Verified Market Research recently added a research report, the Location-Based Virtual Reality Market Research Report 2020, to its growing repository.

What business opportunities are available out there?

The Best Small Businesses Opportunities for 2018:

  1. Virtual RealityVirtual reality computing (VR) is a huge leap forward in immersing the user in a realistic sensory experience. Hardware and software vendors are working furiously to bring new VR products to the marketplace and the industry is growing at a parabolic rate – according to statista by 2020 the worldwide size of the VR market will be in excess of $40 billion.

The potential uses of virtual reality for business or pleasure are practically limitless, for example:

  • 3D movies – watching a movie in 360 degree VR
  • Real estate marketing – imagine searching for a new home and being able to take an online VR walk through of an advertised house from the comfort of your desk chair
  • Gaming – VR is revolutionizing the gaming industry, with new VR titles being released on an almost weekly basis
  • Team-building exercises – shaking up team building events with a group VR experience
  • Social media VR interaction – friends will be able to interact in a virtual online space

2. Skilled Trades- It’s unfortunate that nowadays that some parents have a tendency to discourage their children from considering skilled trades as a career choice, in part due of the erroneous belief that trades are poorly paid. In fact, skilled tradespeople are generally very well paid and enjoy satisfying careers.

It has been estimated that 40% of current tradespeople will be retiring in the next decade, creating a huge demand for talented workers in trades such as:

  • Welding
  • Carpentry and general construction
  • Plumbing, pipefitting and steamfitting
  • Electrical and electronic control systems
  • Heating, ventilation, air conditioning, and refrigeration (HVAC)
  • Machinists and Metalworkers
  • Masonry
  • Steelworking

3. Software Engineering and Development- Software engineers and developers create, test and maintain software on a variety of platforms, from mainframes to mobile devices. According to the U.S. Bureau of Labor Statistics, the demand for software developers is expected to increase by 17 percent each year through 2023, and the median pay in 2014 was slightly over $100,000 per year.

The nature of the software development industry makes it ideal for contract employment. Many software engineers start out as salaried employees and eventually become self-employed contractors. Cloud computing and ease of remote access make software development an ideal home-based business.

4. Children’s Services- There are business opportunities in a variety of areas in the children’s services market, including:

  • Quality preschool education, including environmentally-focused offerings such as outdoor preschools
  • Art classes and events
  • Tutoring in critical skills such as reading, math and English
  • Fitness instruction such as tennis, swimming, soccer or golf lessons

If you enjoy working with children and have instructional training and/or experience, why not turn it into a business?

5. Home Renovations- If construction is in your blood and you think you would enjoy making clients’ home renovation dreams come true why not turn it into a business?

Ask almost anyone who is needs repairs or renovations done on their home (or business) – remodeling contractors are hard to find and the good ones are always busy. Home renovation is one business that always seems to do well, even in uncertain economic times.

Statistics show that the average home owner in the U.S. spends approximately $3000 per year on home improvements – generating a lot of business for carpenters, painters, drywallers, roofers, tilers, and other tradespeople.

The home renovations business is ideally suited to self-employed individuals for a number of reasons:

  • Most renovations are performed on a contract basis

Startup capital investment for tools and machinery is typically much less than required for new construction

Business premises are not required as the work is performed at the customer location, making remodeling a perfect home-based businesses.

Goodluck on your business! 🙂