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9 Industries That Are Disappearing: Explained

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The massive upheaval that is taking place is only getting started. Industries will burn to the ground like moths fleeing a flame. Even the legendary Walmart is not being spared by Amazon and the onslaught of the internet.

The modern world is evolving at an unprecedented pace, driven by technological advancements and changing consumer preferences. As a result, numerous industries that once thrived are now facing extinction. This article explores nine industries that are disappearing due to various factors, including technological disruption, shifting market dynamics, and evolving societal trends. Understanding these transformations is essential to navigating the ever-changing economic landscape.

During the industrial revolution, creative destruction took place as machinery and advancements in the manufacturing process, such the assembly line, drove away handicraft and artisan output.

Even while the economy as a whole profited from these advancements, the jobs of the craftsmen who were displaced were destroyed and would never be restored.

Destructive Innovation

According to mainstream economic theory, the industries that replace those that are displaced by technology will create new employment that they can fill while the sectors that replace them will see their businesses destroyed.

Consider how the development of the automobile led to the demise of the horse and equine transportation business. Notwithstanding the loss of work for buggy builders and horse trainers, many more new positions were added in the automobile industry, the building of roads and bridges, and other sectors. The so-called Luddites, who believed that the future was bleak for labour, instigated riots in the 19th century when textile workers lost their jobs to mechanical looms.

The topic of whether employment and industries may disappear has once again been raised by the recent information revolution and technologies like computing, the internet, mobile telephone, and information technology. There are currently economists who disagree with conventional wisdom. They argue that the destructive element may overshadow the creation this time around. We might even witness a new surge of “Luddites” in response.

Sectors That Could Be Affected

The danger is that many of the workers losing their jobs won’t be able to find new employment in the IT economy because technology is developing at a record-breaking rate.

The industries that will or already have been impacted by this most recent phase of creative destruction are listed below, but it is not an exhaustive list. It provides as an example of only a few sectors that are vulnerable to upheaval.

1. Print Media

Newspaper circulation has steadily decreased as blogs and internet media have taken over. More and more news stories are being created by computer software, particularly local news and sports outcomes.

Translation The demand for human translators is declining as language translation technology improves. Similar rules apply to dictation and proofreading.

2. Office Helpers

Enterprise software, automated telephone systems, and mobile apps are replacing secretaries, phone operators, and executive assistants.

3. Bookstores

Brick-and-mortar book businesses have had to permanently close their doors as a result of online retailers like Amazon. Furthermore, the availability of self-publishing and e-book distribution is hurting publishers and printers.

4. Financial Consultants

Financial experts like stockbrokers and advisors have seen a decline in business as a result of robot-advisers like Betterment and online trading platforms like E*TRADE.

Due to the fact that Robinhood is a free online brokerage service, established online brokers are losing clients to Robinhood.

Several banks now allow consumers to deposit checks via mobile apps or straight at ATMs, which eliminates the need for physical bank tellers. Even getting physical currency is unnecessary with the help of payment systems like Apple Pay and PayPal.

5. Recruiters

Websites like LinkedIn, Indeed, and Monster have displaced job recruiters. While websites like Craigslist have replaced traditional types of classifieds, similar sites have also displaced print classified advertisements.

6. Services for Delivery

Amazon is working to make the potential use of drone technology for goods delivery a reality. Drones may also replace pilots in a number of specialisations including those pilots in the film, crop-dusting, traffic monitoring, and law enforcement sectors. On countless military operations throughout the years, drones have taken the place of fighter pilots.

7. Production

The use of 3D printing is expanding quickly, and the technology is improving. A vast range of products could be produced on demand and at home in a few years. This will destabilise the manufacturing business and lessen the necessity of logistics and inventory management. Transporting goods internationally won’t be necessary anymore. Industrial robots have already largely replaced assembly line employees.

8. Postal Service

The growing use of email has caused a decrease in the volume of regular mail, which was the first bad news for postal workers. More positions in the postal office will be eliminated by sophisticated mail sorting equipment.

9. DJs on Radio

The days of commercial radio DJs are essentially gone. Today, software picks the majority of the music played, places advertisements, and even reads the news.

These are a handful that immediately came to mind. I’m sure I’ve overlooked a lot of others. Could you please add any sectors that I missed that you think will soon go extinct or nearly so? Moreover, if you disagree with anything on the preceding list for any reason.

Conclusion

The disappearance of these industries underscores the transformative power of technology and changing consumer behaviours. As newer, more efficient alternatives emerge, traditional industries must adapt or face extinction. While these shifts may lead to nostalgia for some, they also open the door to new opportunities and innovations. As the business landscape continues to evolve, staying informed about these changes is crucial for both consumers and entrepreneurs seeking to thrive in the modern world.

10 Manufacturing Small Business Ideas

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Manufacturing added $2269.2 to the US GDP, resulting in 10.8% of the total GDP in the USA. Undoubtedly, manufacturing plays a vital role in the economy of the US and other countries in the world. Small businesses are a dominant force in the manufacturing industry, as more than 98% of US manufacturing companies are small businesses.

Before getting into manufacturing, business owners must consider some factors:

  • The products in demand
  • Start-up cost
  • Level of knowledge
  • Business location
  • Availability of raw materials and workforce.

These factors affect the growth and productivity level of any firm.

The high level of competition in the manufacturing industry pushes small businesses to brainstorm ideas to penetrate the market. This article will recommend manufacturing ideas based on statistics to help small enterprises to kickstart their companies and succeed in the manufacturing industry.

Top 10 manufacturing Small Business Ideas

In a highly competitive environment, new businesses with a unique philosophy, brilliant strategies, and innovative ideas will likely be successful.

