Entrepreneurship is a dynamic landscape and holds the key to shaping tomorrow’s economy. It is important to identify the businesses poised for growth and success in the future because consumer preferences evolve as technology advances. This article digs deep into the businesses that hold promise in the future. These 11 best small business ideas of the future will make you think.
Before we begin let’s have some insights about small businesses in the US.
| Small Business Statistics in the US in 2024 | |
| The number of small businesses in the US | 32.5 million |
| Jobs created by small businesses annually | 1.5 million |
| Percentage of new jobs created by small businesses annually | 64% |
| Profitable small businesses | 65% |
| Small businesses that fail in the first 5 years | 50% |
| Small businesses that make over $1 million annually | 9% |
| The industry with the highest small business survival rate | Healthcare & Social assistance |
| The major reason why small businesses fail | Cash flow issues |
| Small businesses that begin with $10,000 in capital | 64% |
| Percentage of local businesses that depend on social media to drive revenue | 41% |
| No. of Americans that work full time for their businesses | 15 million |
| Small business owners who work over 60 hours a week | 19% |
| Percentage of self-employed Americans over 65 | 16.3% |
Best Small Business Ideas of the Future in the US
1. Virtual Reality
Virtual reality (VR) is a simulated experience similar to or completely different from the real world and it aims to create a sensory experience for the users that includes sight, touch, smell, hearing, or even taste.
Standard VR systems use VR headsets or multi-projected environments that generate realistic sensations and simulate a user’s physical presence in a virtual environment. The VR is growing rapidly, the global VR market size is projected to increase from less than 12 billion USD in 2022 to more than 22 billion USD by 2025. The enterprise and consumer segments, both, are expected to profit greatly in the future.
The VR technology is sure to disrupt sectors like manufacturing, healthcare, and workforce development. Experts predict that the introduction of smaller and more fashionable devices will increase the adoption of VR by consumers and industries. Some examples of VR technology usage include immersive teaching experiences within the classroom and training simulations for surgeons and production operatives.
2. Online Tutor
Because of the benefits such as improved focus, convenience, and cost-effectiveness, there has been a rapid surge in the adoption of online learning methods across the globe. Online learning increases the productivity of both the learners and tutors and is adopted massively nowadays by school students and corporate professionals. Content developers are coming up with unique and smart learning solutions.
Continuous technological advancement, advanced portable communication devices, high-speed internet, the adoption of customized and personalized learning and Government support for digital teaching are a few of the factors driving the adoption of online learning methods.
As per zippia.com, there are over 33,204 online tutors currently employed in the US and most of them work at education companies.
3. Artificial Intelligence
Artificial intelligence (AI) comprises of a spectrum of computer software capable of human-like activities, encompassing learning, planning, and problem-solving. Currently AI predominantly manifests as narrow AI, designed for specific tasks like facial recognition or internet searches. Yet, the overarching aim for many researchers remains the development of general AI (AGI), surpassing human cognitive capabilities across diverse tasks.
The concept of smart cities denotes digitally interconnected urban landscapes governed by data-driven decision-making. This includes optimizing transportation, waste management, energy distribution, and much more. Designing AI software and hardware tailored for such environments presents a viable business strategy, facilitating efficient urban management.
AI’s capacity to quickly process vast data volumes aids in decision-making, enhancing human cognitive processes. In career contexts, the demand for AI talent is increasing across industries, with roles ranging from Big Data Engineers to Robotics Scientists. However, AI’s proliferation also includes disruption, particularly in sectors like entertainment and medicine, where AI-driven personalized healthcare is poised to revolutionize diagnostics and treatment strategies.
4. Automated Digital Marketing
Statistics say many businesses expressed a desire to integrate chatbots into their operations because that saves a lot of money. The consensus among business experts suggests that automation and artificial intelligence (AI) technologies will continue to reshape the employment landscape.
While automation may displace certain roles, it also generates new job opportunities and highlights the importance of acquiring relevant skills for occupational transitions. Automation can play various roles in most of the fields from healthcare to marketing.
However, it’s important to recognize that automation complements human input rather than replacing it completely. For example, the implementation of marketing automation depends on human expertise to devise digital marketing strategies, determine key metrics, and generate content. Companies that leverage marketing automation strategies witness enhanced conversion rates, revenue growth, and operational efficiency.
New verticals are emerging within the automated digital marketing space like creative marketing laboratories, operational marketing factories, etc.
5. Content Marketing
Content marketing is an evergreen field that comprises various mediums such as blog posts, videos, emails, etc. plays a pivotal role in attracting and retaining customers. This field is dynamic and predicting its future remains challenging.
SEO remains the most important part of content marketing, with a shifting emphasis on authority and social signals over technical indicators. SEO remains the factor because of which brands have to continuously focus on producing relevant, useful, and engaging content.
