Another year has passed us by! Since you are reading this article, it is very likely that you are considering starting a business in 2011. But what industries are your best options in this new economy? Here are five areas likely to do well over the next few years.
Bad economic times tend to reset people’s values. They trade kid-free Vegas vacations for family beach weekends. Game and movie nights make a comeback. Recreational youth sports participation skyrockets. Even academic and extracurricular enrichment programs gain popularity. The reasons for these changes are two-fold. First, being broke (or fear of becoming broke reminds people of what really matters. Is it the fast cars and fancy vacations? Not so much, it’s the kids! Second, seeing the economic devastation around us just makes us want to protect our kids. Keeping them busy and enriching their minds is a good start! Look for business ideas that feed parents’ needs to engage and protect their kids.
The healthcare system in the U.S. is a mess, and there is no resolution in sight. Medical costs are so out of control that nurse practitioners and physician’s assistants are picking up more of the work that doctors used to handle. Business opportunities in the healthcare field include everything from providing outsource accounting and marketing services to operating a home care employment agency to providing outpatient transportation for patients that can’t or don’t drive.
Hobbies & Recreation
Specialty products related to the wide array of hobby and recreational activities should see a surge over the next few years. Again, the wreck of an economy reminds people of what really matters, and often that list includes pending time to do what they love. Whatever business model you choose, be sure to include plenty of free or inexpensive information about getting started with the hobby (perhaps even offer training classes as appropriate.)
Consulting or Employment Agency
Whatever you are an expert in, there is a consulting opportunity out there. The companies that laid off one-tenth of America are not looking to re-hire for those jobs any time soon. When they need someone to help with the workload, they will be outsourcing to consultants and temporary employees. The more specialized your niche, the better, And, consider whether it makes sense to develop a stable of contract employees for the same or similar positions…why not earn a piece of other worker’s services as well?
Sales Representative Agency
The toughest part of being a manufacturer’s sales representative is that you usually work on commission only. No sales, no income. For many, the mere idea of losing the steady paycheck is just too much. However, these same folks are out of work and out of options — many are going to have to find an independent means of support. A sales representative agency would allow you to pay these eager salespeople a base salary and collect the commission yourself! Sure, you take on all the risk, but the sky is really the limit as far as finding products to represent…everything from wood floors to boxing equipment is distributed through independent sales representatives.