The worse industry to start a business

5 Sept 2024 · 1 min

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In this brief advisory segment, the speaker responds to Feras’s concern about the worst industry to start a new business. He emphasizes avoiding sectors that are in decline and instead targeting industries that are expanding. He outlines a practical research workflow: use Google Trends to gauge whether a specific service’s interest is rising, examine search volume trends via Google Ads or Facebook Ads, and consult the U.S. Bureau of Labor Statistics for data on industries projected to grow. Finally, he stresses the importance of matching the chosen opportunity with the entrepreneur’s own skills and resources to ensure effective execution.

Chapters

Hey, Feras, I'm so overwhelmed, but what is the worst industry to start a new business? You want to look— you always look for an industry that's booming, that's growing, and you want to avoid an industry that's on the downturn. I would do some research online. I would go to Google Trends. I would look at the specific service you want to offer in that industry. See if this thing is trending up or down. I would go to Google Ads or Facebook Ads and look at the search volume and how this search volume is trending for the service you want to offer. I would go to the Bureau of Labor Statistics, BLS, and I would look at the data on businesses that are expected to grow. So find businesses that are growing from this data that you collect. More importantly, like, what are the skills? What are the resources that you have where you can offer the service to that industry? I want to make sure you spend as much time on that as well.