Best Industries for Starting a Business
Analyzing and comparing data from firms Sageworks, IBIS World, and AnythingResearch.com on employment, profit growth, anticipated industry growth and a host of other factors, Inc.com has pinpointed 17 industries that are not only growing, but are also ripe for new companies.
Factors that seem to be responsible for the coming up of these industries are as follows:
Low-to-moderate industry competition
Saturation
Employment growth and attainable average company size
Other economy indicators
Employment scenario
The condition of economy determines the best option available for you to start your business or to get employed in the best sector of your interests. Hence accordingly the following sectors can be said as the best of today to start your own business:
Manufacturing
Mining, Oil and Gas Extraction
Transportation and Utilities
Leisure and Hospitality
Information
Wholesale and Retail Trade
Financial Services
Agriculture and Aquaculture
Professional and Business Services
Construction
Apart from the list that is provided certain sectors that are suggested by others too as upcoming can be viewed as hair salons, collection agencies, business that supply basics, auto repair services. What do the start ups need : they need research , license, business plan, website, business cared, office space, permits, legal structure.
Although having startups taking into consideration the economic factors is important there are examples, the best example is of Microsoft- Microsoft, the world leader in software, was started right in the middle of the 1970’s oil crisis, as was LexisNexis, one of the world’s biggest sources of legal, media and other information. Thomas Edison founded General Electric. GE is still going strong today, and proves that by addressing a real need, starting a small business in a tough economy can be a brilliant idea!
Assessing the economy, against parameters like moving averages, the unemployment rate, consumer buying and inflation rate etc. Online retail is another sector wherein you can start up your business. With no high street overheads to speak of, no geographical or time restrictions and no need to display stock, online retailers are not only the shopkeepers of the future, they’re also the ones cleaning up right now. You can also carry on certain green and ethical business, Ethical retailers, offering fair trade, locally sourced or organic produce; tend to have a loyal customer base that looks for more than the cheapest price. And green still has promise: sustainability is, after all, its motto. Employment and recruiting agencies, real estate appraisal, automobile, retailing, financial planning services, the beauty industry, clothing and accessory stores, historical site management and tourism, technical and trade schools, financial planners, Pr agencies, environmental consulting, organic snacks, eco-friendly toys, car sales etc are in high demand these days as per a survey conducted.
For the ones who want to have home based business for such people, business like home care business, natural health store, selling on eBay, cleaning business, affiliate marketing, online store start up, currency trading online, bookkeeping business, photography business etc. are the most popular ones.
The one who want to get employed the following companies can be selected for employment
Here is the list of top 10 companies to work for:-
1) Google, Bangalore
No. of employees:- 1,259
Voluntary Turnover: 30 %
2) Makemytrip, Gurgaon
No. of employees:- 674
Voluntary Turnover: 23.89 %
3) Intel Technology, Bangalore
No. of employees:- 2,430
Voluntary Turnover: 4.4 %
4) Marriott Hotels, Mumbai
No. of employees:- 2,433
Voluntary Turnover: 27.37 %
5) NetApp India, Bangalore
No. of employees:- 1,042
Voluntary Turnover: 5.95 %
6) American Express, Gurgaon
No. of employees:- 5,200
Voluntary Turnover: 15.00 %
7) NTPC, New Delhi
No. of employees:- 24,708
Voluntary Turnover: 0.12 %
8) PayPal India, Chennai
No. of employees:- 409
Voluntary Turnover: 0.48 %
9) Ajuba Solutions, Chennai
No. of employees:- 1,612
Voluntary Turnover: 23.45 %
10) SAS Institute, Mumbai
No. of employees:- 108
Voluntary Turnover: 13.89 %
The normal procedure that an aspirant who wants to start his own firm should include the following points in his list:
Identify your business opportunity
Building business plans
Plan form where to get the start up money
Name your business
Choose business structure
Determine business location
Get insurance
Create accounting systems
The key focus should be on :
UNDERSTANDING YOUR CUSTOMER BASE YOU’RE TRYING TO REACH?
UNDERSTAND HOW YOU’LL USE THE IT SERVICE – MARKETING, SALES,
FINANCE, ADMINISTRATION, ETC
UNDERSTAND THE LEVEL OF SERVICE
DETERMINE WHAT TYPE OF RESOURCES TO USE – DOING IT INHOUSE, RENTING STAFF, HIRING A SERVICE
One should not forget to take into consideration the total cost of ownership. The most important dos apart from the ones mentioned above are to create distinct brand identity, social media plan, business plan, partners, savings, professionals in team, marketing plan, budget, as well as the support system. One advantage startups have over established companies is that there are no discrimination laws about starting businesses. Avoid starting a startup to sell things to the biggest company of all, the government.
