Startups experienced a bit of a surge since 2010 but the trend appears to have slowed down a bit. This is largely because of oversaturation. Moreover, startups are not easy to establish and the number of successful startups is significantly lower as compared to the number that was started.
Only 25% get to make it past the first year while only 10% of these startups make it past five years. For this reason, it’s always best to give your business a fighting chance. The easiest way to do that is to pick an industry where it will thrive. The following are some of the best industries for startups.
1. Food
From baked goods, fast food, desserts and more, startups in food have thrived easily. Keep in mind that as people have become more discerning, they require a lot of better quality. This is one of the main reasons why specialty foods have become a major niche. The success of the Cronut, Monster Shakes, Swingles and other food items like them stand testament to this fact. Moreover, not every business has to provide food. GrubHub and FoodPanda provide a unique service in the food industry.
2. Clothing and Apparel
With the average person’s disposable income rising by almost 4% per year, more people are becoming conscious of their wardrobes and their appearance. While beauty products are a major business, clothing, and apparel are also becoming hugely successful. You don’t even have to have a brand of your own; retailers are also enjoying the same benefits as actual brands and labels.
3. Pets
More people are invested in providing their little four-legged friends with the best since they significantly improve the quality of life they have. Pet grooming services, pet spas, and even pet cafes are becoming increasingly popular. Keep in mind that this is still a rather niche market but it does pay off well if your products and services are worth it.
4. Health and Fitness
The importance of leading a healthy life has led to more people to invest in looking and being the best, physically. Mental, emotional and physical health has become extremely important and businesses that cater to these have become popular as well. From gyms and aerobics to dance and fitness gear, there are plenty of lucrative business options in this field.
5. App Development
With an extremely digitalized world, there are more and more apps being used and developed on a daily basis. More and more businesses and companies are looking to create their own apps. This is why app development is becoming more lucrative than ever. Coding and programming play a huge role in this aspect and IT professionals have found this a good switch or addition in web development.
While these are not the only industries, these are the ones that offer the most secure chances of a startup business succeeding with ease. On the off chance that you might have a unique idea, make sure you conduct proper market research before you launch your business.
