Getting Started: What Markets are Best for Startups

You want to break away from your day job, but you’re not sure if your industry is ready for a new voice. Well, here are the best industries for startups right now.Getting Started: What Markets are Best for Startups

1. Environmental Consulting

Going green is going anywhere. IBISWorld valued environmental consulting is valued at $17.8 billion. A 9% growth is expected in the next five years. If you’re an independent contractor, your installation skills will be put to good use with gear like wind turbines, solar panels, and eco-roofs. Now’s a good time to get your green consulting going.

2. Tea and Healthy Drinks

Tea is the 6th most popular beverage in the U.S. after carbonated soft drinks, bottled water, beer, milk, and coffee. However, the top 4 teamakers control 88% of the market. The 12% represents $264 million in the market controlled by small, independent growers. On top of that, the market has grown 5% over the last five years.

3. Mobile app design

Does it seem like apps are flooding the market? Maybe, but there’s still a need for more. Mobile app design growth might be linked to location services. In the last three years, location-based apps have received $656 million in 67 deals, according to Dow Jones VentureSource. If you have the know-how, definitely go for it!

4. Testing

Do you want to help other companies test the quality and safety of their products? Now is your time. Laboratory testing is a $15 billion industry, according to data from IBISWorld. The industry is expected to grow 5% every year for the next 5 years. As companies increase their funding for research and development, the testing industry has nowhere to go but up.

5. Crafts, hobbies, and musical instruments

It seems oddly specific, but craft stores, hobby shops, and musical instrument retailers have been performing better than traditional retailers across the board. AnythingResearch.com found a growth rate of 9 percent, which also took into account toy and game retailers. If this is a product of the recession, ride it out. The industry says go.

What are you thinking of getting into? Have you done your market research to see whether or not it’s a good time to get started on your startup? Share in the comments below.

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Posted on July 31, 2013, in Biz Tips, Entrepreneur, Market Trends, Small Business and tagged , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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