Identifying opportunities is a skill that any home business owner needs to dedicate some time to acquiring.
Running a home business isn’t simply about creating a product or a service that you have a passion about and trying to take it to the marketplace to get more customers to make some money.
You can have all of the passion in the world but if there isn’t a business related opportunity in your marketplace, you could easily end up as another statistic as a business who has to close its doors within 5 years of launching.
As you read this post….
You Are About To Discover:
- 10 industries which have sustained growth that you can plug into and take advantage of
- what you need to know about change to achieve your income goals for your business
- what you can learn from a movie producer to build your business without having to do all of the hard work yourself
- why traditional education has failed and how you can take control of your financial future by leveraging this failure
OK, so let’s get started.
In this post, what we are going to start looking at the best opportunities and trends that you can take advantage of to grow a small business from the comfort of your own home.
This is all about going with the current flow or where the flow is likely to end up.
Here’s the reality when it comes to growing a business…
When we look at many different marketplaces during current times, the rate of changes seems to be dramatically increasing as every year goes by.
Because of continuing changes in consumer attitudes and new innovations in technology etc.
So, your goal as an entrepreneur needs to be to look at where the trends are now and anticipate where they are going.
Sounds more complicated that it is, trust me.
To help you along on your journey, I would like to share with you 10 of the most-likely high-growth areas that you should start thinking about taking advantage of.
This basically involves creating a business where the product and or service is one that can be delivered online. This type of business has no tangible, physical products. All products in this domain are digital.
Examples of digital products might include:
- Video courses
- Paid webinars
A benefits associated with the creation of online products or services are to do with cost and delivery.
This type of business model is ideal with anyone who is working on a limited budget who has knowledge, interests and skills that could bring value to consumers.
Coaching and Consulting:
What I’m referring to here applies to both personal and business domains.
Consumers might need help with things like losing weight, cooking, making clothes at home, gaining muscle mass etc.
Businesses often need help to find and keep new customers, grow their brands and improve their processes etc.
There are huge opportunities for people like you to take your experience,skills talents and ideas and make a significant income by helping others to achieve their goals.
If can help an individual or organisation to do what they want/need to achieve more efficiently and more successfully, you can create an income stream that can help you to achieve your own personal goals.
This is currently one of the fastest and highest growth industries and if you can combine the delivery of coaching/consulting with the digital domain, as discussed in the section above, your opportunities are endless.
Software is rapidly becoming a commodity which is making people skilled in the science of software engineering, a lot of money.
This opportunity is limited to people who have a skill-set in programming using languages such as Java, C++, C# etc but if you have an aptitude for mathematics, algorithms etc then you are well positioned to make a small fortune if you can dedicate the time to creating products that can solve business issues.
There has never been a better time to build and create software.
Because we are moving from a knowledge into a technology age, the ability to build, maintain and setup computer systems means that the opportunities here are endless.
Here’s an interesting statistic…
Between 3 and 9% of all the energy used on our planet is being generated by computer data centres.
This has something to do with the exponentially growing number of people who are spending time at home and in business using computers. As this usage grows, more servers are needed to manipulate data and packets of information and if you have any knowledge in this area – the potential for growth is huge.
This is my favourite opportunity and one that I encourage you to think carefully about.
The legendary author and management guru, Peter Drucker, believes that conventional education has been failing people for decades and is doomed to fail humanity in the long-term.
So, the alternative education that I’m referring to here is about being able to help people to learn ‘how to..’.
You can use sites like Udemy to deliver classes to students that educate them on a particular topic.
This online education industry is a 400 million/year opportunity and growing fast.
Here’s what I mean by design…
When you buy an product or appliance, an example could be an iPhone, and you look at the way that it is structured and think to yourself, this company gets it.This is easy to use and it’s intuitive.
You’ve experienced great product design.
There is a small fortune to be acquired if you can help businesses design their products and services to be more appealing to the market place.
This type of opportunity normally suits arty types but product design is not just about being an excellent illustrator.
Great designers are also focused on taking the time to know what people want and they are prepared to dedicate concentrated bursts of time to creating that experience for them.
It’s all about becoming a master of user experience.
Think – music/film producer.
The executive producer of a film , doesn’t necessarily know how to use a camera, write a script, deliver lines, or create costumes but they becoming masters of knowing what is required to bring the movie to life and bringing in the right people to translate their vision to the masses.
If you can becoming a master of understanding consumers wants and desires, you can easily find artists who can bring your vision into reality.
Product design via delegation.
Travel and Transportation:
The world is getting smaller, and we are all travelling more.
The increased stresses of daily life mean that people are always looking for affordable ways to escape their realities and expand their horizons by visiting different parts of the world.
If you have any knowledge about travelling that could help other people like you in your marketplace, this could be a great business opportunity to pursue because the amount of income per capita that is dedicated to travelling domestically and internationally has been on the increase steadily over the last 5 years.
We are all living longer.
Ultimately this means that there is going to be a larger percentage of the population who are going to need care.
If you can create products or service that involve taking care of elderly people, putting together services for elderly people that help them to stay independent for longer you will be tapping in to an industry that is currently experiencing double-digit growth on a yearly basis.
Wellness and Medical Services:
An economist called Paul Pilzner has predicted that the wellness industry is going to grow to a trillion dollar industry.
This is all about helping people to achieve optimal health, so if thats something that you feel that you have a connection with there is a big opportunity here.
Examples of opportunities include:
- Weight loss
- Natural Healing
- Diabetic healthcare
- Anti ageing
- ..and many more
Animals and Animal Care:
People in the growing middle class love to spend their money on things that they enjoy.
In the western world this often include our pets.
If you can create services such as:
- dog walking
- bespoke pet clothing
- natural remedies for pets
- breeding rare-breeds of dogs
..that will help pet owners improve the quality of life for themselves and their pets, this could prove to be a very lucrative endeavour for you.
This pet driven marketplace is full of hyper responsive people who are irrationally passionate about their pets and consumers in this market aren’t afraid to spend money on pet-based products or services.
If reading the above post has helped you to identify an industry/opportunity that you could build a small home business around, take the following steps before you even think about the products or services that you could create yet.
Become a student of the industry first.
Ask yourself questions such as:
- Why do I feel a connection with this industry opportunity?
- What do I feel I could ultimately contribute to people in this marketplace?
- Where could I go on and offline to find out more about this industry?
- Who do I know now that works within this industry/subject area who could give me some insider tips?
Let’s say that you had in interest in creating a business surrounding the coaching industry and your expertise was improving employee retention.
You might think that you could create workshops that you could sell to large corporate companies to teach them how to improve staff retention.
Sounds like a great idea.
But the successful execution of this idea will be proportional to the amount of research you do about this industry before you even consider launching your product or service.
Research could involve:
- Subscribing to relevant trade journals
- Interviewing/surveying HR managers
- attending trade shows
The point I’m trying to make here is that one of the main reasons that businesses go out of business, soon after launching, isn’t necessarily to do with defective products, poor cash flow management or a lack of sales.
The most common reason is because of a….
Poor understanding of the marketplace!
If you can know your market well, you’ll be well ahead of your competition!
Don’t be another statistic – do plenty of research first.
I hope you got some value from this post.