With so much talk about tough times and tight budgets, these five industries are in a position to thrive — and maybe become your customers:
- Environmental consulting: With all the talk about green buildings, green companies and green initiatives, environmental consultants are in high demand. Not only do most companies feel a stricter responsibility to be environmentally sound (not only from a legal perspective, but also in the sense they feel a social obligation), but new buildings, homes, parks and other initiatives are now being built in an environmentally sound way. Besides which, companies have realized that being green also means saving on energy and supply costs.
- Home health care: With so much confusion about the ins and outs of the new healthcare package, and healthcare costs for hospital stays and care escalating at an astronomic pace, a lot more people are opting to treat their condition at home. That means getting in-house care, as well as pharmaceuticals delivered, in addition to other services. The New York Times recently reported that “telemedicine” (i.e., consulting with a doctor at home via Web cam) is now growing at a rate of 10% a year. That industry grossed more than $500 million last year.
- Health drinks and organic food: The fitness craze is in full swing and Americans are moving toward a much more health-conscious diet. Fast food is still popular, but frowned upon. More people are insisting on organic foods, and natural juice drinks are all the rage.
- Public storage: The housing crisis had an odd, if not fortunate, side effect for this industry. All those displaced needed a place to keep their possessions while they looked for a new place to live. That trend continues, as the storage industry raked in more than $22 billion last year. The most interesting part: Because of the nature of the business, more than 90% of the industry is independently owned by small companies and entrepreneurs.
- Mobile apps: If you can dream it, believe us … within five years, there’ll be an app for that. This industry is exploding, and the best part about it is any innovative companies can hop on board by creating its own app.
Can you think of any other industries that are ready to boom? Feel free to share your thoughts in the comments section below.
Source: “The Best Industries for Starting a Business 2010,” Inc. Magazine.
