Looking to start a new business or gain supplemental income this year? Here are six new exciting business opportunities that show a lot of promise for service pros, entrepreneurs and those skilled in working with their hands.
1. Virtual Reality (VR) Installation and Repair Services
The VR industry is growing at a fast pace, but it is “in its infancy still with a huge growth expected in the next few years, [with] “VR and AR headsets to hit 80 million by 2021” (Forbes). Like smart home installations, there’s a big opportunity with VR in-home setup for homeowners who want their room set up properly vs doing it themselves. Service pros or entrepreneurs interested in this technology can also into providing VR headset repairs. On a larger scale, they can consider the business of bringing VR or augmented reality (AR) to corporate events, parties, industry tradeshows or conferences.
2. Mirrorless Camera Services
“Despite the high number of people using their phones as cameras, mirrorless cameras have grown and created their own niche market.” (Oberlo). Camera technicians can add mirrorless cameras to their repertoire and capitalize on those consumers making the switch from digital and DSLR to mirrorless cameras. Also, the opportunities would be beyond repair services to include cleaning services.
3. Smartphone and Smartwatch Repair Services
The cell phone repair industry is estimated at $4 billion (IBISWorld) and with Apple charging consumers a lot of money to repair phones, many customers turn to third-party technicians (Marketplace.org). The smartwatch industry is growing rapidly too; by 2018, the smartwatch industry is expected to shoot up to $19 billion worldwide and then by 2019, it’s expected to go upwards of $53 billion in sales revenue (Oberlo).
The competition is fierce for smartphone and smartwatch repair companies, especially with franchises now getting more popular. Entrepreneurs will want to be creative with their offerings to stand out from other tech repair pros. Providing quick turnaround like same-day shipping or convenience like picking up the device from the consumer will be key.
4. Tiny House Construction and Maintenance Services
While we’ve all likely heard of the “tiny house movement”, the progress and popularity of tiny houses depend on the area of the country you’re in. Some cities and states are more receptive to tiny houses and recognize zoning for “economy efficient dwelling” (Electrical Contractor). Tiny houses are popular in Arizona and Colorado, and cities who have eased restrictions for tiny houses. Entrepreneurs don’t only need to consider the construction of homes, but “maintenance [too as] companies tend to ignore the tiny house demographic” (Entrepreneur.com). Electrical contractors and tech installers can offer services to equip tiny homes to be smart and energy efficient.
5. Laundry On-Demand Services
[Image Source: IdeaMensch.com]
With the rise in popularity meal and grocery-delivery services and services that offer time-strapped consumers convenience, on-demand laundry services have popped up in pockets around the country. Dan Miller, founder of Mulberrys, on-demand laundry startup in the Bay Area, was surprised “how far behind the dry cleaning and laundry industry was; many don’t even have a website” (Techcrunch), pointing to the opportunity to disrupt the market either as a new business or as an existing laundry business.
6. Home and Building Maintenance Services
There is good opportunity in maintenance industries, from pest control and landscaping to cleaning services. “If you gain the right expertise, these businesses are easy to start because they have relatively low upfront costs and don’t require large inventory, staff or dedicated office space” (Sageworks). “The pest control market is projected to reach $10 billion in service revenue in 2020” (Pest Control Technology). Landscape maintenance is known to be a profitable service too; the biggest need here is quality labor (Lawn and Landscape). For the cleaning industry, barrier to entry is low, but competition can be fierce for both residential and commercial cleaning contracts.
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Last modified: May 2, 2018