By Bigg Success Staff
It’s not easy to succeed in your own business even in good times. So why would anyone consider starting a business now?
You might be surprised to know that many people think it is a good idea. They learn they can’t easily replace the income earned from a lost job and decide to try their hand at self-employment. In addition, after losing a job, a person might want to feel a stronger sense of control over his or her own life. Being your own boss may be the answer.
Whether you’re considering starting your first business or adding to your empire, it pays to think about what will be hot in the near future. Here are our picks for the best businesses to be involved in for 2009:
Consumers and businesses are expected to cut back on their major purchases in 2009. So rather than replace their old do-hickey, they will repair that old do-hickey. This will create tremendous opportunities for repair businesses.
As an example, shoe repair shops are reporting incredible demand. This is a highly fragmented industry with lots of possibilities. How about a service that picks up and delivers shoes that need to be repaired? A good place to start your investigation would be the Shoe Service Institute of America.
Reports are that more people are staying home more often. So home repairs of any kind should do well in the coming year since people will be home to see, hear, or smell the problems they may not notice in good times. For example, handyman services were booming even before the recent financial storm. They are expected to continue to thrive in the current economy.
These are just two examples of repair businesses that are likely to thrive in 2009. It is impossible to list all of the possibilities. So think about your own repair skills or find a partner who can do the repairs while you run the business. Then research the industry to see if the service you’re thinking about is experiencing growth right now.
Consumers and businesses are also expected to purchase “used” more often in 2009. In fact, used may become chic in a world where frugality is a status symbol. So look for opportunities in industries that offer lower-priced second-hand products rather than something new.
If you have a flair for fashion, consider starting a resale clothing business. There are many possibilities even within this category. In most cases, these businesses are racking up sales almost as fast as they can get clothes on the rack.
Beyond clothes, there are many more businesses that sell second-hand items that are reporting boom times. From books to office furniture, if there’s been demand for new products in the past, there is probably demand for used items now.
Think about what you like to buy and then do some research to see where it’s being offered second-hand. Don’t be discouraged if you see some competition. Instead, think about what you could do differently (and better).
The baby boom is starting to retire. This will create demands for products and services for seniors like never seen before. Many of these businesses will thrive in spite of economic conditions.
Start a senior service business to and help seniors do things that they don’t know how to do, don’t want to do, or can’t do. There are a number of ways to service this large and growing market including starting a(n):
- adult day-care center
- relocation service
- home health-care service
- concierge service
You could also think about combining opportunities. By this we mean, you could target seniors with your new repair business or think about used items that would be useful to seniors.
Here’s something to ponder – if you have a job, you essentially have one customer. What kind of security does that offer? We think it’s possible to have freedom with security.
The overwhelming majority of small businesses are micro-businesses, often consisting of a single person. We think more people will continue jumping on this free agency bandwagon in the years ahead.
So instead of going for a new job, why not try to land two customers that pay you what you would expect to earn from a single job? Take that special skill you have and market yourself as a specialist rather than an employee.
Like any business, it’s usually not easy to get started. While start-up costs can be minimal, you still need the financial resources to weather times with little income or you can start part-time. However, many people find the lifestyle of a free agent very rewarding.
Consider a franchise
Franchisors often state that, when layoffs occur, they get more prospective franchise buyers. So expect franchise sales to do well in the coming year. Another piece of good news is that many franchisors will be more likely to help with the upfront financing, directly or indirectly, in light of the credit markets.
In addition to that, when you think of investment alternatives (e.g. stocks, real estate), a franchise may seem like a good option. Many people may prefer to invest in something over which they feel they have more control after the volatility of the last year.
Many franchisors offer a proven business model. They are often less risky than a new franchise system. However, there may be more opportunity in a new franchise system. You have to determine what is best for you. Start by learning how to buy a franchise.
Beware of scams
One word of warning – in tough economic times, scam operators come out in full force. Kiplinger has a great quiz that tests your ability to spot a scam. They present you with eight business opportunities, some which are legitimate and some which aren’t. See how you do!
Then apply this to the real world. With any opportunity you consider, trust your own instincts and do your own research. Prove to yourself that it is the right opportunity for you and the right time for the opportunity.
Hear today's lesson and laugh on The Bigg Success Show.
5 Questions for Job Seekers in 2009
(Image in this article by -MISHA)