Case’s theory is that the ‘third wave’ of business is all about the “Internet of Everything,” where every part of our lives will rely on an internet connection. He says that entrepreneurs starting these connected third wave companies can have an impact anywhere in the United States and in any industry. That means that even if you have a new twist on a traditional idea, you can still succeed.
I’m in agreement that there’s never been a better time for entrepreneurs looking to jump into the market and corner their share of success. Need some inspiration to take your business aspirations to the next level? Here are five new businesses for 2016 that you can start, and join the new entrepreneurial wave.
1. Biometric Scanning Services
According to IBISWorld, the biometrics scan software industry generates $5 billion in revenue with an annual growth rate of 7.9%. And while there’s tons of promise and growth for the industry, the market share concentration is currently low, leaving the door wide open for entrepreneurs.
The potential for biometric scanning goes beyond a thumb print on your smartphone. Scanning software is being developed to detect alcohol levels through the skin on your hands when gripping a steering wheel to prevent drunk driving. The idea is the steering wheel could lock up and prevent the driver from leaving their parking spot.
According to a foreword for the Kauffman Foundation Growth Index by Third Wave author Steve Case, entrepreneurs are on the cusp of transforming rapidly-changing healthcare, education, food, and transportation sectors. And Case knows what he’s talking about: as the co-founder of AOL, he saw the mainstream importance of the internet decades before anyone else could fathom how it would impact our lives.
Case’s theory is that the ‘third wave’ of business is all about the “Internet of Everything,” where every part of our lives will rely on an internet connection. He says that entrepreneurs starting these connected third wave companies can have an impact anywhere in the United States and in any industry. That means that even if you have a new twist on a traditional idea, you can still succeed.
I’m in agreement that there’s never been a better time for entrepreneurs looking to jump into the market and corner their share of success. Need some inspiration to take your business aspirations to the next level? Here are five new businesses for 2016 that you can start, and join the new entrepreneurial wave.
1. Biometric Scanning Services
According to IBISWorld, the biometrics scan software industry generates $5 billion in revenue with an annual growth rate of 7.9%. And while there’s tons of promise and growth for the industry, the market share concentration is currently low, leaving the door wide open for entrepreneurs.
The potential for biometric scanning goes beyond a thumb print on your smartphone. Scanning software is being developed to detect alcohol levels through the skin on your hands when gripping a steering wheel to prevent drunk driving. The idea is the steering wheel could lock up and prevent the driver from leaving their parking spot.
Facial scanning technology is also advancing to help law enforcement and surveillance. Instead of relying on 2D images from the air, facial scanning can take more accurate pictures to help pinpoint criminals and track them down after illegal activity.
Interactive ads can also be targeted to the appropriate age and gender, like the Choices for Girls interactive bus shelter ad. The computerized screen can scan a consumer’s face, figure out their gender, and display appropriate messaging.
2. Box Subscription Services
Recurring monthly box subscriptions are nothing new, with an explosion of services like BirchBox and the Dollar Shave Club flooding the market. Recurring billing giant Chargify predicts more traditional industries and billion-dollar retailers will move into recurring billing and subscription models for 2016.
We’re already seeing this in the market with subscriptions like Walmart’s Beauty Box. Chargify also sees more opportunity for B2B and SaaS companies to get into the recurring revenue and subscription model.
The subscription box market may look saturated, but there’s still plenty of opportunity for budding entrepreneurs ready to put a twist on the service. Target entrepreneurs with a curated subscription box geared towards technology, books, or coffee to help them get through the day.
If you have an existing client base, expand your services to customized subscription boxes. For example, if you sell corporate organizing services to local companies, set up a recurring subscription box with your favorite organizational tools and must-have gadgets for any office.
A vintage fashion stylist or bargain hunter can also curate collections from Swap.com and offer them to clients as a recurring subscription model to take the grunt work out of affordable fashion.
3. Smart Home Tech Consultant
According to Cisco’s report, “The Internet of Things: How the Next Evolution of the Internet Is Changing Everything,” the volume of internet-connected things will reach 50 billion with $19 trillion in profits and cost savings by the year 2020.
Meanwhile, Gartner says a typical family home could contain more than 500 smart devices by 2020. It predicts that smart homes will offer an increase in innovative digital business opportunities.