There are over a hundred business ideas to ponder over, but the mind-blogging task is to figure out which of them is in hot demand in the market. Here are the top ideas for small businesses:

Tea

Tea is the second most widely consumed beverage in the world. In 2022, the tea market will generate a revenue of $14,168.4 million. The tea market will grow annually by 4.10% within the next three years. Additionally, a recent survey suggests that afternoon is becoming a significant trend in 2022. Many drinkers will be demanding tea to quench their taste.

If you’re a tea lover, you’ve got a million dollars industry in your hands. You can combine different leaves and perhaps develop the next best-selling tea brand. Despite having six significant categories, you can blend tea leaves into different variations and flavours—the numbers are unlimited.

Step into the tea market, explore different leaves, request feedback and take advantage of this easy small business idea.

Microbrewing

Microbrewing is among one of the best business ideas. Beers are a significant part of the American tradition. The USA occupies the second position in global beer production with 211 million hectoliters volume. Craft beers are available in many pubs. Nevertheless, craft brewing or microbrewing requires comprehensive knowledge, the right equipment, and licensing from respective bodies. Understanding the process will help you mix flavours and ingredients to produce a unique brew.

You can run ads on the internet to market your product.

Grape wine production

A survey shows that 75% of adults drink wine. Wine is mainly consumed because of its taste and the good feeling it gives to the body. Grape wine production is a lucrative manufacturing idea for small businesses. If you love wine so much, perhaps it’s time to turn your interest into fortunes and create your unique label.

However, grape wine production is not challenging as people think. Understanding the varieties of grapes and flavours they produce is the first step to starting wine production. Learning the finest ways to source them according to your standards and taste would be beneficial. You can spend years growing your own vineyard, or visit local vineyards or wine dealers to model, pick, and buy grapes that offer your desired taste and quality.

Wine production requires extensive knowledge and a production facility. However, the presence of custom crushers in the market makes it a lot easier. These crushers provide the equipment needed to produce and bottle your product. They also offer skills and partnerships for those interested in reducing their costs.

Cosmetic and skincare

The cosmetic and skincare industry is extremely valued worldwide. It generates $49.2 billion yearly because of the high demand for personal care and beauty products. Skincare products occupy the market’s largest segment. The public is increasingly interested in natural, earth-sourced, and chemical-free products because of their little to no side effects on the body. Producing natural skincare products is a win-win for you and your potential customers.

You need to define your mission and determine your niche to penetrate the market. Source ingredients and package products that mirror your brand. Many platforms are available to help out the process. You can test your products in your home, obeying the lab-grade sterilisation process. If you have enough cash, you can outsource to many labs specialising in beauty.

Fashion

From 2020 to 2025, the value of the global apparel market is estimated to grow from $1.5 trillion to $2.25 trillion, thanks to the increase in the demand for clothing and shoes around the world. If you love fashion, you are one step away from converting your interest into money. To succeed in the fashion industry, one must not necessarily be into design or sewing.

You need to develop a desire, style, mindfulness about what’s going on in the fashion scene, and high creativity before starting up your label. You can begin customising artworks on people’s clothing if you have graphic design skills.

Jewellery

Jewellery has become an essential part of dressing accessories, as new designs and fashion trends attract customers. In 2018, the global jewellery market was valued at $ 278.5 billion and is expected to grow in subsequent years. If you are an artisan, you will have an edge in the market. You can easily partner with trustworthy suppliers. Upgrading your tools and equipment will help improve your productivity level.

If you love and enjoy playing with kids to keep them happy, you’ve got a potential audience in your hands. According to Statista, the toy industry generated a revenue of   $94.7 billion in 2020. Since 2010, the toy market has been growing by over 13%. Creating and designing toys for kids is a rewarding business. You can pick inspiration from popular kid’s cartoons, superheroes, sports, dolls, aviation—the list is unlimited. You need to choose a concept, draft your idea, and refine it until it becomes a reality as you planned.

CBD products

Suppose you’ve applied CBD oil to tackle your health challenges. In that case, it’s time to consider venturing into producing products related to these magical plants. Sales of CBD products in the USA reached $4.6 billion in 2020. In the next six years, the value of the CBD market is estimated to clock $16 billion because of its health benefits.

You can start producing CBD products by trying different formulations and figuring out the best delivery system. You can also source ingredients from reputable suppliers. The opportunities in the CBD market are overwhelming.

Candles

During romantic picnics and festive periods, candles are valuable accessories. In 2019, the market value of candles was $3.54 billion. The market value of candles is expected to clock $6.64 billion in eight years. The candle-making process is straightforward and requires low start-up capital.

You can purchase basic supplies online. Candle production is an easy small business idea that yields good money.

Phone covers

Like mobile phones, phone accessories are highly rated. In 2020, the worldwide mobile accessories market value was $202.45 billion. The phone accessories market is expected to grow with a CAGR of 4.5% within the next nine years and clock $328.70 billion by 2030 because of mobile phones’ high acceptance and usage.

Phone covers allow phone owners to reflect their personalities. Before launching your phone case line, you need to develop an innovative design concept that reflects recent trends and interests.

Conclusion

Many opportunities are available in the manufacturing industry. All you need is the right, successful business idea that suits your interest. It would help if you enquired about the start-up cost, demand rate, availability of raw material, and level of competition in the market. The key to success in the manufacturing industry is to create a unique product, model it to the best standards, and collaborate with the right producer who supports your process, quality, values, and expectations.

We hope you find this article helpful in your quest to grow your business!

About the Author

Alex Lysak is a CEO at SeoBrothers team. He has over ten years of experience in online marketing. He is passionate about building a solid iGaming affiliate team. He aspires to become number one in this niche worldwide.