Starting your own business can be exciting and terrifying. Without a doubt, it’s an adventure. It’s also laborious and not for the faint at heart. While specific skills are necessary to succeed as an entrepreneur, perhaps none are as important as the ability to choose the right market.
Before you can have a successful business, you must determine if there is a market ready for your products or services. While no one can predict the future, it is a least somewhat possible to look forward to what markets will be growing soon. And when you listen to market trends, you can easily find the best market to spread your entrepreneurial wings.
How We Choose Our Ratings
Below, we’ll discuss which markets will be best for entrepreneurs in 2019. But, before we get into the nitty-gritty, we want to tell you a little more about our ratings. Each market on the list has a rating out of five stars. Markets with the highest scores are at the top of the list, but any of these are an excellent choice for budding entrepreneurs.
Keep in mind, being an entrepreneur is a difficult task, and no one can make decisions for you. While these markets are quite promising, there’s no guarantee of success for anyone attempting at running a business. That being said, these markets have a lot of potential for the right entrepreneurs.
Our ratings come from a variety of criteria. But most importantly, these markets are ones that are showing promise for future growth. We’ve also tried to include a variety of markets to accommodate a vast array of readers.
At the end of our list, you’ll find a guide to picking the right market for you. Just keep in mind that no one article can thoroughly cover all of the topics you’ll need to be well-versed in to succeed as an entrepreneur.
Top 10 Markets for Entrepreneurs in 2019
It probably comes as no surprise that online sales of physical goods are booming. In fact, this industry generates hundreds of billions of dollars every year. Barriers to entry in this industry are incredibly low, and market saturation can happen quickly. However, because consumers are always looking for good products online, there is a lot of room to grow here.
Overall income is currently on the path to grow in the next several years. In general, as revenues grow so do sales. This trend remains constant for online retailers and brick-and-mortar stores alike.
For entrepreneurs with low start-up capital, e-commerce can be a great solution. It is easy to start small and let sales drive your individual growth. We give this market five stars for flexibility, ease of entry, and the ability to customize your products.
Personal Care Services
The market for personal care services is one of the most varied industries today. This catch-all industry includes personal massage, tattoo artists, hair care service, nail service, weight loss services, and even tanning services. Small businesses are frequent in this market, and the Bureau of Labor Statistics marks this as one of the fastest growing industries.
Entrepreneurs interested in this market have an easier time raising capital in the form of small business loans than some other industries. Also, the growth in this market is expected to continue for years to come.
We love the versatility of this market. Plus, the focus on small business makes it an easy way to break into the world of entrepreneurship. All in all, this is a five-star market just waiting for the right individuals.
The world of IT is widespread and becoming increasingly intertwined with nearly every aspect of daily life. According to the Bureau of Labor Statistics, professionals in this industry can expect faster than average growth. This growth will inevitably include the start of many new businesses.
If you have skills in this market, starting a business in IT can be quite profitable. However, it's worth noting that as interest in computers and technology grows, competition in this market will drastically increase. By honing your skills in a specific niche, you can carve a place for yourself in this quickly growing market.
One of the best features of the IT industry is that it has very low barriers to entry. While many business markets require college degrees and highly specialized training, many of the best programmers don’t come from university programs. This industry is well worth five stars.
Women’s health concerns have long been ignored and pushed to the back burner of the health industry. However, as women are crafting a stronger presence in business and health professions, female health products are rising in popularity. Additionally, the aging women of the baby boomer generation have led to positive growth in this market.
Starting a business in this industry may not be an affordable choice, but for those with a knack for creative solutions, it can be an excellent choice. Many female health products have not had design overhauls in years and are well due for some attention. Plus, innovations in medical products for women are at the forefront of feminist concerns.
While this may seem like a risky market to invest in, it will likely prove to be insanely profitable. Keep in mind that at any given time approximately half of the population is female. Well-designed goods and services in this industry will not go unused. We give this industry 4.8 stars.
As the capabilities of artificial intelligence grow, the use of AI services increases. Before long this emerging market will face incredible growth. If you have the means to start a business in this industry, doing so now is an excellent idea. The demand for high-functioning artificial intelligence is growing, but this market is challenging to enter.
Because the potential growth of this market is quite high, we give it 4.8 stars. However, it's worth noting that the barriers to entry in this industry are difficult to overcome.
