The Best Industries for Startups in 2018

People always want to bring out failure rates when it comes to new startups. However, failure rates are not consistent across industries. Some industries are so crowded that a newcomer has poor odds of success, while others are so heavily dominated by brand names that it is almost impossible to make a name for yourself. Here are some of the best industries for startups in 2018.

Home and Building Maintenance Businesses

Home and business cleaning businesses have a number of points in their favor. You can start small, cleaning a few peoples’ homes on the weekends. It takes little money (or none) to start it. You can scale at your own pace. You can find a niche, whether it is green cleaning services or cleaning particular messes others don’t want to deal with. You could even offer a bank cleaning service!

Another sub-category in this industry is landscaping and gardening. One man and a mower are enough to start generating income, and you can scale the business quickly by adding people and equipment. In both cases, the businesses can serve a hyper-local area and generate business coming through word of mouth referrals. You can also list your business in various business directories. And there’s plenty of work to go around, since this industry is seeing a 13% growth annually.

Pet Care Businesses

Pet care is another growing industry that you can enter for relatively little to no money, serving the area or niche of your choosing, and scaling up as your schedule or team size allows. You can take on tasks as simple as walking clients’ pets every day to grooming and training. You may be able to have clients bring the pets to you. Word of mouth marketing can generate new referrals, or you can put your business on apps for those who are looking for these services.

Supermarket Startups

Everyone needs to eat. Supermarkets are an excellent startup opportunity if you find a niche that is under-served. One area with particularly good success is international groceries, serving people who cannot find their preferred foods at the local supermarket. Demographic changes are driving demand for these products. And unlike new food products aimed for a particular market, you aren’t struggling to meet food processing regulations and competing for shelf space – you own the shelves.

Beauty Tech

The combination of beauty and technology creates an amazing opportunity for those who can exploit it. Some startups are even using AI to their advantage. You may be able to create algorithms that recommend individualized beauty regimens to clients or develop new cosmetics that are camera-ready in a matter of minutes. This industry has always been open to newcomers and specialized niches and startups often have an edge over established name brands.

If you’re offering a service, such as working as a makeup artist or beauty consultant, you only need to make a name for yourself. If you’re going to sell products, you need funding. You may want to consider unsecured small business loans from Become in order to get the money to pay for production runs of your new beauty product. While the capital expenditures to get started may seem daunting, note that the U.S. beauty products market is expected to be worth almost 28 billion dollars by 2022.

There are a number of industries where startups can be started with relatively little upfront cost while being open to new players. Choosing to serve these markets gives your small business the best chance of succeeding.

Thanks to Zoe Price