10 Leading Growth Industries
Whether you’re looking to purchase an existing company, fund a startup or create unique products and services, the industry you choose to pursue can make or break your success.
Here are some of the fastest-growing business opportunities for seasoned small business owners and newcomers alike.
1. Renewable Energy
With more people accepting the need for sustainable practices and infrastructure, renewable energy is one of the fast-growing businesses in America. Environmental concerns have quickly become prominent in public conversation, and both government leaders and business owners have taken note.
This ongoing concern will create an economic boon for entrepreneurs in solar, wind, hydropower and other renewable energy industries. In fact, the Center for Climate and Energy Solutions notes that renewable energy is the fastest-growing energy source across the U.S. and is projected to see a 35% rise globally by 2030.
2. Outpatient Care
According to the U.S. Bureau of Labor Statistics (BLS), there were 2.1 million job openings in healthcare and social assistance as of Sept. 2022. In this field, outpatient care centers are expected to be another fast-growing business opportunity. Technological changes, better access to insurance and cost-cutting strategies are leading to increased use and demand of outpatient centers.
Examples of outpatient care centers include:
- Medical group practices
- Wellness centers
- Urgent care clinics
- Drug or alcohol rehabilitation centers
3. Family Care Services
As you’re researching the best industries to start a business, consider offering individual or family care services, other areas projected to experience rapid growth. Employment of home health and personal care aides alone is projected to grow 25% from 2021-2031, according to the BLS, which is much faster than all other occupations.
Examples of careers that could fall under this social service umbrella include the following:
- In-home care provider
- Senior care service provider
- Newborn care specialist
- Daycare provider
- Therapist or mental health counselor
- Parent support specialist
- Life coach
- Pregnancy, delivery or post-pregnancy support specialist (e.g., doula, lactation consultant)
4. Freelance Professional Services
If you want to enjoy increased freedom and build one of the fastest-growing small companies, consider your own freelance business. The service sector is among one of the fastest-growing industries in which to start a business.
Additionally, the availability of freelance work is growing. This is especially appealing to Millennials and older Gen Zers, as well as parents who want to stay home with young children and creative professionals.
Some of the most appealing benefits of freelance work include working remotely, setting your work hours and creating a business without necessarily needing additional employees.
Another benefit is that freelancing is a viable career option for people from all educational and career backgrounds:
- Personal chefs
- Graphic artists
- Corporate trainers
- Personal fitness coaches
- Web developers
- Project consultants
5. Medical Cannabis
Having one of the fastest-growing small businesses could be as easy as embracing the shifting political tide. An increasing number of states are moving to legalize medicinal and recreational cannabis, and as a result, the cannabis agribusiness is booming.
Currently, 39 states and Washington, D.C., have made medical marijuana legal. In 2021, the U.S. medical marijuana market was valued at $9 billion and is expected to experience a compound annual growth rate of 10% from 2022-2030, according to Global Market Insights.
6. Virtual and Augmented Reality
The virtual reality industry is expected to grow from $12 billion in 2022 to more than $22 billion in 2025, according to Statista. In addition to its popularity in gaming, virtual and augmented reality can be used for applications in consumer and enterprise environments, securing its spot as another one of the fastest-growing businesses. Indeed, retail, education, medicine and employment training are just a few sectors where this technology is being leveraged.
7. Information-Technology Security
Data breaches are scary ordeals, but with the right innovations, you could turn these growing concerns into one of the fastest-growing small business opportunities in the country.
In our current era of big data, companies of all sizes fear the legal and fiscal ramifications of data breaches. Regardless of whether a breach occurs on a company-wide or individual level, the outcomes can be incredibly costly, from losing critical, classified data to falling victim to the rising rates of identity theft.
For this reason, small and large businesses alike (along with governments and individuals) are upping their cybersecurity budgets. According to the BLS, the job outlook for information security analysts is projected to grow at a much faster-than-average pace between 2021-2031, 35% specifically.
8. Personal Care Services
The career outlook for hairstylists, barbers and cosmetologists is expected to increase at a much faster pace than the average over the 2021-2031 decade, according to the BLS. Similar growth is also projected for manicurists (22%), massage therapists (20%) and skincare specialists (17%).
If you have a cosmetology skill you’ve mastered or have contacts who might want to partner with you on this venture, consider becoming an owner of a personal care company that travels to your clients’ locations.
9. Digital Marketing
Though print marketing is on the decline, digital marketing is another one of the fastest-growing businesses in the U.S. (and around the world) thanks to the popularity of websites, ecommerce, social media, text messaging and chatbots, among other electronic media.
Ultimately, jobs for advertising, promotion and marketing managers are predicted to grow faster than average compared to other career sectors, specifically 10% from 2021-2023, according to the BLS.
10. Travel Services
With the pandemic seemingly in the rearview, the travel industry is expected to rebound. Global figures are expected to reach $9.6 trillion, returning to prepandemic levels, according to Reuters.
Some of the fastest-growing small business industries in this regard include the following:
- Travel insurance
- Recreation activities
- Tour-guide companies
- Sightseeing transportation
- Cruise and travel agencies
- Lodging and accommodations
What Is the Best Sector for You to Start a Business?
The fastest-growing small businesses find success not because they are led by owners who are smarter or luckier than the average entrepreneur but because they are willing to take advantage of opportunities instead of waiting for the perfect time to get started.
Too many entrepreneurs have yet to tap into the potential presented by recent technological advancements, changing demographics and shifting consumer priorities. So whether you want to work at home as a freelancer, become the next cybersecurity giant or open a business in another one of the fastest-growing small business sectors, do your research to start on a path toward entrepreneurial success.
While starting a new business can feel daunting and challenging, it’s important to remember that quickly growing industries offer entrepreneurs from all backgrounds the opportunity to find success and build lucrative businesses.