What do you think is the most promising sector or niche to start a business in right now, and why?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-only organization made up of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue annually and have created tens of thousands of jobs. More information at yec.co.
1. Artificial intelligence
I encourage anyone interested in starting a business to take a closer look at the AI niche. You will notice that companies are taking great steps to help other entrepreneurs. The best thing about this industry is that we are just getting started. There are so many possibilities that using AI brings, and I think involving people in this niche now will help all businesses in the future.
– John Brackett, Smash Balloon LLC
2. Cybersecurity
Currently, cybersecurity is the hottest thing on the market. It’s no secret that the tech industry has exploded in popularity in recent years. It has been a backbone for many companies, government and society. This has attracted many hackers who steal data and cause financial losses, which in turn has brought out the high demand for cybersecurity.
– Kelly Richardson, Infobrandz
3. Digital marketing
With the ongoing pandemic forcing the entire world to go digital, I think the digital marketing industry is the best sector to start a business in right now. It allows you to start your business online and continue making good money even without leaving your home.
– Josh Kohlbach, Wholesale Suite
4. Web design
I think the web design industry is the place to be right now. Many companies are switching to online only and therefore need someone to create their website. In 2021 we will see a huge influx of new online businesses, all with websites created by designers who anticipate the need.
– John Turner, SeedProd LLC
5. Ecommerce
The best business to invest in right now is the e-commerce sector. What I like most about this company is that your customers are not limited to specific boundaries. You can reach people from all over the world and do business with them at any time, from anywhere.
– Thomas Griffin, OptinMonster
6. Retail or grocery store
Opening an online retail or food business is perhaps one of the best businesses to invest in right now. While it may be short-term growth, the online grocery industry is on the rise. The pandemic has made people who were initially uncomfortable with online shopping much more accustomed to it. This has expanded the target audience and opened up opportunities for new businesses to grow.
– Asim Rais Siddiqui, Tekrevol
7. Social enterprise
I would recommend social enterprises. Consumers are looking for companies that align with their values and beliefs. They want to know that companies care about people, the planet and profit as much as they do. When I founded MiaDonna and our foundation, The Greener Diamond, 15 years ago, this was a new concept, but I knew that consumers were evolving and that we are on the cusp of a new era for business and commerce.
– Anna-Mieke Anderson, MiaDonna & Company
8. Entertainment
The entertainment industry is a promising industry. That may seem counterintuitive since large gatherings are banned in most areas, but entertainment doesn’t mean you have to host big events. People are social beings and need interaction and entertainment. There is a high demand for creating small events or online entertainment events where people can interact and have fun. Once demand is created, whoever supplies will make a profit!
– Bill Mulholland, ARC Relocation
9. Human optimization
Human optimization, supplementation and nootropics will be a major growth industry in the coming years. 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 efficacy of nootropics are emerging and wholesale suppliers are becoming more and more popular. It is a major growth market.
– Tyler Gallagher, Regal Assets
10. Consumer durables
Consumer durables are a growing industry. So many people want to live better and take care of their bodies and our world in a sustainable way. If you can package a product that does that and then market the problem you solve to that audience, you’re in a promising business!
– Diego Orjuela, Cables and sensors
11. Well-being
One of the most promising sectors to start a business in today is the wellness niche. With millions of people working from home and homeschooling their children, people are experiencing higher stress levels and are therefore starting to focus more on their health and wellbeing. Vitamins, fitness, supplements and self-care can be very lucrative niches.
– Kristin Kimberly Marquet, Marquet Media, LLC
12. Telemedicine
I would recommend telemedicine. With the pandemic not ending anytime soon, opening a business in that niche should have a high chance of great success. If there’s a way for doctors to connect with patients in a non-personal setting, they’ll likely gravitate toward it.
– Andrew Schrage, Money Crashers Personal Finance