Consider Real Estate or Tech for a New Startup
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The past year has shown tremendous growth in Real Estate and related industries such as construction, building materials, architecture, etc. An article on Inc.com by Murray Newlands lists several industries that are on the rise for anyone who wants to ride this trend.
Real Estate
Newlands says that the Real Estate market is growing quickly. Demand has increased due to the economic rebound, and at the same time, buyers can still find homes at an affordable price point.
“Since preexisting houses are becoming hot commodities once more, building new houses, apartments, condos, and other residential structures will also be a market that will continue to grow in the coming years,” Newlands writes.
Related industries that are increasingly lucrative now:
- Residential building construction
- Wood product manufacturing
- Exterior contracting
- Utility construction
- Lumber and construction products wholesale
- Specialty trade contracting
- Non-residential, commercial building construction
- Architecture, engineering, and related
“Having a business that caters to these needs will open you up to all sub-industries within construction and give your business plenty of opportunity for success,” Newlands suggests.
Computer Systems Design and Other IT
Tech startups are still an excellent choice, as this field is ever-expanding.
“Everybody knows that IT is a huge portion of the market in every industry, which is why computer systems design and other IT services is always going to be a safe industry to go into as a startup. Businesses from every other industry will need IT services, so serving them is sure to provide you with a consistent and huge customer base and room for growth,” Newlands writes.
The author states that it’s always important to consider your interests, background and experience when starting a new business, but it’s also smart to choose a field that is showing growth and promise. Ideally, you will zero in on an industry that you’re both familiar with and which is projected to enjoy growing demand.
