Technology has gone by far by 2016. People are now more used to do all kinds of transactions and communication through internet. The online payments, online shopping and the social media for communication are making the lives of the people easier. People are now more reliable on online transactions because it has become very much safer and secure than it was before.
There are seven industries, which are forecasted to flourish in 2017. Thus the new startup entrepreneurs should focus on them. They are:-
- Real Estate Business: – It is obvious that with the increase in the population there will be a huge requirement of personal houses and office spaces for the new entrepreneurs to startup their business. Though there is an increase in the inflation rate of consumer prices in United States by 1.6% in October 2016, yet there can be stable situation in 2017 and people will want to buy more homes and offices. So business in Real Estate can be a good idea to startup from.
- Manpower Business: – Apart from housing, the increase in the startups will require more manpower. Hence there will be a huge explosion in the Manpower Industry along with the housing industry. There will be a big demand for both skilful and unskillful candidates in 2017. Hence it will be huge boost for the entrepreneurs who are on the idea of starting up a business regarding human resources which will help the different industries to find the suitable candidates for the different tasks.
- Equipment Supplies: – With the advent of new small-scale as well as large scale industries, which is estimated to be vast in 2017, there will also be a great demand for equipments like machineries, tools, production equipments so that the startups may start and continue with their business effectively and efficiently. Hence you can also opt for an equipment business.
- Logistics Services: – The most booming sector of 2016 was the e-commerce sector. Hence it is anticipated that the rate of use of e-commerce by the people will increase even more in 2017. Hence e-commerce and logistics goes hand in hand as the main aspect of the e-commerce sector is logistics. The finished products need to be sent effectively to the end users, for which logistics services suffices the requirement efficiently.
- Wholesale Business: – The most important supplies and services are given by our retailers. Be it in urban, or semi-urban or even rural places the role of a retailer sums out to be the most important and efficient role. Thus it is also anticipated that in the year 2017 there will be a gradual increase in the number of retailers in order to meet the expectations of the end customers. This basically indicates that the inventory should be simultaneously high in the year 2017. Thus being an entrepreneur, you can also aspire you dreams by being a part of the retail business.
- E-Commerce: – The biggest fishes present in the market today belong to the e-commerce sector. The present growth rate of the e-commerce retail sector will reach to $22.049 trillion in 2016-17 which is up by 6% from the previous year. On the other hand there is a change of pattern of the customers in their shopping behaviors and it is more oriented to online shopping. Hence the e-commerce sector will face a big boost in the year 2017.
- Design and Development: – Due to the huge demand of the online shoppers, more and more number of garments and more and more different styles of garments are required. As the customers are all shopping online, they are searching for new and innovative fashion at an affordable price. Hence there is a huge chance for the upcoming fashion designers on the field. Hence if you are starting off with a new startup idea, you can surely go and try your luck into the fashion industry.
Some of the Tips to startup your own Business in 2017:
- Focus on the Business Plan: – The first thing you need to do before starting of your own business is to focus on your business plan. You must make a detailed study reading:-
- The summary of your business.
- A detailed description of your company or corporation.
- A detailed market analysis of the competitors.
- The management structure of your organization.
- A detailed and thorough description of the product/services that will be provided by you.
- The process of making your business.
- The budgetary and financial projections for your business.
- Fetch and Gather necessary information regarding the source of funds: – This basically deals with the source of loans that should be taken to start your business. You need to be ready with:-
- The licenses of business as applicable.
- Personal as well as business tax information.
- Personal as well as business bank statements.
- Income statement and detailed financial projections.
- Focus on Profitability: – Your main focus while entering the market should be profit centric from the initial days. Hence you need to know and focus on points on how you can build your business to be profitable.
- Savings Goal: – You must focus on how to save money from your profits, because it might help you to support your business in emergency situations.
- Evaluate your business process: – You must evaluate your business processes from time to time and make prompt decisions to embrace new technologies to make your business efforts easier.
- Insurance Policies:– You must have some of the insurance policies related to:-
- Personal Liability
- Business Property
- Worker’s Compensation
- Product Liability
- Vehicle
- New Tax Regulations: – You must have a thorough knowledge about the new tax rules and regulations along with its filing dates or even increasing or decreasing rates.
- Competitive Salary Structure: – You must attract good candidates and workforce by providing the best salary structure present in the market. Thus you need to have a full knowledge about it.
- Get Tax Deductions: – You must de-clutter unnecessary expenses and save time and money and thus you’ll be able to deduct your taxes.
- Cash Accounting: – Cash accounting will help you to record your expenses on the time when cash will be paid out to the suppliers, vendors as well as to the third parties irrespective of the expenses incurred.
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