Business Formation is Surging:
Entrepreneurs in the United States registered more than 460,000 new businesses in September 2021, according to the monthly Business Formation Statistics report of the Bureau of Labor Statistics.
According to the Economic Innovation Group, that’s the most in any third quarter of any year on record.
New entrepreneurs face a slew of challenges as the world recovers from the COVID-19 pandemic, and the global supply chain squeaks under the weight of unprecedented consumer and business demand. If you want to succeed as a business leader, you must be able to think outside the box and be prepared for the unexpected.
There has never been a good opportunity to start a business. The pandemic will have a positive impact on some industries. For others, it’s different. Your hurricane-force secular tailwinds may not save you if your choice is wrong.
For the years 2022 and beyond, let us take a closer look at seven candidates.
If working with numbers is more your thing, we’ve got you covered. Financial technology (fintech) is experiencing a boom at the moment as customers seek out new ways to manage their money and startups seize ground previously held by large financial institutions.
The field of financial education is one of the most promising ones in fintech. A financial fitness app like Goalswell, backed by Andrew Nikou and other investors who know finance like the back of their hand, makes learning about money management more enjoyable.
2. Small-Scale Renewable Energy:
In spite of the fact that large-scale solar energy development is not slowing down, the smaller-scale operations of entrepreneurs who want to get into the industry are even more promising.
It takes only a few months, not years, to become an accredited home solar installer. This is one of the few bright spots in the residential construction industry when it comes to labor supply. The demand for energy-efficient windows and insulation, as well as other sustainable building niches, continues to grow.
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3. Human Resources Technology:
A long time has passed since Dilbert depicted the state of human resources. Most basic HR functions can now be performed on an employee’s own using a self-service portal. Approval for a day off must be obtained manually, if not automatically, from the boss.
Despite the fact that Dilbert’s evil HR manager has taken over the reins of power, there is still a place for human resources managers. Technology has the potential to revolutionize the HR field, making it more efficient and allowing employees to work longer and more effectively.
We need someone who is willing and able to take on this challenge.
4. Home Healthcare:
During the COVID-19 pandemic, the need for in-home care services skyrocketed. The need for telehealth services and other forms of remote care also increased.
Even after things return to normal, there will likely be a high level of demand. Those who are housebound and concerned about the coronavirus can benefit greatly from in-home care, especially if it is convenient and safe. Quality in-home or remote care delivered from a less labor-intensive position can benefit entrepreneurs.
5. Home Remodeling:
During the pandemic, everyone and their cousin were on board the home improvement train. However, the remodeling boom may continue for some time to come, despite predictions that demand will normalize as workers return to the office and people priorities experiences over material goods.
6. Pet Care:
Another big winner from the pandemic is the pet care industry. As a result of the unprecedented level of pet pampering that occurred during COVID, many observers believe that our relationship with our four-legged and feathered friends has reached a new equilibrium. It goes without saying that this has significant ramifications for the pet care industry.
7. Food Service:
The foodservice industry does not have a reputation for being prone to upheaval. Over most of the course of history, it has not been. Automation has finally caught up with a notoriously labor-intensive field, and incumbents are scrambling to take advantage of this opportunity. As a result, entrepreneurs in the food industry who are able to deliver high-quality products at lower prices will stand to gain greatly.
Step Up and Become a Disruptor:
It’s all over now. Now it’s your turn to make a difference the way you’ve always wanted to.
Of course, not any old status quo will do. However, since stale incumbents still hold sway over many of these seven industries, they present better investment opportunities than the majority.
Why not take a chance on a new business idea if you know one well enough? A chance like this may not present itself again for a long time.