We’re in the midst of something of a startup boom at the moment. More people than ever before are starting their own companies, hoping to hit the big time. But in amongst this frenzy of entrepreneurial activity are some industries that are doing particularly well according to Forbes. No doubt if you want to be an entrepreneur yourself, you want to know what these industries are. Let’s take a look.
Street Food Vendors
We’ve seen a lot of creative restaurant ideas come from people who started as street vendors. But now the street vending industry itself – if you can call it that – is experiencing dramatic growth. Thanks to the number of people who are giving it a go. Street vendors are expecting their revenues to grow by more than 3.7 percent over the next five years, bringing the total value of the industry up to $1.7 billion. The increase in demand for convenience food on the street corner is being driven by consumer’s desire for unique and interesting food that’s cheap and easily accessible. Thus, the advice to street vendors right now is to create a menu that is interesting. Of course, metropolitan areas have seen the growth in street vendors for many years not, but analysts at IBIS expect that street food is going to start showing up in more places than just on street corners in places like New York. Profit margins are currently running at 23 percent for the industry by the latest figures.
The alcoholic beverage industry has been growing strongly recently, despite public health attempts to restrict the amount of wine and beer people are consuming. But the strongest area of growth isn’t in the big manufacturers – it’s the small-scale, craft wineries that are creating the biggest buzz. It turns out that consumers want something a little more interesting than the commercially produced wine when they decide to spend their disposable income. They want something that is unique and will bring a new and authentic experience. Of course, part of the booming popularity of craft wines is the fact that in many metropolitan areas, disposable income is on the rise. It’s an opportunity for entrepreneurs to get into wine-making and to make a lot of money. IBIS says that the profit margin in the industry is 7.6 percent and that annual revenues are growing by more than 5 percent a year.
Ethnic supermarkets import foods and brands specific to a particular culture and sell them on in a cosmopolitan market. With mass immigration and changing food culture in the West, these ethnic stores are becoming a lot more common and more in demand. According to IBIS, cultural food stores have experienced “tremendous” growth, with Asians and Hispanics driving much of that growth in the US. According to the latest figures, something like 98 percent of ethnic supermarkets serve these groups. Currently, the industry’s revenues are growing at an impressive 3.7 % per annum. Back in 2011, the last time figures were available, profit margins were running at 2.8 percent.
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