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Senior Managing Director | The Opes Group LLC

Industries Entrepreneurs May Want to Explore In 2018

When an entrepreneur achieves success, it’s because he or she was able to create a business around a product or service in an industry that was ripe for the taking. Noticing industry trends and openings is a key component of becoming a successful entrepreneur. However, sometimes one can be so caught up one particular plan the real opportunity is missed. With 2018 in full effect, there are plenty of opportunities at hand for entrepreneurs of all ages; there are multiple industries that are experiencing, or about to experience, a major boom, and are just waiting for the right entrepreneur to take advantage of the opportunity.

Here are a few of the industries in which entrepreneurs can focus their efforts in 2018.

Healthcare

Healthcare is about to boom; more specifically, it’s about to baby boom. According to the Bureau of Labor and Statistics, healthcare positions are highly in demand, and the number of positions will exponentially increase by 2026. This is mainly due to the generation known as Baby Boomers. As this generation continues to age, there is a surging demand for care. Home healthcare aid positions are poised to grow the most over the next few years. The healthcare industry offers a unique advantage, given it is an industry that will never go away; people will always need some form of healthcare and the trend to stay in the home for as long as possible instead of going to senior home is on the rise. Smart entrepreneurs have already noticed this and are exploring avenues for delivering healthcare to the home in a format that senior and their families both trust and can afford.

David Pietrocola is one such entrepreneur. Pietrocola founded Luvozo with the intention of bringing new-age technology to senior citizens. Pietrocola’s company offers a robot named SAM that can roam the halls of senior citizen communities and assist in a variety of tasks. The company even offers an application that can detect potential falling hazards for seniors. And applications like Quantified Care allow patients to interact with their physicians easily through the app. Doctors can schedule phone calls, set reminders and monitor real-time statistics for their patients, allowing senior citizens to interact with their doctors from the comfort of their homes.  

Marijuana

If you’ve kept up with the news lately, you are most likely aware of the growing change in attitude towards marijuana. Once considered one of the worst drugs imaginable, marijuana has become so popular that some states have chosen to completely decriminalize it. As more and more states continue to lax their stance on the ban of the drug, the industry is expected to grow immensely. According to a report from CNN, the industry has raked in a whopping $9 billion in sales. I’ve actually already written an entire blog devoted to the topic of marijuana business and how lucrative an industry it is. As it becomes more of a social norm, entrepreneurs truly have an amazing opportunity at their feet.

In fact, while most people assume that the only area of interest for marijuana is in dispensaries, several entrepreneurs are getting clever with their business ideas. For example, Bec Koop, founder of Irie Weddings & Events, decided to put a creative spin on traditional floral arrangements for weddings by adding marijuana leaves to her designs. In fact, the industry has taken off so much that there’s an annual Cannabis Wedding Expo.

And Philip Wolf, of Cultivating Spirits, has taken on the culinary industry by adding a healthy dose of marijuana. In short, his company offers dining experiences that feature three-course meals specifically paired with accompanying marijuana strains that will leave consumers in a state of bliss.

Hospitality

The hospitality industry has changed drastically in the last few years. With several sharing economy services like Airbnb and HomeAway rapidly growing, you would think that younger Millennials are beginning to distance themselves from traditional hotels and motels, but statistics say otherwise. In fact, data suggests that not only is the traditional hospitality industry expected to reach over $150 billion in bookings in 2018, but that Millennials prefer traditional hotel services over the sharing economy. Traditional hotels have taken major steps to improve their tech offerings to compete with shared-economy services, such as investing in high-quality Wi-Fi infrastructure and developing sleek and contemporary mobile apps.

They’re also taking advantage of Millennial mindsets and the experiences that they look for. For example, Hyatt Hotels purchased two separate fitness/spa brands (Exhale Spa and Miraval Spa) and Hilton launched its very own fitness program. These fitness and spa programs/facilities offer many services that attract younger crowds. Smaller hotel chains, such as the Zero George Hotel in South Carolina offers cooking classes with their in-house chef to guests; this is another way that hotels are offering not just a place to sleep, but an experience. If you’re an entrepreneur looking to get into the hospitality industry, take this information into account so that you can know how to truly stick out from the competition. Offer something that other hotels don’t.

For any hungry and eager entrepreneurs out there, now is the time to strike in these three, critical industries. Take this information and run with it; create the next big company, establish your niche and earn that success.