Best Industries for Starting a Business Right Now

The Brampton Enterprise Centre doesn’t create a list of exactly what business a client should open, although it is a frequent question. Choosing a business that is right for you definitely is impacted by profit potential (financial feasibility and market demand), but also on passion, skills and education, industry and work experience, and of course, access to capital, all of which are unique for each aspiring entrepreneur. Still, there are analysts in the business world who can give us a general idea of which industries are expected to see growth. Below is a sampling from Inc. Magazine’s annual list.

Little Luxuries – For example, candy, a luxury that many people, even during a recession, can afford.

Smart Phone Apps - Apple has processed more than a billion downloads; enough said!

Health Care Technology – Streamlining patient care via digital medical records.

Home Health Care - An increasingly popular alternative to nursing homes, home health-care services tend to offer patients lower costs while affording them the dignity of being able to remain in their homes.

Yoga Products & Services - Doctors and therapists are increasingly recommending yoga to their patients

Fast-Casual Dining – The fast-casual segment, which falls between fast food and full-serve restaurants, continues to shine.

Green Construction - The overall green building market is expected to more than double by 2013, according to a report from McGraw-Hill.

Niche Consulting - Corporate layoffs have spawned a wave of professionals who are trying to repurpose their skills in the consulting realm. While the competition is fierce in this space, the barriers to entry are low.

Education Technology – i.e. whiteboard technology

Government Services – Opportunity to bid on projects that involve transportation, broadband technologies, and clean water, among others.

Accounting Services - Small and independent firms that help companies manage cash flow by keeping on top of accounts receivables are increasingly in demand. No one goes into business just to keep their books (except accountants!)

Repair Services - Companies that provide repair services, ranging from the home-improvement sector to the auto industry, are seeing an uptick in revenue as more people opt to fix their existing possessions, rather than to buy new.

Self Improvement – Billions are spent each year on self-improvement products and services, including motivational-speaker seminars, networking and wealth-building instructional DVDs, and spiritual guidance books.

Energy - These companies run the gamut from dealing in solar energy to alternative fuels. Due to growing consumer demand to save on energy costs, companies that install efficient lighting systems or cut down on heating costs by installing solar panels are well positioned for future growth.

See Inc. com’s full slide show at:
http://www.inc.com/ss/best-industries-for-starting-a-business?partner=newsletter_Success#0

Entrepreneur Magazines’ list:
http://www.entrepreneur.com/article/217508

Profit Magazine’s approach focuses on redefining the buying behaviour of consumers and businesses:
http://www.profitguide.com/article/7749--what-to-sell-in-a-sluggish-economy

What established businesses have enough growth that they need to hire? Looking at it from a different angle, Kelly Employment Services also has a list:
http://www.kellyservices.us/web/us/services/en/pages/careertips_march2010_fastest_growing_industries.html

Whether you’re thinking of starting a business, or considering diversifying your product/service line, there are tips, cautions and inspiration in the resources listing above. Happy Brainstorming!