For anyone wanting to start a business, 2024 is going to be an interesting time for it. We’re in uncertain economic times and alongside a cost of living crisis we also have a political crisis in many parts of the world.
Despite that though, there are some industries that are truly thriving and if you’ve got capital and want to start up a business over the next 12 months, then there are some key areas and industries you should be thinking about…
Online Dating
You might be forgiven for thinking that online dating subscriptions may be one of the first things to go for people struggling financially, but amidst the cost of living crisis, many dating apps are in fact reporting revenue increases.
Tinder recently reported that more people are paying for the dating app around the world, with a 7% rise globally in the third quarter of the year. Meeting people online is one of the most common ways to meet a partner these days, and looking for love isn’t going to slow down. In fact, are we more likely to be looking for someone special to share difficult times with? The stats certainly suggest so…
Online Gambling
Online casino apps and sites continue to go from strength to strength and there are few industries that can really compete with it in terms of revenue. Casino games have been hugely popular over the last few years, with games such as Casino Lightning roulette welcoming more players than ever before.
What’s interesting about this industry, and a reason it’s worth investing is, is the industry has definitely not hit a ceiling yet, with technology such as virtual reality and augmented reality expected to take revenue and the industry as a whole to the next level.
Dropshipping
Around the world the ecommerce market is expected to grow significantly between now and 2025. In the UK that rise is expected to be around 12.63% and a bigger audience means a bigger opportunity.
Dropshipping is an industry on the rise and essentially involves a third-party supplier fulfilling orders on your behalf, meaning someone can own an online store without the worries of logistics and warehouse costs.
Reselling apps
eBay has of course been a front runner in this industry for many years, but apps like Vinted have really shown the true demand for resale items online at the moment. In difficult economic times and one where we’re thinking more sustainably, resale apps are doing a roaring trade across both fashion and home decor.
Across the last year, Vinted saw revenue increase a huge 63% from 2021 to 2020 and it’s also proving a profitable place for sellers too, with many young entrepreneurs setting up entire businesses based upon selling on the likes of Vinted and Depop.
Of course, finding a USP isn’t easy given the marketplace, but if you can find that little something to stand out from the crowd, it could be a very lucrative industry to start up in indeed.
Disclaimer: Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Please play subject to applicable law.
