Starting a Business? Here Are the Most and Least Profitable Industries
By TRISOFT team
If you intend to start a business and want to see it thrive, instead of failing within a couple of years (as one third of startups unfortunately do nowadays), you have to do some extensive research, plan ahead and keep working toward your objective.
The first thing that must work in your favor is the domain in which you want to activate. Although it’s nice and fulfilling to find a small niche in which you fit in and do what you love, if you want to earn more than the average companies, you should probably find a lucrative field.
Here are some of the most and least sought-after departments, as well as a few suggestions in case you become involved in them.
So what are at the time the most profitable businesses?
Accounting and bookkeeping
Given the speed at which financial legislation changes and the incomprehensibility of the domain for the average person, many businesses and ordinary people choose to hire a specialist for doing the calculations and filing of the right documents at the adequate fiscal organisms. If you are good with numbers, like to keep in touch with the latest economic and legal developments, and have a passion for mathematics, this is the job for you.
It can even be turned into a larger business — just make sure you hire equally passionate and skilled people, offer them special and regular training, the latest technology to aid in their work, as well as your help any time they need it.
Management of companies and enterprises
Although companies are diverse and operate in a multitude of fields and departments, they are all run based on the same financial, management and operational principles. Directors and employees prefer to take care of clients, important deadlines and products, and would rather leave the responsibility for routine, administrative, detailed operations to a third party, employed specifically for this purpose. You could build a great reputation by hiring people from various trade backgrounds, so that you will have someone suitable for every company that walks through your door and requests your services.
This is an industry that fluctuates a lot, but when it is going through a positive period, it can yield massive income. Real estate agents and brokers gain important amounts of money from buying and selling real estate, and landlords make money by renting it to tenants at high market prices. The tendency nowadays is to rent instead of buy, therefore the field is in continuous expansion and will not collapse any time soon. It’s time to get into this business, if, of course, you have the necessary resources, given that in real estate, startup costs are rather high.
Time is money, and no one can afford to waste it by having an employee go out of the office and deliver something to a client, a partner or a government organization. Whether they have to file tax reports, share documents with a collaborator or send a product to a customer, businesses will use courier services to get the job done. Make sure you have professional drivers, reliable transportation means and offer high security standards — no one can afford to have their important packages lost, misplaced, damaged or delivered to the wrong address.
People are working longer and longer hours, have to deal with a lot of stress at work and in the community, and if they also want to start a family or take up a hobby, then the time and willingness to clean and tidy up around the house will be dramatically reduced. Not to mention the case of companies and office buildings, which need specialized personnel to maintain the workspaces sanitized and orderly.
Hire meticulous, hardworking, dedicated people who enjoy this kind of chores and want to earn a good salary from performing them.
And what seem to be currently the least profitable businesses?
Oil and gas
In latest years, this domain had registered huge drops in sales and on the stock market. Gas prices are almost at an all-time low and political tensions are not helping the situation improve, on the contrary. If you are considering opening a new business, maybe you should elsewhere than the oil industry for the moment.
With the rise of supermarkets, malls and online grocers that will bring the items on your shopping list straight to your door, without you having to step foot inside a real store, we see that small, family grocers and shops are declining and, if nothing is done in this respect, they will eventually become extinct.
Although it includes both alcoholic and non-alcoholic drinks, this industry has been registering a decade of decline, with people becoming more health-conscious and choosing water instead of soft drinks, less alcohol instead of whole nights of booze-infused partying, and even producing their own syrups or home-made beer for a healthier option.
It is quite clear now that there are fields in demand and fields on their way toward annihilation. Sadly, startups usually fail when they are not meeting a market necessity. So take the pros and cons into consideration and decide what industry you would like to be a part of. Evaluate the resources you will need and work relentlessly toward achieving your goal. If your efforts are sustained, chances are high it will become profitable in no time; and if not, you can always take this experience and build on it in the future.
At TRISOFT we dare to dream and not let percentages and statistics put us off. Our experience has taught us that it’s better to learn from the mistakes you make than never try at all. So go ahead, do your reading, conduct your research and dare to dream of making a big splash on the market with your startup company!