While many are still debating the ripple effect of the recent economic downturn, and whether or not those economies affected are improving. One thing is for certain – the importance of entrepreneurs and new ventures will be key in helping many of these economies recover. For the astute entrepreneur, opportunities for new ventures abound in industries earmarked as showing major growth in the next five years. According to IBISWorld data, these industries are projected as having healthy 5-year growth rates and low capital intensity. For those of you new to the business world, low capital intensity refers to businesses that invest a large portion of capital on labor as opposed to expensive equipment. The following five industries, in no particular order, represent those with the highest projected growth rates. For the full list of industries including photography and IT consulting be sure to check out the Inc.com article here.
1. Artificial Grass/Turf Installation (5-Year Projected Growth: 12.3%)
While skeptics may refer to this industry as glorified gardening, there is still good reason to enter this $649 million industry. Especially since technological advancements have made these products/services more appealing to sports venues looking to cut down on costs.
2. Digital Forensics (5-Year Projected Growth: 13.7%)
According to the article launching a business in this $9 billion dollar industry requires minimal capital. Also, with mobile and cloud computing gaining a foothold in many large businesses and industries worldwide, companies that are well versed in verifying, mapping, and most importantly, recovering data can expect continued surges in demand for their services.
3. Relaxation Drinks (5-Year Projected Growth: 24.8%)
Yes, the market isn’t for sports and energy drinks anymore. As busier work and home schedules clog the lives of consumers many are turning to the aid of drinks designed to induce relaxation and sleep. Famous brands have emerged in the industry including Syracuse University’s very own Dream Water. For the enterprising entrepreneur seeking to introduce his/her own formula be ready to contend with the over 400 brands in the market. Also, while FDA approval is not necessary to sell your product, it makes good business sense to have that stamp of approval.
4. Green/Sustainable Building Construction (5-Year Projected Growth: 23%)
Federal incentive programs such as LEED certification have created immense demand for construction companies specializing in green and sustainable buildings. This demand has even spawned the introduction of new products and services that mimic nature (Biomimicry). Perhaps you’ve heard about buildings with self-cooling mechanisms? Chances are those buildings were designed with a termite nest in mind. While the expiration of stimulus funding is expected to reduce the number of public projects, demand from the private sector is sure to be on the rise.
5. Environmental Consulting (5-Year Projected Growth: 23%)
As more and more businesses scramble to comply with current and incumbent environmental regulations, there will be a wealth of opportunity for new ventures in this $21 billion industry. Keep in mind, however, that the need is not only for complying with regulations but for green marketing and packaging as well. This industry may be well-suited for the entrepreneur craving travel and diversity since environmental consulting is a major concern for multinational organizations operating all over the world.