Getting in on a business on the ground floor right at the point where the industry is about to take off is how millionaires are made. If you are looking for a new business to get involved in or are even looking for a career path change, there are a few growing industries that you should consider.
What Are The Predictions?
Several industries are getting ready to grow nicely. With that growth, you can expect to make a nice return on your investment. For example, Cannabis, according to a forecast from Wall Street analysts, is set to reach the $80 billion industry value mark by 2030. Investing in a cannabis business now could mean you never have to think about money in a few years because you will have plenty.
Looking for something a little more traditional to make your fortune in? How about selling online? Jewelry and watches are a hot commodity online and are expected to reach about $7.6 billion in sales this year.
If starting an actual business is not your calling, how about a career change? Travel nurse jobs have seen a 44% increase in job availability. Any job in the medical industry right now and into the foreseeable future will be lucrative.
Starting Your Own Business
If your goal is to start a business in an up-and-coming industry, you may need a specific skill set. For example, electric cars will no longer be a novelty soon enough. In a decade, they will be the standard. Any industry that supports electric cars is bound to do well, but of course, you do need some skills to provide support.
Online retailers are going to continue to grow by leaps and bounds. Shopping online is the new normal and will likely wedge out the brick and mortar stores over the next few decades. Opening an online business is quicker and easier than managing a brick-and-mortar store and can be very lucrative.
Strictly as an Investor
Perhaps starting your own business and a career path change is not on your radar, but you want to invest in upcoming industries. Where should you be looking to grow your money? According to the experts, investing in healthcare companies, biotech companies, and software as a service company is a sound investment right now.
Cannabis is also on this list of where to invest. As more states make medical Cannabis but recreational Cannabis legalized, the opportunity to invest and make some big gains is genuine. There are a few different avenues to make money by investing in Cannabis. You can invest in producers, retail locations, and, of course, products.
Financial tech is another industry that is set to take off over the next couple of years. Money (the cold hard cash variety) is becoming obsolete. Plastic is becoming the most popular currency, the tech to manage all that swiping will become bigger and more lucrative.
Robotic companies are going to experience a burst of growth over the next decade. If you get in on this early, you will get a nice ROI.
Take a Good Look Around You
One of the best predictors of up-and-coming business and industry is what is happening on the main street in your town or city. Look around at what businesses are popping up. Listen to what the younger generation is talking about.
Imagine twenty years ago if you invested in Amazon or started that online business to sell t-shirts. You may not have the skill set to start the next biggest social media platform, but if you talk to teenagers, they can tell you which one to invest in.
Predictions Are Typically Accurate
Back in the 1980s, a Wall Street analyst predicted that cosmetic surgery and other aesthetic-focused businesses would be thriving industries by 2000. Many people did not take that prediction seriously. Today, cosmetics and aesthetics are a $190 billion industry.
Getting in on the ground floor of an up-and-coming industry can make you a wealthy person. Whether you are looking to start a new business, invest in one, or switch career paths, keep your ear to the ground and listen for the buzz.