Technological advancements are here to reshape content marketing, with multimedia storytelling becoming quite important. In today’s competitive world content has to be tailored for scalability, catering to diverse formats such as augmented reality (AR), virtual reality (VR), and immersive experiences. To drive engagement and leverage an editorial approach to captivate niche audiences’ businesses are hyper-targeting the audiences with compelling content.
Nowadays internet traffic is dominated by online videos, with its adaptability allowing easy repurposing into various formats.
AR, VR, and AI-driven content creation tools are emerging trends, alongside the continued importance of subject matter expertise and SEO proficiency.
6. Dropshipping
Dropshipping is a way of fulfilling customers’ orders where a business doesn’t keep the products it sells. When you as a drop shipper receive any order, you (the seller) send it to another company that ships the product straight to the customer. You will be a middleman between the customer and the company with the product. This streamlined approach to selling products online and its order fulfillment means you can start a business without having to lease warehouse space, manage supply chains or manage inventory.
Drop shipping has significantly reduced initial investment requirements, fostering entrepreneurship and enabling start-ups to enter the market.
You should primarily focus on marketing efforts while wholesalers handle inventory management and fulfillment.
The ever-increasing online retail landscape, particularly exemplified by China’s robust market, indicates the immense potential of drop shipping.
7. 3D Printing Shop
3D printing is a process of making three-dimensional objects from a digital file. A 3D-printed object is created by using additive processes. 3D printing enables you to produce complex shapes using less material than traditional manufacturing methods.
The initial costs remain high, and the concept of fabricating items using low-cost printers heralds a paradigm shift in manufacturing processes. Service centers are already embracing 3D printing, hinting at its future, even in everyday establishments like retail outlets.
Some applications of 3D printing are consumer products (eyewear, footwear, design, furniture), industrial products (manufacturing tools, prototypes, functional end-use parts), dental products, prosthetics, architectural scale models & maquettes, reconstructing fossils, replicating ancient artifacts, reconstructing evidence in forensic pathology, etc.
Industrial-scale 3D printing facilities present an opportunity for mass production with minimal investment in specialized equipment. Currently, personal 3D printers are quite expensive, but their popularity will rise as individuals embrace the convenience of printing their goods.
8. Web Designing
The establishment of an online presence via websites has become indispensable for businesses of all scales, creating a significant demand for web designers. Launching a venture in web design and development is a lucrative business opportunity, characterized by economic feasibility and accessibility.
The basic requirements for initiating a web design company are a computer with internet connectivity and a creative mind. For individuals with a background in technology or a qualification in computer science, entering this field is a logical and lucrative career path.
Businesses are increasingly recognizing the importance of engaging and user-friendly websites, and the demand for skilled web designers continues to soar. The dynamic nature of technology ensures that the field of web design remains ripe with innovation and evolution, and offers ample
scope for growth and diversification.
9. Marriage Counselling and Therapy
It’s becoming increasingly clear that taking care of our mental health is just as important as looking after our physical well-being, hence the demand for professionals in the mental health field is growing day by day.
The trend suggests a positive shift towards prioritizing mental wellness and seeking help when needed. As society continues to embrace the idea that mental health is an integral part of overall well-being, opportunities for professionals in this field are expanding rapidly.
If you’re passionate about helping others and have a qualification in mental health, pursuing a career as a therapist or counselor could be incredibly rewarding. As the demand is continuously growing for these services, you will have the chance to make a meaningful impact on people’s lives while also enjoying a fulfilling career path.
10. Home care for the Elderly
As the population of the US and other developing nations continues to age, there is a rising demand for services that support independent living among the elderly. There exists a broad spectrum of opportunities within the elderly care sector such as physical therapy, assistance with grocery shopping, meal preparation, home modifications, safety equipment, etc.
Services that ensure the comfort and safety of aging individuals within their own homes have a great demand these days. Also, innovative technology solutions aimed at improving elderly care, such as wearable health monitoring devices and smart home automation systems, are gaining traction.
The increasing importance of holistic wellness has led to a surge in demand for complementary services like recreational activities, mental health support, and companionship for the elderly. Businesses that incorporate these elements into their offerings stand to capture a significant portion of the ever-increasing market for elderly care services.
11. Social Media Consulting
As social networks such as Facebook, WhatsApp, Youtube, Instagram, Twitter, etc. continue to skyrocket in popularity, businesses are recognizing the importance of leveraging these platforms to connect with potential customers. Social media has created a significant demand for marketing consultants who specialize in advising businesses on effective social media strategies.
Your role as a consultant will be to provide tailored guidance on how businesses can effectively promote their products and services through engaging social media content and targeted advertising campaigns.
The emergence of new platforms and features within existing social networks presents both challenges and opportunities for businesses trying to maximize their online presence. Social media marketing consultants play a crucial role in helping businesses stay ahead of the curve by staying informed about the latest trends and best practices in social media marketing.
As a marketing consultant, you can advise on advertising strategies, content creation, social media analytics, and performance tracking. The demand for social media consultants is expected to remain robust as businesses recognize the indispensable role of social networks in their marketing efforts.