Analyzing and comparing data from firms Sageworks, IBIS World, and AnythingResearch.com on employment, profit growth, anticipated industry growth and a host of other factors, Inc.com has pinpointed 17 industries that are not only growing, but are also ripe for new companies.
Factors that seem to be responsible for the coming up of these industries are as follows:
Low-to-moderate industry competition
Saturation
Employment growth and attainable average company size
Other economy indicators
Employment scenario
The condition of economy determines the best option available for you to start your business or to get employed in the best sector of your interests. Hence accordingly the following sectors can be said as the best of today to start your own business:
Manufacturing
Mining, Oil and Gas Extraction
Transportation and Utilities
Leisure and Hospitality
Information
Wholesale and Retail Trade
Financial Services
Agriculture and Aquaculture
Professional and Business Services
Construction
Apart from the list that is provided certain sectors that are suggested by others too as upcoming can be viewed as hair salons, collection agencies, business that supply basics, auto repair services. What do the start ups need : they need research , license, business plan, website, business cared, office space, permits, legal structure.
Although having startups taking into consideration the economic factors is important there are examples, the best example is of Microsoft- Microsoft, the world leader in software, was started right in the middle of the 1970’s oil crisis, as was LexisNexis, one of the world’s biggest sources of legal, media and other information. Thomas Edison founded General Electric. GE is still going strong today, and proves that by addressing a real need, starting a small business in a tough economy can be a brilliant idea!
Assessing the economy, against parameters like moving averages, the unemployment rate, consumer buying and inflation rate etc. Online retail is another sector wherein you can start up your business. With no high street overheads to speak of, no geographical or time restrictions and no need to display stock, online retailers are not only the shopkeepers of the future, they’re also the ones cleaning up right now. You can also carry on certain green and ethical business, Ethical retailers, offering fair trade, locally sourced or organic produce; tend to have a loyal customer base that looks for more than the cheapest price. And green still has promise: sustainability is, after all, its motto. Employment and recruiting agencies, real estate appraisal, automobile, retailing, financial planning services, the beauty industry, clothing and accessory stores, historical site management and tourism, technical and trade schools, financial planners, Pr agencies, environmental consulting, organic snacks, eco-friendly toys, car sales etc are in high demand these days as per a survey conducted.
For the ones who want to have home based business for such people, business like home care business, natural health store, selling on eBay, cleaning business, affiliate marketing, online store start up, currency trading online, bookkeeping business, photography business etc. are the most popular ones.
The one who want to get employed the following companies can be selected for employment
Here is the list of top 10 companies to work for:-
1) Google, Bangalore
No. of employees:- 1,259
Voluntary Turnover: 30 %
2) Makemytrip, Gurgaon
No. of employees:- 674
Voluntary Turnover: 23.89 %
3) Intel Technology, Bangalore
No. of employees:- 2,430
Voluntary Turnover: 4.4 %
4) Marriott Hotels, Mumbai
No. of employees:- 2,433
Voluntary Turnover: 27.37 %
5) NetApp India, Bangalore
No. of employees:- 1,042
Voluntary Turnover: 5.95 %
6) American Express, Gurgaon
No. of employees:- 5,200
Voluntary Turnover: 15.00 %
7) NTPC, New Delhi
No. of employees:- 24,708
Voluntary Turnover: 0.12 %
8) PayPal India, Chennai
No. of employees:- 409
Voluntary Turnover: 0.48 %
9) Ajuba Solutions, Chennai
No. of employees:- 1,612
Voluntary Turnover: 23.45 %
10) SAS Institute, Mumbai
No. of employees:- 108
Voluntary Turnover: 13.89 %
The normal procedure that an aspirant who wants to start his own firm should include the following points in his list:
Identify your business opportunity
Building business plans
Plan form where to get the start up money
Name your business
Choose business structure
Determine business location
Get insurance
Create accounting systems
The key focus should be on :
UNDERSTANDING YOUR CUSTOMER BASE YOU’RE TRYING TO REACH?
UNDERSTAND HOW YOU’LL USE THE IT SERVICE – MARKETING, SALES,
FINANCE, ADMINISTRATION, ETC
UNDERSTAND THE LEVEL OF SERVICE
DETERMINE WHAT TYPE OF RESOURCES TO USE – DOING IT INHOUSE, RENTING STAFF, HIRING A SERVICE
One should not forget to take into consideration the total cost of ownership. The most important dos apart from the ones mentioned above are to create distinct brand identity, social media plan, business plan, partners, savings, professionals in team, marketing plan, budget, as well as the support system. One advantage startups have over established companies is that there are no discrimination laws about starting businesses. Avoid starting a startup to sell things to the biggest company of all, the government.