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3
Dec

Business Trends in 2010

42-16875144So you are interested in starting your own business but are unsure of where to start. Maybe you are not loyal to your current industry and want to start fresh. Or you know your industry has opportunities, just are unsure of what is best to pursue now. Well, Entrepreneur Magazine published a great list of the top business trends that are thriving in this economy. When you look at the list, it is in line with other top lists regarding the best jobs to pursue in this economy.

Trends include:

  1. Taking advantage of industries that are currently in chaos. Finance, real estate, healthcare – these are all industries that have taken or will take a beating over the year. There are exposed vulnerabilities that smaller companies (i.e. start-ups and other entrepreneurs) could take advantage of if they plan strategically.
  2. Green. This industry has been growing over the last couple of decades but may have finally received its due in this one. Rising energy prices and greater concerns about global warming drive the green industry to become more popular than before. Even if you open a practice specializing in helping businesses in this industry, you will likely have your pick of customers.
  3. The silver industry. Baby boomers are finally retiring in what will be record numbers. As one of the largest generations in the United States, servicing this population presents a strong opportunity for those interested. From adult day cares to senior vacation experiences, opening a business to cater to the elderly now can set you up for great rewards in years to come. Since many of this generation is not currently elderly though, presenting services that meet them where they are and grow with them later could present great opportunities too.
  4. Reduced price retail. People are more cost-conscious now than we have been in a very long time. Look at the stats for Wal-Mart versus any luxury retailer and you will see opposite trends on their financial statements. Rents are lower, supplies and inventory is lower and likely cheaper to ship – opening a retail store where you can demonstrate low prices and value would likely go far anywhere in the country.
  5. “Buy local” movement. More consumers are becoming conscious of where their products of consumption originate. We want to support our local businesses because the national chains are starting to go too far with their practices. Servicing your community’s needs offers a great opportunity for a localcitizen because that person will more likely  have intimate knowledge of that community’s pains.
  6. Education. During this downtime, people are stepping up to learn in droves. Either they need to escape into school to ride out the down economy or they need to strengthen their skill setto remain a valued member of their work team. Especially with use of the internet, there are opportunities to offer an educational program to others and receive income, even residual income. This can be accomplished via webinars, teleseminars, even customized online learning modules like Moodle, Courselab, and Wiziq.
  7. Life assistance. People are spending less time on traditional life activities for a variety of reasons. At one point, I know concierge services were very popular to go into. I think it is now becoming more profitable (and less of a hassle) to get more specific. Cleaning, tutoring, transport – any service you can do to help another person’s life run smoother may be very profitable to those interested. Plus, these types of services require little in  start-up and maintenance costs.
  8. Health and wellness. Remember those baby boomers – they are not trying to age silently. They want to live as long as possible and know that it requires specific wellness habits to get there. This actually goes for all of us, especially with healthcare reform coming down the line very soon. Teaching others how to best take care of themselves, or even actually helping them do it by offering gym memberships, nutrition counseling, healthy cooking classes, and a host of other activities, may provide for lucrative opportunities for years to come.
  9. Texas. Apparently Texas has a strong environment for entrepreneurs. It is a state that has a growing population, several cities usually make the top 10 lists, taxes are low, expenses are very low… the environment is prime, especially if you are in one of its top industries like agriculture or energy just to name a couple.
  10. Liquor. Even in a recession, people will drink… some of them more than usual. Having a night cap at home can be much cheaper than having one at the bar. Owning a business that promotes this can be a niche for the entrepreneur. Whether that is actually owning a particular type of store that sells any one of the spirits we have to teaching others about wine to planning adult parties with signature drinks, there is a choice of opportunities in servicing this market.
  11. Pets. This industry is expected to experience growth in 2009 and beyond. People take care of their pets in so many ways. My neighbor talks about the doggy day camp she loves for her pet, my mom takes her dog for grooming at least once per month, and over Halloween, and now Christmas, I saw an abundance of pet costumes (yes, there is a Santa outfit for Fluffy) and giftsgalore. If you have a skill set that you can apply to this industry or those that serve this industry, you may be on to something fascinating.