If you have an idea for a small business, it's a good idea to do some research before launching, and it's especially helpful to know which industries are most in demand.
According to the latest data from the U.S. Bureau of Labor Statistics, starting a technology business is a great bet. Here's why, and some specific examples of tech businesses worth considering.
Technology businesses are among the fastest growing businesses.
Outside of healthcare, “computers and mathematics” is the fastest growing occupational group, meaning that for most people, technology is the best bet. Or you could spend 10+ years becoming a doctor and opening your own practice. The choice is yours.
Technology jobs are expected to grow by 15.2% between 2022 and 2032. But where do you start in the vast technology industry? Here are some industry segments that have the potential to create a great business.
1. Artificial Intelligence
There's a lot of buzz around AI right now, but there are plenty of legitimate businesses you can start using this technology. Earlier this year, 22% of software job postings were AI-related. Many companies need guidance on implementing AI into their business, so if you have experience with artificial intelligence, it might be worth considering starting an AI consulting business.
2. Electronic Commerce
E-commerce is still growing and is expected to account for 41% of global retail sales by 2027. There are plenty of niches you can get into, like starting an e-learning course, monetizing a blog, selling niche apparel, or even starting a dropshipping business.
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3. Software Development
I know a few people who are starting their own software development businesses or doing freelance work, and both are very busy. And AI is helping some developers be more efficient. I recently spoke with a guy who runs his own software development business out of a coffee shop, and he and his team are using AI to speed up their work.
How to get started
Before you start a business, you need to make a plan that will give you the best chance of success. Here are some general suggestions for starting a business:
- Create a business plan
- Research the market
- First, decide if this is a side job.
This isn't a complete list, but doing your market research will let you know if there's a need for your product or service, and creating a solid business plan will help you determine what steps you need to take to launch your business. So take the time to think through the details, like how you'll manage your funds in a business checking account and how much income you need to make to move from a side hustle to a full-time business.
And many small business owners overlook the finer details of managing taxes and accounting. While it's not as exciting as thinking up a business idea, choosing the right accounting software up front can make it easier to manage your finances at every stage of your business.
Starting a small business in tech or any other industry is never a rush, but the good news is that people who start their own businesses are generally very satisfied with it: A recent American Express survey found that 95% of small business owners are “overwhelmingly satisfied” with their work.
Compare this to just over half of workers who are very satisfied with their jobs, and it becomes clear why so many people are willing to take on the extra work of starting and running their own business.
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