Entrepreneurs should consider businesses which will have strong market demand.
If you are considering a new entrepreneurial venture in the near future you should consider which businesses will have strong market demand.
First you have to evaluate whether your skills and the experience match the requirements to take the deep dive, and then you should start on your research to ascertain that there is a strong local market demand.
Don’t make a plunge until you check the waters. Examine market trends and then examine the local market analyzing and defining the customers who will make up your market segment.
Businesses Opportunities to consider
Health related businesses that require direct services and social skills will continue to expand. The quality of the services will improve but drones will not replace – at least not in the near future – the services of health care professionals.
Look for an increased demand for home health aides, nurses, nurse practitioners, physician assistants, therapists, both occupational and physical, optometrists and audiologists. Ongoing research in the health and wellness field will expand the quality of services provided to this expanding market.
The wellness industry; companies that address an improved lifestyle rather than remedial medical service will continue to grow.
New products in the food and beverage industry, expanded interest in appropriate exercise regimes for all ages, as well as the educational services needed to create awareness in the general population have created a trillion dollar industry that will continue to expand.
The market for wellness includes people of all ages – from “Pre Boomers” (the elderly) to children, And, the growing veteran population is seeking alternatives to traditional medical treatments.
Baby Boomers alone represent over 76,000 consumers.
The current population statistics reflect that in the U.S. there were 46.2 million persons over the age of 645 in 2014.
They represent 14.5 of the U. S. population; about one in every seven Americans. By 2060 it is anticipated there will be about 98 million persons in the U. in that group, which is more than twice their number as reflected in the 2014 stats.
Any businesses that provide services and products to persons in that age bracket will have an expanding market. Some states, such as Florida, have a larger percentage of elderly persons and therefore the market potential may be stronger for businesses that provide goods and services to the elderly population.
The energy sector
The energy sector will provide opportunities in the fields of solar and wind.
Government support will impact the pace of growth in the energy sector, but the expansion is inevitable. If the expansion relies solely on private capital the pace will be slower since student loans will be needed to support the educational component. In any case, training programs will develop to fill the existing need for programmers, health related services and statisticians.
There will also be a need for professionals who can serve as consultants and mentors to that sector of the economy that is moving at a rapid pace.
Adult education and financial management
Opportunities will be available in the field of adult education to be offered to owners and financials management professionals.
The business manager who plans major expansion must have the knowledge to make decisions based on awareness of changes in the economy and compliance with regulations. That individual needs to understand both accounting and economics.
He/she also needs a better understanding of financial concepts from various perspectives; a buyer, a lender, an investor, a vendor and an employee. Expect more boots on the ground vocational courses geared towards accounting and economic principles.
Currently in many metropolitan markets there is a shortage of qualified subcontractors and property maintenance professionals. Vocational training in these fields is required and will have a positive impact on job opportunities.
Next- Expect rough waters in these three industries
About the author
Marjorie Weber has been educating entrepreneurs and guiding them in their search for capital for the past 16 years: combining business training programs with one-on-one mentoring. Marj is currently a financial advisor for Florida SBDC at FIU. She was Chair of SCORE Miami Dade from 2010 to 2014. She also serves as an advisor to the Goldman Sachs 10,000 Small Business Program and the SBA Emerging Leaders Program and provides training for Veterans seeking an entrepreneurial path upon retirement from the service. She has been facilitating workshops under the auspices of Miami Bayside Foundation for the past 3 years. She commenced her career as a real estate investment banker in New York and Miami.She uses these long term relationships to assist her clients in accessing capital. She knows both the process and the people and has assisted in providing financing for hundreds of businesses in Miami Dade.