According to business and financial software company Intuit, the number of small businesses in the US will grow from 30 million in 2016 to over 42 million in 2026. Brandon Wetzel of Yardley, PA welcomes the news, believing the glass is half-full. One reason why has to do with the rapid evolution of technology at lower costs which enable entrepreneurs to start and expand their business ventures. A new golden age of small business is emerging and now is a great time for aspiring business owners to jump in on the opportunity.
Based on a news report by CNBC, below are the top 3 industries that are projected to flourish in this golden age. Brandon Wetzel, Yardley local shares his ideas on the potential opportunities in each industry:
1. Healthcare – Venture capitalists and angel investors are eager to get their hands on a slice of the billion-dollar healthcare pie, but what about entrepreneurs with low capital and few resources? Brandon Wetzel of Yardley, PA believes money doesn’t have to be a barrier. One product or service in this industry that entrepreneurs can have a crack at is online appointment software that exclusively serves local healthcare providers and residents. The more detailed and personalized the search results are, the better the experience is for patients.
2. Marijuana – With more and more states legalizing recreational marijuana, this only opens windows of opportunities for marijuana entrepreneurs. If you know your way around the kitchen, Brandon Wetzel, Yardley native, suggests whipping up artisanal marijuana chocolates or other goodies. Marijuana isn’t just smoked anymore. Soon enough, recreational users will clamor for more marijuana products that are edible.
3. E-commerce – No matter where you look in the world, e-commerce is thriving. It’s already killed the traditional retail business model in the US. Brandon Wetzel of Yardley, PA is convinced that e-commerce is the way to go, as it significantly has low operational costs and you can practically market to anyone that has an internet connection. Again, there are low costs way to get started with e-commerce, one of which is the drop shipping business model.
What is the drop shipping model? Brandon Wetzel of Yardley, PA explains that it’s a type of retail fulfillment method where merchants do not tie up their capital to inventory or stock. When a customer orders a product, only then do merchants order the product from a third party and ships it directly to the customer. It’s a fast and flexible set-up that allows online businesses to scale.