Best Business Opportunities of 2010
1.Fast food franchises
Fast food is such a integral part of many people’s diets that they will continue purchasing it no matter what. Others who usually don’t buy it will turn to fast food as a kind of comfort food in uncertain times. Old established fast food chains especially will profit from this kind of food nostalgia. Pick the right fast food franchise in the right place and this business opportunity could be a real money-maker.
2. Repair businesses
One obvious way that people save money is to make do rather than buying new, which makes businesses specializing in repairs excellent business opportunities. Auto repair and shoe repair are two examples of repair businesses that I speak of in Best Small Business Ideas for Tough Times. But they’re certainly not the only possibilities. What about furniture refinishing, furniture reupholstering and sewing and mending?
3. Collection agencies
When times get tough, more people have a tough time paying what they owe. Businesses hire collection agencies to help them get the money that’s owed them. If you don’t have any experience in collection yourself, the best way to get in on this best business opportunity is to hire experienced collectors to work in your agency. (Note that in Canada, all collection agencies have to be licensed and bonded according to legislation.)
4. Medical supplies
With our aging demographic, medical equipment and supplies are necessities for growing numbers of people, making providing medical supplies one of the best business opportunities around. Besides products that provide increased mobility such as scooters, wheelchairs, and walkers, bathroom safety products such as special toilet seats and bath lifts will be in increased demand.
5. Motivational speakers
What do people need more than anything else in tough times? Hope. That’s what the best motivational speakers provide and that’s why they’re going to be in demand in 2010. The most popular speaking topics will be those that speak to people’s concerns and offer them possible solutions such as getting more out of less. People who have personally overcome adversity will also be popular speakers.
6. Cleaning businesses
Remember what I said about necessity. Good times or bad, things get dirty and need to be cleaned providing a good business opportunity for those willing and able to do the cleaning. Residential cleaning services may drop a bit depending on employment rates but the demand for commercial cleaning will continue to be steady as institutions and businesses just need to get it done.
7. Discount/surplus stores
Throughout 2009 consumers will be looking for bargains, making discount and surplus stores a natural business opportunity. Obviously I’m not the only one who thinks so as discount stores are springing up all over. The best way to get in on this business opportunity is by buying into a franchise. Buck or Two and the Great Canadian Dollar Store are just two discount store franchises you may want to investigate.
8. Sports equipment
Selling sports equipment will continue to be a good business opportunity. Sports devotees will continue to do what they love to do as long as they can and will continue to be willing to pay for the equipment they need to do it. So skis, boards, skates and mountain bikes will all continue to sell. There will, however, be increased interest in used sports equipment, an interesting business idea in itself.
9. Senior care
On the list last year, this makes the list of best business opportunities again this year because of ever-growing demand. Business opportunities in senior care range from opening your own senior care home through providing in-home care or home services such as preparing meals, housekeeping or running errands. Senior care franchises are another option for getting in on this business opportunity.
The lure of chocolate is irresistible at the best of times and in uncertain times, people will eat even more of it. And that’s a lot of chocolate. In 2005, Canadians consumed 3.90 kgs per person, while Americans polished off even more – 5.58 kgs per person. While the market is dominated by the big manufacturers such as Hershey and Mars, there is still room for small businesses to specialize in producing premium gourmet chocolates. Of course, you’ll need to find an experienced chocolatier to turn this business opportunity into a viable business – or become one yourself.
Why Are These the Best Business Opportunities?
Because these are business opportunities that have legs. Taking into account the economy, consumer and business trends, these are businesses that should be profitable not just for 2010, but for years to come.
But not every business opportunity is right for everyone. You always need to do your homework; writing a business plan is a good (and safe) way to find out if the small business opportunity you’re considering is worth investing your time and money in.