This question is a bit dangerous.
Because the answer to this question may lead you to a failure.
There are good business opportunities in every industry, at any given point of time.
For example, when every telecom operator was complaining about low margins, high spectrum prices and economy, Jio entered the scene and showed them how to build a profitable telecom business.
Now, there is Anil Ambani on the other side who virtually lost at every business he was running.
So, what’s going on here?
It’s not about the business. It’s about YOU.
You should not start with the question of which business is good.
You should first ask – what am I passionate about? What is it that I love doing and I’m really good at.
Then find out how can you serve 10 people with ‘your’ area of interest, with your unique skill.
Trust me, the quality of work you’ll do will be different than other business in the same industry.. simply because you’ll put your heart into it.
After serving the first 10 customers, think of ways to serve 100 and then 1000 and then 10,000.
Approach a new business starting from YOU.. not what is working in the industry or what others are doing.
I’m telling this from the experience of running my fin-tech company (ProfitBooks). We were in a very attractive market of providing financial software. But it was not an easy ride. We had to compete with bigging like Tally & Intuit.. and it was very challenging for a bootstrapped company.
When we stopped caring about what other businesses are doing and started focusing on serving the needs of small businesses in India, things changed dramatically for us.
Never start a business because your close friend has done so.. or because you hate your job.
Always start a business from a right starting point.. and it’s helping others with the things you love doing.
I can tell you to go ahead and start a YouTube channel because even 20yr kids are earning money there. But if you don’t like sharing your skills on camera, you’ll fail there.
Hope you got the point. I wish you all the best.