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When people think about exciting sectors for entrepreneurs or an entrepreneur’s hotlist, they think about technology and software. After all, that’s where all the opportunities are right? Wrong!
Just because a sector is relatively new, doesn’t mean that it’s the best place for entrepreneurs to focus their efforts. In fact, some of the longest running industries are actually the most successful right now. Take a look at where entrepreneurs are finding the most success in 2016.
Nursing Homes
Nursing homes have had quite a lot of bad press recently, thanks to various scandals. But it’s also one of the most promising industries out there. It’s all being driven by the rapidly ageing population. And rather than being in a boom, it looks as if the demand for nursing homes is set to continue. According to the data, more than 93 percent of nursing home startups survive beyond the startup stage. That’s well above the national average survival rate of 68 percent. That’s why it makes the entrepreneur’s hotlist.
Dental Practices
Right now there’s a crisis in the NHS. It’s crumbling, due to a lack of funding, and frankly, an outdated business model. As the population continues to age, the stresses in the system are going to get even worse, and something’s got to give. There are, however, a new breed of healthcare consumers coming online. They’re fed up with waiting for weeks just for an appointment, and they’re looking for alternatives. Now the private sector is picking up the slack, providing services to the patients who can afford it.
The most growth is currently being experienced by private dentists and dental suppliers. New clinics are being set up all over the country to deal with record levels of demand. And they’re finding success. According to the data, 90 percent of new dental practices survive initial startup. To put that into perspective, that’s a full 15 percent higher than cleaning companies.
Road Freight
If you’ve ever driven down the motorway, you’ll have noticed something. There aren’t just a couple of big freight suppliers dominating the market. Instead, the market is filled with hundreds, if not thousands of smaller firms. These smaller firms make up the backbone of the road freight industry. And thanks to the industry’s nature, it’s easy to get started. Sure, you need a bit of capital. But once you’ve got a vehicle, it’s relatively easy to make it pay for itself.
New technology in the freight industry promises to make this even easier. Recently, a company started trialing driverless lorries in Nevada. They hope that this will reduce the cost of running a road freight business by half. In the future, road freight companies may not even have to take on new drivers. Autonomous trucks will do the job for them.
GP Practices
GP practices, like dental practices, are also experiencing a high degree of success. There are two main reasons for it being on the entrepreneur’s hotlist. The first is that GPs, like dentists, are in demand, thanks to the ageing population. And the second is that GPs are in short supply. Recently, the press reported on how “banter” about GPs in medical school was putting new doctors off going into general practice. Thus, the reduced supply of new doctors means that there are fewer players in the market.
