Booming Trends & Business Ideas

Dear M & M:

Do you see any new booming trends or business ideas that look to be good in 2015?

– Beverly

Dear Beverly: 

As always market conditions, competition and management expertise are key components to any good idea. Fox Small Business Center reports, “nonmedical home care has been a hot business — and the upward trend is likely to continue as baby boomers (and their parents) continue to age. Today, more than 40 million Americans are over the age of 65, and that’s expected to increase to 55 million by 2020.

Nonmedical home care is not just for the elderly, of course. But since one-third of Americans age 75 and older live alone, and more than 40 percent age 65 or older have some type of disability, the market opportunity is clear.”  The U.S. Department of labor expects 1.3 million jobs to be created in that sector by 2020.

In addition, one needs to look at trends and changes in the retail industry. Retail has changed over the past 5 years radically. Using their phones consumers can compare prices, see customer reviews and have family and friends give their opinions instantly before they hit the checkout if they even bother to take the time to travel to the store.

Today, consumers can go online and order just about anything and have it delivered to their home the next day. A recent study done in February, 2014 by a marketing research firm (Hibu) surveying 1,800 businesses across all sectors reported forty-five percent of our businesses don’t even have web sites and only six percent have their current web sites optimized for mobile devices.

Local directory and online advertiser Hibu estimated they were losing one trillion dollars in sales by not having mobile optimized online web sites alone. I see a huge potential for video, social media, web site, blogging, management of third party reputation, Facebook advertising, mobile optimization and any services related to assist businesses to manage, create and assist in online marketing to be a great business to be in going forward.

The challenge is to get into businesses that serve changing demographics, as the Baby Boomers become older and want new products and services a new generation is emerging.  As the Gen Y consumers emerge business will have to adapt to new way to get their share of consumer spending. Gen Y consumers have different shopping patterns of how and why they spend their money.

In addition, as we become a more diverse and global economy attention needs to be paid to customs, tastes and spending habits of a diverse international global set of shoppers. Businesses that can adapt and embrace these changes in the products and services they sell will survive.

 -M&M

To ask your questions: Call the Small Business Development Center(SBDC) at Cochise College (520)-515-5478 or email schmittm@cochise.edu or contact the Sierra Vista Economic Development Foundation(EDF) at 520-458-6948 or email  hollism@svedf.org

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