Thinking about starting a business, but not sure where you should focus your efforts? A recent post on Entrepreneur.com identifies a series of of trends and niches for 2011.
Boomers Again: Buying and Still Working!
- 76 million-strong, Boomers are providing a slew of market opportunities such as construction services to make homes more senior-friendly; supermarkets with lower shelves and wheelchair-compatible shopping carts; and sales and techsupport by phone for seniors, by seniors
- 62 percent of working boomers expect to stay in the labor force for at least nine more years – So they will have money to spend!
Two other trends tied to some extent to the Boomer influence are
- Home Sweet Home – As home values have fallen people are choosing to renovate and retrofit rather then move. Some of the growth is fueled by delayed repairs from previous years, but much of the growth is expected to come from the Boomer’s desire to age in place. Addition of safety rails in showers, conversions of living space to create first floor bedrooms and more accessible kitchens will be a staple for many construction firms in the years to come.
- Vital Signs – With costs on the rise and access to the healthcare system expanded, the technology and services sectors are poised for growth.
Get Packing – The Travel Industry is Heating Up
- Revenues are up:
- International trips will jump 5.5 percent, to 94.7 million;
- Domestic trips will rise 1.2 percent, to 627.4 million
- Hotel revenues will go up by 4.4 percent, to $114.8 billion;
- The opportunity is not just in the travel industry itself, but in the exploding “App” market to support, guide, and inform travelers. Smart phone applications include: Wi-Fi finders, flight status updaters, local restaurant finders, budget booking assistants, and translators
Other exploding niches revolve around consumer spending:
- Social Shopping – As the lines between online shopping sites and social networks begin to blurr
- Who’s Your Daddy – Marketers are finally discovering men are interested in more then just gadgets and electronics. Fashion, health and beauty ( ok what do you call mostierizers and facial products for men? )
- Great expectations – Consumers seeking out and manufacturers providing moderately priced luxury; designer lines at Walmart and Kmart, and high end companies offering online versions for less.
So if you are looking for a new idea, new inspiration to grow your business or start a new one, perhaps this list will give you that “new” idea.
If you are thinking about starting a business, a business plan is a great way to organize your ideas. Don’t know how to get started? Download our simple outline to point you in the right direction.