Hello again! I’m back with some more information on the recent graduate jobs that are exciting and promising, but this time I’ll explain how you can get involved!
So here we are, as promised:
Nearly every existing industry can be disrupted and enhanced by virtual reality. To get started, first immerse yourself in the virtual reality world. Follow other entrepreneurs and industry experts, and learn from them! Because of the endless possibilities, you can really tailor your business to your own personal interests and passions, but here are some of the most promising segments:
Hardware & Software Development
There is a huge market for virtual reality hardware and software development since VR sort of relies on it (no biggie right?). In fact, by 2020 the virtual reality hardware and software segment will be a $70 billion market. In the coming months, more people will start developing virtual reality entertainment, and they will need developing tools (can you believe that!?). On the other side, customers ready to get their hands on VR equipment will need to purchase other products to support VR applications, such as powerful graphic cards. Compared with traditional applications and games, VR requires seven times the graphics processing power. With this in mind, as of last year less than 1% of PC’s used globally have the capability to support virtual reality. According to BBC News, even one of the major players in the VR industry, Oculus, recommends users to purchase powerful graphic cards.
The education market is predicted to be impacted the most from virtual reality, and be one of its first successful commercial applications. Virtual reality can be implemented into every aspect and level of learning. For example, students in grade one can use VR to learn more about the animal kingdom. Students can visually see each animal, and even hear the different sounds/calls they make, without ever leaving the safety of their classroom. On the other hand, aspiring veterinary surgeons can use VR as a surgical simulation tool. Additionally, VR headsets have a wide price range, starting as low as $20, making them affordable for lower end schools. Currently, there are only a few companies that are capitalizing on this and making their own applications, meaning there is room in the market for you!
The virtual reality video game market is expected to reach over $11.5 billion by 2025. Even though virtual reality is relatively new, the gaming community represents the closest thing to a mass market within the industry. You can ease your way into this market, by starting off small and focusing on virtual reality apps. There are numerous easy to use platforms available for newbies, such as Unity. Unity provides its users with tutorials, tools and an online community. Moreover, revenue from ads within VR apps can range from $0.03 to $0.10 per view. Meaning, you can make up to $50,000 per day on in-app ads this year.
Health & Wellness
The health and wellness industry is all about community, so you should actively get involved! Focus on relationship building, customer engagement, and personal branding. You really want your customers to feel a strong connection with you and your brand. You also want your customers to establish a level of trust with you, so you may want to look into getting relevant certifications. These customers are not interested in a fad diet, and instead are committed to a complete lifestyle change. They are lifetime customers, with huge potential brand loyalty.
The vast majority of revenue from the health and wellness industry comes from product sales. Within the product segment, healthy food products and digital fitness show the most promise. As people are becoming increasingly aware and concerned over their personal health, they want to fuel their body with quality food. The demand for health foods is skyrocketing, as 73% of consumers admit to switching to healthier alternatives, with 77% of consumers believing diet products are not as healthy as advertised. Additionally, digital fitness is now a $330 million market and is experiencing exponential growth. In fact, users are even starting to trust apps more than their doctors! This year, 30% of consumers will have a digital health device and 1.7 billion smartphones and tablets will have a health app installed. Since apps create the possibility for social media integration, users can easily share their achievements to their online platforms and increase your brand awareness and reach!
Health and Wellness blogs are the most profitable niche blog market. Through blogs, you can easily create a personal brand and create a strong online presence. Sharing relevant content, and having an open line of communication with your followers, allows you to build meaningful customer relationships, and strong customer engagement. By creating a strong personal brand, and taking advantage of affiliate marketing and ad placements, you can easily make a six-figure salary!
In order to commercialize drone use, you must first make sure you have the proper qualifications. For example, you may need to get your remote pilot certificate, which is basically just a fancy way of saying you’re legally allowed to fly drones for profit. You also need to be aware of the different rules and regulations, which vary by location. For the aspiring Canadian drone entrepreneurs, click here to figure out what some of those regulations are.
Since drones can fly (duh!), you can use them for aerial inspection—which has the earning potential of $200 an hour. This drone service is scalable, and can be used for big projects (like assessing the CN tower), to smaller projects (like spying on your neighbours). Anyone who needs to view or inspect something that can be potentially dangerous or time-consuming for a worker can cut monetary and time costs by using drones instead. For example, some roofing companies have begun using drones to assess damage, without the need for any workers to put themselves in harm’s way. Learn more about how drones are also being used in the insurance industry.
Unfortunately, there will always be a need for disaster relief and search & rescue. Drones can give relief workers an inside view in areas that are dangerous, and not easily accessible by land. Drones can also be used to deliver necessary supplies, such as medicine, food or water. As explained by UAV Coach, surf lifesavers are currently using drones to help with their search and rescue operations. They equip their drones with rescue packs containing life-saving supplies, and even electromagnetic shark deterrents.
Before you become a successful “potpreneur”, be sure you know all the laws and regulations of your current location, and any location you plan on doing business in. Along the same lines, pay attention to consumer trends. This is a relatively new industry (legally speaking), and customers are feeling their way and constantly changing their preferences. For example, the once popular pot flowers have drastically reduced in demand, with sales falling 54% last year.
The most promising product segments are edibles and topicals. In fact, both product segments have an average profit margin of over 55%. Edibles are the most exciting segment and may rake in half of the $5.4 billion industry. Topicals, on the other hand are an area of untapped promise, as these products are able to appeal to the general public. Since their application does not result in any “high”, those who do not want to be under the influence can still enjoy their many health benefits.
Retail store sales are expected to hit $21.8 billion in 2020. Canada has proven to be a promising location, as last year 30% of Canadians used pot, compared to only 10% of Americans. In Canada, medical marijuana is legal in all forms—including edibles and topicals. Unsurprisingly, the Canadian domestic market is going to be huge (maybe the leaf on our flag isn’t a maple leaf after all). Considering many medical marijuana patients are unable to travel to store locations, at home delivery service is in demand. A San Francisco-based startup, Eaze, is leading the pack with at home pot delivery. In fact, this startup has already procured over $25 million in funding, which shows the extreme potential and need for pot delivery services. However, Eaze only delivers within the state of California, meaning there is a huge untapped market here in Canada and other places in the US!
Before delving into the new world of FinTech, it’s probably a good idea to give yourself a refresher on the finance industry, and the customer base. For example, almost 60% of smartphone users use their phone for online banking, so you should start thinking about mobile optimization. And this may go without saying, but you need to know all relevant rules and regulations.
Peer to Peer lending has not only disrupted traditional lenders, but also the entire financial services sector. FinTech startups received more than $9 billion in capital during the first three months of last year alone. Toronto-based FinTech startup Lending Loop capitalized on the huge size of the Canadian market and became one of the first P2P lending platforms in Canada. Moreover, P2P lending has proven to be a very stable and lucrative industry. According to Cato Pastoll, Lending Loop CEO, the annual returns hover around 9%. Since P2P lending can be segmented further, you can really focus on any area that interests you (like student loans…).
Don’t forget us little people when you make it big! Well, maybe you can forget Uncle Mike. Get out there and find the perfect recent graduate jobs!
Miss Part 1? Don’t worry! You can read more about the potential of each industry and which jobs for recent graduates are promising for you!
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