Join Jay on today’s Black Entrepreneur Blueprint episode # 374 as he discusses three emerging industries that entrepreneurs should look at that have amazing upside potential to build a million-dollar business. Visit www.BEBConnect.com
Black Entrepreneur Blueprint Show Notes – Episode # 374
Today we’re going to talk about up-and-coming industries to invest in or participate in. I always say that we need to be on the cutting edge of business – not just entertainment if we really want to create generational wealth.
So here are some of the things we will discuss in each industry.
⁃ what are the statistics
⁃ What are the trends
⁃ Why is it a burgeoning market
⁃ What opportunities are available
⁃ How do you make money
⁃ How do you get into the market
- Electronic Vehicle Market
The trend for sustainable energy and clean energy is at the forefront of the electronic vehicle push. According to Scientific American magazine, Ninety Percent of U.S. Cars Must Be Electric by 2050 to Meet Climate Goals. Also, Biden will announce a new national target for electric vehicles to make up half of all new vehicle sales by 2030. Many of your major auto dealers are making a transition into EV’s.
- STATISTICS: According to a report by Deloitte the global EV forecast is for a compound annual growth rate of 29 percent achieved over the next ten years: Total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs would secure approximately 32 percent of the total market share for new car sales.
- Look at ancillary products and services such as EV charging station installation for residential and commercial locations.
- Service and repair for batteries and charging stations
- Building out your own charging station lots, putting charging stations in store parking lots so people can charge while they’re shopping, garages, stadiums, etc. anywhere people park their car for a while.
- Increasing investments by governments (Government contracts) across the globe to develop EV charging stations and Hydrogen fueling stations along with incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence.
- How Do You Get In The Market? – You can go on Alibaba.com and buy charging stations at https://www.alibaba.com/trade/search?fsb=y&IndexArea=product_en&CatId=&SearchText=EV+charging+stations&viewtype=&tab= for as low as $80 each.
- Dealership opportunities:
- Auto dealer & public charging (Future Energy) https://futureenergy.com/about/ev-charging-auto-dealers/
- Aftermarket repair dealership (The Hybrid Shop) https://www.thehybridshop.com/become-a-dealer
- Sell charging equipment dealership (blink charging) https://blinkcharging.com/businesses/reseller/?locale=en
- Sell charging equipment dealership (chargepoint) https://info.chargepoint.com/Partner-StartHere.html
- HOW TO MAKE MONEY – I think the easiest and quickest way is to install EV charging stations in homes first (you may have to be a contractor or hire out a contractor). You can buy the chargers and sell and install them with a service agreement for additional revenue. If you want to go larger, start installing for other companies like auto dealers and retail stores.
- Online Education / eLearning
Education is changing. The way people want to learn is changing and a lot of that has to do with covid. Also, people don’t want to incur heavy student loan debt anymore. You can now learn how to make money without going to college or trade school.
- STATISTICS: the eLearning Market Is Projected to Grow Globally, to over $240 Billion by 2022 The value of the eLearning market is expected to grow to $320 billion by 2025. The eLearning Industry Has Grown by Over 900% since 2000. And the Mobile eLearning Market Is Expected to Reach $38 Billion by the End of 2021.
- LinkedIn Learning, Udemy, etc. Learning electronically through the internet takes advantage of technology to allow tutors and other educators and entrepreneurs to reach broader audiences.
- Being successful requires the ability to provide content and specialized instruction students won’t find for free through other online resources. Meaning teaches something very specific with a specific outcome.
- Taking your “know How” and creating online learning content is a great way to create a passive income stream. There are no limits to what you can teach.
- GREAT OPPORTUNITY is creating content to sell to corporations or industries such as training videos – (Fred Pryor Seminars & Careertrack), how to use software tutorials, how to master the art of customer service, OSHA Safety, HR stuff, Crash course for first time managers, etc.
- Tools & Platforms to create your online course/curriculum:
- Link to all the corporate training from Fred Pryor & Careertrack https://pryormediacdn.azureedge.net/pdfs/LMS_course_list.pdf
- Software: Thinkific course software https://try.thinkific.com/gqshvn60jzhq
- HOW TO MAKE MONEY – create your own online courses or schools and sell B2C or B2B. You can charge as much as you see fit and you can create passive income.
- Two-Sided Marketplace or Directory:
Two-sided marketplaces are platforms that bring buyers and sellers together to create and exchange value. Examples are websites like Airbnb, Fiverr, eBay, and Uber – and two platforms I created, Be Smart Buy Black www.BeSmartBuyBlack.com & Hire Black Freelancers www.HireBlackFreelancers.com
There are also marketplaces in a directory form such as membership directories like legal directories.
- STATISTICS: Marketplace businesses have become incredibly successful in a short period of time. What is more, the opportunities show no signs of diminishing. According to a Coresight Research report, the income of these platforms will double by 2022 globally – from under $20 billion in 2014 to just over $40 billion.
- On a local level or on a national level, sites like Angie’s List, Yelp, and others provide a way for consumers to evaluate businesses. Homeowners, for example, sometimes struggle to find a reliable and trusted contractor for home repairs. As a trusted, unbiased source for contractors and other businesses, you can build a third-party service company focused solely on your hometown. EX: my Legal Hotline domains: PhillyLegalHotline, NYLegalHotline, LALegalHotline, etc.
- You can build industry or sector directories like one I’m about to develop called MinorityFranchiseReport.com which will list franchises that have minority programs available – I’m also probably going to use an interview component to increase the value of advertising.
- Double-sided markets create value for all parties: buyers, sellers, and the marketplace entrepreneur.
- Software & Tools
- Software for a dual-sided marketplace Sharetribe – https://www.sharetribe.com/
- Software for a directory business Brilliant Directories – https://www.brilliantdirectories.com/
- Software for a directory business eDirectory – https://www.edirectory.com/
- HOW TO MAKE MONEY – Find a niche or a marketplace and create a two-sided marketplace or a directory. I think the directory concept may be easier as you can find lists of people in specific industries that will pay you to be in your directory. So for dentists in LA to be listed in the directory you can charge them $100 per month or $999 per year. How many dentists do you need to make good money? 100 dentists x $100 per month = $10,000 per month. You can also build an inside sales team and expand to other cities and build a media conglomerate.