Best 10 Fast-Growing Profitable Business Ideas
Fast-growing businesses fall under different industries. Because the economic climate of towns and nations differ from one another, it is very difficult to compile a list of businesses that grow fastest.
Nevertheless, from investment trends, some facts are clear. Some business ideas are easy to start up while others are easier to manage.
While some have better chances at growth and expansion due to the nature of the demand for the products and services they generate, others require the injection of large amounts of funds to survive the competition out there.
In this post, I will take you through some investment opportunities you should consider especially if you are interested in starting a venture that makes massive returns.
This list of high returns businesses will be beneficial to investors who may still debts and loans to pay off and informs prospective investors who want to find out the best industries for starting a business.
List Of Top 10 Best Small Businesses And Fastest Growing Small Companies That Could Be Future Giants
Agriculture and farming claim a sizable fraction of the best investment opportunities that grow fast. Health and child care are some other profitable areas you can look into.
Evolving human needs which is evident in attendant changes in taste, demand, and policies has provided some industries the opportunity to grow faster than the rest.
Which Small Businesses Are Growing The Fastest? Below, I have arranged the biggest industries and fastest-growing sectors that you can invest in Africa, Asia, Europe, and America:
List Of Fast-Growing Industries to Start A Business
1. ==> Broiler Production
There is no doubt that agriculture tops the list of fastest-growing small business industries to start a business. In poultry farming, farmers have realized that they can make more by raising birds for meat.
With quality and quantity feeding, you can hit the average target weight of 1.8-2.0Kg by 7- 8weeks. The only issue is that you should produce based on the size of the available market and their live weight requirement.
Connect with other broiler producers to get links to firms that buy live birds en mass.
GUIDE: Poultry Feed Formulation Methods For Broiler
2. ==> Eco-Friendly Construction
Engineers and contractors who are involved in building and machinery construction which achieves minimum levels of pollution have created businesses that expand at alarming rates.
The recent surge in local and international concerns about global warming and the public health hazards of environmental pollution has created adequate room for such businesses to grow.
These include manufacturers and distributors of eco-friendly paints, building materials, solar panels, etc
3. ==> Baby Products
Production and distribution of babywear, toiletries, and toys are some of the most lucrative fast-growing businesses. As the population expands, there is a need to cater to the newborns that result in this increase.
Provided you are strategic in sitting your business, this business is a sure money-spinner anytime any day.
4. ==> Agribusiness Consulting
Because many people now fall back to agricultural investment after looking for jobs that do not exist, losing their cherished jobs, or even after retirement, people who are experts in a chosen field make a lot of money helping others start their own farming business.
Plant and animal production involves life and a simple mistake can set the whole investment on fire.
This is the major reason why people need consultants who they pay to help them manage their farm, train their staff, and put them through certain production processes such as feed formulation and milling, brooding, vaccination, irrigation, fertilizer application, produce harvesting, and packaging, farm produce marketing, etc.
5. ==> Metal Product Fabrication
Many industries need small and medium-size iron tools. Agriculture, mining, and construction are the major consumers of iron equipment.
Businesses centered around local metal and steel fabrication, as well as industrial producers of precision tools, have witnessed one of the most steady growth rates across this century.
READ: Make Money From Scrap Metal Business
6. ==> Mobile Health
People are now very conscious of factors that influence their state of well being.
They are interested in evaluating their health status periodically. If you can bring health, medical, and nutritional facts as well as assessment methods closer to people, you will rake in thousands of dollars every month.
Developing android mobile applications for mobile phones and tablets which can be used in weight loss exercise program, calculating menstrual cycle and safe period, evaluating daily and weekly energy calorie intake, designing bodybuilding routines, etc are some of the best mobile health software/applications that you can make money from as a developer through monthly and annual subscriptions.
7. ==> Cassava Farming
Farming cassava in Nigeria and other African countries is one sure way to make a lot of money from plantation farming. This business grows fast because most governments have set up large agencies that buy up cassava roots from small-scale farmers eliminating the cost and stress of looking for a market.
In many rural areas, farmlands are available at very cheap prices.
With the knowledge of cultivating this crop, a soil that supports the root system, availability of water/irrigation system, and access to affordable mechanization and farming inputs, you can start commercial cassava production and succeed at it.
8. ==> Social Media Marketing
Apart from the fun and buzz on social networks, wise investors who have put in efforts to grow social network accounts into a large following base make lots of money sharing sponsored posts, links, and tweets to their followers.
Some companies who do not have time to start growing accounts from the scratch even buy off some of these social profiles if it conforms with what they are looking for. Be it Facebook, Twitter, G+, Pinterest, or LinkedIn, the focus is the same: share and make money.
9. ==> Production Of Herbal Drinks And Organic Foods
Public enlightenment has exposed the health benefits of taking fresh natural animal and plant products as opposed to most fast foods and bottled drinks which have passed through a series of processing and are being preserved chemically.
Different parts of plants have been blended to produce herbal medicine and supplements to cure a wide range of ailments and diseases.
