Entrepreneurs follow their hearts as well as their instincts, staking claims in all corners of business and industry. Driven by passion, employment traditions, and their personal work experience, many business owners naturally flow into the role, via the expertise they’ve developed as employees. The formula works particularly well for family businesses and other established, close-knit, organizations, which transfer ownership from one generation to the next. As appealing as it is to work your way into ownership at an established company, there’s also something to be said for choosing your business based upon performance projections and economic trends.
If you have ownership opportunities within an existing, successful business, you’re a giant step ahead of most entrepreneurs, starting from scratch. With such a big advantage on your side, it probably makes sense for you to leverage the chance to work your way into an existing framework. On the other hand, if you’re starting from square one, building your own business, choosing the right type of venture can mean the difference between profitability and premature failure. Set you sights on these solid self-employment prospects for a better than average chance of business success in 2019.
Operating a business in the trades can result in a rewarding workday mix of hands-on craftsmanship and small business management. If you’re currently a service provider or play another role in a skilled trade industry, a self-inspired venture may be the best way to move your career forward. Operating a trade business not only provides employment autonomy and flexibility, but self-employment also guarantees creative control, which is important for designers, builders, and other trade professionals.
Unemployment is historically low, so certain job categories are suffering in a tight labor market, unable to attract workers. Skilled trade positions are currently among the hardest positions for employers to fill. As a trades entrepreneur, the shortage of qualified tradespeople could impact your business in various ways. The demand for plumbers, carpenters, electricians, and other skilled professionals bodes well for your enterprise, furnishing a steady flow of paying customers. But a short supply of competent trade technicians could also leave you without enough staff to cover your workload. Trade business owners that are able to work out these labor issues will be rewarded with commercial success in 2019.
Businesses focused on their core competencies don’t have time to administer facilities. As a facilities coordinator or support professional, your small business takes over tasks such as painting, cleaning, and moving, as well as security and general maintenance functions. Your strong attention to detail and experience in the building science and maintenance fields are good preparation for the role, but the accessible business niche would also be a good fit for managers and tradespeople.
Software Engineering and Development
Forward-looking entrepreneurs may be able to turn software experience into tech business success in the new year. Software professionals are in demand, and the Bureau of Labor Statistics expects the trend to continue. According to the agency, demand for software developers could grow by 17 percent in each of the next five years. With today’s professionals already earning more than 100K annually, on average, building a successful software business has substantial upside potential in 2019.
Demographics strongly influence business outcomes. That means catering to seniors remains a viable business plan for 2019. Baby Boomers began reaching retirement age around 2011 and the entire generation will have made it to age 65 by 2030. Not only do these aging Americans need professional medical and non-medical care, but the affluent generation is also prepared to pay for help. If you’re looking for a commercial niche in 2019, exploring senior care services may yield an opportunity worth pursuing.
Your venture will take on its own character, but some of the assistance seniors require include these services:
- Rides and Errands – Driving becomes more difficult with age, so many seniors scale back or park their cars altogether. Shuttling clients to health care appointments, grocery stores, and social functions provides a valuable service. Or you can run others’ errands independently, should clients prefer to remain at home. Add an equipped vehicle and expand your services to accommodate passengers with mobility limitations.
- Household Help – Yardwork and domestic duties can overwhelm seniors, so money-making services include cooking, cleaning, mowing, planting, and general home maintenance.
- Pet Care – Pets are like members of the family, so seniors are willing to pay for their care. Walking, bathing, trips to the vet, and other pet care help is welcomed by older owners.
- Sitting – Retirees often take to the road for frequent travel, leaving their homes and pets behind. Housesitting and watching pets may entail overnight stays, but senior travelers pay a premium for peace of mind while they’re away.
Social Media Management
Social media has taken off, drawing increased participation from businesses of all sizes. In order to be effective, the far-reaching marketing tool requires ongoing attention, which can stretch companies thin. Outsourcing social media management solves the problem for businesses without the resources and expertise to maintain productive promotions on their own. Launching a comprehensive social media management business represents one potential path to prosperity in 2019.
Though it’s hard to predict the future, consumer trends provide clues you can use to establish a viable venture. According to some of the observers monitoring business developments, these 5 concepts may be positioned for startup success in 2019.