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Not every industry is with us for life and if you want to experience success for the long term you need to be aware of what is facing extinction and what is coming up as a new breed.
Thanks to the rising tide of new technology, there are exciting new opportunities across a range of areas. Take a look at five industries to watch out for in the 2020s.
Plant-based anything
Did you know you can make a brick from mushrooms? And a tasty ‘steak’ or ‘sausage roll’ without the need for a cow or pig?
The plant-based industry is set to boom as people seek to minimise their carbon footprint. The advantage of products made from plants is they can easily biodegrade. They produce less planet-harming waste, plus they can be produced with fewer resources.
Even Reebok recently released a ‘vegan sneaker’, made from eucalyptus, castor beans and natural rubber. If you’re not already considering plant-based or more environmentally sustainable ways of doing business, add this as a discussion item for your next strategy meeting.
Property development
Australia’s population continues to boom so property is a key area to keep an eye on.
Families are looking for work/life balance, with living arrangements that offer access to shared gyms, parks, swimming pools and cycleways so they can enjoy being outdoors with their kids but not be stressed about upkeep and maintenance.
Instead of being boutique and luxury, some developments are going minimalist and sustainable, encouraging shared laundries and share cars instead of parking spaces. Somewhat ironically, these buildings are in high demand from investors.
Then there is the push for more affordable housing. Some developers are coming up with creative ways to help those on limited incomes, such as creating modern boarding houses in urban areas or looking for clever tiny house solutions. Forward-thinking developers can still generate good profits from these outside-of-the-box approaches.
Business consulting
As the gig economy raises its head, business consulting is ‘hotter’ than ever.
While it can be easy to make a few dollars here and there, generating a full-time income as a freelancer, sole trader or new business owner is becoming more cut-throat. After making a confident start, most realise they need help if they want to make their venture really stick.
Business consulting is a highly rewarding industry because you are helping people to help others while doing what they love and living life on their own terms. With the right tricks up your sleeve, it can be easy to scale up and generate a very rewarding income.
Aged Care
Australia’s population is ageing and they are not going to take it lying down!
Modern aged care solutions cater to multi-cultural residents and help the elderly live a fulfilling existence. The most sought-after facilities offer high-end gourmet dining, a regular itinerary of activities and second-to-none health care.
Alongside aged care facilities themselves, there is a huge demand for on-call nurses, allied health practitioners and home delivery services which keep elderly people in their own homes for longer.
E-commerce
While bricks and mortar stores will always have their place, avoiding the mass migration to online retail is business-owner suicide.
People love the option to shop online and they can now do so from anywhere in the world. There are many Australian success stories from retailers who have found their market away from home.
Going online opens up a whole planet of opportunity. Even if you still love interacting with customers, it is so important to embrace the online realm and learn the techniques required for quality sales results.
So, how did we do?
We love to write this type of article to keep our members and followers up to date. This version is an update on our 2017 article, which highlighted the following:
- Software
- Online retail
- 3D printing
- Seniors products
- Health and wellness
It is interesting to take a look back and see how things have evolved.
- Health and wellness are still huge but now take sustainability and the environment into account in a big way.
- Seniors are becoming elderly so both are worth keeping in mind
- Online retail… yep, still a big one! This won’t be going away any time soon and competition is becoming stiffer so you need to know what you’re doing to keep the sales rolling in.
- Software is still a big seller, however, many markets are now saturated with solutions. For example, there is more task-management software than you can shake a stick at. If you want to get into software, assess the competition in detail and look for a problem which truly hasn’t been solved.
- 3D printing also still has its place but it hasn’t hit the mainstream yet. Watch this space!
Who knows where we’ll be in the next 3 years, but you can trust that we’ll be at the cutting edge of any new business developments.
