The ongoing pandemic forced us to step out of our comfort zone and do something new. Survival was crucial, and because of this, many people sought out different ways to provide and support their needs. Small businesses became a hot trend, and if you are thinking about being an entrepreneur, you have to know which industries are currently solid. Knowing those would affect your next steps, and we are here to help you get started.
We are now living in an era where almost everything can be achieved and conducted online. Because of our rapidly evolving technology, electric commerce or e-commerce easily gained popularity. In a nutshell, e-commerce is a business model that allows individuals and firms to buy and sell things online. It is further categorized into four major categories: consumer to business, business to business, consumer to consumer, and business to consumer.
E-commerce is primarily done over electronic devices such as smartphones, tablets, and computers that often show the online version of a catalog shopping. Almost all services are under this umbrella, including financial services, plane tickets, accommodation, music, and food. In most cases, many start-up businesses today operate as e-commerce.
The retail industry is one of the highest-earning and stable industries in the United States. It is responsible for providing nearly 2/3rd of the country’s gross domestic product. Today, there are nearly 1 million retail establishments scattered all over the US. Retail, in a nutshell, is defined as the selling of services and consumer goods to end buyers. It can be subdivided into four types:
- Durable Goods – these can last for a long time and don’t require to be consumed urgently. These can be jewelry, appliances, toys, and books
- Consumer Goods – refers to any tangible product sold to buyers. This can be either non-durable or durable goods
- Non-durable Goods – items that need to be consumed right away or at least within three years like medicine, beer, clothing, and food
- Consumer Services – is the production and selling of goods. It includes selling, marketing, and manufacturing
Food will always stay in demand no matter the health and economic situation of the world is. This industry can make any business successful. Many small businesses today sell pre-packed meals online or offer catering services. Some venture into baking, while others offer fresh fruits, vegetables, poultry, and meat.
Some entrepreneurs take advantage of brands that are already established. You can consider looking into established businesses in your neighborhood and check for a menu that is always in demand. There could be a burger franchise for sale or a smoothie business that wants to branch out and look for investors.
Auto Repair Industry
Like the food industry, auto repair is also one of the most solid industries in the US because almost everyone owns and drives a car. Both private and public vehicles need constant care to make sure that they are delivering optimum performance. Car owners also need a place to go to if there is a need for repair service.
Aside from the equipment that you will need to invest in, you would also need reliable and skilled mechanics. The mechanics are responsible for extending the life and quality of the vehicle and preventing potential problems from happening. They would also perform routine checks and maintenance services.
When it comes to the capital, you can expect your initial investment to be around USD 50,000, including the insurance, rental fees, and equipment. For example, insurance can cost you roughly USD 4,000 per year, while the rental fee is around USD 1,500 to USD 15,000, depending on your preferred size. A good toolset, on the other hand, that includes specialty tools will cost you roughly USD 15,000.
Beauty Salon Industry
Beauty salons in the United States make up 95% of the whole beauty industry. The remaining 5% is represented by barbershops. Currently, there is a total of 8,000 hair salons in the country. 4,500 are barbershops, and 77,000 are beauty salons. Some of the major companies that dominate the game are Premier Salons, Regis, Ratner Companies, and Sports Clips.
To run a salon, you would need a physical location, and the price varies depending on your desired location. Still, the average amount that you need to set aside for rental or lease is somewhere between USD 40,000. If you are comfortable in buying out an existing salon, you’re looking at around USD 250,000. If you want to build the business from scratch, you would need a capital of at least USD 100,000.
These are some of the top industries that are still standing strong today despite the global health crisis. If you want to launch a start-up business, you can consider the above-mentioned industries to make sure that your services or products would easily sell.