Many successful entrepreneurs will tell you that you need to try to make your own luck. Even though there are going to be things outside of your control, such as natural disasters or geopolitical turmoil, there is great benefit in being prepared for different industries and business trends.
With just a quarter until the start of 2018, there may not be a lot of time to take too deep of a plunge into a new industry and be up to speed by Jan 1. But it does make sense to start looking ahead at exciting opportunities throughout the year where, even if you aren’t all the way at the front of the line, you’ll still be ahead of most of the pack.
Here are some industries that have potential to perform financially next year that you can be part of.
- Legal marijuana. “The Green Rush” is on and doesn’t show signs of slowing down. In fact, as more states move to legalize recreational and medical marijuana, the earning potential grows higher and higher, pun intended. Already more than half the U.S. states have some kind of program in place, and some, like Nevada, California and Washington, started with medical and then residents voted to expand. Nevada launched its pilot program this summer, but it officially kicks off in 2018. The state industry is expected to bring in $550 million its first full year, with $120 million going to the state as taxes. California’s recreational industry is also supposed to come online, with projections of $50 billion by 2021. The industry goes beyond growers and retailers; there are entrepreneurial opportunities for to help both groups, from security to transportation. Because this business is now legal, legitimate services like bookkeeping, office automation, payroll, marketing, and legal consulting can all play a part.
Related: Looking Ahead To The Top 5 Ecommerce Trends
- VR/AR. Short for Virtual Reality/Augmented Reality, it’s considered the next level in personal technology. At its basic level, it’s strapping on a headset and doing your computing activities in a fully-immersive 360-degree environment. Most products are currently entertainment-related, where you do everything from shoot aliens to play poker. But there is potential for other uses, such as education: students can put on their devices and walk through a virtual library or landscape, for instance. Versions of VR have been around for years, but 2016 and 2017 was when many common platforms became available that improved the synchronization and stability –which means feelings of vertigo or nausea were reduced. The coming year could be an opportunity for one or two standard market leader to emerge from the more than dozen types and styles. Seekers need the hardware and software, and software companies need hardware and talented developers to keep creating new products. All in all, the industry could see more than $215 billion in revenue.
- Green Power. The concept of sustainability is starting to make more and more financial sense, which is why it is receiving more attention from more mainstream businesses than even a decade ago when ‘going green’ was easy to dismiss as too political, too disruptive or too unproven. Instead, more businesses are discovering that taking steps to reduce energy usage and develop other sources of power can pay off in terms of excited customers and higher revenue. There are also more opportunities – including tax credits — to develop products to harness natural energy like solar or wind energy, plus more regulatory and marketplace challenges for traditional fuel industries such as coal and oil. The U.S. Energy Information Administration predicts that the capacity for solar power generating will grow by 23 percent in 2018, and wind generating from 88 Gigawatts to 96. The Bureau of Labor Statistics also reports that jobs in the wind and solar areas are expected to be the fastest growing by 2026.
Related: How Can You Build a Safe & Sustainable Marketplace?
- Health care. This entire industry still sees plenty of room for growth, whether skilled positions such as physicians, nurses or physical therapists, or support staff such as billing specialists. The medical technology field also continues to grow, especially since providers and offices want to communicate via electronic records but also keep patient data secure. This area can also include wellness providers.