Starting a Business This Year? 11 Promising Industries to Consider
In which promising sector or niche do you think young entrepreneurs should start their business 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 yes.co.
1. Programming
If there is one field I would have liked to pursue, it would be programming. Coding is essential for young entrepreneurs for several reasons. First, if an entrepreneur can program, he can perform his tasks himself. They are also better at creating ideas that are technically feasible and also hiring other qualified programmers who can take the company to new heights.
– Shu Saito, SpiroPure
2. Marketing
Marketing is a promising sector for young entrepreneurs because it is growing and remains green. Businesses will always need effective marketing, and as the Internet grows, competition becomes fiercer. If young entrepreneurs can hone their marketing skills, they can build a solid business marketing for other businesses.
– Jared Weitz, United Capital Source Inc.
3. Data science technology
Everything in business today depends on data, from daily processes to decision-making. The combination of artificial intelligence and machine learning to transform data into a powerful tool using technology will form the basis for how businesses operate in the future. Entrepreneurs should focus on bringing new or better data science technology to market.
– Jonathan Prichard, MattressInsider.com
4. Health and fitness
A promising niche that is expected to grow even further in 2023 is health and fitness. Covid-19 has hit us hard and forever changed our perception of health and wellbeing. People were moving more towards a healthy lifestyle, and that significantly increased the demand for fitness-related products. It is still a rising trend, making health and fitness a suitable niche to target.
– Stephanie Wells, Formidable shapes
5. Gaming
Gaming is an industry that is evolving rapidly and has many sub-niches. The metaverse, for example, represents a real opportunity for gamers. Customers entering metaverse platforms are looking for games that can include all kinds of virtual assets to buy and sell, such as treasure, weapons, and virtual land. Game makers will be needed to build innovative worlds in this space.
– Kalin Kassabov, ProTexten
6. Educational technology
The edtech industry is one of the most promising industries for young entrepreneurs. This is because there is a growing demand for education and training services and edtech companies can offer these services at a lower cost than traditional educational institutions. Furthermore, edtech companies are often able to quickly scale their operations and reach a global market.
– Abhijeet Kaldate, Astra WordPress theme
7. Mental well-being
A promising sector in which young entrepreneurs can try their luck is mental well-being. Many people find it difficult to cope with the rapidly changing and evolving world. This leads to depression, stress and other mental problems, so people are constantly looking for ways to deal with these problems. If you can provide a good solution, your business will definitely take off.
– Andreas Munro, AffiliateWP
8. Software as a service
SaaS platforms are becoming more popular day by day and offer entrepreneurs a variety of benefits that make them the best industry for modern entrepreneurs in 2023. These platforms allow entrepreneurs to run their businesses without investing in software or hardware development, making them particularly attractive to modern businesses that are always looking for ways to save money.
– Kelly Richardson, Infobrandz
9. Advertising
Advertising is a promising sector that young entrepreneurs should definitely try. With the availability of the internet in every corner of the world, it has become easier to start a business online. But simply starting a company won’t yield much. People need to promote it and promote it to attract sales. This means that advertising is a business that will always flourish.
– Thomas Griffioen, OptinMonster
10. Content and Social Media Management
I think blogging and social media management are great niches for young entrepreneurs. These are industries that are constantly evolving and offer a lot of room for creativity. Additionally, there is a growing demand for content creators and social media managers as more and more companies realize the importance of an online presence.
– Syed Balkhi, WP Beginner
11. Green, renewable products
It seems that green, renewable products are on the rise. People want to do more to reduce their impact on the world, so they’re turning to solar and wind-powered devices. If you are considering starting a new business, it is safe to say that this sector will remain profitable for years to come.
– John Turner, SeedProd LLC
