As a serial entrepreneur, I’ve had experience in a number of different industries. I’ve helped launch or fund companies in sectors as varied as transportation, technology, entertainment, real estate, restaurants, energy, and insurance. Given this experience, I’m often asked what industries I think are hot for entrepreneurs.
It’s an important question as the rate of entrepreneurship continues to rise and many Americans try to identify what industries offer the best prospects for employment.
So which five industries hold the most promise for entrepreneurs? Based on my own anecdotal insights and job-growth projections from the Bureau of Labor Statistics, I believe that the following five industries are particularly hot for entrepreneurs.
- Internet and Data Services: This industry may seem obvious, but it’s still worth mentioning. The growth in technology – especially mobile technology – will continue to fuel online growth and the need for data services. I believe that online business growth rise will continue through the next decade, and our reliance on e-commerce will increase. We’re going through another tech revolution where more of our lives are conducted online. That creates immense for entrepreneurs. Coupled with the advances in metrics and data analysis, companies are hungry for information on their clients/customers. That is why this sector is projected to be among the top industries to start and grow a business in the coming decade.
Computer Systems and Software Services:Everywhere you look, big data and software dominate and data technology has quickly become the essence of the 21st century. Thanks to this reliance, I anticipate that our economy will add many more software jobs in the coming years. A great aspect of software services is that they create the need for more software (think eBay needingPayPal to process transactions quickly and securely). Of course, the growth of the now infamous cloud will create demand for even more software. Software is used everywhere and new uses emerge each day. For example, I’m advising a company that uses software to help doctors view charts and images from their phones, helping them diagnose conditions remotely and encouraging more preventive medicine.
- Accounting Services: As new financial and banking regulations are implemented, the need for accounting and audit services will rise. This sector has a number of opportunities for entrepreneurs and its growth has been evident recently. According to a recent article in Entrepreneur, private accounting firms have seen profits rise 20.9% in the last year.
- Business Consulting: As the economy rebounds, more businesses are created and expand. This growth results in more need for management and technical consultants. Business consultants are likely to do well because many businesses will need help drafting business plans, strategies, marketing campaigns, and budgets. I believe that the creation of more complex businesses and the return of advanced manufacturing will increase the number of logistical consulting firms. Finally, businesses will need consultants specializing in government compliance to help navigate the federal government’s complex web of regulations (similar to the growth seen by accounting services).
- Home Health Care: While employment in the health service industry is projected to grow steadily, employment in the specialized home health care industry is expected to increase even faster. Each year, over 12 million people receive home health care services, according to the National Association for Home Care. As the
Baby Boom generation continues to age, the need for home health will rise considerably. This “graying of America” presents a number of opportunities for innovative entrepreneurs.
These are the five hot industries I see for entrepreneurs. These types of list are certainly subjective and often create lots of healthy debate. This is how I see it, but let me know what you think. In what industries do you see opportunities?
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