What is a promising industry or niche where you think young entrepreneurs should start their business now and why?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-only organization made up of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs. Learn more about yec.co.
1. Programming
If there’s one field I’ve wanted to pursue, it’s programming. In fact, programming is essential for young entrepreneurs for several reasons. First, if an entrepreneur knows how to program, he can complete tasks on his own. They can also better create technically feasible ideas and also hire other skilled programmers who can take the business to new heights.
– Shu Saito, Spiro Pure
2. Marketing
Marketing is a promising industry for young entrepreneurs because it is growing and evergreen. Businesses will always need effective marketing, and as the internet grows, the competition gets fiercer. If young entrepreneurs can hone their marketing skills, they can build a solid business by marketing for other companies.
– Jared Weitz, United Capital Source Inc.
3. Data science technology
Everything in business today depends on data, from day-to-day processes to decision making. Combining AI and machine learning to transform data into a powerful tool using technology will be the foundation of how businesses operate in the future. Entrepreneurs should focus on bringing new or better data science technologies to market.
– Jonathan Prichard, MattressInsider.com
4. Health and fitness
One promising niche that is expected to grow even more in 2023 is health and fitness. Covid-19 has hit us hard and changed our perception of health and well-being forever. People have started leaning more towards a healthy lifestyle and this has significantly increased the demand for fitness-related products. It’s still an upward trend, making health and fitness a suitable niche for targeting.
– Stephanie Wells, Formidable shapes
5. Game
Gaming is a rapidly evolving industry and has many sub-niches. For example, the metaverse represents a real opportunity for players. Customers accessing metaverse platforms are looking for games that can include all kinds of virtual assets to buy and sell, such as treasure, weapons, and virtual land. Game makers will be needed to build innovative worlds in this space.
– Kalin Kassabov, ProTexting
6. Educational technology
The edtech industry is one of the most promising industries for young entrepreneurs. This is because there is a growing demand for education and training services and edtech companies are able to provide these services at a lower cost than traditional educational institutions. Additionally, edtech companies are often able to scale their businesses quickly and reach a global market.
– Abhijeet Kaldate, Astra WordPress theme
7. Mental well-being
One promising area where young entrepreneurs can try their luck is mental well-being. Many people find it difficult to cope with the fast moving and changing world. This leads to depression, stress and other mental struggles, so people are constantly looking for ways to deal with these problems. If you can offer a good solution, your business will definitely take off.
– Andrew Munro, WP Affiliate
8. Software as a Service
SaaS platforms are becoming more popular by the day, offering entrepreneurs a variety of benefits that make them part of the best industry for modern entrepreneurs in 2023. These platforms allow entrepreneurs to run their businesses without investing in software development or hardware, making them particularly attractive to modern businesses that are always looking for ways to save money.
– Kelly Richardson, Infobrandz
9. Advertising
Advertising is a promising area that young entrepreneurs should definitely consider trying their hand at. With the availability of the internet in every corner of the world, it has become easier to start an online business. But simply setting up a business won’t do much good. People need to advertise and promote it to attract sales. This means that advertising is a business that will always thrive.
– Thomas Griffin, Optin Monster
10. Content and social media management
I think blogging and social media management are great niches for young entrepreneurs to enter. They are constantly evolving industries and offer a lot of room for creativity. Additionally, there is a growing demand for content creators and social media managers as more and more businesses realize the importance of having an online presence.
– Syed Balchi, WP Beginner
11. Green and renewable products
It seems that green and renewable products are on the rise. People want to do more to reduce their impact on the world, so they’re turning to solar and wind-powered devices. If you are considering starting a new business, it is safe to say that this industry will continue to be profitable for years to come.
– John Turner, SeedProd LLC