Editor’s note: This article was first published in January 2014. The whole list is framed as opportunities for “this 2014”, including the Spanish rental boom, banks offloading flats, mobile-friendly web design and crowdfunding as an emerging form of finance.
Starting a new business won’t be easy, but as time goes by it becomes a necessity. Do you want to start your own company but don’t know which businesses could be the most profitable to launch in 2014? Don’t know which industries to start with? Need ideas?
Besides willpower and proper planning, we’re going to try to work out which industries or sectors are worth operating in. A few days ago, drawing on a report from US News, we looked at the 33 most profitable businesses for 2014 through 2025, as well as the industries expected to create jobs. I recommend reading it to get a clearer picture of technology’s potential in future business opportunities.
The most profitable sectors for starting a small business
1. Dentistry.
Crisis or no crisis, dentists make money. As the song says, “find yourself a prince or a dentist…”. The good thing about this sector is that you don’t need to be a dentist to start your own business in the industry. Dentists enjoy wide profit margins and recover the capital they invest quickly.
2. Property rentals.
Although sales of flats and land have fallen drastically, renting out flats, warehouses and commercial premises is now being encouraged, so a well-focused service of this kind can generate juicy profits. In addition, many banks need to sell their stock of flats and often turn to brokers or small estate agencies to help them shift them. In Spain, at least, the rental rate has soared.
3. Freelance accounting.
There are more and more small businesses that have no accountant on the payroll and don’t hire an advisory firm either, turning to freelance accountants until their finances improve. What business opportunity does this create? If you’re an accountant, you can offer your services, in person or online, to hundreds of companies, charging by the hour, by the day or per job. You can also advise individuals online and charge a decent amount.
Booming sectors
Among the 10 jobs or businesses that will be booming in 2014 and at least until 2020, we would have:
4. Selling software to businesses.
Companies need technology and software to compete, but many are still green when it comes to the new technological advances that could help them, while software makers want to sell their creations. It’s a matter of matching supply with demand. There are salespeople specialising in selling software to companies who earn more than €4,500 a month. There’s business in this sector.
5. Advice for entrepreneurs.
Because of the lack of jobs, many people will be forced to start their own businesses, and given that failure rates among new entrepreneurs are very high, good advisers will be needed so they don’t fall into mistakes that could be avoided from the start. (Read: 10 businesses that will boom from 2014 to 2020)
6. Take a look at the 7 main technology trends for 2014, where mobile payments, 3D printers, private clouds, and fitness gadgets and apps… are among the main trends to follow, as they are considered part of the future of business. Read also: 10 trends that are changing the way we relate to each other.
7. Mobile app development.
Mobile apps have clearly been one of the most profitable businesses of recent years. While not all of us will be able to build a 3-billion app, according to Isidoro Pérez we can make a perfectly good living from mobile apps.
8. Organic products.
Home-made and organic products will become much more important from this year on, especially organic food for children, where many small business owners have already built large companies around the sector.
9. Gamification.
Gamification is a relatively new concept, although its positive results have been proven. Gamification sits at the intersection of marketing, psychology and technology, and more and more companies are dedicated to introducing it as a way to improve the experience and performance of workers and customers.
10. Online content creation.
We usually recommend that companies have their own corporate blog linked to their website as a way to attract customers. The problem is that companies aren’t able to produce useful news or articles about their industry, so agencies specialising in professional (not slapdash) content creation could have their chance in this new phase. Some will say such firms already exist, but the truth is there still aren’t any good ones.
11. Reputation management.
Branding, personal branding and corporate image are essential on the internet. Many companies still don’t know how to handle themselves online, let alone deal with criticism or conflicts over their products. That’s why these companies should put themselves in the hands of reputation management professionals.
12. Green consulting.
Companies today face growing pressure from environmentalists. Others know they can “score points” if they market themselves as green companies. And an environmentally friendly company can reduce costs, risks and liabilities. What better way to do this than to turn to a consultancy specialising in adopting green practices?
13. Crowdfunding advice and campaign creation.
Crowdfunding promises to establish itself as one of the main ways to finance a company. More and more people are interested in investing in businesses through crowdfunding so they can be part of a project, and demand keeps getting stronger. Companies that know how to win investors’ interest by designing campaigns, as well as advising on the campaign itself, are probably an excellent business idea.
14. Web design and multi-device adaptation.
Mobile connections are growing, and most websites and blogs aren’t adapted to be read on every device (smartphones, tablets…). So while we mentioned app development, in 2014 web design firms will also have work adapting templates to every format and device.
Further reading
Featured image: Harrison Keely, CC BY 4.0, via Wikimedia Commons.
