In our last post, we talked about what types of factors you should consider when selecting a business to go into. In today’s post we cover the top business trends of today according to J. Wang and K. Ohngren at www.entrpreneur.com.
Top Ten Current Business Trends:
- Generation Y. Today’s youth have more purchasing power than any youngsters before them. Whether it’s their own money or their parents’, Generation Y accounts for more and more purchase decisions every year. In response to this trend, entrepreneurs are marketing traditionally “adult” big-ticket purchases – such as vehicles and vacations – to children.
- Green Ideas. The environment is of much greater concern for today’s consumer than ever before. Products and services that help save energy and/or use renewable resources and/or reduce waste are in high demand. Everything from green cleaning products to home efficiency inspection services holds appeal for a large market segment.
- Education. Consumers are becoming avid learners, but they aren’t necessarily flocking to universities. Today’s busy buyers want to upgrade their skills quickly and conveniently. Online courses and community colleges are fast becoming one of the most popular ways to get the skills you need for a better job. Entrepreneurs who are interested in opening a related franchise or have a skill to teach can cash in on this trend.
- Internet. No big surprise here. The Internet is now cemented into our everyday lives. Buyers are constantly seeking out better connectivity with new gadgets. They are also spending more and more money shopping online and are even exploring ways to make their livings in the virtual world. Savvy entrepreneurs are meeting the needs of this industry giant in a multitude of ways.
- “Mom” Outsourcing. Lots of parents are reclaiming their lives outside of parenthood, which includes holding jobs, enjoying hobbies, and much more. As a result, entrepreneurs have identified a need for “parent replacement services.” Childcare, tutoring and test preparation, housekeeping, driving academies, after-school programs, and related services form a multi-million dollar industry.
- Organics. In the same vein as the green movement, people are taking an increasing interest in buying organic, whether it’s organic clothes, pesticide-free produce, or more natural versions of their favorite items. Hand in hand with this trend is the desire to support products produced locally. A new term, “locavore,” meaning someone who only buys local food, has even been coined.
- Pets. The pet industry is big and getting bigger all the time. Not only is there the purchase of the pet itself, but entrepreneurs are capitalizing on the resulting need for pet foods, pet toys, pet care items, training, health care and grooming, special care for older animals, organic pet products and services, and even pet burials, cremations, and memorial services.
- Recessionomics. In a recession, people are trying hard to hang on to every dollar they’ve got. Clever entrepreneurs have capitalized on this fact and developed an industry that, ironically, has been spurred by the dwindling global economy. Ideas that help the consumer save and/or make more money in their day-to-day lives have become big business.
- Seniors. Older adults are a force to be reckoned with in the marketplace. Aging baby boomers now represent about one third of all Canadians, which means a lot of businesses will rise or fall based on their ability to cater to seniors. Assisted living, adult education, specialized products and services, and everything in between are all potential sources of entrepreneurial success.
- Wellness. Buyers have started taking an interest in their health that reaches far beyond yearly physicals and biannual trips to the dentist. The herbal supplement industry is growing exponentially and businesses based around holistic health – naturopathic medicine, massage therapy, acupuncture, yoga, and the like – are experiencing a boom.
With the ever changing world of technology, some of the opportunities on this list could be obsolete before this post is approved. The moral of the story; watch for new trends but don’t discount “dull normal businesses” either. Some businesses do well regardless of what the price of a barrel of oil is or what an ounce of gold costs. Do you homework and make an informed decision based on what is the best choice for you; regardless of what appears “hot” today.
Ronald Lorne Smith
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