With the economy being the strongest that it has been in the past ten years, would-be entrepreneurs around the world are looking to start profitable businesses in order to capitalize on the recent growth trends. Of course, a strong economy isn’t a guarantee of entrepreneurial success.
Some categories of business are performing better than others, as a natural result of consumers’ changing interests and the opportunities provided by mobile technology and online services. By starting a business that reflects these trends, you stand a better chance of establishing a foothold and creating something profitable.
So, what sort of business should you start, if you’re an aspiring entrepreneur? You’ll have to come up with a brilliant idea on your own, but these categories might get you thinking along the right lines.
Here are some of the most profitable businesses in 2017:
Five years ago, mobile games lived almost completely in the shadows of the console giants. However, since then, remarkable things have happened. Games like Clash of Clans and Mobile Strike have become so successful and popular that they buy Super Bowl ads and hire the likes of Liam Neeson or Arnold Schwarzenegger as spokesmen.
Of course, you don’t need to create anything as complicated or ambitious to be successful. Very simple games sometimes become incredibly profitable. Just look at Flappy Bird.
If you have any skill with coding, you might try your hand at building a mobile game.
The subscription model used to be the sole property of magazines and newspapers. However, as shopping habits have changed, many businesses have been switching to it as a great way to promote customer loyalty and guarantee a steady income.
Entrepreneurs have successfully sold everything from sweaters to razor blades in subscription boxes. Customers love them because they can be unpredictable: every month the box that arrives is full of different stuff.
If you’re interested in selling products in subscription boxes, the margins are high and the market is good.
Services arbitrage is the concept of connecting service providers with those who are seeking services and taking a finder’s fee for bringing the two groups together. The term was coined by Yaro Starak, but the concept has existed at least as long as the Internet.
Companies like eBay pioneered the movement by not offering any products themselves: all they did was connect buyers and sellers. Upwork, Yellow Pages, and Uber all operate on the same general principle.
The great thing about services arbitrage is that you don’t need any particular skill set to get started – you’re not providing any service, aside from a platform where those with special skills can connect with customers.
There are many ways you could leverage the services arbitrage model:
Writing is something so ubiquitous that it’s easy to take for granted. However, it’s vital to sell products, build brands and create traction for businesses. There’s a strong market for freelance writers. If you can find a clever way to connect businesses with talented writers, you stand a good chance of making some money.
Unlike writing, design is a skill usually developed over years of formal training. Whether it’s graphic, interior, industrial, architectural, or any number of other design types, businesses and individuals need it. The thing is, designers aren’t always good at promoting themselves. Can you do it better?
This is another vital skill that every industry needs, but not everyone has. Even if you’re not a coder yourself, you can create an opportunity for others that will also benefit yourself. With a little marketing creativity, you can create a platform helping coders connect with new clients and take a small finder’s fee for your trouble.
– Finance and accounting
Finances are miserable for most of us. Thankfully, there are people out there who enjoy accounting – and are very good at it. Do you have a business network? How can you leverage it to connect accountants and finance experts with the businesses who need them?
You get the idea. Services arbitrage is here to stay, and it’s growing in popularity for obvious reasons.
– Health and wellness
This is a huge industry, but there’s lots of room for innovation. Particularly when it comes to holistic medicine and natural remedies, new companies seem to spring up every day.
Do you want to be especially creative? Find a way to make your business mobile – move it around the country like a food truck. Businesses centered on children also have seen significant growth recently. Could that be your niche?
– Online education
Education and technology are now permanently connected. As technology continues to connect the world, classrooms will become increasingly irrelevant, and the education market will be ripe for disruptive innovation. It’s already happening.
Many of the world’s best business minds are investing their time creating online courses, teaching students how to do everything from writing books to managing money.
If you’re qualified in a particular subject, you might consider creating a curriculum and monetizing your knowledge.
Of course, there are many other industries that you could succeed in. These ideas are just a sample of some of the fastest growing and profitable businesses in 2017. With the economy hot, consumers buying and banks providing loans for those with poor credit now it is a great time to spread your entrepreneurial wings.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
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