There’s an endless amount of ways a small business can start. Think the mom-and-pop shop on the corner, or a brilliant new app by a brainiac teenager. A story by Drew Hendricks for Inc.com caught our eye about five promising industries for prospective entrepreneurs. Here’s a look, along with some other expert tips and examples.
1. Green architecture: This tops Hendricks’ list, and he writes that tax benefits and energy-efficient buildings are attracting a crowd. “The allure of saving money over time in a green house is strong, which means developers, architects, and contractors are staring down a very lucrative industry.”
Another voice: A green building can be more than having the right kind of windows and radiant barrier protection in the attic. A piece at archdaily.com details an ambitious green project: architecture firm AZPML has proposed to reform a German power plant by covering its exterior with creeper plants: “This strategically placed skin would not only soften the exterior aesthetic of the plant, but it would create a sheath of creepers to absorb CO2 emissions.” The company describes the project as “an attempt to resolve the conflict between the natural ecology and the manmade environment.”
2. Health food: Lots of talk about super foods and organic ingredients these days. Hendricks notes that these trends go up and down, “but people are in general getting more vested in what they put in their mouths and what they take out of their pocketbooks. The push toward local, fresh, organic, and good-for-you foods isn’t going anywhere.”
Another voice: Megan Durisin examined “healthy fast-casual” chain Freshii in a piece for Business Insider. The company started in Toronto in 2005 and now has locations in eight countries. CEO Matthew Corrin says he expects continued growth in the industry. “We want to eliminate the excuse that people don’t eat healthy because they either can’t afford to or it’s not convenient,” he said.
3. Mobile health: Technology may be the key to alleviating some of the healthcare stress in the United States, Hendricks says. “Mobile health services save everyone time and money, from physicians to patients,” he writes. “Items such as health record apps and video appointments with doctors are gaining in popularity.”
Another voice: Emily Connor of Yahoo! Small Business Advisor writes that apps can help people with health goals and treatment descriptions, but there is a limit to what they should do. In other words, they shouldn’t replace face-to-face doctor appointments. And app developers will need to be in line with the FDA as well. “More regulatory agencies are getting involved to make sure apps comply with FDA guidelines,” she writes. “Providers, healthcare systems and hospitals must ensure that all aspects of their apps are compliant. This includes the information the app gives out, as well as the way the app handles patient information.”
4. Translation services: Quality language assistance is primed for growth, according to Hendricks. “There’s only so much Google Translate can do,” he writes, “and in an increasingly global community, it’s crucial that businesses be able to communicate with markets around the world.”
Another voice: Jill Krasny writes that the translation industry is projected to increase to $39 billion by 2018 in a piece for Inc.com. An example: cosmetics retailer Sephora, which expanded into Canada in 2012. “Canadian law requires that any company with a physical address in a French-speaking province of Quebec include Canadian French on its website,” Krasny says. “Otherwise the company’s business license would have been revoked.”
5. Apps: Hendricks calls app development “the pint-size tech development of choice,” and singles out business apps as being on the rise.
Another voice: Joe McKendrick writes for Forbes about technology, and notes that marketing will lead the way as the app industry evolves. “Delivering value through apps requires more than simply scaling down a website to fit on a smaller screen,” he says. “A compelling mobile strategy requires that marketers design, develop and deploy mobile apps that are capable of delivering a range of online services, from product communications to fresh content, unique specials and even gaming.”