Medical personnel recommends that more people take fresh vegetables, eggs, meat, fruits for renewed health, and vitality. This is the secret behind the fast demand for fresh fruits and vegetables as well as natural herbal drinks like Briskly, Alomo Bitters, Orijin, etc.
Please note that you will need approval and licensing to be able to produce and sell herbal preparation for the public.
10. ==> Sales Of Building Materials
New buildings spring up every day. Fortunately, most new residential buildings tend to be concentrated in developing areas.
Siting a building material business in this area will guarantee you steady sales.
If you don’t have the capital to acquire a major distributorship license, you may start with becoming a retailer selling to end-users who are mainly composed of artisans such as carpenters, plumbers, welders, bricklayers and cement block molders, aluminum and glass fitters.
SEE: How To Reduce Building Costs In Construction
Some businesses focused on building materials that can give your fast sales and huge returns include becoming a manufacturer, wholesale supplier, or retail distributor of tiles, steel rods and beams, gravel, sharp and gutter sand, wood, and planks, tie rods, plastic pipes, sink and other plumbing works, cement, electrical installations, sliding glass windows and doors, iron gates and security doors, furniture fittings, industrial bricks, iron sheets, asbestos roofing sheets and pop, emulsion and glossy paints and others.
1. CATFISH AND POULTRY FARMING
The first of the fastest growing business opportunities is catfish farming.
The primary reason I listed catfish farming as one of the fastest business opportunities is because it’s an emerging industry that hasn’t reached its peak or full potential. The major players in this business are usually regional players.
What this means, in essence, is that each major player in the catfish farming industry is focused only on a particular business terrain within the geographical location of the farm.
All you need to do is look for a region with a growing demand that hasn’t been covered by a major player and situates your business there. As for poultry farming, the ban imposed by the federal government concerning the importation of live or frozen poultry birds has only helped explode the demand.
When accessing any of these business opportunities listed above, you must note three important facts.
*Food is one of the necessities of man, thus making catfish and poultry farming a huge potential.
*Population continues to grow so that entails a growing demand for food.
*If the local market gets saturated (which I strongly doubt as this niche is still in its adolescent phase), there’s still a growing demand for catfish all over the world. So do your in-depth analysis and put your money to work.
2. INLAND WATERWAY TRANSPORT
Inland waterway transport is one of the fastest-growing business opportunities. I believe the niche is still untapped because I have only seen a few modern commercial boat or ferry service system being run profitably.
Though there are a few operators in this industry, I’m yet to see the modern facilities being used by the developed countries.
Another reason the inland waterway transport business proves viable is because the population in states such as Lagos, Ogun state, and Rivers is rapidly on the rise thereby resulting in the congestion of roads. Since the roads are becoming heavily congested; the next means of transportation the inhabitants of these heavily populated states will resort to is water transport.
With proper planning, a good management team, and adequate funding, you can break into this untapped industry and carve a niche for your business.
3. INFORMATION AND COMMUNICATION TECHNOLOGY
When it comes to ICT, I will say Africa is lagging when compared to the western world.
It may sound like bad news to you but to entrepreneurs and investors, it is good news. ICT is still an emerging trend that hasn’t reached its peak so a lot of opportunities exist for both local and foreign investors.
I won’t go into the capital intensive business opportunities that exist in the ICT sector; rather, I will stick with small and medium scale business opportunities.
Just as the world is going e-crazy, so also are many African nations catching up with the trend. E-services provision is still a virgin business opportunity that hasn’t fully been tapped.
Under the umbrella of providing e-services; you can find the following fast-growing business opportunities: E-payment, bulk SMS services, web design and hosting, database management services, e-portal management, etc.
A lot of institutional and private investors have gone into building quality schools and providing quality education but the potential has not been reached. With a population of over 150 million in my country, where 65% are below 40; there’s still untapped potential in this niche.
You can access this business opportunity from different entry levels. You can tap into this niche by providing either crèche, primary, secondary, or tertiary education but all entry levels hold strong potential.
Please carry out your analysis before investing in any level of this business opportunity.
Not everyone loves being educated within the four walls of a school.
Some prefer street smart education or high-speed learning and that’s where you come in. You can set up a seminar company that organizes coaching services according to the current needs and trends of society.
7. TRAINING CENTERS
Specialized training or educational centers is another fast-growing yet untapped business opportunity.
Examples of specialized learning centers are Leadership training schools, entrepreneurial centers, training centers for the gifted and physically challenged, training center for hobbies and crafts, etc.
I want you to know that of the numerous business opportunities and potentials available, I believe the ones listed above are potential money makers but I emphasize you do your feasibility study before investing a dime in any of these business opportunities.
Top Cities For Fast Growing Small Businesses
Here is a list of the fastest-growing small business cities in the world. Whether you are in the UK, Japan, China, Germany, Canada, Australia, America, Africa, these cities offer the best investment options for the small scale entrepreneur.
In conclusion, this write-up explicates some fastest-growing business opportunities with huge profits. No doubt one or two of such businesses can be invested in and they worth fortunes within a short time of its start-up.
Do you have another business idea that should be on this list? What do you consider the fastest growing business idea in the world?