It’s no secret that the economy continues to struggle to recover from the Great Recession of the last several years. Many feel it’s a dangerous time to start a business of their own due to the economic climate, but if you look for businesses and industries that cater more to “essential needs,” your chance of business success should increase.
Here are four targets to keep in mind as you explore business ownership.
Baby Boomers Are Living Longer: The largest generation in our country’s history is retiring, but they’re living longer and looking for products and services that they can use. As these boomers age, many are choosing to stay in their homes as long as possible rather than move to an assisted-living facility or in with their adult children. Businesses that cater to home healthcare services or that help seniors live safely in their homes through home modifications should do well. Common modifications include automatic door openers, ramps, safety bars, bathroom transfer systems, stair lifts, and specialized tubs/showers.
It’s Got to Be the Hair: Your hair doesn’t know it’s a down economy — it’s going to keep growing regardless. And unless you want locks of hair running down your back, you’ll continue to get your hair cut. People are looking for affordable options for their hair care and are turning to less expensive hair salons everywhere. They’re now passing on the more lavish $70 and $80 haircuts for something that fits their budget a little better.
Check Under the Hood: Did you know the average age of the car on the road today is about 10 years old? That tells us people are keeping their cars longer and are performing the necessary repairs and maintenance to their cars in order to keep them running. So it stands to reason that the automotive repair business will continue to thrive, perhaps even more as the economy continues to struggle.
Mother Nature Wreaks Havoc: As Mother Nature has shown over the last several weeks with the devastating storms hitting the northeast, she’s still in charge. Just like your hair doesn’t know that the economy is down, Mother Nature doesn’t either. Fires, hurricanes, floods and tornados, among many other natural disasters, will happen at any time and in any place. Businesses that help with damage restoration (rebuilding, clean-up, etc.) will always be in demand. The other advantage of these types of businesses is that most times the damage restoration will be paid through an insurance company. So it’s not something that business owners or homeowners will necessarily have to fund out of their pockets.
There are many businesses that do well, but look for key components in a business that would do well in all types of economic conditions. Those insights may make the difference in your 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.