Entrepreneurship offers some incredible opportunities for a rich and rewarding career path. Sure, it may not always be as secure as having a regular nine-to-five job with benefits. But along with the risks of being a business leader comes real opportunities to explore your potential, and follow your curiosity into uncharted waters.
When you can make the right decisions that complement your startup ideas, your ongoing creativity and commitment can yield significant success.
However, a key part of the battle is understanding exactly where you should be directing your entrepreneurial focus. While there are certainly some niches people feel driven toward as a result of their expertise and passion, it’s just as important to find an industry that offers a positive response to your efforts. Mitigate the potential for unnecessary risks by choosing a sector that can harbor large returns and long-term stability.
It’s not always easy to know which industries to pursue. So, we’re going to review a few of the areas that are considered to be among the best for profitability and demand. Why are they worth investing in, and what potential for ongoing growth and innovation can they offer?
Healthcare has the twin advantages of being both potentially highly profitable, and consistently in demand. Healthcare careers are among those with the highest earning potential. Your earning power can be boosted when you take the initiative to lead your own enterprise. While it may take some significant planning to set up, the returns can be worthwhile.
Some areas for consideration here include:
- Medical Billing
While most entrepreneurs will need an accountant at some point, if you happen to have financial qualifications and experience yourself, medical billing can be a wise choice for a startup. This involves your company being the liaison between insurers and medical facilities, making certain the clinics and doctors get paid as a result.
As it is a relatively complex area, medical practices across the country are keen to hire companies they can outsource this to. Smaller practices are particularly in need of these services.
For entrepreneurial, qualified doctors, the growing popularity of telehealth — particularly since the start of the pandemic — can be an attractive option. A purely virtual practice can minimize overhead and the need for additional staff, not to mention simplifying record-keeping as all notes are stored and shared in virtual spaces.
However, it’s important to make certain you create or utilize a Health Insurance Portability and Accountability Act (HIPAA)-compliant communications platform that uses encryption to keep patients and their data safe.
Construction is always in demand. Even while many industries were shutting down during the COVID-19 pandemic, most construction companies were considered to be essential services. It’s a thriving sector, and alongside the continued demand, when approached prudently and safely, it can yield impressive profits over the long term.
Some areas for consideration here include:
Construction doesn’t necessarily have to mean you’re building properties from scratch. Many homeowners are more interested in taking their current property and arranging an expansion, or repurposing to fit their changing needs. There is also potential to earn contracts from development companies who have purchased older properties and wish to convert them into apartments or business premises.
That said, in order to take advantage of these remodeling opportunities, you need to first obtain a general contractor’s license relevant to your state — which will often require bonding and proof of liability insurance. From there you can start to cultivate your brand, relationships, and reputation within your chosen remodeling niche.
Environmentally conscious practices are increasingly becoming a priority for consumers. This extends to the homes they buy and the businesses they support. As such, there are enormous opportunities for construction entrepreneurs specializing in green development, modification, and renovation.
To thrive in this arena, you’ll need to develop relationships with providers of sustainable materials, architects who design for energy efficiency, and construction equipment suppliers who use renewable power sources. Remember that in order to forge a good reputation for environmentally sound standards, it’s not just the buildings that need to be green, it’s also your methods.
When it comes to profitability and demand, there are few more enticing prospects than eCommerce. Over the last couple of decades, the industry has developed the tools and processes to become more competitive with its brick-and-mortar counterparts. Not to mention, that the recent pandemic has been instrumental in introducing more consumers to the conveniences here.
Some areas to consider at the moment include:
- Subscription Models
Yes, there is profit to be found in traditional online retail, but it is also reliant upon your ability to not just identify and convert customers, but keep them coming back to engage with your store and make new purchases. This is where a subscription approach can be successful either as a business in and of itself, or as an additional offering alongside individual items.
Groceries and beauty boxes are among the most popular here, largely because these are perishable items that consumers will want to order again, and the subscription model takes away the need for them to devote time to reorder. But it can be applied to almost any type of item that can be safely boxed, curated with other similar items, and delivered.
- Software as a Service (SaaS)
We are living in an increasingly digitally reliant world. As such, eCommerce isn’t just restricted to physical products that can be mailed out. Software as a Service (SaaS) is on the rise, with developers providing licenses to use their products on a rolling basis, and delivering any updates as part of the agreement. Since the software is generally hosted from a central server, this provides entrepreneurs with more control to prevent the piracy of their products.
In order to achieve longevity in business, it’s important for entrepreneurs to discover sectors that offer a combination of profit potential and consistent consumer demand. In the current climate, healthcare, construction, and eCommerce each provide ample opportunities in this regard. Perhaps more importantly, all these sectors are demonstrating a commitment to ongoing development and encourage innovative contributors.