A recent report has revealed the most lucrative sectors in which to launch a new business venture. Among the top ten are traditional building and manufacturing industries such as construction, transport and mining. Although these areas can be strengthened with digital advancement, they can never be wholly replaced by technology, and consumer demand for their products remains high.
For some entrepreneurs, setting up a manufacturing or construction business from scratch may seem a daunting prospect. Unlike a tech startup, it requires large premises, vehicles for delivery and transportation, and specialized machinery, all of which entail a considerable initial financial outlay and a comprehensive logistical plan.
However, for many potential business owners, the idea of creating tangible products, such as assembling unique vehicles or building much needed new homes, is very appealing. In addition, although these industries heavily depend on more than just online services, when enhanced with digital technology, they have the potential to be even more successful.
Securing Specialized Equipment
Establishing a manufacturing or construction business can’t be undertaken from your basement with just a laptop and an innovative idea. The search for suitable premises and the initial expenditure for machinery might deter prospective business owners.
Initiatives such as peer to peer digital lending platforms could help you secure the machinery you need for your assembly line by enabling you to borrow it from another company when not in use. In the building industry, specialized equipment is often needed, but not necessarily on a permanent basis.
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The height and reach of an aerial platform could prove invaluable in the maintenance and construction of multi-storey buildings. For this purpose, the bronto skylift can be leased as well as purchased, offering flexibility financially as well as on site.
Supplying a Growing Housing Market
Undoubtedly, obtaining supplies and equipment to start a construction company involves considerable planning. However, the demand for new housing could easily make this extra effort worthwhile.
With a current shortage of over 7 million affordable homes, the National Low Income Housing Coalition would like to see considerable investment in housing programs. This is opening up opportunities for new construction companies who are able to build efficient and affordable homes.
Establishing a Vehicle Assembly Line
As the sales of electric cars have already reached almost two million, there are also opportunities for a small business to build or modify environmentally friendly cars. Catering to other niche markets such as sports cars or off road vehicles can also be profitable.
To cut costs, some business owners outsource product manufacturing, but if you are creating your own assembly line or making your own modifications, look into using custom cable assemblies for car modifications. As well as looking professional and preventing damage, they can save time and money on the production line.
Incorporating Digitization into Mining
Traditional, established industries may be perceived as old fashioned and resistant to change but they can be greatly enhanced with digital technology. For example, mining operations have been improved by 47% with the introduction of technology, and executives are increasingly looking for digital solutions to achieve their production goals.
Of course, when setting up a new business, digitization can be incorporated from the start, meaning there is no delay in benefiting from greater productivity, reduced costs, and more efficient decision making.
The surge in digital startups tends to overshadow news of small businesses that focus on traditional and tangible trades. There is, however, still a market for smaller manufacturing firms, and areas such as construction are sorely in need of new providers to meet the growing demand for housing.
When these industries are combined with digital technology that enhance output, reduce costs and improve marketing, their appeal to entrepreneurs looking to establish successful and lucrative businesses becomes clear.