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Great Business Ideas for Entrepreneurs in 2016

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Great Business Ideas for Success

The marriage of industry and technology is making 2016 an amazing year for startups and small businesses. The most successful business ventures are those that tap into a market or consumer need, one that offers a better solution to what’s already out there.

Many industries are growing at a stunning rate, and due to a changing population and technological landscape, many new successful industry fields are being produced. There is definitely more to starting a venture than a good idea and a commitment to see it through.

Great Business Ideas to Inspire your Creative Juices

This year will see a continuation of many trends from 2015 that still have an immense amount of room to grow. Here’s what’s hot right now:

  • Digital Health/Telehealth Services- The healthcare field is becoming increasingly more digital. By taking doctors appointments out of the office and into the pockets of consumers, it cuts medical costs and brings medical care to those who may not be able to access it otherwise. This is a great business idea in part due to the amount of growth this will see in the next few years. The industry is expected to grow by 39% by 2020.
  • Translation Services– International commerce is growing fast, and the number of languages that are included in that realm is staggering. Translators and linguists are in high demand to bridge the language gap in cross-cultural communication (46% growth by 2022). Although there is translation technology and software, it isn’t consistently accurate.
  • Box Subscriptions– These subscription services are everywhere, and people love them. There are already services offered for a wide variety of products ranging from beauty to pets to food. Customers love the idea of items provided to them based on their interest, and that they get a monthly surprise. This is a great low-tech, low cost idea that has the capability to be quite profitable.
  • Drones– This was one of the major trending industries last year, and it’s continuing this year. Demand for recreational drones is going up, and new commercial uses of drones are cropping up. The Federal Aviation Administration is expected to finalize regulations this year. If these regulations are finalized, the industry will experience a surge of growth. There is potential to tap into drone manufacturing, delivery, or providing services through drones.
  • Instagram Marketing and Consulting– The Future 100, an annual trends report, reported an increase use of instagram for business marketing. In 2015, the app reached 400 million users, and in 2016, the number of companies (with over 100 employees) using Instagram marketing is expected to reach 48.8%. Not all brands are social media savvy, and need help improving their content. Instagram’s full marketing potential is still untapped.

Nurture Your Small Business With PayTech

A recent Wells Fargo/Gallup Small Business Index indicates that small business owners are more optimistic than they were in 2015, and for good reason. So many great business ideas to be had, based on industries with sustainable momentum and strong positive trends behind them. What’s not to like? Whatever you choose, PayTech is here to provide you with all the basics to start your own business venture. From Accounting and Tax services, to Finance and HR services, we have what you need. If you’d like help starting a business, of if you’d like to ask about one of our competitively priced package options, please call us at 602.892.4796.


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