3 Newly Growing Businesses for Immigrants to Explore:
Research already establishes that immigrants start their own business at a rate more likely than indigenous Americans. It is also a fact that many of these immigrants immigrated from Mexico, Korea, India, and a few other places. Though a few Africans here and there would start their own businesses in the US, they as group, are more known to pursue higher education and less entrepreneurship endeavors.
For Africans and immigrants from elsewhere thinking about launching a business here in the US, below are 3 newly growing businesses to explore:
Industrial Metal Work– If you’ve secured some skills within the industrial fabrication, construction and inspection, and you have a mix of entrepreneurial mindset, you are on to something good. This field, according to our research, is growing. Just pay attention to all angles at which you can maximize your own growth within the larger field. Check to see if your state has programs for Minority Owned Businesses, and if you are qualified.
In New York State, for example, 30 % of all State contracts are slated to go to businesses from minorities and women owned. With proper guide, you can bid for government contracts. It starts by reaching out and staying on top of your game. With great care, hard work, discipline, and networking, you should be able to hold your own. To further strengthen your positioning, learn about digital marketing.
Liquidation Outlets– You’ve walked past some of these stores- Lot’s Less, Closing out, Instant Liquidation, etc. Chances are that you may have even stopped by to check out a pant or a pair of sneakers at some of them. The business of liquidation outlets is another growing one to consider since many large and chain retail stores are always looking for ways to turn returned items and off-season/off-fashion goods into cash.
Here is the caveat, to win in this business, you’ll need good ecommerce skills as success in setting up a retail shop and selling anything is fastly dwindling while selling online is growing. Before you go pull out your capital to invest, cross all your ‘t’s and dot all your ‘i’s.
B2B Online – Before any commentary on this one, let’s break down that jargon called B2B. It simply means ‘Business to Business, or a situation where a business seeks to do business with another business as opposed to doing business with direct consumers who will actually use the products or services that are being exchanged. For example, a hotel seeking bids from a cleaning and maintenance business is engaged in B2B since its primary consumers are the guests who are booking rooms.
Now that we are clear on jargon, let’s explore what’s moving in this area of business, and here is the best way to explain it. Currently you know that when we all go to Amazon to buy books, shoes, houseware, etc for our use we know that Amazon didn’t actually produce those goods. Instead, it helps facilitate the selling and the delivery of the goods to people. In essence, Amazon brings you who likes to buy a particular book to read and the seller of that book to meet on its platform. The B2B online is making two businesses meet on a platform to do business. It’s a space where retailers or even wholesalers can engage directly with manufacturers in buying goods.
How can you position yourself to take advantage of this emerging growth? Get to know more about your target market, and be available online and offline. Again, while you might yet be interacting well with computer and online space for now, you’ll need good knowledge of digital and ecommerce space to thrive in this business.
In addition, your competitor analysis would guide you: if it’s a growing business, be sure that someone is already thinking of how to jump in, compete with you and take their own pie of the market. These rising competitors oftentimes come already equipped with the knowledge needed to win. Don’t be the Blockbuster that got kicked out by Netflix. Get in the game, and open your lenses wide to survive and to succeed.