Are you eager to start a business, but not sure what type to is right for you? IBISWorld has released its list of the hottest industries for startup businesses, which might give you some inspiration. The good news? Online services are hot, and if you’ve got some tech savvy, you don’t need a whole lot of money to get started. Here are six businesses that IBISWorld says were chosen because they have low barriers to entry.
Social Network Game Development: The growth of social networking has led to a demand for games, with mobile devices being the biggest growth area for this industry. Could your company develop the next Angry Birds?
Online Shoe Sales: After books, clothing, accessories and shoes are the second-largest category of items people buy online. Online purchasing is growing; if you can differentiate yourself and market your site effectively, you could be a shoe-in.
TV & Home Theater Installation Services: Not all services are offered online. If you have electronics and installation skills, you could profit in this industry. Rapid changes in home entertainment have created a need for help installing and upgrading systems—so if you can keep up with the technology, this could be the business for you.
Travel Agencies: Hard to believe, right? IBISWorld says the travel industry has been recovering since 2010, but these aren’t your grandfather’s travel agencies. Instead of brick and mortar storefronts, they’re online services. There’s a good chance of being acquired by a bigger company if your business takes off.
Translation Services: Globalization has given rise to growth in this industry. One hot area is helping companies translate their websites and online marketing materials to attract global customers, and to provide customer service for those clients. This is still a human-intensive business, so the growing number of non-native English speakers who can serve as employees is good news.
IT Security Consulting: Growth in ecommerce, mobile internet access and the BYOD trend at work have led to huge demand for IT security services to help companies avoid security breaches. As the economy picks up and businesses invest more in technology, this area will grow.
If you think one of these businesses could be right for you, a SCORE mentor can help you assess the possibilities. Don’t have a mentor? Visit SCORE.org to get matched with one and get free business advice 24/7.