A good business idea should have the potential to generate profit. This is one of the main reasons why people start businesses and one of the best ways to generate a lot of profit is to be involved in a fast-growing market.
So, here is a list of 3 of these growing markets that you may be able to profit from in the future.
1. Cannabis Business
The luxury of the pot market is growing daily. Recently, cannabis has been legalized in many countries and states of the USA. People can easily just search a bit to find a location near where they are so they can get what they need.
With these factors, it is quickly becoming one of the fastest-growing legal industries in the USA and around the world. So how can you profit?
Here are a few options of the ways you can profit from this niche (and not only by starting a cannabis-selling business of your own).
This legalization has created a lot of business and employment opportunities. Instead of just smoking it, you could be reaping profits with this business by starting a selling service of your own. Though note that this is not always easy; there can be a bit of red tape depending on the country/state you are in.
Here are a few other cannabis business ideas:
- Cosmetics/Pain Relief Creams
Some cosmetics and creams have cannabis components. In research, THC and CBD have proven to be pain relievers. They are packaged in lotions, balms or even sprays. So if you are not into selling it to smoke, this could be an option for you.
- Advertising
There is growing competition among companies looking to get an upper hand. Companies are looking for advertisement companies that can take their brand to the next level. Why not specialize your service for this growing industry?
- Consultation
There are budding entrepreneurs who are looking to break into the market. However, they do not have the expertise to know how weed is grown or the legalities which surround the product.
If you are an expert on marijuana, then you have the potential to educate entrepreneurs for a fee.
2. Virtual Reality
The virtual reality experience has changed how people view the world. There is a growing demand in almost every industry.
Software and hardware manufacturers are working overtime to satisfy the demand for VR products. It is estimated that by 2020 the VR industry will be worth over $40 billion.
VR is already used in the gaming and construction industries, 3D movies, team building exercises and training. Its potential for other uses is limited only by our imaginations.
3. 3D Printing and Mobile Marketing
When the technology of 3D printing was first made known in the public sphere, there was huge excitement about this technology. It was surmised that it would become a staple household item. It was seen as one of the biggest advances in practical science and technology. Articles and blog posts were written, proclaiming it as the greatest thing since sliced bread. There was hype and excitement all over. Yet, today, a 3D printer is far from becoming a regular household item. In fact, they are primarily used by non-professionals for fun.
One opportunity (which might just be your niche) which has not yet had enough attention is how 3D printing can affect marketing favourably. Till now, marketing has primarily been 2D, whether through audio/video or graphics.
If 3D printing was made into a marketing tool, the connection between products and customers would actually be tangible, and not restricted to abstract ideas or taglines. It would make connecting with the customers a much more interactive and better process. Think about the possibilities — it could be anything from simply mass production to mass customization. This is not to say that there have been no steps forward in this direction.
Companies have, indeed, taken steps to use 3D printing as a marketing tool. Some of them have used it for the purpose of communication.
How is this done? Brands upload files that can be processed by a 3D printer.
Customers can then print them and customise them according to their needs. Though this is certainly a beginning, it is not a hugely effective way to use 3D printing’s potential in marketing. Any step that is taken in this direction should include three main components to make it a viable marketing strategy. The first component is that it has to be something radical.
It has to change the way people perceive something — whether it is your product, your brand image or anything else. It should be game-changing. The second component is the element of surprise. Giving people downloadable 3D files isn’t exactly what you would call surprising. It is something that anyone can think of. Something needs to be done that people cannot anticipate; something they don’t expect from you. Surprise them, shake them up a bit!
The final component of a successful 3D printing marketing strategy is a touch of exclusivity. Everyone likes to feel special. When you introduce something that has exclusivity, it gives out the message that this particular thing belongs only to a select club of people. This results in positive reactions. Everybody like customization; everybody likes exclusivity. Make your customer feel special, and they will definitely return the favor to you.
So What’s Your Best Business Idea for Next Year?
Only you can determine it in the long run. Choose a market you feel comfortable in or one where you can take advantage of your natural strengths. Never just go for something because money is to be made. Go where your heart leads, not just your bank account.
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