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Here are eight types of high-potential businesses that are easy to get into and are experiencing the kinds of major changes that spell big opportunities:
ReplyDelete1. TV and home theater installation
Few industries are as fragmented as this, or as easy to enter with little capital. Some 94 percent of U.S. households have a TV; 84 percent have a DVD player; and about 25 percent now have a home theater. It’s now a $12 billion industry, although you’ll definitely need to keep up with fast-changing technology.
2. Virtual data rooms
The VDR industry has been growing quickly at about 16 percent annually since 2008, with revenue expected to reach $728 million in 2013. The proliferation of online document-sharing services has helped the sector flourish. With this industry’s low barriers to entry, IBISWorld expects it to expand at an annualized rate of 17 percent over the next five years.
3. IT security consulting
This industry has benefited from increasing adoption of e-commerce, growth in mobile Internet access and some high-profile data breaches. Over the last five years, revenue increased at an annual rate of 9.8 percent to $5.3 billion. As businesses buy more and more computers and software, the need for IT security advice grows.
4. Travel agencies
Outdated storefront travel agencies are giving way to online services, which offer a relatively high-profit, low-cost way to handle transactions. This segment of the industry has grown significantly and will likely continue to display strong growth for the next five years.
5. Online shoe sales
Consumers love buying things online — especially shoes, accessories and the like. Industry revenue has been growing at a robust 16 percent annual rate. Every year, more than 100 million Americans purchase goods via the Internet, making online retailing one of the fastest-growing industries in the U.S. What’s more, traditional brick-and-mortar retailers have an opportunity to enter the online realm and recapture sales taken by retailers operating exclusively online.
6. Digital forensic services
This industry has also benefited from growth in mobile Web connections and a rise in the percentage of households with at least one computer. The amount of information stored electronically is skyrocketing. Digital forensics helps find and analyze digital information for various legal purposes. While there are few prohibitive licensing or regulatory barriers, this business does require more capital than others.
7. Translation services
Globalization and an increasing number of non-native English speakers in the U.S. have helped fuel growth here. The Internet has also fostered demand for translators because businesses expanding into new countries must adapt websites and marketing materials to new regions. Technology has helped automate some of the process, improving the speed and accuracy of translators.
8. Social network game development
This industry has grown an astounding 184 percent per year during the past five years, driven by surging Internet and social network use. As smartphones and tablets proliferate, people can access social networks anywhere, any time. Indeed, according to a report from research firm Nielsen, consumers spend 20 percent of their total time online using social networks on personal computers and 30 percent of their time online visiting social networks via mobile devices.
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Daniel Kehrer, founder and chief content officer of BizBest Media, is a senior-level leader in digital media, content development and online marketing, with special expertise in startups, SMB, social media and generating traffic, engagement and leads. He holds an MBA from UCLA Anderson and is a passionate entrepreneur (he has started four businesses), syndicated columnist, blogger, thought leader and author of seven business and financial books.Follow Daniel Kehrer on Twitter: @140Main.
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