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Monday, May 9, 2011

Can't Decide On A Business To Start? Learn About The Top Startup Industries

I posted this to my Facebook Business Page with excitement:  The Best Industries For Starting A Business Right Now (according to Inc Magazine).

I was excited to see that trade schools made the list (at #2), since I've seen a few trade schools come my way. I'm currently working with someone who's interested in a form of electrical and plumbing trade school, I'm considering signing up a technical school start-up, and a client of mine recently opened a beauty trade school.

And ironically, I'm also starting an international trade school that will take its roots in West Africa.

Here are my thoughts on the industries Inc Magazine recommends for Starting A Business Right Now:  

  1. Employment Agencies. We've received a few inquiries on this industry (although I'm finding that the founders usually have employee mentalities: they don't want to spend a lot of money developing the idea, some of them view themselves as employees of the employers whose contracts they get, and most times they're franchisees who rely on the franchise information too much instead of doing some independent studies of the business they're starting or buying into).
  2. Technical And Trade Schools.  I've already stated my opinion above.
  3. Beauty Industry. I've helped a few spas, make-up bars and salons even in a down economy so I'm happy to see that this is still a recommended industry. 
  4. Organic Snacks. It's about time!
  5. Language Schools. Language schools seem like "sexy" startups. I have a neighbor who makes pretty good money running a language school. I would love to have this on the list of start-up development clients for my company. Any takers?  
  6. Automobile Dealers.  Now this is a surprise!
  7. Public Relations Firms. This doesn't surprise me, every time I've done research on a PR firm, I've always seen good forecasts. Even when their revenue stream is supposedly "flat-lined." One of the reasons is their great revenue model structure. If you have a "big mouth," you're good at representing people and putting them on a pedestal, you're good at forming relationships within your community and building hype, this is definitely a business to start. 
  8. Historical Sites. Another one that took me by surprise (in a good way since I love visiting historical sites). 
  9. Clothing Accessory Store. Since I specialize in retail businesses, I do get a lot of inquiry regarding this. Keep in mind this word: Accessories. This is the key word.
  10. Financial Planning, Advice and Investments. When I saw this, the former advisor in me went, "huh?" Then I thought about all the small businesses (with employees) who need some initial portfolios set up and the advisors benefiting from that. Yes it makes sense.
  11. Online Dating And Matchmaking. Doesn't surprise me at all. It is a cold, cold world and people need some loving. And since we're already doing a lot of things online these days...
  12. Location-Aware Apps. I've judged a few business plan competitions and one location-aware app company always makes it to the finals.
  13. Physical Therapy. Most times, a business that targets Baby Boomers, can expect to see some growth. So this did not come as much of a surprise.
  14. Environmental Consulting. There have been an influx of start-ups with an "environmental awareness." It makes sense that consulting to this group makes the list (in fact I considered this myself last year).
  15. Recreational Goods Rental. Really? So girls and guys "just wanna have fun?" Can I join the party? Again, key word here is rental. 
  16. Real Estate Appraisal. I've seen a couple of inquiries from this group. With their quick-turnaround revenue-model and sources that help with income, it makes sense that they will be on this list. Especially since we can't disregard the fact that with the condition of the housing market, all the parties within a deal are now going after the appraisal.
  17. Green Toys.  Now this is one I'm keeping my eye on. Sales growth of 80 percent since 2007? This is definitely an industry I would love to have a client enter.
Cheryl Isaac is a personal business strategist to startups who require employees, office space, and online marketing strategies.  She contributes to Forbes here and blogs about Making Business Personal here.  To turn your start-up into an operational business, please contact her for a  strategy session here


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