Best Business Opportunities 2008
Best Business Opportunities 2008 - By Susan Ward, About.com
This is the year that the voices that have been crying in the wilderness have arrived - plunk in the middle of everyone's suburban neighbourhood. Suddenly everyone wants to do something to protect and clean up the planet. Environmentalism's growing popularity has reached the tipping point and people are willing to put out extra green to go green.
So many of the best business opportunities of 2008 offer a chance to tap into consumers' green impulses. Others on this year's list suggest ways to get in on some of the fastest growing markets by meeting the needs of particular niches.
Here are what I think will be the best business opportunities this year. (Note that these are presented in no particular order.)
1. Eco-products
Metal water bottles. Cloth grocery bags. Clothing made of fair trade cotton. All of these are examples of eco-products, products designed to do less damage to the environment by replacing other, more damaging products. Related business opportunities abound. On the manufacturing end, you could invent a product or process that gave consumers a greener choice. Or you could get in on this business opportunity by sourcing and distributing eco-products, either through a traditional storefront or an online business - or both.
2. Niche travel
There's always been a tour market in the travel industry, but the growth of particular niches within the travel market creates rich business opportunities. For instance, the gay travel market is growing fast, with gay people seeking gay-friendly destinations. And while we're all aware of how popular cruises are with seniors, full-service bus tours are becoming just as popular. Eco-tours are another expanding niche, with tours/packages that offer a chance to see some of "the vanishing planet", becoming increasingly popular. Antarctica, the North Pole, and the rain forest will all be hot destinations.
3. Solar installation specialists
More people than ever are making saving energy a priority in their daily lives and therefore willing to invest in solar energy sources for their homes and businesses. Solar operated hot water heaters, for example, are becoming increasingly popular. But a different type of energy requires different installation procedures. Installing solar panels and solar-run appliances could be a lucrative business opportunity.
4. Senior care
There's a huge market for senior care of all types right now and the market is only going to grow through 2008 and beyond. Indeed, Statistics Canada says that the number of individuals aged 65 to 74 will almost double, from 2.3 million to about 4.5 million over the next two decades. Business opportunities in senior care range from opening your own senior care home through providing in-home care or home services such as preparing meals, housekeeping or running errands. Senior care franchises are another option for getting in on this business opportunity.
5. Mobility products
On a related note, products that help people do what they like to do longer or more comfortably are also a great business opportunity, and another business opportunity that could work really well as an online business. Look for products that help people reach, grasp things or get up from chairs - all simple tasks that can become increasingly difficult. Clothing especially designed to be easier to put on and fasten is another area of products you might want to explore. And don't forget about people's hobbies. Gardening, for instance, is extremely popular and there are a lot of products that can make gardening tasks easier.
What other business opportunities are excellent choices for those interesting in starting a business or investing in one this year? Here are five more of what I consider to be the best business opportunities of 2008:
6. Green consulting
As I said in the introduction, more people are interested in doing their part to protect the environment than ever before - and many of those people are hungry for information about what to do and how to do it. As a green consultant, you would visit the client's home, business or both and assess how environmentally sound their current practices are and make recommendations about what they could do to be greener. A background in the construction trades would be useful for this business opportunity.
7. Organic food
In the Best Business Opportunities of 2007, I wrote about what a hot business opportunity nutraceuticals are. Since then, the tainted food scares have caused increasing numbers of people to become fixated on just what they're putting into their mouths and where it's from, making the organic food industry hotter than ever. We tend to think of produce when we think of organic food but the market for organic meat is growing apace. People want to know where their meat is coming from and how those animals have been fed and treated.
8. Xeriscaping
The increasing interest in conservation of our natural resources makes xeriscaping a good business opportunity and a great choice for anyone interested in getting into a gardening/landscaping business. As a business owner, xeriscaping gives you the chance to flex your green thumb and feel good about helping the planet by creating attractive landscapes that are designed to conserve water. And low water use landscapes are also low maintenance landscapes, a great selling point with potential clients.
9. Import Consulting
Although Canada is well known as an exporter, the number of Canadian importers is steadily rising, creating a larger market for import consulting. Besides expertise in customs and trade logistics, your clients would be seeking knowledge about and relationships within the particular countries they were importing from. While the three countries Canada imports the most from are (in order) the United States, Japan and the United Kingdom, there's a growing interest in importing from countries such as China. To make the most of this business opportunity, it would be wise to become or partner with a licensed customs broker.
10. Home renovation
I know I keep mentioning it in these yearly lists, but home renovation is one of the best business opportunities again this year. People just can't seem to stop making improvements to their homes, providing a bonanza to all kind of trades people, from general contractors through electricians, masons and floor installers. High home prices will keep this trend strong throughout 2008.
So there they are; my predictions for the best business opportunities of the year. Looking at some of my Best Business Opportunities from previous years will give you even more business ideas to consider. (See the sidebar.)
If you are particularly interested in starting a home-based business, note that most of the business opportunities I've presented here could be operated as home-based businesses.
Best Business Opportunities - by Susan Ward, About.com
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