Industries on the rise that you should be targeting

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Give your business a jump-start by working smarter not harder on getting new clients. We identify the latest business trends to get you started.

If you’re self-employed, use a quieter day to re-evaluate who you should be targeting and how. This should be led by your knowledge, skill set and past clients you’ve enjoyed working with.

You should also take into account which industries are on the rise – where business and budgets are likely to be booming.

We’ve looked at Britain’s five largest industries, five industries that are currently growing exponentially, and reveal how you can spot market trends for longer-term business planning.

Britain’s five largest industries states that five of the UK’s largest industries are:

  1. agriculture – encompassing 1.5% of the country’s labour force. In 2010, the UK exported an estimated £14 billion in agricultural products, but earnings are still comparatively low.
  2. forestry – with ideal conditions for tree growing, the UK has about 12,120 square miles of forested land. 70% of these areas are privately owned.
  3. construction – estimated to have contributed £86 million to the country’s economy in 2011, and with around 2.2 million employees. Though the industry has been thrown into turmoil by the Brexit vote.
  4. manufacturing – the UK is ranked as 6th largest manufacturer worldwide based on output value. It generated around £140.5 billion in 2011, and employs 2.6 million people. Car manufacturing leads the way in this industry.
  5. tourism – ranked as the world’s 6th largest tourist destination, with more than 40 million visitors in 2018. Tourists spent around $32 billion in the country in 2017, and the most popular destination in the UK is London.

Food for thought if you’re considering a new industry to target.

Have a look at which of the top five industries are leading the way in your local area for a more targetted approach to getting new clients.

Five industries on the rise

1. Eco-friendly building and travel

Kicked off by David Attenborough and continued by Greta Thunberg, there is huge acceleration in the level of awareness and action to tackle climate change. More people than ever are paying to offset their carbon footprint from flying, looking for plastic alternatives and minimising their waste output. The construction of environmentally sustainable and energy-efficient buildings continues to grow, assisted by government-backed initiatives.  

2. Health

From health apps for better sleep, exercise programmes, digital detoxing and meditation, to nutritious and plant-based foods, the health industry is booming. There has been a 350% rise in veganism from 2006-2016 in the UK. The next generation is drinking less, smoking less and taking care of themselves physically more than ever.

3. Online coaching and consultancy

An interesting one to consider, probably not as a potential client (although, maybe) but more likely as a possible side step for your own business. You can do almost anything online these days and learning is no exception. You can train anyone, anywhere, anything. 

4. Robotics

Amazon spent $775 million in 2012 buying Kiva Systems to automate their warehousing and fulfilment processes with AGVs (automated guided vehicles). Whether you agree with it or not – computer science, AI and robotics will all continue to develop rapidly, changing the way we do business and live our lives.

5. Subscription and sharing models

Subscription services like Dollar Shave Club (razors), Hello Fresh (meals) and Who Gives A Crap (toilet paper) take the hassle out of remembering and buying things for the customer as well as ensuring recurring payments for the companies. Businesses like Uber and Airbnb have grown from the sharing economy which promotes access instead of ownership, removing barriers to products and services that may have been unattainable before and letting people earn cash from their underutilised possessions.

You can even study AAT via subscription now with Eagle Education.

How to spot industries on the rise

Millennials (born 1981-1996) are set to be taken over imminently by Gen Z (born 1997-2015) as the biggest spenders in the marketplace. The things these generations care about and the way they consume are no doubt driving business trends, as is the monumental speed at which technology is developing.

So keep one eye on Generation Z going forward.

On a micro level, see where success is being had locally to you – who are your competitors working with and what businesses can you identify that seem to have large budgets? Where are the gaps and what could be done better?

Keep up to speed with industry reports, watch influencers and attend events. Use networking as an opportunity to learn, not just to sell. Most importantly, listen to your customers and ask them what they want.

In summary

It pays to stay ahead of the game. Get into the habit of learning about business trends by doing small things often, whether that’s reading a blog or book, going to a conference or taking part in a webinar. Being aware of what’s happening around you will inspire ideas for new clients to target, as well as ways to run your business differently and more efficiently.

Further reading on getting more clients for your business;

Sophie Cross is the Editor of Freelancer Magazine and a freelance writer and marketer at Thoughtfully.

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