The Top 5 Businesses That Are Expected To Prosper
By Andrew Brown
Reference: IBIS Consulting. Graph: deloitte
The prospect of starting your own business can be both a daunting and exciting process and can be one of the most powerful ways to take control of your lifestyle. There are the obvious perks such as getting to choose your own hours, picking projects you find exciting and, if successful, generating a healthy income for yourself and, potentially, others.
The preparation stage is a vital step in starting a small business that will last and prosper well into the future. It is important to consider how viable your chosen industry is today and determine whether it will still have that potential five years from now. For example it would be ill-advised to open a video store today with the home entertainment market shifting to online delivery. Identifying which industries offer the most prosperous opportunities provides the best possible chance of your small business reaching financial success.
A recent report cites Mining as the industry currently propelling Australia's growth, but, while it will continue to play a significant role in Australia’s annual growth, the next wave of growth is set to come from Agribusiness, Gas, Tourism, International Education and Wealth Management…these are known as the 'Fantastic Five’.
There are also a further 19 future growth pockets ranging from areas as diverse as financing the 'Fantastic Five' to Retirement Living and Leisure.
In considering these additional 19 growth pockets there should be growth in areas associated with:
- Australia's ageing population
- Digital delivery of health to remote areas
- Health costs identified with ageing
- Growth associated with private schooling
- Growth associated with efforts by parents to provide the best possible educational experiences for their children.
- Reskilling an ageing workforce. People want to work for longer these days, but with industries evolving their skill requirements, it's important to evolve the skills of the workforce to enable them to keep working.
When launching a new business, it is vital that you have a passion and knowledge for the industry you are entering into along with doing your research, seeking expert advice and spending time on the preparation stage.