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 

 
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