Medtech, the business of creating and producing medical devices, has never been more accessible. The combination of inexpensive resources such as 3D printing and open-source software and hardware make producing prototypes much less costly.
And the medical technology market is booming. The United States remains the largest medical device market in the world with a market size of around $156 billion in 2017 (Medical Technology Spotlight). What could you create to make medical treatments easier and/or more effective?
The last few years, social media management has been a hot IT-related business. But the big migration continues to remote servers hosted on the internet after cloud computing took the world by storm in 2015. Many businesses are keen to get there but don’t really know that much about it. Others are hanging back because they don’t see the necessity and fear the disadvantages.
Knowledgeable IT types who can make the business case for moving various processes and apps to the cloud and do it for businesses have huge opportunities. Knowing the advantages of cloud computing will help you make your case.
Food safety is becoming more and more of an issue. It’s not just burger meat or undercooked chicken that threaten consumers; even products such as organic lettuce have been subjected to food recalls. For their own well-being, consumers are paying more attention to the food they buy, and the local food movement is growing apace.
Combine food that's familiar with gluten-free and peanut-free ingredients to create food products that people will find truly irresistible.
The burgeoning numbers of senior baby boomers also provide burgeoning business opportunities for senior care. In-home care and senior residences are the obvious ones, but don't forget all the related opportunities such as driving, delivery, catering, and cleaning services for seniors who want to stay in their homes. You can certainly develop your own business providing care for seniors, but there are also quite a few senior care franchise opportunities available. See Best Business Ideas for Working With Seniors for more.
05Senior Moving Specialist
Aging sucks and one of the ugly aspects of aging that many people face is having to leave what’s been their home for many years and move into some place smaller. What makes it even worse is that many seniors in such circumstances have no one on the spot to help them. That’s why Seniors Real Estate Specialists are a growing niche market in Canada and the U.S.
And while the process to become a Seniors Real Estate Specialist (SRES) involves already being a Realtor and taking a course designed by the National Association of Realtors, you don’t have to be a Realtor to get into this niche market.
Patti Priestman’s Home Suite Home business takes a slightly different tack, focusing on assisting clients through every step of their move, from decluttering their current home through ensuring everything in is the right place in the new one.
It's one of the best business ideas for now and years to come. Forget spin cycling and Pilates: yoga is the fitness business to be in. The number of practitioners continues to grow each year, perhaps because yoga itself is so adaptable and accessible. Karaoke yoga, “gray” yoga, hot yoga—there’s truly a yoga for everyone. Note that American spending on yoga products, from trendy attire and mats to studio classes, rose from $4.7 billion in 2007 to $7 billion in 2012 and was predicted to exceed $8 billion by 2017 (The Economist), so why not direct some of that your way?
07Drones for Business
Using drones for business purposes is an industry in its infancy but I think it’s going to grow up fast as more ways to profitably use drones are discovered. Using drones for surveying, crop dusting, search and rescue, and checking out fires to see if it’s safe for firefighters to enter are just a few. Read Best Drone Business Ideas for more.
After several years of weighing how to regulate drones in the United States, the Federal Aviation Administration issued rules on their use. The Remote Pilot Certificate program launched in 2016 for commercial and recreational use of drones. Drones must be registered and can only fly up to a certain height. By comparison, Transport Canada's rules for flying drones (a.k.a. unmanned aircraft systems) have been seen as simpler and less restrictive. There have been fears that drone usage will be constrained and the “potential benefits will be dampened by over-stringent rules” (The Economist).
08Baby Products Online
Inc. chose baby products as one of the best businesses of 2014, saying that “products from diapers, clothing, and shoes to feeding aids, strollers, and furniture defied the recession and remained in high demand” and predicting that baby apparel alone would bring in $6 billion in e-tail sales in that year.
Now consider that ecommerce is in its infancy in terms of potential (sorry; I couldn’t resist) and how easy it is now to get into ecommerce. Baby gear could be the best business to start and your ticket to big bucks.
09Scooter Sales & Service
We’ve all seen the ads with the 50-somethings riding their motorcycles. But the truth is that the 50-somethings are much more likely to be riding scooters—either because of mobility issues or because they want the convenience and small environmental footprint of a bike with the stability that scooters provide. If you choose this business opportunity, don’t forget to provide gear like helmets and riding gloves too.
10Translation Services for Business
Maybe not, but I bet you can see where I’m going with this. With ecommerce ever growing and increasing numbers of companies striving to sell to more than just the hometown crowd, the need for websites, documents, and videos to be translated into other languages is exploding.
11Why Are These the Best Business Ideas?
There’s never any guarantee when you're starting a business, and any one of these may or may not be the best business to start in your case. Any business opportunity you're considering requires due diligence.
Once you’ve chosen a business idea, the best thing to do is write a business plan; it will help you determine if a particular opportunity is right for you.
None of these are get-rich-quick ideas or even the business ideas that I think will make the most money. But in my opinion, these are business opportunities that are going to provide real chances to make money this year and beyond—businesses that, done right, in the right place and for the right people, may be profitable enterprises for years to come.
Browse More Business Ideas
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- The 10 Best Home Business Opportunities for Now and Tomorrow
- The Best Business Ideas for Stay at Home Moms or Dads
- 7 Inexpensive Businesses That Anyone Can Start
Get a List of the Best Business Ideas
Find the Best Business to Start
These are the business ideas that I think will give budding entrepreneurs the best chance of making money – and just as importantly, the opportunity to start a business that will last and make money for years to come.
Not all of them are ideas that will make you a fortune. Some have that potential. Others fall into the category of steady earners.
And some of the ideas on this list are, admittedly, more exciting than others. But if you know anything about business, you know that it’s often the simple, plain idea that yields the most as the most successful businesses meet people’s needs.
Remember; there are lots of business ideas that didn’t make this list that can be developed into successful small businesses. These are just 10 that I think have great potential. One of these may be the best business to start for you!