(And how to go about discovering your entrepreneurial superpower)
When you first dream of starting your own business, your journey to entrepreneurship begins. Most people just end up sitting on those big ideas, though, and never take the next step. Yet here you are, with your own dream of business success, ready to become a doer. And you’re hungry for the challenge.
But before you make any other decisions, including choosing an industry, it’s important to recognize what’s driving you to separate from the pack of so many others who fail to even begin. Your motives now will ultimately shape your path forward. Ask yourself, right now, this one question:
Why am I starting my business?
We align our business culture with the philosophy shared by Simon Sinek, who champions the infinite mindset and start with your why. We believe, like Sinek, that “people don’t buy what you do, they buy why you do it”. This type of message is very powerful and resonates deep with those who have a higher purpose and a just cause that goes beyond making money.
To be successful in your new endeavor, you’ll need to discover your why. This can sometimes take months to achieve, but once you have that “ah ha” moment. You’ll immediately see the path to success and can begin to slowly and intelligently build your business.
Meet Brenda. She spent much of the pandemic sheltered in place, bored out of her mind. To relieve her boredom, she took to the kitchen and resurrected her grandmother’s recipes for pastries. With all that free time, Brenda began finding herself experimenting and playing around with them non-stop. She began decorating cupcakes and baking for friends and family. Before she knew it, people had heard about or tasted her baked goods and began to ask if she was willing to take orders. Faced with going back to her office job, Brenda is now seriously considering the next steps forward to launching her own pastry business. Maybe she’ll call it, Baking with Brenda or The Cupcake & Pastry Palace.
If you’re at a similar crossroad, trying to decide whether or not your business idea can stand on its own two feet, keep reading. You and Brenda are not alone. There are some incredibly hot industries worth exploring right now. Here are a few that prove to be great places to start for entrepreneurs like you, who are ready to take the leap.
Health & Wellness
Pandemic….hmm, why not health and wellness? Regardless of how concerned you might be personally about health risks, it’s certainly forced the health and wellness industry to the center stage. For anyone looking to explore new endeavors in the area of nutrition, fitness, sports, personal training, or supplements, now is the perfect time to launch. And people are hungry for everything from improved energy, stronger immune systems and slimmer waistlines.
Professional healthcare services are also in high need right now, including nurses, home health and doctor specialists. Dental professionals, experts in eye care, chiropractic and physical therapy continue to all be in high demand as well. If you are a certified professional, now would be a great time to plant your flag in the entrepreneurial sand. Also, don’t forget that, with the increased use of telehealth, having a brick-and-mortar office isn’t as much of a dealbreaker these days.
Food & Delivery Services
Brenda would fall into the food category, of course, but so would anyone willing to explore a restaurant business, a food truck service or a food-related delivery service. The pandemic taught us that even during shutdowns, people still crave food from somewhere other than their kitchens. And the restaurant industry innovated to bring contactless free pickup and delivery services. If you have a tasty idea or revolutionary way to bring delicious things to consumers’ doorsteps, you will likely have the potential to be incredibly successful. Make sure to include the cultural experience as much as possible even if it’s pure delivery.
Anything Digital, No Really, Anything
Every. Single. Business. Is. Digital.
Read that again.
If your big idea for a new business venture is centered around anything digital or tech-based, there’s a market out there for you. Technology continues to advance, but there is always a need for experts to coach others on how best to harness it. Digital marketing, advertising, SEO experts, blog writers, and web designers can all find plenty of clients out there who need help. And if you have a particular set of skills (insert Liam Neeson’s voice here) with software, CRMs, or cybersecurity products, your knowledge will command a high price right now.
Education & Learning
Millions of American families and those around the world struggled with at-home, remote learning last year. In fact, some schools are still eLearning this fall. If you have a passion for teaching or a niche subject of expertise with credentials, you can find a business path to success. Tutoring, coaching, reading, and translation services are all hot industries. And an entrepreneurial journey in these fields can generally begin remotely, meaning low overhead and huge potential for growth into something dynamic. Remember, being good at something is one thing, but the ability to teach it to someone is an entirely different ballgame.
One of the industries that barely saw any adverse effects from the pandemic is the real estate space. People and families all cramped in their houses during lockdowns realized quickly they needed bigger spaces. Throw in some stupid-low interest rates and a few rounds of stimulus checks, and bam – the housing market was intense. If you have been contemplating getting your Realtor’s license, do it. If you have a niche service specific to the real estate industry, get in now while it’s soaring. Just always be careful and keep an eye out for potential bubbles or market changes.
