If you’re thinking of launching your own business in the US, then take a look at these niche markets that are growing at a great pace and are well worth investing in.
1. Specialty Healthcare
It’s not a comfortable subject to talk about and the fact that it’s on the rise can be seen as a negative, but there is some positive here. The reason the long-term care sector is growing so quickly is because we’re all living longer, which means we’re more susceptible to the sort of late-life illnesses that these clinics cater for.
Thousand of jobs are projected to be added to this sector in the next few years, with companies like the RehabCare Group benefiting the most, but with money also flooding into the insurance companies and the doctors, nurses and specialists who work in this field.
It’s not just specialty care either, as home care, pharmaceuticals, counselling, drug addiction care and medical supply are all booming right now and will continue to do so for many years. To put it simply, sickness is big business in the United States.
With the rising opioid epidemic boosting this industry further and showing no signs of slowing down, this is a trend we will see for some time to come.
Technically, the biggest growing industry in the US is Computer Systems Design. It’s not niche, and the tech sector on the whole has been experiencing rapid growth for may years now, but the interesting thing here is that even the niche sections of this all-encompassing field are growing at a rapid rate.
Everything from cyber security to wireless technology and video games have been experiencing huge growth. The US isn’t as dominant in many of these areas as it once was or as it would expect to be, but they still play a significant role in the country’s overall GDP and will likely play a much bigger role in years to come.
Many areas of construction are experiencing growth, including remodelling, renovation and finishing. It’s a trade that has always been reliable in the US and one that seems to be growing year on year. The US is a huge country and one that is constantly expanding. If you have the tools to help with that expansion then the work is usually there for you.
This industry is worth nearly $80 billion a year, a simply staggering figure that the US economy can’t do without.
You can’t escape digital currencies these days. They are worth billions of dollars combined and that worth has grown from nothing in a very short space of time. Everyone is trying to get their share of Bitcoin, Litecoin, Ripple and more, but it’s the guys at the top, the ones mining, exchanging and investing on a grand scale that will profit the most.
The general public have made a lot of mistakes where these currencies are involved, with reports that some are even remortgaging their homes in order to invest. Many of them have been stung by the volatile markets and the countless Bitcoin scams that litter the market.
This sector is essentially getting investments from non-investors who are worried that they will miss out on the “next IBM” or the “next Apple”. That panic buying is further propelling cryptocurrencies into the stratosphere, potentially helping to meet expert predictions that single coins could be worth millions in years to come.
Sink or swim, it’s fair to say that the world of business will never forget the impact that the early days of digital currencies had on us all.
5. Outdoor Gear
Americans are embracing the great outdoors more than ever. Even in a digital age, where it seems none of us can survive without our phones, computers and internet connections, camping vacations and the accessories you need for them are huge.
The industry has grown by more than 7% from the previous decade and this is big for the US economy. Most of the outdoor brands that you know and love were founded in the United States and continue to rely on US workers to make and distribute them.
That’s because quality is key in this area. It can literally be the difference between life and death and customers are happy to pay extra for it. The best outdoor clothes need to be waterproofed and windproofed. They need to be durable, built to last and tested to prove it. A good quality tent isn’t always about material; it needs to be able to withstand wind and rain, and it needs to be easy to put up and pack away. All of this requires the sort of rigorous testing and regulation that you can’t get with cheaply goods and that’s why the growth of this industry is not only imminent, but hugely beneficial.