What do wind turbine installation, telehealth and massage franchises have in common? According to IBISWorld, which publishes market research on thousands of industries across the globe, those are three of the top 10 fastest growing industries by revenue growth in the US in 2020. Want to get in on an in-demand business this year? With these trending business ideas, it’s never too soon to get in on the ground floor, where you may be able to unlock massive growth potential. Here are three of the fastest growing business ideas to consider, and tips on how to get started.
1. Wind Turbine Installation
Wind turbines allow homes and businesses to use renewable energy and transition away from the reliance on fossil fuels. Wind turbine installation businesses help with the construction of wind power farms, which give customers access to green power.
Why Wind Turbine Installation Is Growing
According to IBISWorld, wind turbine installation is the No. 1 fastest growing industry in the US by revenue growth in 2020. Wind energy is inexpensive, clean and limitless, and that’s the perfect combination for an in-demand business idea. Turbines can be built on existing ranches or farms and produce energy domestically, which reduces our reliance on foreign products. According IBISWorld, revenue from wind turbine installation grew 53.5 percent in 2018-2019. The American Wind Energy Association states that the American wind power industry supports 114,000 American jobs, more than 500 domestic factories and produces more than $1 billion a year in revenue for states and communities with wind farms.
How to Start a Wind Turbine Installation Business
If you’re looking to get involved in this in-demand business, here are a few initial steps to take:
- Speak with others who have started a similar business to get an idea of what it entails.
- Create a business plan that defines the goals of your business.
- Establish a legal business entity. Consider forming a limited liability corporation, which may protect your personal assets in the case of a lawsuit.
- Identify sources of funding to get your business started.
- Research requirements in your state for licensing and permitting when starting this kind of business.
- Create a marketing plan to let people know about your business.
2. Telehealth Services
Telehealth allows health care professionals to connect with patients through the use of technology, such as the internet and videoconferencing. Telehealth, which is also known as telemedicine, allows patients improved access to health care. In some cases, that means that the patient is personally speaking with a psychologist, primary care doctor or specialist via videoconference. In other cases, a specialist, such as a neurologist or cardiologist, may connect with a clinic or doctor’s office via a monitor to contribute to the health care of the patient, or to interpret test results, regardless of their physical location.
Why Telehealth Is Growing
According to IBISWorld, Telehealth services hold the No. 5 spot for fastest growing industries in the US by revenue growth in 2020. Between 2016 and 2017, private insurance claims for telehealth grew 53 percent across the nation, according to a 2019 white paper by the non-profit FAIR Health, which analyzes insurance claims and provides consumers with information about health care costs. Telehealth allows patients to access the care they need, when they need it, regardless of their location or mobility. It can be especially helpful to patients in underserved or rural areas, or to patients who are unable to leave their home in order to get to the doctor.
Ready to launch your in-demand business in 2020? Do your research, create a business plan, talk to experts, secure financing and keep your eye on the prize.
How to Start a Business in Telehealth
If you currently run a health care practice, adding a telehealth option could be a way to help your practice grow and reach more patients. Consider these questions:
- Do I have the capacity to add telehealth to my practice?
- Is my team on board?
- What technologies are available and what do they cost?
- Will I need financing to cover the initial costs?
- How will I protect my patients’ privacy?
3. Massage Franchises
Stress relief, pain relief, relaxation, pampering—whatever the challenge, for many men and women, massage is the answer. By getting in on this trending business idea, you can help deliver the Zen that clients crave. When a business owner signs on with a massage franchise, rather than starting from scratch, he or she can benefit from the franchise’s expertise and guidance in this in-demand business.
Why Massage Franchise Businesses Are Growing
As more consumers turn from purchasing gifts to investing in experiences, a massage is the kind of pleasurable experience that may have a lasting physical and mental impact. From 2018 to 2019, the massage franchise industry saw 27.6 percent growth, according to IBISWorld, as people spent more on luxury goods. That lands massage franchise businesses in the No. 9 spot for fastest growing industries in the US by revenue in 2020.
How to Start a Massage Franchise Business
Is this one of the growing business ideas that fits your interests? Here are some initial steps to consider.
- Research the leading massage franchise businesses.
- Connect with the franchises that resonate most with you.
- Ask to speak with other franchisees and learn about their experience with the business
- Determine if the business model is a fit for you and your community.
- Consider what kind of funding you’ll need and whether you’ll need financing as you move forward with the business.
Ready to launch your in-demand business in 2020? Do your research, create a business plan, talk to experts, secure financing and keep your eye on the prize. By getting in early with these three growing business ideas, you could help countless people in your community access sustainable energy, connect with valuable health services and tap into stress relief. In reality, those are things we may all want to prioritize in the coming year, and beyond.
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