We’re almost into the last quarter for 2017, and the festive season is just around the corner. This means, it’s time to make the most out of 2017 and shortlist the best entrepreneurship ideas and business opportunities for 2018. Or at least, that’s what any successful entrepreneur would do.
The Massive Opportunity:
Christmas and the New Year bring with it a huge amount of hype. Holidays, the festive atmosphere and decent incomes results in a massive exchange of gifts in most developed countries.
Just to give you an idea, in 2013, the United States’ Retail Industry generated over 3.19 trillion Dollars, in sales, just during the Christmas and New Year holidays.
Elated with festive spirit, excitement and wanting to invest in their new resolutions, most markets continue to show such consumer behavior well into the first quarter of the new year.
For us entrepreneurs, that is great news, and a huge entrepreneurial opportunity.
Here is a list of 5 fastest growing niches, that make for great entrepreneurship ideas:
1.Yoga and Meditation:
Valued at nearly 1.1 Billion dollars in the U.S., the market for Yoga, Meditation and Mindfulness hobbyists has shown a continuous uptrend over the past few years.
According to a Telegraph UK article, a ComRes poll revealed that the following were the four most common New Year’s resolutions, in order of their popularity:
2.Premium ingredient pet foods:
The Pet care industry, including pet foods, medical care and pet grooming, is valued at around 61 Billion dollars in the U.S.
Nearly 65% of families in the U.S. own a pet and increasing humanization of per animals and led people into investing large amounts to provide their pets with the highest quality foods and healthcare.
Even those with low paying jobs, have shown priorities in grooming pet animals with the best quality services.
The figures speak for itself, and I don’t need to elaborate further on why this is such a great entrepreneurship idea.
What do I mean by premium ingredient pet-food? Non-GMO food, high-protein, low-carb food, food, added digestive enzymes- you get idea, right…
One of the best entrepreneurial books I read was the ‘$ 100 Startup’, by Chris Guillebeau.
Chris talks about how the meeting point between your passion and the market’s demand makes for a profitable entrepreneurial idea. With FREE shipping and no added taxes, I don’t see why you wouldn’t want to grab yourself a copy. It’s definitely worth a read, for every entrepreneur out there.
3.Fashion and Apparel:
Unlike other ideas in this list, this isn’t a specific niche, so to speak. There is a lot- and I mean a lot- of competition in this market.
However, if you can design products that stands out, you are bound to succeed in this 315 Billion dollar U.S. Market.
Let’s go back to business school basics- High competition usually always indicates a higher demand. What you’re going to need is a Unique Selling Proposition, to stand out in such a huge market.
If you can use the boost in demand during the festive season to get a maximum amount of exposure for your product, you’re good to go.
The mobile phone accessories market is expected to reach a whopping 107.3 Billion dollars by 2022. This growth is going to directly proportional to the growth in the increasing number of mobile device users, which isn’t showing many signs of slowing down soon.
Marketable products include designer phone covers, screen protectors, various cables, batteries and other accessories.
Both, the increasing the demand and the availability of low-cost, high-quality products to market makes this a brilliant entrepreneurship idea.
The global car accessories market was valued at 360.8 billion in 2016, and is expected to be valued at 519.01 Billion by 2022. Turns out an increasing number of people are wanting to add third party installations to their cars, to improve appearance, driving ambiance and performance.
Products such as driving lights, interior lights, e-sets and gauges seem to sell really well.
Once again, high demand and the availability of low cost, high quality products make this niche worth an entrepreneurial risk.
Have the entrepreneurial mindset:
Looking around for ideas is great, but as an entrepreneur, I think it really boils down to getting creative and thinking outside the box. Most importantly, pick a venture that you would be passionate working on.
Make sure to give ‘The $100 Start-up’ a read. Chris shares exactly how you can make a decent income off of a passion and techniques of minimizing start-up costs. Shipping is free; you just pay what’s on the price tag.
Here’s my most important takeaway from the book:
One of the techniques he talks about, is investing sweat equity, instead of money, when starting out. In that way, you will not be at a big loss, even if your venture flops; worst case scenario.
Suggested: How to grow your social media and build a huge audience- Tips by Gary Vaynerchuck
Suggested: 5 Best ways to utilize free time.
Here are a few more hand-picked books from our bookstore, that we’d like to recommend to you.
We started Best Business Books, with the goal of providing the best business and entrepreneurship books, to those who need them the most.
Best of 2017: