The global economy is rapidly changing due to a change in the growth of service industries. If you plan to start a service business, knowing industries with growing demand is crucial to make an informed decision. Here are the top ten service industries with growing demand in 2023.
1. Marketing and Advertising Industry
The marketing and advertising industry has been growing lately due to the increased adoption of internet usage. As more people continue to access the internet and shop online, online businesses have a high demand for digital marketing agencies to increase their sales.
According to GlobalNewsWire, the global marketing and advertising industry was valued at US$531 billion in 2022 and is expected to grow to US$1.5 trillion in 2023.
The growth potential in this industry is vast, and you can start your agency and be successful if you are determined.
One main benefit of starting a business in this sector is that you can work remotely and pick the industries you like. For instance, you can focus on the cleaning company sector alone and choose to work with cleaning companies in a particular geographic area.
Also, you can start with one or two companies and then expand with time. However, like any other business, you will need some skills to increase the success of your business. Here’s how to manage a service business in marketing and advertising:
Get a diploma/bachelor’s degree in marketing, public relations or a related field. You can study part-time to increase your skills while running the business.
Create a Model
Create a business model showing your pricing and mode of work. Your pricing can be fixed, commission based or hourly.
Identify Your Marketing Niche
The marketing and advertising field is broad; you may need to choose a niche to ensure you spend your time on what you can do best.
2. Online Retail Industry
The ecommerce market has grown exponentially over the years due to the notable increase in online shopping. Unlike before, people now embrace shopping online for convenience and to break the geographical barriers of having to move miles away.
Are you passionate about starting an online retail store? If yes, you can start one in the field you enjoy most. If mosquito control is your passion, you can establish an online store, register and start your business immediately.
You don’t need a formal education to start an online retail business unless you specialize in health products, pesticides and other technical niches. In such situations, you may advance your skills in what you will be selling by either learning or working under someone to know more about the same.
Here are helpful tips on how to manage a service business in the online retail industry:
Understand Your Customers
Know your customers, what they like and where they are primarily based. A proper understanding of your audience will help with marketing; because you will always know the strategies to use to impress them.
Increase Your Website Traffic
The success of your online retail store highly depends on your website traffic. High traffic means many people visit your website, and the sales conversions could be high. You can increase your traffic by listing your business for local SEO, using social media marketing, SEO and even emails.
Use Reliable Payment Options
Set the payment methods that most customers can easily use. Ensure payment options are more than one for convenient payment from everyone.
3. Roofing Service Industry
The roofing industry is rising. In 2020, the industry’s worth was estimated to be $102.4 billion and was expected to grow to $156 billion by 2030, according to Allied Market Research.
The roofing industry has been growing due to the increased demand for new homes and commercial spaces. As such, you can start a business in the industry and manage it well to its success. The sector is also wide, so you can choose to be a roofing contractor or a roofing materials supplier.
Learn how to manage a service business in the roofing industry with the below practical tips:
Understand Roofing Basics
The roofing industry is huge and rapidly changing, so you must familiarize yourself with the basics. Unless you have some experience in the roofing industry, you may complete a course in the roofing and construction industry to improve your knowledge. Also, you should attend roofing trade shows to enlarge your knowledge base.
Choose a Niche
As mentioned, the roofing services industry is wide, so choosing a niche is mandatory. Do you need to sell specific types of roofing materials or everything? Choose what you want, and establish a location for the best results.
Create a Plan
Your business should have a plan indicating all the costs you incur in setting it up, the financial sources, the mode of operation and the marketing strategies. Ensure your business plan has realistic goals and expectations, mainly if you need financial help at some point.
4. Shipping and Delivery Industry
Shipping and delivery industry is another sector that has grown fast over the years. Thanks to the rise in online buying, consumers need reliable shipping options, and that’s why the shipping and delivery industry is highly reliable.
You can start a successful shipping and delivery business if you adopt technology and apply the right strategies to accommodate the changing demands of your customers. Here are effective tips on how to manage a service business in the shipping and delivery industry.
Apply technology in real-time goods tracking and route optimization. These tech services increase your credibility with your customers and also increase efficiency in the shipping process.
Offer Different Pricing Options
Offer varying pricing options based on the parcel weight and the mode of transport used. Also, ensure there are different payment options to accommodate the needs of every user.
Insure Your Business
Insurance is vital in the shipping and logistics industry. It offers financial protection should any of the products get damaged or lost.
Offer Concise Shipping Options
Ensure your shipping options are easy to understand for everyone and categorize the options according to the products being shipped. For instance, a consumer offering spray foam insulation installation services will need safe packaging for spray foams, which might also differ from shipping clothes.
Plan your packages well, and provide the right information to your consumers before offering the service.
5. Home Improvement Industry
In 2020, the global home improvement services industry was worth $316.8 billion and is expected to grow to $585.3 billion by 2030, according to Allied Market Research.
Home improvement involves all the activities done to enhance the appearance of an apartment. These activities could include repairs, renovations, painting and any other additions to increase a home’s functional and aesthetic features.
