The Best Industries to Start a Business Right Now

Are you thinking about investing in a business? Many people eventually find themselves at a crossroads in their careers, especially in today's job market. Whether you're looking for a fresh start after your job has been outsourced or simply seeking a new career path, starting a business can be an exciting and rewarding venture. Learn more about the best industries to start a business, what markets are doing well, and what you should consider when choosing.

Corporate America is changing. Getting a job at a prestigious company and climbing the corporate ladder until you retire with a gold watch is no longer commonplace. Today, the average baby boomer will hold 12.4 jobs in their lifetime, and economic uncertainty and layoffs are putting a dent in the career paths of many younger generations.

In 2023, technology companies alone laid off 258,678 white-collar workers, on top of 164,969 layoffs in 2022. Budgetary concerns are prompting companies to slash roles or turn to automation and outsourcing to cut costs. Approximately 300,000 U.S. jobs are offshored to countries with lower labor costs each year, and one well-known study estimated that the U.S. would lose 47% of its jobs to artificial intelligence and automation between 2010 to 2030.

Many people are turning to entrepreneurship to find a new path forward. They’re investing in themselves to take control of their financial future and achieve their lifestyle goals. More than 5 million new businesses were started in 2022 and the number of new business applications is on the rise. If you’re ready to be your own boss, Kitchen Tune-Up can help you learn what industries are flourishing in today’s economy.

The Fastest Growing Industries

When considering the best industries to start a business, it's essential to look at what's trending and growing rapidly. According to Leaders, industries such as personal services, healthcare, and construction are among the fastest-growing and most profitable business industries in the U.S. The renewable energy industry is also making strides. Their growth is being driven by technological advancements, changing consumer behaviors and economic shifts.

By 2030, the World Health Organization estimates that one out of every six people will be aged 60 or over. With the aging population and increasing awareness of health and wellness, businesses related to healthcare, fitness, and mental well-being have seen consistent growth. Opening a healthcare-related business, like a senior care facility or a physical therapy clinic, can be a rewarding venture. However, it may require substantial capital and regulatory compliance, making it cost-prohibitive.

Innovations in technology are making renewable energy sources like solar and wind power more efficient and cost-effective. Advances in battery storage technology are also making it easier to store and use renewable energy, further boosting the industry’s viability. As a result, governments, businesses, and consumers are all seeking ways to reduce carbon footprints, resulting in a surge in demand for renewable energy opportunities. But technology in this industry is evolving, and staying ahead of the curve may be difficult for a new entrepreneur.

Challenges in Business Operations

Some industries are thriving, but gaining a foothold can be difficult, particularly for first-time business owners. High-capital industries like manufacturing or those requiring extensive expertise pose significant challenges. The complexity of operations and higher initial investments can make these industries challenging to get off the ground.

The restaurant industry, for instance, is notoriously difficult to run successfully. The competition is fierce, profit margins can be thin, and finding reliable employees can be difficult. If you lack prior experience or a unique concept, starting a restaurant can be a risky endeavor.

Another challenging industry is retail, especially brick-and-mortar stores. With the rise of e-commerce, traditional retail businesses face stiff competition. Managing inventory, dealing with rent and overhead costs, and attracting foot traffic can be daunting tasks. If you're considering retail, be prepared for intense competition and changing consumer preferences.

The Smart Choice: Owning a Franchise

If you're looking for a smart way to own your own business, consider franchising. Owning a franchise provides an opportunity to be an entrepreneur while benefiting from an established brand, proven business model, and ongoing support. Home remodeling franchises, like Kitchen Tune-Up, typically have low overhead costs, and home improvement services are in high demand, making it a steady and reliable industry to enter.

Remodel Your Future with Kitchen Tune-Up

Kitchen Tune-Up is an ideal business opportunity for someone searching for a new career path and is in one of the best industries to start a business. In recent years, the home remodeling industry has been booming, driven by homeowners' desire to upgrade their living spaces and increase property values. The trend towards remote work has led many people to invest in home improvements to create comfortable and functional workspaces. The average household spent $9,542 on home services in 2023, according to Angi. The average profit margin for a remodeling business is 6.3%, and the Better Business Bureau forecasts it to remain stable over the next five years.

For an initial investment of $129,930 to $188,850, you get a turnkey business with a network of franchisees to share best practices.

Here are several reasons our brand stands out:

• Proven success: We’ve been in the business for more than three decades. You can feel confident that you're entering an industry with a winning formula.
• Low initial investment: Compared to many other franchise opportunities, we offer a relatively low initial investment, making our brand accessible to a broader range of aspiring entrepreneurs, even people with limited capital. We offer $48,000 of in-house financing to qualified applicants.
• Comprehensive training: When you join Kitchen Tune-Up, you receive comprehensive training and ongoing support. Even if you don't have prior experience in the home remodeling industry, our training programs will equip you with the skills and knowledge needed to achieve your goals.
• Strong brand: The Kitchen Tune-Up brand is well-known and trusted in the home improvement industry. Brand recognition can give your business a head start and help you attract customers more easily.
• In-demand services: We specialize in cabinet refacing, kitchen remodeling and bathroom updates — services that homeowners often seek to enhance their homes' value and functionality. Our niche can provide a consistent flow of potential clients for your business.

“We liked the market niche that Kitchen Tune-Up offers. With Kitchen Tune-Up’s low investment, we were able to get a return on our investment in a short amount of time,” said Bruce Morgan, a franchise owner in Colorado Springs, Colorado.

Learn More About Kitchen Tune-Up

Your future as a business owner in the home remodeling industry awaits — take the first step today. Inquire now to learn more about a franchising opportunity with Kitchen Tune-Up.