Launching and running a successful Small Businesses today requires more than just the startup capital and professional experience required. An entrepreneur’s ability to succeed in a market depends on a number of other factors, such as the kind of industry invested in. Different industries have different levels of potential and advantage. Here are three potential industries that small business owners should consider to venture in.
The cannabidiol Industry
The broad cannabidiol industry explores the natural therapeutic components of cannabis. The industry has received a huge boost in various countries in the West, including the US and Canada. The increased adoption and legalization of cannabis in the US, as well as the national legalization of its consumption in Canada, has opened new business opportunities.
Besides, the pharmaceutical components of cannabis, investors in this industry can also consider additional areas, such as developing snacks, ice cream, cocktails, yogurt, salad dressings, and even other recipes that include CBD components and ingredients.
The need to raise and rear children well for the optimal physiological and therapeutic benefit has led to increased innovation on baby technology. This industry is quite promising, especially in developed countries, where startups focus on developing various tech-mediated solutions capable of tracking infant’s progress when playing, breastfeeding, and sleeping.
The increased demand for this product, and the need to penetrate the market as deeply as possible make the industry quite promising as far as the potential to offer returns is concerned. With innovation fueling the developments evidenced in the industry so far, it is projected that any new tech innovation is highly likely to gain favor with customers. The baby tech industry is expected to grow in market value to reach revenues of up to $9.7 billion in the next three years.
Nutrition has remained one of the consistent elements of great concern in every person’s life today. The nutrition industry is expected to receive much focus with an emphasis on ensuring personalization and customization of food for optimal individual gain. Developments in this industry are expected to focus on important areas, such as the customization of foods to eat, personal needs, such as allergy, nutritional requirements, and lifestyle requirements. Venturing in this industry can offer substantial returns, especially due to the existing high volume of demand.
About The Author
Yuri Vanetik is an Entrepreneur, Private Investor, Coalition Builder, and Philanthropist in Orange County, California. He is the Managing Partner of Vanetik International, LLC, a management consulting firm which offers advisory services and strategic planning to businesses and industries. He is also the Managing Partner of Dominion Asset Management, a technology-driven opportunity real estate fund that invests in undervalued real estate throughout the United States. Yuri Vanetik brings over 20 years of professional experience in a variety of roles, and has been featured in notable publications, including the Wall Street Journal, California Business Journal, and Forbes.