You can start a business in this niche if you are passionate about homes and desire to make them appealing. Check out these important tips on how to manage a service business in the home improvement industry.
Choose Your Niche
Choose what you will be doing in home improvement. It could be doing repairs, flooring, roofing, or offering asbestos removal service. Only choose what you are skilled at and can do best.
Home improvement is not easy; you will need some skills to provide excellent services. Attend an online or offline home improvement training school to improve your skills.
Grow Your Network
Marketing is the key to the survival of many businesses nowadays. Even when you offer incredible services, you will still need marketing to increase the awareness of your service business and acquire more customers.
6. Construction Industry
In 2020, the construction industry was valued at 6.4 trillion U.S. dollars and is expected to grow to 14.4 trillion in 2030, according to Statista. Therefore, the construction sector is growing steadily, and you can try your luck joining it. Learn how to manage a service business in the construction industry with a few tips.
Find Your Niche
The construction industry is broad, but you can specialize in a single line for the best results. For instance, you can set up a garage door repair service business, window installation, roof repair, flooring, and many more.
Construction businesses are quite demanding, and you must interact with your customers regularly. Be available to them, and even offer to visit the construction sites if you can. If you are unavailable, hire a highly reliable team to attend to your clients.
Organize your schedule for better allocation of time and energy in your business. Organize your books, finances and every other resource you will require to make your construction business successful.
Market Your Business
Market your business accordingly as per its location. Digital advertising methods like social media, emails and SEO are the most effective nowadays, so consider them to create the most awareness of your business in the construction industry.
7. Cleaning Industry
The global cleaning industry was valued at $55,715.0 million in 2020 and might grow to $111,498.8 million by 2030, according to Allied Market Research. It is one of the fast-growing service industries that you can start in 2023 and reap great profits.
When you run a cleaning business, you will deal with businesses of all sizes. As such, you must be versatile enough to accommodate your customers’ needs and still deliver incredible results.
You don’t need a school education to start a cleaning business, but you should have some skills in cleaning detergents and processes to offer the best to your customers. Here are helpful tips on how to manage a service business in the cleaning industry.
Invest in Marketing
Will you rely on word-of-mouth referrals alone? Janitorial services are highly demanded, but you should up your marketing game to gain the most customers. Develop a strong online presence, and work with reputable marketing agencies for the best results.
Determine Your Service Area
Cleaning business needs a more centralized geographical area because you might be unable to offer your services in remote areas. Set your location in an area you can manage to serve efficiently.
You will need help in your cleaning business, especially if you serve a large geographic region. Hire and manage an incredible cleaning staff to increase the success of your business.
8. Renewable Energy Industry
Have you ever thought of becoming a renewable energy entrepreneur? If yes, you can start a business in the renewable energy industry. We need energy at home and workplaces, so the energy sector is one of the promising industries you can try.
However, the renewable energy sector is quite huge, so your starting point would be to identify your interests. The main types of renewable energy you can venture into include solar power, biomass, wind power, nuclear energy, hydropower, wind energy, and many more.
Identify the needs of the people around where you would like to set your business to determine the most common type of energy they would need. Set your goals, plan your finances and only set up the service business when ready.
You don’t need a college degree to become a renewable energy entrepreneur, but you should have passion and some skills. Talk to industry experts on managing a service business in the renewable energy sector and pinpoint a specific market.
9. Information Technology (IT) Industry
The global IT market was valued at USD 821.58 billion in 2022 and might rise to USD 1,598.41 by 2030, according to Grandview Research. The demand for IT services is currently very high because consumers want more powerful IT solutions.
However, IT is quite technical, so you will need a solid educational background before establishing a service business. You should have a degree/diploma in the field you want to establish your business. The main fields are cloud computing, big data, bug science, project development, software development and many more.
If you wish to offer IT network management services, you will need a solid background in networking, so you can undertake a short course for that.
Besides the school education, you should also have experience in how to manage a service business in IT. You can work for someone briefly or talk to industry experts to learn from the best.
Decide whether you will offer online services or set up a physical store for that. Identify your target market, and develop a good relationship with your vendors to increase the success of your business.
10. Waste Management Industry
The waste management industry grows daily, presenting an excellent opportunity for willing investors. In 2021, the industry was valued at USD 889.58 billion and might grow to USD 1,413.1 billion by 2030.
If you start a service business in this industry, you will engage in residential waste, industrial waste, healthcare waste management, recycling and many more, although you can choose a niche. Check out these practical tips on how to manage a service business in the waste management industry.
Identify Potential Customers
Choose your niche, and start finding reliable customers you can work with. This is one of the toughest stages and also the most important for your business.
Many people/business owners may need to learn the importance of waste management or recycling. Find time to educate people, and then tell them how your service business will help them keep the environment clean.
Market Your Business
Continuous marketing is important to increase the awareness of your business. Create business cards, and also utilize online resources to convert many people to be your customers.
Start Your Service Business Today!
The above service industries are rapidly growing and have promising opportunities for willing and passionate entrepreneurs. If you plan to establish a business in any field, gather skills, and seek professionals’ advice on how to manage a service business in the field of your choice.