When starting a business, choosing an industry that’s in high demand is important. Find a need in the world and let your business plan fill it. Today, one of the best ways to begin a business is to break into a growing industry.
Many industries are growing rapidly, according to the Bureau of Labor Statistics. Those jobs include mining of oil or gas, home health care services, personal services, scientific and technical management services, construction, consulting services, warehousing and storage, dentistry, journalism, and computer information technology.
Further research from Forbes has shown that these industries are experiencing double-digit sales growth and are ranked among the fastest growing industries in the country.
The economy is doing better than it has in a decade, and small businesses are largely supported by consumers. Because unemployment rates are low, consumers are more likely to put their money into small businesses rather than into big chain stores. If you’re in an industry that’s in high demand, you’ll see more business and profits as a result.
To encourage you to get started in a strong industry, here are a few benefits you can enjoy.
Further Your Education
Education is expensive. According to the College Board, the yearly cost of a university education in the private or public sector is between $25,000 and $35,000 a year. If you finish in four years, you’re spending more than $100,000 on your education alone, not including your rent and living expenses.
Most people find that furthering their education is worth the cost, but they have to come up with the money first. Your business in a growing industry will give you the financial peace of mind you need for a better education.
You can’t quit your business to get an education, however, especially if things are going well. Instead, look into accredited online degree programs. Digital technology has come a long way, and your online education will be just as valuable to you as a degree you earned on campus while giving you the flexibility to keep working.
Besides the ability to afford your own education, you’ll also set yourself up for greater success in your business. Education opens the doors to incredible opportunities for growth. You’ll gain new skills that will help you bridge gaps and improve your business in ways you never thought possible.
Get Your Own Place
How long have you been renting with roommates? It comes with a number of benefits including cheaper rent in a good neighborhood. You might also have a few built-in friends from it. However, the time comes when you need to be on your own.
A career in a burgeoning industry gives you the financial freedom to finally spring for your own place without the support of roommates. You can use the entire refrigerator, have the TV to yourself, invite your friends over whenever you want, and come home late without tiptoeing around. Imagine the freedom that this brings you.
With your own place comes certain responsibilities, however. The landlord is responsible for most of the repairs and maintenance issues in your apartment, but they won’t handle everything.
You’re still in charge of furnishing your apartment and tastefully decorating it. If your place is burglarized or hit with a disaster of some kind, your landlord’s insurance won’t cover the damages. It’s always smart to have renters insurance to cover you in case of an emergency. If you live in New Jersey, just research renters insurance in New Jersey to check out your policy options.
Having your own place is all made possible by a strong paycheck in a career you love. You’ll forever be grateful that you considered the demand and supply of jobs before choosing which industry to join.
Make Enough to Travel
Few people have said, “I’ve had more than enough travel in my lifetime.” Most say they wish they could travel more often. Traveling is good for the heart and soul. Research shows that those who travel regularly are happier and healthier both mentally and physically.
Travel isn’t possible if you don’t have a steady revenue stream to support your adventures. A steady business in a growing industry provides all the sustenance you need to pack your bags and hit the road.
Once you’ve established yourself in the industry, start planning your vacations for the year. A trip to Florida is a must, as the beaches there are some of the finest in the world. You can see countless places to see on Florida’s Gulf Coast that are worth every penny and minute of your time.
A family-friendly trip to Disney World might also be warranted. This is an expensive resort, but it provides once-in-a-lifetime opportunities you want your children to have. A cruise, safari, spa trip, ski vacation, and camping trip also make great travel options. Savor every moment of these trips that your successful career enable you to take.
Rapid Growth and Constant Cash Flow
A business that isn’t growing might as well be losing money. The economy only supports businesses that can keep up with the constant competition in the realm. Expanding a business takes a lot of hard work and capital if you aren’t in an industry that naturally grows on its own.
You’ll still have your work cut out for you to create a company that can sustain growth and prosperity, but it’s a lot easier to paddle your boat when you’re riding on a swift-moving current. You’ll have a better idea of which direction to take your business and how to steer your employees in the right direction when the industry is doing well on its own.
Because of the steady growth, you’ll enjoy a constant flow of cash. Capital problems are a top reason that many businesses shut down prematurely. Not only will this cash line your bank account, but it will ensure that you can stay in business as long as you want to.
Longevity in Business
Businesses that enter a high-demand market tend to stick around. This is an important consideration because the failure rate of startups is relatively high. About 80 percent of businesses will survive their first year, but 50 percent will fail within the first five years of startup.
Businesses might fail depending on leadership and the economic factors. Cash flow and money management issues are among the most common causes of failure. Strong competition, having a poor business model, and lacking proper management and teamwork are also common factors.
Notably, one of the biggest threats to businesses is market conditions. About 40 percent of businesses will fail because there’s no market for the services or products being offered. What’s more, if you enter certain industries that are performing poorly, you’re more likely to shut down.
Entering an industry with a high survival rate is your best bet at running a long, successful business. It will offer the financial security you need to do what you’ve always wanted. Be judicious in your business choice.