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 to be the most productive person in your office — and still get home by 5:30 p.m.
- 43 TV shows to watch in 2014
- How our botched understanding of 'science' ruins everything
- The science of sex: 4 harsh truths about dating and mating
- 10 things you need to know today: September 22, 2014
- How U2 became the new Nickelback
- 6 things the happiest families all have in common
- Why does Fareed Zakaria still have a job?
- Save the world... by changing how you pee
- 7 grammar rules you really should pay attention to
Subscribe to the Week