Entrepreneurship · 15 February 2021

Which business will grow in future?

Which business will grow in future?

With economists predicting that we’re heading into the worst recession since the Great Depression, it’s no surprise people are worried about their future. But if you’re reading this then you’re probably ready to take on the challenge of running a business into the future and making sure it’s profitable.

With all the economic upheaval the last year has brought, there have also been surprising advantages for anyone brave enough to venture into business in 2021. As large businesses struggle to adapt, smaller businesses have been able to become more flexible and fill in the gaps. As people have been forced to stay home, rethink their priorities, and change their consumer habits, they have also changed the way they interact with businesses and have opened new avenues for businesses to reach them. And as many businesses have closed down, the less saturated market has allowed for a lot of new business owners to find their feet with far less competition.

But the number one question on most business owners’ minds is: which business will grow in the future? After all, starting a great business now won’t be helpful to you if the business can’t grow and has to close in a year’s time.

So we’ve looked at the trends and are giving you the list of businesses most likely to grow in the future.

  1. Outsourcing and freelancing
Trends show that almost half of the workforce in the developed world are working independently or for their own small businesses. These businesses don’t have the capital or demand to take on full time personnel, but they still need the work done. If you have an internet connection and a skillset, market yourself – or better yet, start an outsourcing company that offers the skills needed by businesses on a short-term basis. 

  1. Internet services and products
If you have any technological know-how, then the internet is where you need to be. People turn to their smartphones or devices for almost everything, from shopping, to news, to health advice. Businesses are moving online and streamlining their business models using cloud services and online software. In fact, this industry is set to generate as much as $11 trillion (that’s trillion, with 12 zeros!) by the year 2025. App developers, software engineers, and web designers of any kind can all take advantage of this growing industry and future-secure business opportunity.

  1. Property and real estate
The population is growing, largely due to quickly developing medical care and technological advances, but that means people need a place to live. Property has always been lucrative if you have the capital and local knowledge to invest well. But the property market is also spreading, with rental options becoming more available and utilised and the industry growing rapidly. 

If you see yourself as a bit of a property mogul, then consider some of the most rapidly developing areas of real estate:

  • Office spaces for co-working and self-employed individuals
  • City accommodation for short term or long term lease, or short business trips
  • Holiday rentals away from cities
  • Holiday rentals for city breaks
“Wireless” escapes can be just as lucrative as tech ready offices, so find your niche and make sure you know how to market your space.

  1. Healthcare
More than ever before people are seeing their health as priority. This means the market is bigger for all health professions. Preventative medicines, medical technology and manufacturing, health and fitness providers and advisors, doctors, and mental health practitioners (including counsellors and therapists) are just some of the jobs that are likely to be in greater demand in the future. 

Roughly half of the fastest growing occupations are in the healthcare sector, and as the sector has so many routes in and such a broad reach, this is a great business for you to get into if you have the right training.

And if you find that you lack the training for this industry, remember that in-home care can often involve simple tasks like shopping and helping someone get around their house and eat healthy meals. You don’t need years of medical training to become a healthcare worker.

  1. Renewable Energy and Sustainability 
One of the most rapidly expanding business opportunities is in environmentally sustainable goods and services. With the UK government making pledges about their carbon emissions, this is a huge market you could take advantage of. And if you want to start smaller, consider the millions of households who are trying to go plastic free or find affordable sustainable food choices.

This sector isn’t going anywhere soon, so if you want security going into the future, renewable energy and sustainability are good options for your business.

Which business is best for the future?

While you’re thinking about which business will grow, think about what is best for the future as well. Instead of only looking at business trends, be sure to also look at social trends as well. 

Business – especially small business – can be locationally specific. You will know your area and your target market and are the person best positioned to be asking the important questions when deciding on the best business for the future.

So before you jump straight into providing PPE, ask yourself these questions:

  1. Is this market already oversaturated in my area? 
  2. Can I offer something unique or something customers value?
  3. What does my target market value most in life?
  4. Will my product or service keep up with technological advances? Does it need to?
  5. Will my product or service be able to keep up with environmental concerns? Does it need to?
  6. Am I catering to a needs market (such as food) or a wants market (such as entertainment) and what are the current trends? 
  7. How will I follow trends in the future and stay on top of them?
  8. How has my product or service done in the past?
Future-safe businesses are the ones that can be flexible, that can keep up, and that always put the client or consumer needs first. If you are determined to succeed, then keeping your finger on the pulse of the business world is all you need to do to make sure you stay competitive and successful. 

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