Best Businesses to Start

Posted by: John Tozzi on June 24, 2009

I came across two takes this morning on industries where there are growth opportunities for entrepreneurs even in this recession. First, sometimes BusinessWeek columnist Tom Taulli over at BloggingStocks offers a few ideas like education, services for the elderly, repair services, and career services. The first two are insulated from the recession and the second two are actually counter-cyclical — consumers are keeping things longer and opting for repairs over replacements, and laid off workers seek retraining and other job services.

Inc. has a slideshow of industries that are growing or expected to grow. Their picks include everything from niche lifestyle businesses (candy, yoga) to growing new industries (green building, health technology, iPhone apps).

BW’s Stacy Perman looked at opportunities specifically tied to the down economy earlier this year: credit counseling, repair services, debt collection and repo firms, and second-hand stores. It’s worth remembering that even though the economy as a whole is shrinking, there are always opportunities in new growth markets and counter-cyclical industries, where business picks up when the economy turns sour.

Reader Comments

Michelle Jonathan

June 27, 2009 10:03 PM

The repair services industry is a worthwhile industry right now. We are thankful to be able to serve neigbors with repair needs.

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Mitch

June 30, 2009 2:55 PM

No matter what type of business you start, you need to do the right things to get your business out there so that it can grow. I just recently started a sport marketing firm and this book Young Guns really gave me some good tips. It's not what you do, it's how you do it.

John

July 1, 2009 10:47 AM

Starting a business in a recession of recessions is a tricky one, when you think of recession proof businesses like consumer goods and banks (until now recession proof), they are both struggling. The key would not be to looking to the outside world, but to looking within, find your strength and your winning idea. This may seem silly at first but if you can find the idea waiting to jump out from in you it will be the one that leads you to the finish line through all the ups and downs. If you want to form a business around abstract concepts like elderly care or repair services because history shows them to be counter cyclical or recession proof, just look at the consumer goods companies and the banks. Winners today offer a product or service that speaks to the heart and doesn't baffle the head. Emotions and common sense are recession proof.

If I were starting a business today I go into something like an organic micro brewery but set it up so it can be franchised off the bat. The cost of shipping beer--foreign or domestic is extremely high, the quality generally not as lofty, stores like whole foods are taking off ( the franchise idea, would help the sales pitch) Plus you ensure a quality organic product you can be proud of and get the public excited about. Do well on branding and you've got not only a niche but a real nation wide player (think ben and jerry's for beer).


Hope my ramblings are of interest.
John

Cyndi

July 1, 2009 3:55 PM

You are so right starting a business now in a recession is tricky business! I started a business with my sister over a year ago and we have struggled. Creativity is the only thing that has saved us. We have a unique craft business and yes there are lots of craft businesses but we have used methods outside of the box to advertise. For instance we found some companies such as WWW.use.com They provide free templates and image hosting with unlimited number of photos you can host and you can up load as many as 100 photos at once. You can use these on craigslist, ebay and other sites. We really did our homework to help our business grow. Its been tough but we have made it work!

William Garland

July 12, 2009 12:31 AM

Cyndi made a great comment about being creative when marketing your business. Most small companies do not invest enough capital to market their business effectively. There is a great website that I came across to assist you with professional marketing materal that is very affordable. If you are looking to sharpen your company's image with a unified website, brochures, flyers and business cards go to www.em4b.com/pbs and check it out. Your company can be online in less than 20 minutes.

JUAN ALVAREZ

August 10, 2009 5:30 PM

GOOD.

Jonathan

August 14, 2009 12:21 PM

We have a business based on Virtual Offices. It is a great business in this time of crisis because we help businesses and individuals to reduce costs and offer them a great variety of services and benefits. To make it simple, anyone can have a office, phone, full time live receptionist for less than $140/month. We have clients from all over the world and many of them had large companies in the past and now have to cut costs. For anyone interested our website is www.offixsolutions.com

Hope that help.

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About

What's it like to run your own company today? Entrepreneurs face multiple hurdles new and old, from raising capital and managing employees to keeping up with technology and competing in a global marketplace. In this blog, the Small Business channel's John Tozzi and Nick Leiber discuss the news, trends, and ideas that matter to small business owners. Follow them on Twitter @newentrepreneur.

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