Thinking of taking the entrepreneurial leap this year in an industry that would pay off? IBISWorld's recent list of eight hot industries for start-ups is a good place to begin your research.
What do these eight industries have in common? "Each is fragmented, has low barriers to entry, and each offers strong revenue growth," says Kevin Boyland, an IBISWorld analyst. "Strong growth in a fragmented industry indicates growing demand in a market in which no one player has a significant foothold. Because barriers to entry are low, a start-up has the potential to capture a share of this growing market."
One major advantage in 2013 is buying and selling goods online. This option allows small firms to compete on a national level with little additional effort.
Boyland says 2013 could be a good year for startups because we're moving farther away from the recession and the political uncertainty that followed the presidential election, allowing for a more predictable business environment. If entrepreneurs wait too long, they could miss the window for breaking into these industries.
Where might the best opportunities lie? Click here for our list of eight promising industries.
More from The Fiscal Times...
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How U.S. special forces are preparing for the worst-case scenario in North Korea
- I hate Ayn Rand — but here's why my fellow conservatives love her
- The weird obsession that's ruining the GOP
- Here's the schedule very successful people follow every day
- The 11 worst fast food restaurants in America
- The secret to Gabrielle Hamilton's amazing grilled cheese sandwiches
- Deficit scolds are the most crazed ideologues in America
- A scientific fact-check of 2001: A Space Odyssey
- 7 language habits that reveal your age
- The biggest lesson Obama failed to learn from Bush
Subscribe to the Week