Gen Xers are known for their entrepreneurial spirit – they were forced to be independent and adaptable from an early age.
They are tech savvy, hard-working and resilient making them the perfect entrepreneurs. There has never been a better time to be an entrepreneur than right now and these are the top 5 industries for Gen X entrepreneurs.
Technology
Technology is still the best industry in the United States to start a business and generate long term cash flow as your business continues to grow. The tech industry is booming right now and startups are the driving force of the technology economy. Gen Xers were early tech adopters and are just as tech savvy as their younger counterparts. The Internet became accessible to the public for the first time ever as Gen X was growing up and entrepreneurs seized the opportunity to launch their own technology businesses. In addition, people know there is a lot of money to be made from investing in technology companies and that the earlier they invest the more fruitful it is. So the work required for an individual to get the funding they need to generate cash flow and build long term success is much lower. People want to support startups.
Transportation/Logistics
The transportation industry is growing faster than ever thanks to advancements in technology – think self-driving Teslas, luxury electric cars, and apps like Uber and Lyft where you can get a ride anywhere, anytime. Every person relies on transportation on a daily basis which creates a powerful demand. The Hyperloop and other high-speed tunnels getting people from place to place as quickly as possible excites anyone who hears about them. As transportation continues to evolve due to technology, startups with radical new and innovative ideas have leverage. Gen Xers have been on the job for 20 years and are turning away from corporate America. They are looking to be innovative and do work that excites them. In addition to transportation, logistics and storage is a huge industry for Gen Xers, as retailers are moving from brick and mortar stores to online. They need someone to handle their storage and streamline their business processes.
Health and Wellness
Healthcare in the U.S has reached a turning point. Traditional services and facilities are facing extinction due to the rising preference for convenient and personalized service. The number of people over the age of 65 is set to double by 2030 as the Baby Boomers age, which will create a record-breaking demand for elderly care. The current high medical and insurance costs leave large opportunities for startup success. The main goals of the industry are to enhance the quality of care, reduce costs, and improve access to care. Medicine and biotechnology are areas of constant innovation with high demand.
Being healthy and fit, is all the rage right now and Generation X is capitalizing on it. People want to be fit in body and mind. The wellness trend has some many different possibilities for businesses including healthy eating and nutrition, meal prep services, workplace wellness, medical spas, and wellness retreats.
Retail
Retail is changing quickly these days, and Gen Xers are on top of the trend. Retail businesses don’t need to lease space anymore since they can start an online retail business. This only requires the capital for the inventory and their website which cuts out a lot of expenses. It’s even easier to generate business thanks to social media and online marketing strategies which Generation X is well accustomed to. If you have a great product and can develop a great SEO strategy, you’re all set for a successful business. This is also a great business for Gen Xers since they are so entrepreneurial and independent in their management style.
Hospitality
The hospitality industry is undergoing drastic changes, bringing about a number of fresh opportunities for entrepreneurs. The global travel and tourism industry continues to grow, with more and more tourists traveling internationally every year. Behind this surging demand for travel are the mobile-minded millennials, a group that uses technology and social platforms to research and book trips. There is also a huge trend of shared businesses such as purchasing homes to rent to tourists, renting out yachts, creating glamping sites or creating other luxury experiences. Gen Xers are also food entrepreneurs. They are creating meal kits, purchasing food trucks, launching speciality restaurants and opening their own catering companies. They create a business to address a challenge they see in the food system. Hospitality offers a variety of options for Gen Xers’ innovative ideas.