Editor’s note: This article was first published in June 2013, during Spain’s economic crisis; the trends in business openings and the forecasts for mobile apps, home automation, robotics, construction and renewables reflect the outlook at that time.
If we look at the businesses that have been surviving the crisis, everything leads us back to the same place: technology, beauty, health, the wellness industry and entertainment. To give you an idea, the businesses with the most openings in Spain (apart from safe-haven businesses) have included gyms and spas, while beauty franchises, and not only those aimed at women, have kept their place among the most profitable franchises. The biggest entrepreneurial success stories, on the other hand, have continued to come from the textile and technology sectors.
In the lines that follow, we’ll try to identify where capital is heading and which markets will be the most profitable in the future.
Technology: There’s little we need to say about technology. Its boom has only just begun. In our article on the 7 technology industries of the future, we went into detail about some technologies that set out to completely transform certain sectors. Among them were 3D printers, which are a real revolution, mobile payments and new kinds of fuel.
Mobile apps: Very soon, our phone will be the most important and necessary thing in our lives. It will be our wallet, probably our key for opening doors, our parking-space finder and our control over the household appliances. Mobile apps are probably at 5% of their creative potential, so for the most tech-savvy and innovative entrepreneurs they will continue to be a very profitable source of income.
Home automation: Home automation was already part of our immediate future. In a few years, anyone who can’t close a window at home or start the washing machine from their workplace 10 km away will be something of a dinosaur. One thing leads to another: thanks to mobile apps, home automation will see a revival in which system developers will have the chance to do business with manufacturers of appliances and building materials.
(Read: 10 internet business ideas that work in other countries)
The return of construction: Construction may come back, though not in the form we saw before the crisis. Perhaps it will come in the form of adapting homes and building sustainable ones. The housing market will change. Other types of buildings and building materials will probably be used. In a previous article we featured homes built from shipping containers. Why not? House prices will almost certainly tend to fall.
Robotics: Robotics will destroy many jobs, but it will end up being the new industrial revolution. Today, combining technology and robotics is what allows some hotels around the world to do without receptionists: guests check in on a computer screen, and a robot hands over the key and can even store their luggage. Soon we’ll walk into a supermarket where a robot rings up our shopping and we pay the robot itself with our phone. Robotics, together with new medical advances, will play a very important part in transplants.
There are already some clothing stores where we choose the garment we want to try on from a screen, and a robot brings it out for us.
Organic food: They say the future belongs to the GM food industry, but the truth is that sales of organic food have soared following the rise of numerous diseases suspected to be linked to today’s diet.
Hybrid businesses: This kind of business is growing in practically every sector. Why have a hair salon here and a clothing store there if I can have both businesses in the same premises? Among the most profitable business ideas we’ve been collecting from other countries, hybrid businesses have featured heavily in all kinds of new projects, from combining tarot with a tea room to combining libraries with cafés. The good thing about this type of business is that it cuts costs, both for space and for staff.
(Read: Gay de Liébana: 5 sectors that could create jobs in Spain)
Beauty and youth: Whatever recessions come and go, human beings want to feel beautiful and young. According to one survey, one of a woman’s biggest worries at 40 is starting to age, a worry that grows stronger at 50. That’s why everything to do with beauty treatments has not only held up during the crisis, but seen consumption increase. Hence the franchises with the most openings have been those in this sector.
Health: We said at the beginning that one of the sectors we’ve seen grow steadily throughout this crisis is gyms. At least in Spain, Mexico and Argentina, you’ll have noticed how the big gym chains have moved strongly into many provinces, and how spa openings have risen considerably. Today we know how important it is to exercise to stay healthy, and also to relax the mind.
Renewable energy: If we look at where big capital is investing, we can see that a lot of money is going into solar and wind power. Spain could have come out of the crisis and stopped the job losses if we had thrown ourselves into renewable energy, since, given our climate and location, we’re probably one of the countries best placed to lead in renewables.
Many new business opportunities are opening up for new entrepreneurs, and hard times are coming for the unemployed, so remember those famous words: “Reinvent yourself and/or start a business.”
Further reading
- Innovative and profitable businesses around the world
- 11 micro-business ideas
- 6 business ideas for young entrepreneurs
Featured image: Hassocks5489, CC0 1.0, via Wikimedia Commons.
_(4).jpg){kind=link}