If you are an aspiring entrepreneur, one of the first decisions that you will have to make is in what industry will you open a business. Some people choose to enter a market in which they have direct career experience; others decide to branch out and do something different. However, the one fact that many can agree on is that entering into a large industry, which is in demand, is generally a good idea. While others may argue that size does not matter

Below, let’s evaluate the five biggest business industries for aspiring entrepreneurs in the USA, as sourced from www.worldatlas.com.

#1 – Real Estate

Pros

Real estate will always be necessary; for as long as people need houses, there will be a need for people to sell them.
Property is considered a (relatively) safe investment.

Cons

Housing is a saturated market, and you may face a great deal of competition.
The real estate market is subject to flux, and if the USA’s economy struggles, it will struggle alongside it.

Viability: B+ — a huge market that has the potential to be quite lucrative, but it is unpredictable as well.

#2 – State and local government

Pros

Operating a business that is a government contractor is generally reliable; governments don’t suddenly go out of business.
Can provide a genuine benefit to the society in which you live.

Cons

Government contractors can be blamed for mistakes at the legislative level.
Government deals aren’t always a sure thing; read the www.foxnews.com story about the Carillion crisis to see this exemplified.

Viability: C- – unreliable and subject to political whim, contracting to state and local government is tricky.

#3 – Finance and insurance

Pros

A very well-paid industry, so there is a great ability to generate substantial profits.
One of the “safer” industries, with financial systems, often considered “too big to fail”

Cons

A competitive industry; the potential for high profits brings a considerable amount of competition
The financial sector is disliked by some, especially after the 2008 financial crash, which some entrepreneurs may find difficult to cope with.

Viability: B+ – a viable, secure industry that makes for an excellent choice for a startup

#4 – Healthcare

Pros

Eternally essential; if there are people, they will need healthcare, so healthcare businesses will never be short on need.
Allows your business to make a genuine impact on the world and help improve people’s lives

Cons

High demands to meet legislative requirements, such as safety practices and using the likes of http://www.nahs.co/services/managed-hipaa-compliance/ for HIPAA compliance.
Subject to political change; healthcare is one of the most divisive issues in American politics.

Viability: A – high demand, a non-stop customer base, and generally profitable, healthcare is a great choice for a new business.

#5 – Durable manufacturing

Pros:

Varied and exciting, especially if you are interested in innovating with your company
Requires finesse and focus; few durable manufacturing businesses make complete products, but rather supply individual components, which is ideal if you’re a detail-oriented person.
Cons

Highly volatile and subject to a variety of different influences, such as oil prices and USD value.
Tends to require substantial technological or engineering knowledge, so not ideal as a general idea for a business for many.

Viability: D- – a tough industry that could appear to be impossible to do on a small business scale.
Hopefully, the above information has given you, and your business aspirations, some food for thought!

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