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Monday, May 4, 2009

What Kind of business can I start in this economy?

MSNBC lists the fastest growing recession industries:
  1. Medical facilities. What this means to you: start a business that can partner with a medical facility (i.e. selling medical products, equipment, training or marketing materials). You could also start a smaller medical facility if you have the training (i.e. a dental office).
  2. Refurbished goods. What this means to you: your business can include selling on EBay or you can open a used clothes store. Start a business selling refurbished phones or used computers. Or open a pawn shop. If you were thinking of selling children's clothing, now consider collecting used, gently used clothing from family and friends. This way, you would have saved on your inventory overhead, and you'll now be able to charge decent prices.
  3. Education and Health. What this means to you: if you own a service based business, maybe you can start teaching your trade. Start selling seminars or educational tools. Host workshops. You can also start a business that in some way encompasses health (i.e. home health aide, nursing training, nurse temporary staffing, etc).

Other industries to consider: pet care, accounting, bookkeeping, commercial cleaning, etc.

Meanwhile, a BizJournals study lists the 100 Best Metro areas to open a venture. The top seven cities on this start-up business-city-to-be-list are:

  1. Raleigh
  2. Charlotte
  3. Seattle
  4. Austin
  5. Boise, Idaho
  6. Salt Lake City
  7. Orlando

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