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7 exciting ideas for your new business

If you’ve been looking for inspiration for a future proof business idea, results from a recent future focus report, commissioned by ING banking have revealed the top industries and jobs of the future – many lend themselves to small business start-ups.

The report explores the way digital technologies and the disruption of the coronavirus pandemic will affect the workforce skills needed in coming years. It also found nearly a quarter of Australians are worried about future job opportunities, and a third expect employment options to be reduced as a result of COVID-19.

While the job predictions may influence big business recruitment, they also offer ideas for new small businesses. With job security at an all-time low, and redundancies rising, it is likely that more people will turn to self-employment as a more secure option. So what are the opportunities?

Industries with potential to grow

The top ten growth industries in Australia are likely to include established sectors such as healthcare, biotech, cyber security, agriculture and renewable energy. However, emerging sectors such as robotics and edtech (education technology) are predicted to gain a bigger foothold, while digital entertainment (for example, streaming services) and grocery delivery will continue to grow.

Across the future economy, new career paths are also expected to emerge, with some roles lending themselves to self-employed people and small companies. These include:

Executive creativity and digital literacy coaches

Creativity is a skill in demand, as it can’t be automated executive coaches will be in demand to work with executives to help them get an edge in the workplace.

Tutors and course designers in digital literacy will also be in demand, as billions more people are forced to move online for both work and social needs.

Risk managers and business game designers

Risk managers who can plan for unexpected events such as a global pandemic, along with designers of business simulation games that train management and staff to quickly adapt to upheavals are expected to be an emerging sector, helping businesses respond to disruption more rapidly and with less disruption.

Supply chain and business model re-designers

With global supply chains disrupted by political crises, pandemics and politics, procurement professionals will needed to quickly re-design supply chains in times of crises to avoid business disruption.

Similarly, business model designers will be new role to develop new ways to help businesses stay viable when their normal products and services are disrupted.

Home office designers

With the remote working here to stay, the comfort and appearance of home offices will become more important. Being visible on teleconferencing services even when working from home may see people invest in creating home office interiors as good as, or even better than, their usual workplaces.

How to plan your future business

People who keep an eye on trends and predictions for future business needs will have an advantage when planning a new business or evolving their current one. Taking new information into account when reviewing your business plan or thinking about employing staff to make you are always looking forward rather than backwards.

Read the ING future focus report in full.

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