3 Oct 2022| O-Founders
Look at These Best Industries in Search of Business Ideas
Don’t think that it’s the wrong time to start a business if there is a lot of economic uncertainty. Here are the 8 industries, look into that for new business ideas that expected to see healthy US revenue growth in 2020. All these are the hot startups, according to the IBISWorld industry research.
1. Developing Social Network:
Most of the people are on social networks like Facebook and spending most of their time online. All thanks to the rapid usage of mobile devices like smartphones and tablets.
Even consumers are spending more time on social networks for playing games embedded in their social network. The industry is growing enormously, like usage per cent per year on average has increased from the last five years. US industry sales expected to grow up to more by the end of 2020.
2. Selling Shoes Online:
What women can’t find an excuse to buy another pair of shoes? US online shoe sales have been increased over the past five years and predicted to grow more in 2020. There are many strong players in the market, like Amazon, Zappos, and Foot Locker, which plays a significant role. There are rooms for startups but think smartly to have your particular spin on shoes.
3. TV and Home Theatre Installation Service:
Americans will spend most of the time on the tube. Almost 98% of American households have a TV, and 25% of Americans have a home theatre system. And the market for installations services is less. Startups can utilize this and can make some space for themselves.
Industry revenue is growing on average over the past five years and will reach an incredible number by the end of this year.
4. Transportation Agencies:
In 2009, the travel agencies faced challenging situations, but from 2010, the industry has grown up, and revenues are outstanding now. The storefront travel agencies have come up with some new features and replaced by the online market place. Predicting to see more growth in revenue in future.
5. Translation Services:
There is a demand for translation services as more non-English speaking people are living in the US. Online businesses are also looking to reach more customers in other countries too as they need online translators to make marketing materials and websites in different languages.
Even there are some automated online translators, but they are not able to translate nuance and cultural expectations. These services expected to grow beyond expectations in future.
6. IT Security Services:
Some places like The New York Times Co. get hacked, then IT industries will have a bit of boost. Has a tremendous demand for the increasing popularity of ecommerce and protection of online shoppers is very crucial. Hence, IT security industries are growing almost 10% per year and has a massive demand for their services ahead.
7. Digital Forensic Services:
Digital forensic services seem to be as the newest iteration of the CSI TV series. It helps with recovering the data that has been lost, deleted or corrupted. There will be more information regarding consumers, as most of them are spending their time online.
The digital forensic industry has grown almost 12% every year in the past five years and predicted to develop more in upcoming years. There are relatively few governmental regulatory barriers, and it is the one positive thing to start digital forensic services. On the other hand, it requires substantial capital to create an industry, and you should need to be on top of the rapidly changing technology market always. The sector expected to grow more in the next five years.
Here are the top most business ideas for a startup
All these are the hot business ideas for your reference if you are thinking to find out some astonishing business ideas. Hope, it helps you to understand more on present trends and act smartly according to that.
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