Starting a business in any industry has various challenges. That’s why it’s important to know the best industries to start a new business. Considering interviews with industry experts, investors and entrepreneurs can also help in making the right decision.

The industries listed below are the most attractive to entrepreneurs and investors in spite of the fact that these fields are still young as compared to other more established sectors. Read on so that you’ll be guided in making your decision.

1. Drone Manufacturing

Commercial drones are being used in police surveillance, scientific research, freight delivery, and humanitarian relief. This is the main reason why the sector of the unmanned aerial vehicles is getting popular. Starting up business in this sector requires IT workers who are knowledgeable and skillful in building, monitoring and piloting drones. To succeed in this industry, companies should be able to adapt technological changes and upgrade their products regularly.

2. Virtual Reality

2016 is the year when virtual reality will breakout according to industry experts. Many consumers altogether were expected to buy over a million VR headsets particularly those models that work well with smartphones like the Oculus Rift. VR headsets are not only used for gaming but also for movies and live events. Time will come that VR will be used in the military and the health care sectors.

3. Artificial Intelligence

The artificial intelligence is both considered as a technology and industry. Different sectors will benefit from AI as it can facilitate small tasks, like booking meetings and planning vacations a lot easier. Industry experts say that many venture capitalists were attracted to invest in artificial intelligence business because most sectors are also adopting technology. Any investor interested to start a business in this industry must hire technology professionals and those that have advanced computing skills.

4. Food, Technology, and Analytics

Companies in the food tech industry are those that usually utilize mobile technology or the internet in preparing, assembling and distributing food products in a profitable and efficient manner. Food analytics covers the companies that are manufacturing smart kitchen appliances and other devices used for food inventory management. Aside from the experience in logistics and food service, starting up a business in this industry requires strong IT skills like web software development.

5. Biometric Scanning Software

This industry is considered as one of the largest markets in the United States, and it comprises companies that are developing software used for eye and facial recognition systems and fingerprint as well. It is expected in the coming years that the demand for biometric scan software will accelerate as driven by the strong industry of private enterprises and even in the government sector.

The biometric scanning software industry is becoming on trend due to the widespread demand for biometric scanning, particularly in hospitals and other health care sectors. Even constructions and buildings have been utilizing fingerprint scanning for verifying identities. Many government agencies whose work involve immigration and border control would also adopt the technology in the coming years.

Starting up in this business industry requires hiring highly skilled scientists and programmers who can create biometric software.

6. Fraud Detection Software

The industry that develops fraud detection software will continue to grow in the coming years. It’s because many businesses will continue to use the software that can help in protecting and detecting fraudulent activities online. In spite of the fact that this business industry is still young and at its growth stage, both small and medium size businesses are expected to adopt it.

Nowadays, more business sectors are adopting the e-commerce systems or the mobile-based payments. Even businesses that implement cloud can also benefit from using fraud detection software. Hiring IT professionals who know about the emerging software trends and security compliance laws as well as the new coding platforms is a must.

7. Corporate Wellness

This industry composes companies that offer services that support healthy behavior. Many US business owners are investing in corporate wellness programs, such as disease management services. Starting a business in the corporate wellness industry can expect for productivity improvements, good ROI and other benefits.

Corporate wellness is one of the booming industries that will cater businesses by providing low-cost healthcare programs. When planning to start a business in this industry, it’s important to create effective programs that will help end-users quit smoke and enhance stress management. Likewise, it’s also necessary to use software solutions to make the wellness programs accessible and convenient.

8. Sustainable Building Materials

This industry is seen to be rising and booming in the business sectors. It’s because this industry produces renewable products for different types of buildings including the “green” buildings. The sustainable building materials are more efficient as compared to the traditional products as they can help in reducing waste and pollution.

The growing consumer interest in energy-efficient and sustainable products will continue with the government incentive programs. Startups require knowledge about green building construction and architectural design in order to produce wide arrays of products suitable for different customers’ needs.

Though it’s hard to identify the best industry to start a new business, through the list discussed above, investors and budding entrepreneurs will have an easy time to make a decision. It’s also important to consider the present economy, at the same time be prepared for the possible changes that are bound to happen in the business world. Considering the economic climate of the place that you want to start a business is also essential. This way, you can determine the niche or industry in which you can easily find and attract customers.

Prior to starting up a business, it’s a must to study some related facts about the venture that you want to tackle. Keep in mind that investing in a new business requires a big amount of money. That’s why it’s important to ensure that your investment, including your time and energy, would not be wasted. Take time asking some help from business experts so that you can avoid the common pitfalls of a beginner in the business world. Whichever industry you may get into, the important thing is to be smart in making all of your decisions.

ClickWhale - WordPress Link Manager