The Single Best Business to Start Right Now
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If you have an idea for a small business, it pays to do some research before you launch. And it can be especially helpful to learn which industries are most in demand.
Based on the latest U.S. Bureau of Labor Statistics data, starting a business related to technology is a great bet. Here's why -- and a few specific examples of tech businesses you may want to consider.
Technology businesses are one of the fastest growing
Aside from the healthcare industry, "computer and mathematical" is the fastest-growing occupational group. That means, for most people, tech is the best bet. Or, you could spend over 10 years becoming a doctor and launch your own practice -- your choice!
Tech jobs are estimated to grow 15.2% between 2022 and 2032. But where should you start in the vast tech industry? Here are a few industry segments that could make great businesses.
1. Artificial intelligence
There's a lot of hype around AI right now, but many legitimate businesses can be started using this technology. Earlier this year, 22% of software jobs were AI-related. Many companies will need guidance on implementing AI into their business, so if you have some experience with artificial intelligence, then starting an AI consulting business could be worth exploring.
2. E-commerce
E-commerce is still expanding and is expected to grow to 41% of global retail sales by 2027. There are many niches, including launching an e-learning course, monetizing a blog, selling niche apparel, or even starting a dropshipping business.
3. Software development
I know several people who've either started their own software development businesses or done freelancing work, both of which kept them very busy. And AI is helping some developers improve their efficiency. I talked to a guy at a coffee shop recently who has his own software development businesses and he and his team use AI to speed up their work.
How to get started
Before you launch your business, you should have a plan to give yourself the best chance of success. Here are a few general suggestions for getting started:
Create a business plan
Research the market
Decide if this will be a side hustle first
This isn't an exhaustive list. But doing market research will help you know if there's a need for your product or services, and creating a solid business plan will help you figure out which steps to take to launch your business. So spend some time thinking through the details, like how you'll manage your money in a business checking account or how much you'll need to earn to transition from a side hustle to a full-time business.
Many small business owners also overlook the finer points of managing taxes and accounting. While it's not as exciting as thinking about ideas for businesses, choosing the right accounting software upfront can help you more easily manage your money at every stage of your business.
Starting a small business in tech or any other industry is nothing to rush into, but the good thing is that those who start their own business are generally very happy they did so. A recent American Express survey shows that 95% of small business owners are "overwhelmingly happy" as owners.
Compare that with just over half of workers who are highly satisfied in their jobs, and it's clear why so many people are willing to take on the extra work of launching and running their own businesses.
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