Editor’s note: This article was first published in May 2014. The author’s age (34), the economic-crisis context, the boom in gym openings, the Citi and Goldman Sachs technology picks and Inc.’s figure of about 50,000 US language-services firms all date from then.
Many new industries are emerging in response to users’ new needs and changes in our lifestyle. Some of these businesses are harder to break into for entrepreneurs without financial resources, although with clear ideas and the right funding, we can find some very profitable niches.
We are starting a series of articles in which we will try to identify the industries we think could be ideal both for starting a business and for investing.
(Read: One of the most profitable businesses will be the “Internet of Things”)
Both Citi and Goldman Sachs agreed on many of the technologies to invest in for the future.
1. The profitable baby business
One of the markets most pursued by marketing agencies is the baby market. It may be one of the most profitable businesses for companies, because once they win a “mum” as a customer, one thing is very clear to them: the spending will recur for many years, whether we are talking about nappies, toys or even organic baby food.
The market for online shopping at stores specialising in baby products keeps growing. And this business is not only for large companies, since handmade items and organic baby food are increasingly in demand, along with clothes and toys. We will soon share some business ideas focused on children.
2. Special, targeted foods
There are several epidemics the population is more and more aware of. Diabetes, cancer and Alzheimer’s probably owe their growth to what we put into our stomachs. The market for more specific diets keeps growing. In fact, restaurants devoted exclusively to vegetarian food are on the rise. (See: 5 ideas for original restaurants)
Whether we are talking about looking after our health in the long term or our fitness in the short term, there is still a lot of untapped market in food and diets. The other day I met someone whose business consists exclusively of preparing an alternative diet for people undergoing chemotherapy; they say the process can be much easier to bear if certain eating habits are avoided. Their market lies in a gap that doctors don’t cover.
3. Translation services
We live in a global market. Companies do business all over the world, so flawless communication will become ever more important. According to Inc., there are about 50,000 translation services companies in the United States alone. Most are self-employed. So far, very few companies cover every translation need at reasonable prices. And for pioneering entrepreneurs, this market can be very profitable.
4. Business apps
There are hundreds of thousands of apps, but very few are designed for companies, to make workers’ days much easier and in some way streamline communication between the company and its employees.
Every entrepreneur is chasing a quick hit with a fun app that gets downloaded by millions of bored teenagers, but focusing on business needs can be more profitable with far fewer downloads: if the app is useful and productive for the company, you can charge whatever you consider fair for downloading and implementing it.
See also: SMEs: change the way, the form and the concept of your company, by Pilar Kaltzada
5. Green building and retrofitting
Everyone is waiting for the return of the construction boom we had in past years. I’m 34, and I would venture to say I don’t think I will ever see that again. But little by little, the trend is towards energy-sustainable housing.
We don’t know how long it will take, but in a probably not very distant future, homes will generate their own energy and be built with sustainable materials. And, as we discussed in “The Internet of Things”, every element in our homes will be hyperconnected to our mobile device in some way. Robotics, home automation and mobile apps will come together.
(Read: The 33 profitable businesses of the future and the industries that will create jobs)
6. Consulting services
The world is more complicated and complex than ever, so consultancies in specific fields will have a great business opportunity advising professionals, entrepreneurs who want to enter a market, or companies that need a change.
7. Coaching and staff training companies
Closely tied to this sector are coaching professionals and staff training companies, as more and more companies realise they need to invest in developing better professionals: what is good for the worker is good for the company. These businesses really can be started with practically no investment.
8. Human longevity and beauty
It doesn’t matter what advances the future brings. Whatever happens, people will always want to live longer, live better, and feel attractive and physically well cared for.
See also: 5 profitable startup ideas that encourage saving, not spending
Perhaps that is why, in the middle of the economic crisis, there has been one of the biggest booms in gym openings. Offer any product or service that genuinely helps a person’s health or beauty and you will earn huge income.
Further reading
- 11 profitable micro-business ideas
- 14 business ideas to start in 2014
- 40 profitable businesses of recent years
Featured image: SuSanA Secretariat, CC BY 2.0, via Wikimedia Commons.
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