Becoming an entrepreneur might be the dream job of many, although it is certainly not easy to pinpoint the best niche to start in. If you are thinking of setting up a business, here are some ideas that have a positive outlook in the next 5-10 years.
Pets are so popular these days and will likely continue to be so in the future. Like humans, they need care. Setting up a pet care center is a good business option. In the US alone, there are over 300 million pets that need to be fed and cared for. The American Pet Products Association (APPA) has a projected industry revenue in 2016 which stands at $72.75 billion. This is an increase of more than 4% compared to figures in 2015. Of these, food comprised the biggest chunk followed by supplies/medicine, vet care, purchases, and pet services such as grooming and boarding. Pet care services by themselves are worth $5.73 billion (2016 estimate).
Tattoos are still very popular across the globe. They are appealing to a large market segment from the young to the not-so-young. A survey of Fox News in 2014 revealed that 1 in every 5 Americans has a tattoo. In the same context, people with tattoos also experience remorse after getting one and want them removed for several reasons. With technological advances in tattoo removal, it is now easier to ink off a mark compared to previous decades. By 2018, the tattoo removal service is projected to reach the $83.2 million mark. Revenues from tattoo removal have increased by 440% according to a 2015 Market Watch Report.
Hair and Nail Salons
The hair and nail salon is a classic business that is unlikely to go out of fashion with the US haircare industry currently worth around $20 billion. After all, both men and women still need grooming, nailcare, haircuts, coloring and permanents. The IBIS World Beauty Salon Market Research Report states that revenues will grow in the next 5 years by 3.2%. Industry profits have already increased from 1.9% (2009) to 5.7% (2014) according to the same report. Profit margins are attributed to sales of higher-value products such as haircare items and this trend will likely continue. With expected higher disposable incomes, lower unemployment and an improving economy, the hair and nail salon business is a viable model.
Counseling Services and Therapy
Mental health is recognized as an important component of overall health. Therapists can work privately to help people deal with emotional and mental problems. The job outlook is expected to rise by 19% according to the BLS. A Master’s degree and license to practice are required.
The last decade has shown that the used car market is a lucrative business to operate within. In the UK, the used car market value was worth GBP 45.1 billion or 51% of total sales. US statistics are also encouraging with both used and new car markets experiencing a growth rate of 6% (Manheim Used Car Market Report, 2016). Driving forces include preference for younger used vehicles and increasing sales volume.