Are you watching the trends in Texas trying hard to figure out what the top emerging industries are? Do you have goals of starting a business but you realize it’s challenging, and that it helps to pick an industry that is growing and in demand? You certainly don’t want to enter into a dying sector since this is not the recipe to success.
For all those entrepreneurs or those looking for a new career path, here’s a look at some of the top emerging industries in Texas along with some tips on how you can move into them. It’s all about setting yourself up for a bright future.
It’s All About the Manufacturing Industry
The manufacturing industry is having a huge moment in Texas, and as you look at how it’s performing across the country as a whole, manufacturing is a huge driver of the GDP. Statistics shared by the BLS in 2020 showed that 869,000 people were currently employed by the manufacturing industry, which is no small number.
The manufacturing industry can be broken down further as you start to look at what exactly is being manufactured. In Texas, it’s all about machine manufacturing and durable goods. That’s not to say there aren’t other companies, but those are certainly leading the charge.
Health Services are More Important than Ever Before
Then we have the health services industry, which is remaining steady. While it may not be growing in leaps and bounds, it’s not shrinking either, which makes it an attractive one to be eyeing. Of course, the COVID-19 pandemic has shown just how important the medical industry is, why it’s worth investing in, and the fact that it needs to employ more professionals. Watch for this one to start to grow, which will keep in step with the aging baby boomer generation.
The Financial Services Sector Proves Robust
Texas has also a rather impressive financial services sector, which has managed to continue growing even in an often rocky financial climate. The biggest sector in this industry tends to be retail banking, but it’s certainly not the only player. According to statistics, the finance industry was the top performer, beating out other top industries such as manufacturing and the mining, quarrying and oil and gas extraction industries. That’s a rather impressive position to have, which is why the financial services sector deserves recognition.
The Leisure and Hospitality Industry is a Force to be Reckoned With
You may also want to consider just how strong the leisure and hospitality industry is looking right now and consider this as a good one to get into. In particular, the food and drink sectors are performing well, which means it could be the ideal time for budding restauranteurs. Having a great business plan, a unique idea and start-up capital would help you to succeed in this industry.
Invaluable Tips for Breaking into an Emerging Industry
Now that we’ve identified some of the hottest most in-demand industries in Texas right now, what can you do about it? How can you break into one of these industries and form a successful company? While there is no magic solution, there are some tips that can help:
- Make sure you do plenty of market research ahead of time. This will shed light on what kind of business to open, the products/services to offer, pricing, how to stand out from the competition, who your target market is and how to connect with them.
- Factor in all the costs of starting any business – this is part of the planning process. You need to think about staffing, the cost of small business insurance in Texas, leasing/rental fees for your storefront/office/factory, the overhead costs associated with a physical space and advertising and marketing costs just to name a few. The more prepared you are, the higher the odds of success.
- Do you feel passionate about your ideas? You’re going to be the one driving this business forward so you need to believe in it.
- What will be the long-term goals of the business? This should be included in your formal business plan.
If you’ve been holding back on pursuing your business goals and dreams, it may be time to look a little closer, choose a robust industry and dip your toes into the waters.