If you want to start your own business, it can be hard to decide what you actually want to do. If you don’t already have a specific experience or skill set that makes the choice obvious, you might as well head in to an area that is growing in terms of revenue. Here are three of the best industries to start a small business in.
Car repair
If you can find yourself a good mechanic you can make a lot of money in car repair. Between services, pink slip checks and crash repairs there are a lot of services you can offer. It is also possible to source reasonably cheap (but still quality) parts so that you can save more money.
There are more and more cars on the road every year, and not enough mechanics or repair shops to match demand. All you have to do is find an area with not many other service centres and set up shop!
Construction
The world’s population is expanding at an unprecedented rate. Combined with overall wealth increasing around the globe, and migrations to richer countries, this means that there will be a need for construction companies for a long time. There are a number of different areas in construction, so you can pick the one that best suits your skill set.
To work out what your company should specialise in look for the availability of different construction services in your area. If you spot a gap (e.g. there is no foundation digging company) then there’s your business. Otherwise try to talk to people in construction and find out what services are lacking.
Hospitality
People are getting pickier and pickier about their foods and embracing new eating and drinking trends, particularly in inner-city areas. They are also, fortunately, prepared to pay a lot more to get exactly what they want. This is where your new business can come in.
Starting up a café that serves fancy breakfast options (especially avocado based ones) is a sure-fire hit, especially if you do it a young, trendy area. Cocktail bars can also charge far more than the cost of the ingredients, so this is another area you can make a lot of money. If you just want to go for customer volume, a sports bar or burger joint can fill up fast.
These three industries are historically ones that have grown as population and wealth levels have grown. With current global trends, it looks like they will continue to do so for a long time.