Construction & Maintenance Services
Meet Ryan. Like Brenda, Ryan found himself with a lot of spare time on his hands over the last year. He took to his workshop and always completed his “honey-to do” list chores. Throughout his time spent in the workshop, he remembered how much he loved to build and create things. Now he has a new deck, a remodeled bathroom and an island in his kitchen. But that’s not all. He had friends frequently visit him and they were so impressed by his ability to craft amazing designs that they began to refer him out to people that needed work done for summer projects. Now, he’s wondering if he can make a go of it in the construction industry and land enough business to build a crew, expand his scope of work and take on more lucrative and larger building ventures.
Yes, Ryan. Yes, you can. And the construction industry is also seeing a surge in productivity, demand and resources. There is some speculation about the cost of lumber right now, but leave the politics out of it. You’ll bid based on what you can buy. And right now, people will pay what you ask. This industry isn’t limited to general contractors or homebuilders, either. Anyone exploring fields of electrical work, plumbing, roofing, inspecting, concrete, landscaping or foundation work, can see huge returns as entrepreneurs right now.
Finance, Banking & Crypto
Do you know what people always need help with? Money.
If your new business venture offers a solution to any kind of money problem, you’re in the right spot. Basic finance management always welcomes innovators for investment industries and financing platforms. And if your knowledge and expertise extends into the realm of crypto, then damnit, you’re really in good shape. The exchanges, crypto, NFTs and Bitcoin are all hot topics right now, meaning anyone exploring a business model in this segment is likely to experience success. However, tread carefully, because there is a lot of volatility in some of these new markets and you have to be mentally prepared for any disasters or big price fluctuations.
Anything Innovative Can Become A Business
Look. We can put together a monster roster of successful industries out there right now making nice profits, hand over fist. But ultimately, your business success is rooted in your ability to innovate, inspire and/or change the environment you’re in and those around you for the better. ANY product or service that improves and innovates will have a demand, even if it seems far-fetched. How you go about taking these first few critical steps into developing your idea into a business, will determine your success or failure. The hard truth is, most small businesses fail within the first few years. The Small Business Administration (SBA) defines a “small” business as one with 500 employees or less. In 2019, the failure rate of startups was around 90%. Research concludes 21.5% of startups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year. But those failures are generally a result of not knowing your why, which leads to:
- Poor Execution of Marketing Strategy
- Poor Branding & Lack of Online Presence
- Lack of Innovation and Creativity
- Poor Leadership
Take your time, figure out your why and you 10x your chances of becoming successful.
What You Need to Consider Before Selecting Your Business
Brenda and Ryan both have a clear path to entrepreneurial success ahead of them, based on their respective industries. But the next step requires a little more in-depth critical thinking. Before taking the plunge, there are a few questions they should ask themselves, and you should, too. Like we mentioned before, know your why and you’ll never lose your way.
- Is this business a passion, or am I just chasing the dollar?
- Can I see myself doing this five years from now?
- What are my expectations for success?
- Do I know what I need to know to take the next step, or will I need help?
- What risks are there for me, my family, or my savings?
- Do I have the resources to build the most realistic business plan?
- Can I do it better or differently than those before me?
- Am I prepared to make very large sacrifices such as time with friends, family, hobbies and interests?
- That the path of entrepreneur can be a very lonely one in the beginning. Can I handle this?
Managing the Manageable and Controlling the Controllable
There isn’t a crystal ball to predict whether or not your chosen industry is the right one. But following along the patterns of success others are already achieving can be a good indicator. A lot of your experience will be determined by circumstances in business beyond your control. Don’t sweat those details. Right now, make sure you can manage the manageable aspects of your business and control the controllable. Keeping your finger on the pulse of what you do know will position you in a way that allows you to better handle those aspects of the business journey you can’t predict. With intelligent persistence and the ability to adapt and pivot at a moment’s notice, will help you to stay ahead of the competition.
Congratulations! And know that you won’t have to embark on this journey alone. We’ll continue to follow Brenda and Ryan through this initial startup phase. Along the way, we’ll share the no-bullshit details about every decision that lies ahead to guide your endeavors.
If you’re ready to make this first big decision, or need help charting your business path, contact us and schedule a FREE consultation!