Not all new business ideas are created equal. The secret to success is attention to detail, projecting industry growth, and staying relevant. Take CueCat, for example. The Silicon Valley start-up received nearly $200 million in funding but fell apart because their product was a bulky barcode scanner designed for consumers. Its developers ignored emerging tech, and their company went down in flames when people started using their smartphones to scan QR codes. They ignored industry growth and were far from relevant.
To help you avoid a similar fate, here are five business ideas that have long-term growth potential. These industries are booming and have staying power, and they won’t be rendered obsolete by emerging technology anytime soon.
- Open a Package Delivery Franchise
You know what’s not going away? Online shopping. e-Commerce is a booming industry, but there’s a lot of competition for new stores, and building a successful shopping community could take years of website development. Instead, why not open a package delivery franchise?
Major brands, such as UPS, offer franchise opportunities that will remain lucrative for the long-term. After all, people aren’t going to stop shopping and selling online, so package delivery will remain a growing market. The great thing about a franchise is it comes with a great deal of support, such as onsite and in-house training programs and operational support.
2.Translation or ESL Teaching
Even if you don’t speak multiple languages yourself, you can start a translation or ESL (English as a Second Language) business. Basically, you create a website, hire translators or teachers, train your employees to work from home, and then those employees work remotely for your customers.
Translators will interpret documents, recorded meetings, and live e-meetings for individuals and businesses. ESL teachers will teach English to non-native speakers, and they don’t even need to be fluent in other languages. They’ll teach from programs already developed and proven to teach English.
Having remote employees is cheaper than staffing in house, which is partly why translation and ESL education is such a great business idea. It’s a simple business idea, but will require some knowledge of website development and using social media and Google ads to garner customers.
- Nutritious Vending
According to MultipleStreams.org, healthy vending machines are on the rise. “The biggest reason? Corporations want their employees to eat healthier.” And, so do insurance companies. Individuals are recognizing the importance of a healthy diet too.
According to the website, this emerging industry is worth $42 billion. If you get in the healthy vending business now, you’ll be on the ground floor of what is already proving to be a successful endeavor. Best of all? This is passive income, so you can sit back while a machine does all the work for you.
- Environmental Consulting
Although you may have some success with eco-consulting in the USA, you’ll make the most money when you take this business overseas. You can hire foreign workers remotely, or travel abroad yourself to help companies make better choices about their environmental impact. There will be less competition in foreign locations where there are fewer eco-consultants, but a growing desire to be more green.
According to The Telegraph, Brits are worried about air pollution, now more than ever. With increased government regulation, businesses will need to step up their eco-friendliness. You can be the one to show them how to save time and money implementing these changes.
- Drone Rental and Repair Business
Drones are the it item, and because they have so many uses they aren’t going anywhere anytime soon. Businesses and consumers are using drones to capture aerial photos and videos, including for advertising purposes. You could charge for photography and video as a service, or rent or repair drones for your customers. This is one of those low-competition businesses that if you start now, you can make a name for yourself fast.
Overall, your new business should generate wealth for you and your employees. Only a truly useful business can build long-term wealth, which is why you should avoid getting tangled up in anything that will become outmoded.