Business
The Best and Worst Investments of the Next Decade
As an entrepreneur, you have enough to worry about without worrying whether you’re even in the right industry – and yet, this should be your primary concern. After all, if your industry goes “belly up,” you’ll find customers harder to acquire and profit margins thinning out to a point where you might have to close up shop and get a job working for someone else.
As a youngster, it was organizations like Out of Sight that would have helped mentor you on leadership and other important life-skills. But, you had to figure that out on your own. Now, it’s time to pay attention to reality once again – lest you be left out in the cold.
Best Performing Industries Through 2019
- Voice Over Internet Protocol
- Retirement and Pension Plans
- Biotech
- eCommerce and Online Auctions
- Environmental Consulting
- Video Games
- Trusts and Estates
- Search Engines
- Recycling Facilities
- Land Development
Voice Over Internet Protocol is huge these days. With the advent of virtual PBX lines, a small business can look like a fortune 500 company. It doesn’t take much money either. Most VoIP providers cater to small businesses and residential consumers. For businesses, you’re looking at anywhere between $10 and $25 per month.
Biotech is another super-hot industry – especially the space concerning itself with stem cell technology and regenerative medicine. eCommerce consulting and search engine marketing companies should see steady growth as these areas are constantly evolving with new technologies coming to market quite often.
It should be no surprise that the financial industry will see growth – people are still recovering from the 2008 stock market crash. Lawyers are needed too as the estate planning industry is only growing.
These are the kinds of industries you want to tie yourself to going forward. If you’re not, in some way, in at least one of these industries, get there.
Worst Performing Industries Through 2019
If at all possible, stay away from these industries:
- Wired Telecom
- Tank and Armored Vehicle Manufacturing
- Vacuum, Fan, and Small Household Appliance Manufacturing
- DVD, Game, and Video Rental
- Telecom Resellers
- Photofinishing
- Lighting and Bulb Manufacturing
- Laminated Plastics
- Wire and Spring Manufacturing
- Synthetic Fiber Manufacturing
Some of these are obvious. For example, the government is trying to phase out incandescent bulbs. It’s starting by changing the energy efficiency requirements for 100w bulbs, making them essentially impossible to manufacture. Wired telecom and reseller industries are also not going to do well primarily for the reason that wireless is taking off.
More and more people are ditching their land lines and moving to cell phones. If you’re tied to any of these industries, your best bet is to phase out those operations, change vendors, or pick up new clients in other industries. Your clients, who may be in this industry, may not go out of business, but they may not be able to keep giving you the same level of business that they used to.
You may not like it, but at least you have fair warning.
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