Last year, more than 5.4 million new businesses were started, and over the past two years, the number of startups jumped higher than before the Great Recession for the first time ever.
Clearly, the entrepreneurial spirit is alive and well in the U.S.
However, the difficulties of starting a business are well known. Nearly half of all businesses fail within five years of launching. This means it's all the more important for entrepreneurs to start businesses in industries that are primed for growth.
Here are five industries that are growing quickly, according to recent HubSpot research.
1. E-commerce is still expanding
While e-commerce has grown quickly over the past two decades, there are still many ways to enter this industry.
For example, you may want to start a drop-shipping business, sell jewelry on Etsy, or create an app to sell online. It's easier than ever to set up a website and an online store, with e-commerce software like Shopify starting at just $20 monthly.
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Global e-commerce sales are poised to grow from $5.7 trillion last year to more than $8 trillion by 2027. That massive projected growth means there is plenty of opportunity for entrepreneurs.
2. Content creators are cashing in
As a freelance writer who's been creating content for different companies for more than 12 years, I can attest that there's a market for it. This content can include articles, blog posts, marketing materials, or even social media influencer videos.
More than 60% of marketers work with content creators, making it potentially easy to find businesses that need this type of work.
Many people can also start a content creation business with little financial investment. This means you don't need a large business bank account balance to get started.
3. Entrepreneurs are hearing wedding bells
Before the pandemic, an average of 2.8 million people got engaged yearly. While engagements significantly dropped during the pandemic, they are close to their pre-pandemic levels.
That's created a huge opportunity for entrepreneurs to start a business hosting weddings, catering, taking wedding and engagement photos, or baking wedding cakes.
While pay varies depending on what wedding business you start and where you live, the national average income of a wedding DJ is $65/hour, while a wedding photographer earns an average of $48/hour.
4. Consulting is taking off
If you have years of experience in a given industry, you may be able to turn it into a consulting business. Many companies need experienced professionals to show them how to grow their business, and some will pay a hefty sum for the help -- consultants can earn up to $300 per hour.
According to the Bureau of Labor Statistics, consulting is also growing fast, with the industry estimated to increase by 13.5% between 2021 and 2031. While you can be a consultant for nearly any industry, HubSpot notes that the most in-demand ones are in accounting, business, and professional services.
5. Digital marketing is on a roll
I've worked with organizations as a digital marketer and have noticed firsthand how companies need strategy and content for their events, brand materials, social media, and email newsletters.
If you have experience in marketing, advertising, or content creation, you can likely use it to launch a digital marketing company.
While some are worried about artificial intelligence's impact on marketing, demand for this work is increasing. The Bureau of Labor Statistics says the industry will grow by 10% by 2026.
Choose your own adventure
I have a friend who once created an online calculator for teachers to grade their students' work and another who designed and sold their own t-shirts. While they were different businesses, they have one thing in common: They both started with a passion from the people who launched them.
Even if you don't see anything on this list that interests you, there's likely a small business that fits your personality and experience.
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