Many people are becoming aware of the allure of being your own boss. Entrepreneurship is on the rise, as nearly 30% of people are self-employed. Additionally, many people are starting to see the benefits of being their own boss, including:
- Greater control over your business;
- Flexible work hours;
- Better career progression;
- A greater sense of satisfaction;
- Diverse learning experience;
- Higher motivations and morale.
Starting a business can be overwhelming and you may find it difficult to narrow down a job amongst the vast options available. However, by focusing on the type of industry you want to start a career in, you can start to narrow down the options.
Food and Restaurant Industry
People who want to venture into the food and restaurant industry have a plethora of options. According to the Bureau of Labor Statistics (BLS), the food services industry consists of multiple establishments, including:
- Full-service restaurants;
- Limited-service eating places;
- Special food services;
- Drinking places.
Also according to the BLS, a restaurant owner can make an average of $65,492 per year and they do not need higher education. Luckily, restaurants are in high demand, with the National Restaurant Association projecting a 50% growth rate by 2030. People who want to be successful in this industry may have one or more of these skills:
- Customer service;
- Physical speed and strength;
- Safety knowledge;
- Attention to detail;
Being successful in the retail industry entails a knack for knowing what people buy and how they buy it. Fortunately, if there is a product you wish to sell, there is usually a market. Jobs for people in the retail industry include:
- Clothing store owner;
- Gift shops;
- Mystery shopper;
- Homegoods store;
- Flower shop;
If you wish to go the non-traditional route, you can try building an e-commerce site to sell your products. The National Retail Association states that the retail industry is growing year after year, which is good news for people who are looking to start a career.
The average salary for a store owner is $96,071, however that can vary based on geographical location and how well your store does. People who want to be successful in this industry must have one or more of these skills:
- Customer service;
- Commercial awareness;
- Ability to work under pressure;
- Time management;
In-Home Care Industry
According to IBIS World, the homecare industry is among the fastest-growing industries because of the aging population. With the baby boomers retiring and needing more care, demand is expected to increase for home services. This industry includes jobs like:
- Physical therapy;
- Occupational therapy;
- Home hospice;
- Home health aide.
A home health care facility can bring in an average annual first-year revenue of $248,000. Successful people in the healthcare industry have these traits in common:
- Communication skills;
- Personal skills;
- Problem-solving skills;
- Physical strength;
Depending on which route you take, a career in the in-home care industry may vary widely on salary. The median salary for a home health aide is $22,470, while the median salary for an occupational therapist is $84,950. It’s important to keep these salary discrepancies in mind as you start your new business venture.
The fitness industry offers an array of entrepreneurship options including:
- Owning a gym or fitness franchise;
- Opening a day spa;
- Becoming a nutrition counselor;
- Creating your own fitness guide as an influencer;
- Providing boutique fitness workouts.
Luckily, the fitness industry is expected to grow. With more people putting their physical health as a priority, the demand for fitness routines and nutritional advice will increase. Many of the top-paying jobs in the fitness industry have an average salary of around $50,000, however, depending on your success, you could make more. Skills to help you be successful in this industry include:
- Listening skills;
- Motivational skills;
- Physical fitness;
- Speaking skills;
- Customer service skills.
The beauty industry is broad; it consists of services and products, including manicures, hair treatments, and consulting. Although the job growth outlook is expected to decline by 1% by 2030, the overall job opportunities continue to look good. The various segments of this industry include:
- Perfumes and colognes;
- Deodorants and feminine cleaning;
- Oral hygiene.
Jobs range from influencers to consultants, hairdressers, technicians, and managers. The average salary for beauty industry jobs is $70,570. If you wish to pursue a career in this industry, these skills can help:
- Artistic flair;
- Time management;
- People skills;
- Technical skills.
The technology industry is vast, as shown by the major spending by stakeholders to grow this industry. However, many people may not be aware that you don’t have to create new products to be successful. In fact, you can create an e-library or manage a phone repair shop and still be considered a tech business. Common jobs in the tech industry include:
- Data scientist;
- Software developer;
- Information security analyst;
- Mobile app developer.
You can expect to make an average salary of $135,000, depending on what you do and how successful your business is. Additionally, you could also apply marketing, sales, and operational skills to a tech-based job, making this industry truly diverse. Skills that will help make you successful in this industry include:
- Understanding of computer coding;
- Organizational skills;
- Analytical skills;
- Project management;
Home Cleaning and Maintenance Industry
Due to the aging population and the increase in disposable income, the in-home cleaning industry is booming. One way to break into this industry is to own a franchise, however, there are other job opportunities like:
- Specialty floor cleaning;
- Window cleaning;
- Commercial cleaning;
- Residential cleaning.
The owner of a mid-sized cleaning business can make between $50,000 to $70,000 a year, and successful businesses can see profits as high as $100,000. Additionally, the in-home cleaning industry is expected to grow at a fast pace. Skills that can help make you successful in this industry include:
- Time-management skills;
- Ability to work autonomously;
Travel, Tourism, and Hospitality Industry
In 2017, the travel and tourism industry generated over $1.6 trillion. The industry consists of a large number of subsectors, including transportation, accommodation, entertainment, and food and beverage sectors. This versatility helps create a plethora of job opportunities like:
- Travel agency owner;
- Bed and breakfast owner;
- Tour operators;
- Casino owners;
As the older generation ages and retires, and the younger generation looks for unique getaway options, travel and tourism remain in demand. Skills that can help make you successful in this industry include:
- Financial analysis;
- Team management;
- Networking skills;
- Language skills;
- Cultural awareness.
Influencer Marketing Industry
Influencer marketing has risen as a digital word-of-mouth tactic that helps both brands and individual influencers. Influencers span many different sectors, including wellness, mental health, cosmetics, crafts, art, and more. Successful influencers are defined as people who have a large following with high engagement.
Reports show the industry will be worth $15 billion by 2022, meaning it will not be slowing down any time soon. The average salary of an influencer is anywhere from $30,000 to $100,000, depending on how successful their social page is. Skills to help you be successful in this industry include:
- Photography skills;
- Social media skills;
- Writing skills;
- A feel for trends;
The construction industry consists of many sectors, including goods and services, industry organization, and recent developments. Typically, to own your own business, you would need to become a general contractor. There are many areas of expertise in general contracting, including:
- Electrical contractor;
- Plumbing contractor;
- Heating and air-conditioning.
A successful general contractor can make anywhere from $25,000 to $113,276 per year. Skills you might need to be successful in this industry include:
- Management skills;
- Communication skills;
- Computer and software expertise;
- Problem-solving skills.
No matter which industry you choose to pursue a career in, it’s important to find a career that aligns with your personal values. This way, you know you will enjoy whatever job you take. By looking into the type of industry you wish to be in, you can narrow down the job choices, which will help you make career decisions easier.
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