EVERY BUDDING ENTREPRENEUR WANTS TO FIND THE next big growth sector. A recovering economy and changing consumer needs are creating opportunities for new businesses, and market research firm IBISWorld has identified the fastest rising industries for startups. Those with strong projected growth are fairly new, according to IBISWorld Industry Research Analyst Brian Bueno. Although U.S. manufacturing is expected to shrink, Bueno believes that robust demand in service and technology sectors will likely spur business creation.
Here are five of the hottest sectors for 2012 and beyond.
Corporate Wellness Services
This sector is expected to he a hotbed of startup activity in years to come. Rising healthcare costs coupled with employee wellness discounts have fueled corporate demand for the services of wellness providers. The average annual growth rate is projected to reach 8.7%, and the annual revenue growth rate will reach 9.8% by 2016, reports IBISWorld. For more industry information, visit the Medical Wellness Association at www. medicalwellnessassociation.com.
Food Trucks and Street Vendors
Thanks to a love of exotic foods and eat-on-the-go convenience, street vendors from pushcarts to food trucks are growing at a fast pace. The street vendor industry is projected to achieve an average annual revenue growth of 3.7% over the next five years to top a total $1.7 billion. While fast food businesses have experienced a slowdown due to changing consumer tastes and the struggling economy, demand for unique and gourmet food trucks has surged, reports IBISWorld. There is broad opportunity for vendors in large metropolitan areas across the country. To learn more, see "Selling Without a Store" at www.blackenterprise.com.
Niche segments that combine social media with content appear to show the most promise, notes Bueno. In addition, e-commerce will continue to flourish with no slowdown in sight. This makes social commerce in particular a growing trend. Social commerce combines the elements of social media and e-commerce, says Bueno, allowing shoppers to interact while searching for products online. Surveys show that millennials want to shop more within sites like Facebook. Retailers and brands are using social commerce...