The development of a child is one of the most fundamental aspects of growing up. Various theories in psychology, such as the psychodynamic theory, explain that a person’s childhood will leave a great impact on their life for years to come. This will determine how they respond, behave, and act when they are with themselves and other people.
While the psychosocial theory in psychology explains that there are milestones that many children must achieve once they reach a proper age, however, this particular theory goes from childhood up to death. There is still a great emphasis on nurturing a person while they are still young. It also explains why play is such an important factor in a child’s life. With all in this in mind, many businesses cater to the needs of the child.
Millions of businesses worldwide invest a lot of money in children’s needs. It is quite a profitable market since it is an important one. Additionally, serving the children of the world is one of the most fulfilling things you can do as a person. If you are interested in joining this industry, here are some sectors that are easy to join.
The toy industry is one of the biggest markets that cater to primary children. Although some toys are meant for adults, most of them are meant to attract children worldwide. Currently, the market is valued at about $30 billion and is expected to grow in a couple of years.
Joining the toy industry is not that hard, making it attractive for many entrepreneurs. There might be giants in the industry, such as Toys R’ Us, but they don’t have a big enough market share to monopolize the sector. There is a lot of room for small businesses to be a part of this industry, and you don’t even need to invest in manufacturing or anything like that. All you need is a place to store your stocks and an online store. It’s discouraged to have a physical store right now because of the pandemic, but there are also benefits to having one. Consider investing in a physical store down the line.
If you plan to join this particular industry, consider being a reseller or a distributor. This ensures that you don’t lose too many funds when you fail. Being a distributor means joining forces with big manufacturers in the industry and selling products at a lower price. Leverage the idea that you’ll be relying on your online store to make sales, so you don’t have to pay for rent. You can deduct a decent amount of money from your products by doing this and eventually gain more customers along the way.
Next up in line are the daycare industry. This is also known as the childcare industry. This specific sector is valued at a higher price than the toys industry but not by a significant margin. In 2019, it was valued at about $50 billion with a humble compound annual growth of about 4% in the next few years. This means that there is more room to grow if you plan to join this industry but expect some downturns, especially during the pandemic.
Joining this sector might require you thousands or even millions of dollars since you will have to pay for rent and your employees. There is also a chance that you’re going to lose a decent amount of income while the pandemic is around. But worry not. You can look for child care franchise opportunities if you’re planning to give it a shot. Getting a franchise doesn’t need a significant amount of money, and the best part of it all is that they will be giving you the needed equipment and place to start your own daycare. So give it a shot when you can.
If you like creating content for children, consider joining the child media creation industry. There isn’t a specific market value for this sector since it is integrated with the media industry. But there is a decent revenue to be had here, especially if you’re planning to start in YouTube Kids. Millions of dollars are being earned on this platform, and you don’t even need to invest too much into it.
All you need are a decent camera, a product to unbox, and a children’s game to play, and you have your very own children’s channel. Maybe you do want to invest a decent amount of cash in your company. Then consider hiring animators and making your own educational content for all children to enjoy and love.
These three sectors are the best industries in the overall children market. Joining them can easily net you a couple of thousand dollars this year. Remember that there is always room to grow if you join this industry, so what you might earn this year can double in the next few years. If you’re an aspiring entrepreneur and love children’s products, consider joining one of these industries.