In case you want to go into business, you should be prepared for a bumpy ride. You should know that it may take some time before you start making any real profits. Another thing that you should do is have financial discipline. Don’t misuse your revenues. The best option is to reinvest them back into the business. However, one thing that can ultimately decide the overall success of your start–up is the industry that you are in. If you are in a growth industry, your business can take a short time to peak. If you are thinking of going into business this year, you can consider the following fast growing industries:
2019 Fast Growing Industries
1. Digital Health
One of the industries expected to make major strides this year is the health sector, specifically digital therapeutics. This is a form of treatment that uses internet-based healthcare technologies to perform a diagnosis and administer treatment to patients. This industry is hot right now because as we speak, there are few applications and software that can actually help with patient care. If you are interested in venturing into this business, just know that your biggest hurdle may be getting FDA’s approval for your products.
2. Nutrition Services
There are plenty of fad diets going around that claim they can help people get in shape pretty fast. Although such diets may work for some people, it may not work for others. This is because people have different genetic dispositions. This means that some people need a personalized diet to meet their health goals. This industry has potential because everybody is talking about nutrition nowadays. Medical professionals support diet plans as a way to keep the population healthy. One of the biggest hurdles that you could face starting this business is insufficient capital. It is highly capital intensive because you have to bring together nutritionists, dietitians, and experts in behavioral psychology and human biology.
3. Infant Technologies
It’s become the norm to search for tech solutions to every problem that we encounter. New parents are eager to get their hands on gadgets and applications that can help them monitor the baby from their phone. They want an app to tell them when they should feed their babies and what to do if the baby cries. This industry is considered hot because it is fairly inexpensive for both the firm and consumers. The major barrier that you may encounter is finding an interested venture capitalist since they are funding similar businesses.
As cities become more crowded, the population may need more alternative means of transport. This is why products such as electronic skateboards, scooters, and bikes are gaining popularity. These alternative means are eco-friendly and a fast way to get around the city, avoiding traffic jams. This industry is hot because more and more people are demanding such items. Unless you have significant capital, it can be hard to produce micro mobility devices on a large scale.
5. Healthy Meat
Ever since people became conscious of red meat, the food industry has reinvented itself with healthy jerky. The product is becoming popular with sensitive meat lovers. The reason why this industry has potential is because everyone wants to eat healthy without compromising on what they love. The main challenge that you may face starting this type of business is getting EPA and USDA approval for your products.
6. Essential Oils
People are looking for a natural way to improve their health which has made holistic medicine trendy. If you combine the trend with the rising costs of healthcare in the U.S. has driven the industry to explode. With companies like doTERRA and Young Living have captured the market turning them into billion dollar brands. The recent development of essential oil diffusers, has also broken ground for the study and use of aromatherapy. This industry has proven it’s here to stay and could be the future of medicine.
If you want to start a successful business this year, you should seriously consider getting into any of the mentioned industries because they show great potential.