We’re already one year into the next decade. And 2020 – what a year! Not only did COVID-19 change the way we work, but it changed the way we do business. Ecommerce sales experienced a 44% gain from 2019 through 2020. Curbside pick-up and delivery services soared. Having a grocery service became mainstream rather than something for the affluent. And the personal chef industry boomed.
According to the Bureau of Labor Statistics (BLS), we will see an increase in 6 million jobs by 2029. With aging baby boomers, healthcare support is projected to have the biggest boom over the next decade. But there are still plenty of fast-growing industries to explore for budding entrepreneurs.
The 10 fastest growing industries over the next decade are, from slowest to fastest:
- Management industry +4.7%
The management industry covers just about anything with “management” in the title. This includes top executives, financial managers, property managers, sales managers, etc. My top pick for entrepreneurs in this industry is financial managers.
Financial managers work with companies to develop long-term financial goals and perform analysis to ensure the company reaches those goals.
- Building and grounds maintenance industry +4.9%
Not a fancy job – unless you’re the owner of your own landscaping maintenance company. Jobs within this industry include pest control, janitorial services, and general building and landscape maintenance. Starting and running any one of these service-oriented businesses is viable for the new entrepreneur with a little business savvy and a desire to succeed.
- Legal industry +5.1%
The legal industry isn’t limited to lawyers. Other jobs within this industry include law clerks, judges, paralegals, title examiners, and other support services. Think outside the box if picking from this industry. For example, start a process service company.
Process servers deliver court-related documents to responsible parties. Some legal documents are required by law to be hand-delivered. BLS projects an 11% increase in this field over the next 10 years (based on jobs most closely related to process servers).
- Business and financial operations industry +5.3%
This industry supports other industries, for example, business managers for athletes and performing artists, insurance appraisers, event planners, etc. My top pick in this industry is wedding planning with a twist: minimony, aka micro-weddings. COVID forced a lot of couples to put off nuptials while others reigned in their ceremonies and celebrated micro style. Now is a great time to carve out the minimony niche.
- Food preparation industry +7.3%
What? I thought restaurants were closed! Not so fast. People still want to enjoy a mean cooked in someone else’s kitchen – or at least by someone else. The more affluent are bringing the restaurant to their homes including bartenders, chefs, and waiters. While others, are hiring personal chefs to provide individualized meal services.
My pick, the independent chef. Independent chefs work without the constraints of the personal or private chef title. They work in meal preparation or for families. They cook for parties or for one.
- Personal care and service industry +7.7%
I never imagined in March 2020 that I would have to wait almost a year to get a haircut! Personal care took a backseat when the pandemic was in full swing, but now it’s experiencing a surge. Businesses within this industry include barber and hair salons, fitness and yoga studios (think indoor and outdoor facilities), trainers, and recreational workers. Any of these service industries can make a great living for the motivated entrepreneur. Don’t forget about the ancillary businesses such as cosmetics and athletic training equipment.
My top pick within this industry is skincare. Shoppers are loyal to their favorite skincare products. Consumers are smart. They do their research. They want to purchase from companies with a purpose. Create a great skincare line with a stated brand purpose, savvy marketing, and you’ll be on your way.
- Healthcare practitioners +9.1%
This industry is slightly outside of healthcare services which includes all of the businesses that support healthcare workers. Occupations in this industry include dentists, doctors, dietitians, pharmacists, nurses, and athletic trainers. This industry has a higher barrier to entry but can pay off in the long run.
- Computer and mathematics industry +12.1%
Yep, tech is high on the lists. This industry includes almost anything related to technology, engineering, and mathematics. If you’re tech-inclined, carving out a niche within this industry is a no-brainer. For bonus points, use technology to expand upon one of the other top-performing industries. For example, designing triage apps to support the healthcare industry.
- Social service industry +12.5%
Social services are public services provided by the government and private for profit and not-for-profit companies and organizations. Examples of professions within this industry include probation officers, community health workers, social workers, school counselors, and mental health counselors. People that work in this industry do it because they want to create change. This is not a high-paying industry as much as a soul-supporting industry. If someone in your past made a huge impact in your life within one of these fields, you may be called to give back.
- Healthcare support industry +22.6%
This industry supports healthcare workers by increasing vibrancy within the community. This includes nursing assistants, home health care aides, dental assistants, occupational and physical therapy assistants, and massage therapists to name a few. According to the American Psychological Association, self-care has never been more prominent than in the wake of COVID-19. Opening a business within this industry will pay dividends for two reasons: boomers will need support and millennials are more interested in self-care than any other generation.
Savvy entrepreneurs will find a way to combine two or more of these fastest growing industries over the next decade to carve out their niche. For example, a massage therapist might develop their own skincare line to sell online. Whether you’re just starting out or redefining your niche, look for ways to stay current within these industries to experience faster growth.
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