"I want to work for myself, but I don't have any ideas for a business,"
is a lament I often hear from students and friends. "Have you got
any good ideas?"
Unfortunately, I do. But when I sold my last
business, I vowed I would never start another venture. Whenever I
am tempted I take a nap. Usually the urge passes by the time I wake
up. However, with the abundance of great ideas out there, it is getting
harder to sleep.
One of the best sources of ideas for me is to
carefully examine directions in our changing lifestyles. Here are
some trends that should provide new business opportunities:
- Aging baby boomers. Kenneth Dyctwald, in "The Age Wave,"
writes that baby boomers and their effect on opportunities is
best compared to a snake that has swallowed a rabbit. As the rabbit
goes through various stages, new booms are created. A record number
of high schools were built, colleges were started, a record number
of houses were being built and now new industries are being born
to serve the baby boomers.
- Working mothers. As mothers leave the home, tasks they
have previously performed must now be completed by others, including
maid services, baby-sitting services, lawn care and meal-delivery
services. Any of these new or expanding services provides business
opportunities.
- Cocooning. People are becoming homebodies. Because of
increased crime in some parts of the country people don't leave
their homes at night. Consequently, service opportunities such
as restaurant food delivery, home video delivery and expanded
cable operations will continue to provide entrepreneurs with new
ventures.
- Health and fitness. Fueled by baby boomers, people living
longer, plus a better educated populace, this trend will continue
to flourish. People will exercise more, and because of cocooning,
the demand for home exercise equipment will increase, I believe.
Health clubs and workout rooms will also grow.
- Home technology. Home-based businesses will require more
and more office equipment made for the home, from fax machines
to computers and sophisticated phone systems.
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- Child care. With
mothers working, the children left at home will also need more
services. Security systems for children will grow in demand. So
will computer-based educational technology for after school. Don't
overlook transportation services for the children, either.
- Services for the aged.
Home health care, adult day care, meals on wheels and other
services, such as bill-paying and transportation services, are
increasing in demand. Even filling out and filing insurance claims
could provide a business opportunity.
- Technology training.
As our lives become more complicated, we will need more help
keeping up with the new gadgets we buy. The joke about the VCR
that keeps blinking 12:00 because no one knows how to set the
time isn't funny anymore. Studies show many have home computers
but aren't trained on how to use them. Is there a business opportunity
here?
- Internet access. One
out of every three business plans submitted to a recent university
student business plan competition were Internet-related. Sort
of sounds like a trend, doesn't it?
- Leisure-time activities.
While employment polls show the work week expanding, the robust
economy will allow many to spend excess money on sports, hobbies,
travel and recreation.
Good luck in using these trends to make your first million. And remember
to plan well and investigate thoroughly before you invest time and
resources into any new venture. Carefully weighing downsides is not
negative thinking; it is smart thinking. No matter how compelling
the trend may be. |
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