Regardless of which social media app is your favorite, you’re likely familiar with the concept of social media influencers. What you may be less familiar with is the market for influencer agents. If you have a knack for social media and a desire to help creators grow; starting a business within this market may be right for you.
Influencer agents are incredibly similar to other types of celebrity agents. Influencer agents help individuals grow their online presence and increase the number of brand deals they do on a regular basis. Starting a business in this industry is a good plan if you know how to network well and can navigate the world of sponsorships and brand deals.
While this market has a significant potential for growth, it is also highly competitive. To succeed in this industry, you will need good negotiation skills. All in all, we give this market 4.7 stars for versatility and growth potential.
As the Standard American Diet continues to cause concerns across the nation, the market for futuristic health foods continually grows. From vegan cheese substitutes to lab-grown meat, futuristic foods promise to be better for your health and a boon to the environment.
Getting started in this market will likely take a great deal of expertise and capital. Still, if you have the money to invest on the front end, profits can be quite high on the back end. Overall though, this industry is challenging to get into and a bit unpredictable when compared to others on this list. We give it 4.7 stars.
This market may be unfamiliar to some but, eSports focus on professional, competitive gaming. And while it may be surprising to some, in recent years, market revenues have boomed. In fact, in 2019 this market is expected to be worth 1.2 billion U.S. Dollars.
Market revenue in this industry is expected to rise year after year for the foreseeable future and is an excellent space for budding entrepreneurs. Regardless of your gaming skills, there are a plethora of professional opportunities in the market. From team managers to PR specialists, starting a business in eSports is easier than ever before.
As the demand for professional eSports players grows, the need for eSports businesses will also increase. This market is an excellent opportunity for those with thoroughly honed marketing and management skills. As far as rankings go, we give this market 4.6 stars.
The cosmetics industry in America has been growing for many years and continued to increase revenues year over year. With the demand for high-quality cosmetics on the rise, now is an excellent time to start a business in this market.
In recent years, barriers to entry into the beauty market have lowered, and the rise of small brands has grown. It’s easier than ever to get into this industry, but you’ll come up against intense competition. Still, if you can produce a high-quality product that’s good for users and the environment, you stand a good chance of succeeding.
Also, as companies have closer access to direct marketing opportunities (i.e., social media influencers), it’s becoming to easier to grow start-ups in this industry. All said, while the beauty market is steadily increasing, it’s not a good fit for everyone. We give this market 4.6 stars.
As marijuana legalization spreads across the U.S. at a relatively rapid pace, the need for cannabis-centric businesses grows. If you are particularly skilled at growing and breeding plants, starting a marijuana farm may be a good choice for you. However, even if you don’t have a green thumb, this industry is still an excellent choice.
Aside from cannabis farmers, various businesses for processing, distributing, and selling marijuana are in demand. If you are a savvy business leader, you may be able to make a healthy profit with a marijuana business.
Unfortunately, because marijuana is illegal at the federal level, it’s hard to say where the future of cannabis lies. These businesses are very profitable right now, and as more states legalize they seem to be a safe bet. However, this industry remains vulnerable to future legislative changes. We rate this market with 4.6 stars.
Guide to Choosing a Good Market
As you can see from our choices above, many markets of tomorrow will be driven by technology even more than they are today. For those looking to succeed in the entrepreneurial world, savvy tech skills are a necessity. Still, despite the near-constant stream of tech advancements, some personal markets deserve attention.
For entrepreneurs, choosing a good market is more than just selecting an interest. To build a profitable business, business owners need to think not just about what they like, but what the world wants. To get started choosing a good market for you, consider the following questions:
Additionally, entrepreneurs looking for the perfect market will need to consider their financial means. Some markets are more difficult to enter than others. And many markets that are on the rise demand a significant financial start-up cost. Carefully consider how you will fund your business.
As a final note, while you don’t have to start a business in an industry you are familiar with, it definitely helps. In many cases, it’s easier to get your product off the ground if you already know the ins and outs of the market. However, if you don’t have previous experience in the industry of your choice, don’t be dismayed—many markets are brand new.
Finding the best market for you will take time and careful consideration. But, you can narrow your search for the perfect industry by sticking to the ones that are growing well. Also, don’t be afraid to network and ask questions of your mentors. Regardless of which industry you choose, it’s always useful to get an outsider’s opinion.