Every New Year is an opportunity to start something or do more in business. We are close to the end of the first quarter of 2023; it is still a good time to work out something. Which business should I start? Making a decision on that question is not easy for many people. Not a week goes by without seeing such questions on social media. No wonder why in 2022 I did articles on businesses you can start with US$10, US$100, and US$1000. Another guiding factor in choosing businesses to start is to identify fast-growing industries. That is why today we are discussing the top fastest-growing industries to consider for business in 2023.

Shipping And Deliveries

The number of businesses doing shipping and deliveries in Zimbabwe keeps growing. At the very least you find individuals doing this as runners. Then some graduate to form enterprises specializing in shipping and deliveries. Some focus on regional countries e.g. South Africa and Tanzania. Some focus on global sources e.g. China, UAE, UK, and so on. Usually, the premise is where the business owner is or has linkages. The demand for imported items is sky-high in Zimbabwe. Clients range from individuals to other businesses. This trend is a reflection of something at play in many African countries.

I have realized not much is needed to start a shipping and delivery business. Some Zimbabweans starting this line of business are residents abroad. Then they can have a partner they work with residents here in Zimbabwe. It can also be vice versa. This means having to travel abroad can be totally out of the picture. Most Zimbabweans I know doing this business simply use their social media accounts. This means prospects are even higher with more formalized structures e.g. website, online store, and the like. In 2023, shipping and deliveries are the way to go.

Healthcare

Healthcare is such a big industry. The demand for services provided in healthcare is always high. Healthcare is an industry with many possible specializations. Examples are medicine, and medical supplies, amongst others. Sometime last year I remarked on the number of pharmacies that have opened up in the past couple of years. I stay just outside Masvingo town and it is interesting the number of pharmacies now in operation there. All of them are getting good business every single day. That clearly shows how lucrative the pharmacy business is.

Medical supplies are also another area of specialization with good prospects. The medical supplies industry is projected to expand by almost 4 percent in 2023. These are just examples that show how fast-growing the healthcare industry is. In Zimbabwe, the prospects are even bigger due to the many healthcare challenges being faced. For instance, the dwindling number of healthcare professionals is an issue. Most healthcare facilities are old and incapacitated. Shortage of medical drugs is also an issue. These are some of the many challenges that make healthcare a lucrative focus in Zimbabwe.

Travel And Food

There is no question about how travel and food are booming. In 2023 it is going to boom even more. This is mostly because the vices of the COVID-19 pandemic are no more. Thus the demand for travel and food services is up again. A study by the World Food Travel Association (WFTA) once found that 8 in every 10 travellers are keen on finding out travel and food options. Travel entails a number of areas e.g. tourism, transportation, and accommodation, amongst others.

Closely related to that are food and beverage, recreational, and entertainment services. In all of this, there are countless business ideas one can start. We recently published an article on shifts in Zimbabwean tourism worth talking about. By going through that article you will learn some current trends you can ride on. Travel and food are definitely an industry to invest in this year. Find ways to think outside the box in order to stand out because competition is high.

Online Retail

Online retail is simply the sale of goods and services using the internet. This means if you are selling goods and services via a WhatsApp account that is online retail. If you are selling goods and services via Facebook or Instagram, that is online retail. If you are selling goods and services via an online store that is also online retail. You could be doing it via online product listing platforms; which is also online retail. Online retail is one of the fastest-growing industries in 2023.

It has now come to a point where anything can now be sold online. I even remember last year the issue of telemedicine becoming topical. We are now at a point in time where virtually anything can be sold online. That is why this year you should set your eyes on online retail. You can start an actual business exclusively on online retail. Alternatively, you can add the online retail component to an already existing business.

Artificial Intelligence (AI)

The world over, artificial intelligence (AI) is booming. That is why in 2023 it is no doubt one of the fastest-growing industries. Lately, you may have been seeing chatter about ChatGPT. That is an example that shows how AI is still growing astronomically. ChatGPT was launched on the 30th of November 2022. Today ChatGPT has over 100 million monthly active users. Such a growth rate is astounding and goes to show how AI is a big deal. In 2022, the global AI industry was worth over US$135 million. On average, 8 out of every 10 businesses are now using AI in some form. In Zimbabwe, there are more prospects because it is still fallow ground. Home-grown AI solutions for the Zimbabwean context can be big money this year.

These are the top 5 fastest-growing industries to explore in 2023. There has never been a time like this in Zimbabwean history. Business opportunities are now widespread and they are mostly easy to start.