry. To increase your success in a market that is easily saturated, you need to focus on customers, build a relationship of trust and to deliver products or services quickly.
10. Home and Building Maintenance
This is another very broad industry. It covers lawn and garden care, pest control and cleaning. Players can cover houses, offices, warehouses or just about anybody who needs care and maintenance. According to Sageworks, the industry saw a 13% increase in sales last year. The business is easy to start because of low upfront business cost, does not require inventory, large staff or office space.
Starting a business is risky but it can also be a great adventure that can lead to your success. Determine your individual skill to find out which industry will give you the best chance to succeed.
