It’sno secret that the economy continues to struggle to recover from the GreatRecession of the last several years. Many feel it’s a dangerous time to start a business of their own due tothe economic climate, but if you look for businesses and industries that catermore to “essential needs,” your chance of business success shouldincrease.
Hereare four targets to keep in mind as you explore business ownership.
BabyBoomers Are Living Longer: The largest generation in our country’s history isretiring, but they’re living longer and looking for products and services thatthey can use. As these boomers age, manyare choosing to stay in their homes as long as possible rather than move to anassisted-living facility or in with their adult children. Businesses that cater to home healthcareservices or that help seniors live safely in their homes through home modificationsshould do well. Commonmodifications include automatic door openers, ramps, safety bars, bathroomtransfer systems, stair lifts, and specialized tubs/showers.
It’sGot to Be the Hair: Your hair doesn’t know it’s a down economy -- it’s going tokeep growing regardless. And unless youwant locks of hair running down your back, you’ll continue to get your haircut. People are looking for affordableoptions for their hair care and are turning to less expensive hair salonseverywhere. They’re now passing on themore lavish $70 and $80 haircuts for something that fits their budget a littlebetter.
CheckUnder the Hood: Did you know the average age of the car on the road today isabout 10 years old? That tells us peopleare keeping their cars longer and are performing the necessary repairs andmaintenance to their cars in order to keep them running. So it stands to reasonthat the automotive repair business will continue to thrive, perhaps even moreas the economy continues to struggle.
MotherNature Wreaks Havoc: As Mother Naturehas shown over the last several weeks with the devastating storms hitting thenortheast, she’s still in charge. Justlike your hair doesn’t know that the economy is down, Mother Nature doesn’teither. Fires, hurricanes, floods andtornados, among many other natural disasters, will happen at any time and inany place. Businesses that help with damage restoration (rebuilding, clean-up,etc.) will always be in demand. The otheradvantage of these types of businesses is that most times the damagerestoration will be paid through an insurance company. So it’s not something that business owners orhomeowners will necessarily have to fund out of their pockets.
Thereare many businesses that do well, but look for key components in a businessthat would do well in all types of economic conditions. Those insights may make the difference inyour business failure and success.
FranNet is the nation’s most well-respected leader for matching individuals with franchise opportunities. FranNet has more 90 consultants across the U.S. who use a proprietary profiling and consultative process to determine a business model unique to each client’s goals, skill sets and interests, and has matched thousands of entrepreneurs to rewarding small business opportunities. Recognized by Inc. Magazine as one of the fastest growing private companies in America for the last three years, this year marks FranNet’s 25th anniversary. For more information, visit www.frannet.com.
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