6 Best Industries for Starting a Business in 2021

 



 

The business world is changing constantly for the past few decades. When thinking of starting a business, you should consider investing in an industry that will give you a significant share of profit. The process of finding an industry that is most suitable for your interest, passion, and skills can sometimes be intimidating. To ease this process for you, we have provided a list of the 6 best industries to start a business in 2021.

The Healthcare Industry

According to IBIS World, the industry providing medical assistance and treatment services at general and specialized hospitals is expected to rise at a compound annual rate of 0.4% to reach £95.2 billion in the next five years through 2020-2021. With lesser market competition, the room for private hospitals has increased owing to the failure of the public healthcare budget to meet the increasing market demand.

The Automotive Maintenance and Repair Industry

According to IBIS World, the motor vehicle maintenance and repair industry has shown an annual industry growth rate of 3.4% in 2015-2020.  The next five years are crucial for the growth of the industry. With low market competition and increased derived demand, the automotive maintenance and repair industry is a great option to start a small business in 2021!

The Tech Industry

From nascent integrated software to growing immersive technology, this industry has a wide variety of investment platforms that could generate potential revenue for you. According to IBIS World: “Over the five years through 2019-20, the CRM System Providers industry’s revenue is expected to rise at a compound annual rate of 56.5%”. The contribution of MS dynamics CRM 365 in UK is vital in this regard. Moreover, virtual shopping, digitalized schools, and integrated business software open a wider room for starting new businesses!

The Restaurant and Food Industry

The Covid-19 pandemic had put this industry in a lot of trouble. However, the opportunities of investments to change the traditional dynamics to provide safer eat in, eat out and delivery options have increased subsequently. By finding the unique ways to solve the modern problems of restaurants, you can get a fair share of market revenue!

According to one Statistics

“It is projected that the revenue of food and beverage service activities in the United Kingdom will amount to approximately 109,8 billion U.S. Dollars by 2024.” Investing in a restaurant business might look risky at times. However, with greater risk comes greater return.

The Construction Industry

The industry made 13% of businesses in the UK in 2019. With the increasing population and demand for innovative construction projects, the construction industry is a good option of investment in 2021.

The Energy Industry

With the greater awareness to protect our environment, the government is expected to provide incentives on the environmental-friendly services. Sustainable products and services are expected to grow in the future with lesser market competition. It is a perfect opportunity for investment for new businesses!

Must Read: What are the Advantages of Business Process Automation?

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