Booming Industries Australian Entrepreneurs Should Consider in 2019

According to market analysts, the Healthcare and Social Assistance industry will be the top growth industry over the next three years. This sector will grow by 16.1% and produce nearly 250,000 jobs across Australia. This is largely thankful to the federal government's implementation of the National Disability Insurance Scheme.

One thing you should know as an entrepreneur looking to start your business is that all industries are not the same.

Senior business correspondent Peter Ryan from the ABC say's, "construction is set for its biggest fall since the global financial crisis. A key factor in the residential slowdown has been tougher regulation by the Australian Prudential Regulation Authority (APRA) to curb investor lending, while the Foreign Investment Review Board (FIRB) and tax office has been clamping down on overseas buyers".

Small business funding experts Max Funding say, "The type of industry you pick for your startup might decide whether you succeed or fail. Also, the industry that you choose to venture might affect your chances of raising capital from investors and getting a Business Loan approved. Lenders consider whether the industry you are venturing is booming or in decline. If the industry is not booming, the chances of defaulting on the loan are increased".

1. Technology Still on a Growth Trajectory

Technology is among the booming startup industries in 2019. Any startup that can come up with innovation is set to make it big. People are looking for new ways of doing things as long as the startup focuses on technology that is user-friendly and one that enhances the user experience, the market for the startup can grow fast to become a significant player in the technology industry.

Some of the technology sectors that are booming are the automotive industry, smartphones and tech gadgets as a whole, not forgetting the software technology.

The cybersecurity technology industry is also booming.This is because many people are transacting online and so there is a huge market for online security tools.

2. Health is Receiving Government Investments

Health is another sector where you cannot go wrong. However, this does not mean investing in the traditional health sectors like the hospital and family care practices. The best opportunities in health are within the sub-sectors. Like, private health services, biotechnology, health data management and disability support services.

Startups should focus on personalised, convenient, data-driven health care that can compete with traditional health care facilities.

Startups in the health sector must embrace regulation, and exercise patience, because the sales cycle in the health sector is usually long. Success in this industry requires determination, passion for human wellbeing and a strong social network.

3. Energy Technology Still Expanding

The energy sector has always been lucrative, and it won't slow down anytime soon. As the population increases, and so is the need for energy. The best sub-sectors in the energy sectors are oil and gas, sustainable energy, and mining.

Success in the energy industry requires that you know how to pitch for your startup. You should target the unmet need and show how your product can satisfy that need.

4. Media Conglomerates Expanding

Media is an excellent vertical for any startup desiring to grow fast. The best subsectors in the media industry include virtual reality, gaming, and streaming television. Streaming services like Netflix, Hulu, Amazon Prime, and many others are edging out traditional TV. Success in the media industry requires that you listen to your clients.

Building a strong community where you can get to understand their needs and wants will help you structure your business in a way that satisfies your target audience.

Also, it's the best safeguard against becoming complacent. Digital media is taking over the media industry, being among the fast startup to define the sector can ensure the growth of your startup.

However, you need to understand that in the media industry there exists cutthroat competition and so you must be bold to survive.

Conclusion

Success as a startup is influenced by many factors. However, the choice of the sector to venture might be the most important decision you ever make for your startup. Investing in any of the above booming industries could increase your chances of success.