What do you think is the most promising industry or niche to start a business in and why?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-only organization made up of the most successful young entrepreneurs in the world. YEC members represent almost every industry, generate billions in revenue every year and have created tens of thousands of jobs. Learn more at yec.co.
1. Artificial intelligence
I suggest that anyone looking to start a business take a good look at the AI niche. You will find companies are taking giant strides to help other business owners. The best thing about this industry is that we are only scratching the surface. There are so many opportunities associated with using AI and I think it will help all businesses in the future to get people involved in this niche.
– John Brackett, Smash Balloon LLC
Right now, cybersecurity is the hottest out there. It’s no secret that the tech industry has grown in popularity in recent years. It has been a backbone for many businesses, government, and society. This has attracted many hackers who steal data and cause money loss, which in turn has created the high demand for cybersecurity.
– Kelly Richardson, Infobrandz
3. Digital Marketing
Given the ongoing pandemic that has forced the whole world to go digital, I think the digital marketing industry is the best industry to start a business with. With it, you can start your business online and continue to make good money without leaving your home.
– Josh Kohlbach, wholesale suite
4. Web design
I think the web design industry is the place for you. Many businesses are switching to online-only businesses and therefore need someone to build their website. In 2021 there will be a massive influx of new businesses online, all with websites from designers who anticipate the need.
– John Turner, SeedProd LLC
The best business to invest in right now is the e-commerce business. What I like most about this business is that your customers aren’t limited to certain limits. You can reach people far and wide and do business with them anytime, anywhere in the world.
– Thomas Griffin, OptinMonster
6. Retail or grocery store
Opening an online retail or grocery store may be one of the best companies to invest in right now. While it could be a short-term boom, the online food industry is on the rise. The pandemic has made people who initially didn’t want to shop conveniently online much more used to it. This has enlarged the target market and opened up growth opportunities for new companies.
– Asim Rais Siddiqui, Tekrevol
7. Social enterprise
I would recommend social enterprise. Consumers look for companies that match their values and beliefs. They want to know that companies value people, the planet, and profits equally. When I started MiaDonna and our The Greener Diamond Foundation 15 years ago, it was a new concept, but I knew that consumers were evolving and we were heading into a new era for business and commerce.
– Anna-Mieke Anderson, MiaDonna & Company
The entertainment industry is a very promising one. This may seem counterintuitive as large gatherings are banned in most areas, but entertainment does not mean large events have to be held. Humans are social beings and need interaction and entertainment. Creating small events or online entertainment for people to interact and have fun is in high demand. Once the demand is created, anyone who delivers profits wins!
– Bill Mulholland, ARC Relocation
9. Human optimization
Human optimization, supplementation, and nootropics will be a major growth industry in the years to come. Today more people than ever are buying self-help books and listening to podcasts dedicated to personal development and improvement. At the same time, scientific studies showing the effectiveness of nootropics are being published and there are more and more wholesale suppliers. It’s a big growth market.
– Tyler Gallagher, Regal Assets
10. Sustainable consumer goods
Sustainable consumer goods are a growing industry. So many people want to live better and take sustainable care of their bodies and our world. If you can package a product that does, and then market the problem you solve to that demographic, you are in good business!
– Diego Orjuela, cables & sensors
One of the most promising industries to start a business today is the wellness niche. With millions of people now working from home and homeschooling their children, people experience higher levels of stress and therefore increasingly focus on their health and wellbeing. Vitamins, fitness, supplements, and self-care can be very lucrative niches.
– Kristin Kimberly Marquet, Marquet Media, LLC
I would recommend telemedicine. Since the pandemic won’t end anytime soon, opening a store in this niche should be associated with a high chance of great success. If there is a way for doctors to interact with patients in a non-personal setting, that’s what they’re likely to focus on.
– Andrew Schrage, Money Crashers Personal Finance