In these recession times, the question of the hour is “What is the best small business to start?” Well, I am here to tell you that there is not going to be one specific answer and it will most likely be a bit different for everyone, but there are some things to look for and some niches that will be growing and we will discuss in the following paragraphs.
First things first you have to look st your skill sets and interests. If you hate working with people, than a job where you have to communicate is probably not a good choice, so keep you skill sets and interests in mind when determining your future career or side business.
Second, you want to look at what niches or industries are likely to see a rise in this economy. I see three sectors that rise above the rest. They are in no particular order health, home based businesses and the internet.
The baby boomers are getting older, which means the largest sector of our population is coming into a stage in their life when they are going to be focusing more on their health. This is going to be a huge expanding market over the next few years and anyone who gets in early and entrenches themselves might just be in a good spot.
Home businesses always see a rise during recession or hard economic times and this recession will be no different. People are looking for ways to make extra money on the side right now and if you can offer them a legitimate vehicle to do that, then you could stand to make a lot of money. Look for industries where you can build a team of people who will in turn drive your profits for you.
Finally, we have the internet. Where do people turn when they are at home because they don’t have the money to go out? That’s right, the trusty computer. More and more people are logging on each and everyday and those people could be your target customers. Look to the internet to keep growing and growing in the future. Anyone who works online will be set up to profit going forward.
Those 3 industries seem to be the best suited for these economic times and for those looking to start a profitable home business. If you can combine two or three of these industries, watch out, you may just have a cash cow there. Remember to find a business that fits your skill sets and is positioned correctly to set you up to win.