The rapid rise of smart home technology means more consumers will be ready and willing to spend money not just on new gadgets and appliances, but on certified experts to help determine the best technology for their homes. Not all consumers have the time or know-how to install the technology themselves. This is a wide-open opportunity for smart home entrepreneurs looking to help homeowners connect their homes with a customized plan that best suits their individual needs.
4. Corporate Wellness Services
According to the Society for Human Resource Management, every dollar invested in wellness program interventions yields an impressive $6 in healthcare savings. Wellness programs can also entice new talent and retain employees. That reduction in turnover can save businesses thousands.
But that doesn’t mean signing on to wellness services is a no-brainer for corporations and startups. It can be difficult to see exactly how to get started, what wellness programs and perks will best benefit employees, and how to actually implement a program.
Get ahead of the curve by offering innovations in your wellness services. Corporate wellness consultants can help you research, identify, and run your wellness service.
The Institute for HealthCare Consumerism says the future of workplace wellness is in mobile, social, and wearable. Most wellness programs are web-based or rely on dated or basic tracking devices. Partner with software developers, app creators, and fitness technology companies to incorporate their products into your overall service plan. You’re more likely to see engagement and success when offering the latest in connectivity and flexibility to your wellness programs.
5- Crowdfounding investments
Crowdfunding is rapidly evolving beyond personal projects and startups. In the past, budding entrepreneurs looked to secure funding and donations from the public before releasing prototypes and products.
While Kickstarter and Indiegogo have traditionally dominated the market, today’s crowdfunding opportunities have evolved. Now entrepreneurs can actually do the investing and reap the reward of high returns. For example, you can invest in commercial real estate with as little as $5,000 through a site like RealtyMogul.
The SEC’s new crowdfunding rules and regulations now allow entry-level investors to invest a small percentage of their annual income or net worth during a 12-month period.
Start with as little as $2,000 in seed money to support promising new startups. This is good news for aspiring entrepreneurs looking for opportunities to invest in private companies and develop their own portfolios.
Get started on a site like WeFunder for as low as $100, and get your feet wet in investing. Unlike other crowdfunding platforms, WeFunder also offers a unique affiliate program. It currently offers up to $2,500 for each qualified company that commits to fundraising with the site with the opportunity for ongoing monthly income and stock.
WeFunder’s unique approach to leveraging affiliates and scouting programs also proves that affiliate marketing isn’t dead, and can be done lucratively and professionally. Gone are the days when $5 was a healthy return on affiliate marketing.
Crowdfunding is rapidly evolving beyond personal projects and startups. In the past, budding entrepreneurs looked to secure funding and donations from the public before releasing prototypes and products.
While Kickstarter and Indiegogo have traditionally dominated the market, today’s crowdfunding opportunities have evolved. Now entrepreneurs can actually do the investing and reap the reward of high returns. For example, you can invest in commercial real estate with as little as $5,000 through a site like RealtyMogul.
The SEC’s new crowdfunding rules and regulations now allow entry-level investors to invest a small percentage of their annual income or net worth during a 12-month period.
Start with as little as $2,000 in seed money to support promising new startups. This is good news for aspiring entrepreneurs looking for opportunities to invest in private companies and develop their own portfolios.
Get started on a site like WeFunder for as low as $100, and get your feet wet in investing. Unlike other crowdfunding platforms, WeFunder also offers a unique affiliate program. It currently offers up to $2,500 for each qualified company that commits to fundraising with the site with the opportunity for ongoing monthly income and stock.
WeFunder’s unique approach to leveraging affiliates and scouting programs also proves that affiliate marketing isn’t dead, and can be done lucratively and professionally. Gone are the days when $5 was a healthy return on affiliate marketing.
Charles Ngo offers resources for optimization hacks, traffic sources, and mobile marketing tactics that can help you earn $1,000 or more a day in affiliate marketing. Focusing on profitable affiliates and internet marketing techniques can create additional revenue streams and value for your customers.
What are your predictions for some of the best businesses to start in 2016 and beyond? Let me know by leaving a comment below.
I am the co-founder of Content Marketer & Narrow, content marketing & social media tools. In my 13 years in marketing I've helped grow companies like Mint, Salesforce, Linkedin and more.
NOTE CREDIT: http://www.forbes.com/sites/sujanpatel/2016/09/09/5-new-businesses-you-can-start-that-prove-2016-is-the-best-time-ever-for-entrepreneurs/2/#6142bcc47cfb