Things are changing in the business world. E-commerce sales on the whole are slowing as consumers return to in-store purchases and the global economy slides closer to recession. Simultaneously, though, incredible new technologies and natural therapies are emerging that dovetail perfectly with increased consumer interest in personal and pet health. Discover the best five industries to get involved in this year as an entrepreneur on the hunt for the most impressive opportunities around.
1. CBD
In 2022, the global CBD market is expected to be worth just shy of $8 billion, and some projections suggest it will grow to more than $47 billion by 2028. While it’s easy to believe the “green rush” is already over, it’s more accurate to say that the hemp industry has simply stabilized in anticipation of further growth.
It isn’t quite as easy to start a CBD company from scratch and sell generic tinctures online anymore. As long as you treat CBD like a legitimate business, however, and take the smart approach, there’s still plenty of money to be made by entrepreneurs now entering the hemp industry.
2. Other Cannabinoids
CBD isn’t the only hemp-derived cannabinoid that’s now popular online. Products containing CBG, CBN, and even CBC are also available, providing largely unexplored opportunities for differentiation within the hemp market. The best CBD brands offer products that also include CBG or other “minor” cannabinoids.
3. Health and Wellness Services
From yoga teachers for entire corporate offices to personal trainers for busy professionals, individuals involved in helping others get healthier are still finding plenty of opportunities to offer their services. The pandemic only made consumers double down on a growing sentiment that personal health is the key to happiness and success, and there’s a lot of overall investment going into the personal and group training and coaching industry.
People will pay for far more than just learning how to work out, though. There are now successful “personal trainers” who help their clients with everything from relationship issues, business-building practices, and style sense. If you find the right niche and offer a service that’s in demand, there’s no limit to the amount you can fairly charge for the right coaching services.
4. Artificial Intelligence
The dot-com bubble taught investors to be cautious around technology-related industries, and the mixed performance of the social media boom has only further ingrained this somewhat justifiable skepticism. Artificial intelligence, on the other hand, has already changed our lives in immeasurable ways that go far deeper than any previous technological advancements.
There’s endless opportunity awaiting in the field of artificial intelligence. While the rise of assistants like Siri and Alexa has popularized the potential of AI, that’s only the tip of the iceberg of what today’s visionaries have in mind for the future of machine learning technology. If you’re able to develop a software service that captures or enhances the benefits of AI in some way, you’ll be able to find someone who will pay you for it.
5. Pet Services
While China’s recent boom in pet cloning may seem bizarre to Western tastes, it’s a fact that we’re willing to pay a lot to keep our pets happy and healthy. People today care more about their pets than ever before — it’s no longer uncommon, for instance, for owners to prepare elaborate meals for their pets just like they would for their family members.
Whether it’s grooming, accessories, or even cloning, starting a pet-related business could be a lucrative option this year and beyond. If you target a niche of wealthy pet owners, you could end up developing a highly profitable business model that’s ready for either expansion or sale within a few years.
Opportunities Both Old and New
To some extent, it’s true that there’s nothing new under the Sun, but people do change their behavior from time to time. Technologies can also suddenly appear that dramatically reshape the global economic landscape, forcing us to rethink the way we do business and conduct financial relations.
As we gradually approach the middle of the 21st century, consumers will become even more preoccupied with their health and sources of comfort and convenience. Cannabinoids and other natural therapies will continue to rise in popularity, and people will continue to display an increased interest in even the health and wellness of their pets.
At the same time, AI and machine learning technologies will further revolutionize the way we live our everyday lives. Where there’s change, there’s opportunity, and we’re in for some unprecedented changes over the coming years and decades.