Finance

Popular Industries You Should Consider Getting Into

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If you’re feeling stuck in your current job, don’t stay. While expanding into a new field might take an extraordinary leap of faith, it will ultimately help you expand your career and expand as a person. As you think about how to pivot, make sure to consider a variety of different industries before you decide on one.

Restaurant Franchises

Working in the restaurant industry can be challenging at times especially if you are trying to get your own restaurant off the ground and successful. That’s why working to build and run restaurant franchises is a great option if you’re hoping to break into this industry.

Running a restaurant franchise gives you an already established clientele and brand name to work with. Additionally, running a restaurant franchise also helps you have the financing you need to start and be successful. Getting enough money to cover overhead and startup costs as a restaurant owner with a brand new restaurant can be incredibly difficult and usually requires you to personally assume a lot of the financial burden without already established brand recognition.

When you start a franchise, you don’t have to assume all the financial burden yourself and you get the benefit of having a lot more security when you start up.

Pet Products

If you are passionate about animals, working in pet products can be a surprisingly versatile and promising field to enter. Because the field is a relatively niche field, building a brand that can stand out from others becomes a little easier. You have the opportunity to corner a market within a market.

Additionally, selling pet products is something you can do with an entirely online platform. For example, you could simply find a supplier and use your online platform to advertise and sell those products. Then you forward the orders to the supplier company who handles the storage, packaging, and distribution of the respective items. All you have to do is sell the items on your platform at a slightly higher price than your suppliers in order to make a profit.

Ecommerce

Ecommerce is a field that is as expansive as it is growing. You can take virtually any skills you already have and find a way to market that with an online platform and product. This might mean selling services or products like picture frames to silk-screened shirts online. Using software that helps you manage your inventory and orders will improve your effectiveness.

On the other hand, it could also mean taking a skillset like solid writing skills and creating an online tutoring platform where you can video call with different teenagers to help them refine their writing.

Personal Wellness

Personal wellness is an expansive field that covers a lot of different types of businesses. On one hand, you could work to become a motivational speaker or life coach. A life coach can work with former athletes to help them continue setting important goals and meeting them. A life coach can also work with young people to help them develop greater confidence and identify career paths to pursue.

Working in personal wellness can involve so many other jobs working to help people improve their mental, social, physical, financial, or emotional wellness.

Real Estate

Real estate is a growing industry that has a lot of earning potential. Breaking into this business can depend a lot on what you want. One of the simplest ways to get involved is to simply buy a home where you can rent out rooms or even a basement unit.

If you have a young family, it might be opportune to consider buying a home with a separate basement apartment. Depending on your financial situation, you might want to live in the basement apartment yourself and rent out the upper part of the home so that you can charge more rent per month. Doing this will allow you to pay your mortgage payments with your renters’ payments and eventually make significant revenue.

Hotels

Hospitality has long been an important industry generating billions of dollars of revenue every year. This year now that the coronavirus pandemic is starting to dissipate, the hospitality industry will likely see an extraordinary boom as individuals are able to travel again. As such, expanding into the hotel industry is a smart decision right now.

There are a variety of ways to expand into the hotel industry—you can simply try to start running a hotel of an already established franchise. Doing this gives you more security than having to build your own hotel from scratch. On the other hand, tapping into the niche hotel industry can be a great way to enter this industry as well.

Depending on where you live, your home might be a great candidate for an Airbnb or other type of home hospitality rental. Giving this a shot during high tourist months could help you earn some money on the side.

Starting out with renting your home out during certain months of the year can help you get a better grip of the tourist situation and what you feel comfortable managing when it comes to hospitality services. You may find that you enjoy renting your home, you may find that you do not like the hassle. Testing it out can help you decide if this industry is really for you.

Healthcare

In addition to the hospitality industry, the healthcare industry has also expanded in the wake of the COVID-19 pandemic and has been highlighted as an industry that needs further development. Working in healthcare can take a variety of forms—yes, working in healthcare can mean going to med school and becoming a doctor. But it can also involve using legal or administrative skills.

As a healthcare lawyer, you can work with individual health systems to help them better apply industry standards in the different facets of the hospital or practice. Working as lawyer in healthcare can be especially beneficial when it comes to addressing various discrepancies in healthcare—you can work to ensure that all individuals are given equal treatment by working with various government agencies and healthcare systems to identify specific policy changes that can help address areas of medical discrimination.

If you have an administrative background, you can also work to enter the healthcare industry as a healthcare administrator. As a healthcare administrator, expect to be involved with managing budgets, establishing goals, and working to generally improve your hospital.

Virtual Reality and Gaming

Undeniably, the technology industry is booming and is expected to rapidly expand. As you think about how to get into this industry, it may seem challenging initially if you don’t have the biggest background in coding or programming. But even if your background isn’t highly technical, you can still get involved in sectors like virtual reality and gaming.

For example, with virtual reality, a background in healthcare and a strong knowledge of anatomy can help you design specialized virtual reality tools for med students. If you are an avid gamer, you can work to develop new games or work out bugs in different kinds of games.

While it’s essential to consider a variety of different industries to get into, make sure that you think carefully about your personal skills and commitment level. If you aren’t ready to jump into something 100% yet, that is totally ok. Just make sure to pace yourself—for example, instead of starting a whole new business, consider helping improve an aspect of someone else’s startup.

Read this next: How to Use Technology as a Learning Asset


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