If you want to become a successful entrepreneur, you have to learn how to meet the needs of the market. Today, the business world is changing at a rapid pace due to globalization and new technology.
You should think about the future and the possible business solutions you could offer.
The best sectors to consider for future business ideas are energy and clean tech. Other fields include nanotechnology and entertainment.
Below are 10 business ideas that will be profitable and sustainable in the future.
Future Business Ideas:
1. 3D Printing
3D printing is becoming more popular as the years roll by.
3D printing allows people to create items in the comfort of their homes. We may have to download products from the internet instead of ordering and shipping them. This will be possible for items which have a 3D printing plan.
After printing the object, you can pick it and start using it within minutes.
Most 3D printers today use plastic as a raw material. In the future, printers may use other materials.
The price of 3D printers depends on the size and features. The 3D printers of the future definitely won’t be cheap.
You can start a 3D printing shop where people can create for a fee. You can buy one or two printers and add more as they become more popular with people.
2. Marijuana Cigarette Maker
The basis of this idea is the widespread legalization of marijuana and other drugs. Marijuana is still sold in the black market, though.
More people are supporting and accepting the use of marijuana. Marijuana is a recreational drug and is also a medicine.
Many states in the US have legalized marijuana. Canada is another country where the drug is legal.
Once marijuana becomes legal all over the world, expect large-scale production. Many large companies will move to put their own marijuana cigarette brands in the market.
It’s advisable to study marijuana farming and businesses to find out more. You could also make money by selling your cigarette brands in the future.
3. Software Engineering and Development
The demand for software development will go up by 17 percent annually until 2023. The average annual wage was approximately $10000 in 2017. The sector is profitable if you can get the necessary skills.
The type of labor in the software industry is contract-based. After gaining experience, a software engineer can become an independent contractor.
4. Bike Sales, Service, and Rentals
Cycling is the second most liked exercise in America, according to peopleforbikes. Americans spend an estimated $81 billion on bicycle sales, service, and rentals. This has created employed about 770,000 people.
Cycling is a fitness activity, and the government also supports it. Its popularity also makes it a better opportunity to explore in the future.
Apart from pedal bikes, we now have E-bikes which are becoming more common all over the world. E-bikes use electric power. The projected sales for E-bikes by 2023 is about 40 million units.
You can also cash in on the biking venture by converting regular bikes to E-bikes.
If you are passionate about cycling and you want to become an entrepreneur, this is the perfect idea for you.
5. Home Renovations
The home renovation business does better than most in spite of a tough economy. Most people in need of remodeling services always finds it difficult to get a contractor who isn’t busy.
A homeowner spends an estimated $3000 every year on home improvements. This creates jobs for painters, plumbers, carpenters, electricians, roofers, and other tradespeople.
Renovation contractors provide services in three ways:
1. As individuals, whereby they do all the tasks themselves
2. As general contractors with employees to supervise
3. Renovation in specific areas like kitchen renovations.
6. Self-storage Units
The self-storage industry is becoming a more viable business opportunity across North America. The growth of the industry is a result of downsizing homes and a reducing workforce.
Another factor is the general trend where people tend to keep more property to themselves. Businesses are also looking to reduce storefront space.
The demand for storage space in New York is more than the supply by 300 percent.
The conditions for modern self-storage are adequate lighting, security, and climate control.
7. Car-charging Station
It’s common knowledge that electric cars already exist on the roads. These cars include the Tesla, and Nissan and Toyota models.
Some people predict that all cars will run on electricity in the future. The car-charging station will replace the gas station.
Even with the existing electric cars, the charging stations are still few. The charging stations also take too long to charge the batteries fully.
In the future, there’ll be a need for quick and easy charging.
If you have an eye on the future, it’s advisable to start a car-charging shop. You can start with one shop and expand to become a franchise of stations.
8. Fulfillment by Amazon (FBA) Sales
Sellers can market their goods to millions of customers on Amazon using FBA. Amazon makes it easy for sellers to run an online retail market. The company only charges for fulfillment and storage.
Amazon deals with shipping, returns, storage, packing, and they also handle customer service.
If you want to start online retailing in the future, the FBA program is an ideal way.
9. Renewable Clean Energy Sources
The world population is growing every year at a rapid rate. A majority of countries in Asia use energy sources like nuclear, hydropower, and coal. These are harmful to the environment, and the planet has a limited pool of resources.
Renewable energy sources are one of the most profitable future business ideas. The primary energy sources include wind and solar power.
10. Veterinarian Services
Pet ownership is a growing industry, and it’s worth billions of dollars every year. The business activities related to pets include grooming, food, toys, and veterinary services.
Many people who have pets would love to see them healthy and alive for as long as possible.
Vets can charge a high amount of money for surgeries on pets, which the owners can’t refuse to pay.
If you start a vet business, you are almost guaranteed to succeed.