Last updated on January 10th, 2015 at 05:17 pm
Is 2014 going to be the year of the entrepreneur? Quite possibly, as research shows that more and more people are doing it. Studies from the US and UK suggests that self employment has generally been on the increase over the past few years. And, according to data presented in an infographic by Rasmussen College, 71% of millennials (who now make up 36% of the work-force) would prefer to quit their jobs and work for themselves, and 60% plan to do it in the next two years.
So, where should you start your business? Well, all the signals suggest that you should look to develop some kind of on-line business, or at least a business where your sales are primarily driven by on-line sales, an e-commerce and/or m-commerce business.
Why? Because e-commerce is continuing to boom with one survey reported on by Forbes suggesting that e-commerce sales are set to grow by 16.4% this year and are expected to show a compound annual growth of 13.8% between now and 2017, so e-commerce is one of the places to be.
Don’t forget m-commerce too, that is, sales via mobiles, as these are sky rocketing as a survey reported on by Forbessuggests that m-commerce grew by around 68% during 2012 and 2013 and the market is expecting to see a compound annual growth of 28% between now and 2017 in m-commerce.
So, what areas of e-commerce should you focus on? What are the best and most in demand sectors to start an ecommerce business? Well, you can find the answer to this question in this infographic, recently published by Bigcommerce which showed that industries representing the best e-commerce opportunities for small business.
The infographic is below but the highlights are:
- Small automotive stores saw 89% revenue growth per store, compared to 22% growth from larger retailers such as AutoZone and O’Reilly. This demand has been mainly due to increased demand for parts and accessories.
- Sales from independent jewelry and accessories vendors are exceeding that from large corporations.
- Clothing retailers experienced a 4% decline in revenue. This is not surprising as plenty of studies show that clothing retail is possibly the hardest sector to start a business with 80% of them failing in the first five years.
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