Wouldn’t it be nice to turn on your computer in the morning and look at the business headlines and see that your industry is one of the hottest markets for small businesses? Well, perhaps it is. There are about a half dozen industries right now that are the place to be. If you take a top-down approach to business, you would look at an industry that is on the rise, and try to find a niche within that industry. Let’s take a look at the industries that are working right now, and see if you may be in one of them.
Micromobility: If you live in a city, you may have already seen these types of transportation. Cars can be a liability in a city, where there is little parking, traffic, insurance, etc. Entrepreneurs are stepping in with motorized versions of some traditional transportation, like bikes, scooters and skateboards. A couple of factors are setting this industry up for an explosion. Ford Motor Company purchased Spin, a scooter maker in 2018 for $40 million. Ford sees the future. Additionally, CB Insights projects that the market for these modes of transportation will be $200 – $300 billion by 2030. That is huge. Look for consolidation among the players. Existing startups are positioned to lead the industry as it grows, with both Bird and Lime now in more than 100 U.S. cities.
Food Trucks: From a niche business to a ubiquitous industry, you have seen a plethora of food and beverage trucks in cities and towns across the nation. These businesses are easier, cheaper, and less risky to set up than a brick-and-mortar store, making them ideal for entrepreneurs with less capital. Anecdotally, I have heard that such trucks are becoming more scrutinized by health departments, as consumer complaints of cleanliness and sanitation are on the rise. I imagine that once stringent guidelines are in place, this $200 million industry will fall in line with its less mobile restaurant peers. According to the National Food Truck Association, the top three friendliest cities for food trucks are Portland, Denver, and Orlando.
Personal Health Training: The aging of America has brought many new needs to society, however one that is not new or that doesn’t particularly cater to seniors is that of a personal trainer. With almost no barriers to entry, certifications or degrees, this business has blossomed, but as stated, it can be viewed somewhat like a commodity now. When you lump in traditional gyms, boutique fitness clubs, and personal trainers, fitness is a $22.4 billion industry. Almost makes me want to go to the gym. The chances of becoming rich on your own in this business are not great, but you can carve out your particular niche. According to the Bureau of Labor Statistics, personal trainers make $39,820 a year. While the industry is large and growing, you will need a particular skill to separate you from the masses.
Targeted Nutrition: I would never have thought 20 years ago that I would be drinking almond milk instead of the requisite USDA cow’s milk. Times have changed, and personalized nutrition is here to stay. This isn’t a fad diet niche, but one that is a lot more biologically based. Genetic testing has made health data more comprehensive than ever. Nutrition is known to prevent dozens of diseases, from heart disease to diabetes. While exercise is certainly a factor, combining known genetic deficiencies with targeted nutrition should help one know what is good or bad for them in terms of food intake. Until more genetic research is done, which may completely eliminate certain diseases, this targeted type of nutrition will be used by millions of people to help lead healthier lives.