Photo Credit: Image (c) Thomas Barwick / Getty Images
Welcome to my 2016 list of the best business opportunities. As always,
these businesses are chosen for having low barriers to entry - you will
not need 10 million dollars or a PHD in biotechnology to start any of
the businesses in the list. Some of them do require startup capital but most just require what every startup business requires - dedication, hard work, perseverance, and a desire to succeed.
Keep in mind that most small businesses don't generate great riches
for their owners, but that's not why you want to start one of your own
anyway, is it? For most small business owners, being your own boss and calling the shots makes starting a business very rewarding in itself. And many of these ideas have the potential to generate steady income even in uncertain economic times.
If 2016 is the year you decide to take the plunge and start your own business, here are some ideas that have potential based on current trends in business and demographics. Remember also that good business ideas are all around you.
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Gluten-Free Products
Photo Credit: Image (c) Dave Mcleod
Gluten-free foods continue to be hot (pun intended). Sales of
gluten-free products grew 34% year-over-year from 2010 to 2014, and
total sales are expected to reach $2.34 billion in the U.S. by 2019,
according to a Packaged Facts report
authored by Howard Waxman.
Right now, avoiding wheat and gluten is not only something sufferers of celiac disease do but something almost everyone seems to want to do.
National chain restaurants are jumping on
the gluten-free bandwagon - Pizza Hut has recently debuted its first
gluten-free crusted pizza.
But as a celiac, let me tell you there
is plenty of opportunity for local restaurants and bakeries that are
actually safe to eat in and serve real, tasty food – and especially hard
to find fresh items such as soups, sandwiches and bread.
In my
local area two bakeries specializing in gluten-free products have opened
in the past two years, and both appear to be very successful.
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Senior's Care - Aging in Place
Photo Credit: Image (c) Dave Mcleod
If it seems like catering to seniors is a perennial best
business opportunity consider the following statistics: according to
Canadian Census data, by 2031 the proportion of seniors in the
population in Canada will reach 23%, as compared with 15% in 2011. The
situation is similar in the United States - 75 million Americans were
born in the years between 1946 and 1964 (the so called baby-boomer generation) and are now retiring or headed for retirement.
Given the relative affluence of the
baby-boomer generation, this creates a wealth of opportunities for
senior-oriented businesses. And when you're considering what kind of business to start,
keep in mind that according to research by the American Association of Retired Persons (AARP)nearly 90% of seniors wish to continue to live independently by staying in their own homes and communities.
There
are many different types of businesses that can take advantage of this
growing market, including driving and delivery services, catering,
cleaning, and landscaping. There are also various senior care franchise opportunities
available if you prefer not to develop a business from scratch. Pet
sitting for seniors who travel, and dog walking for those who are unable
to exercise their dogs are other possible opportunities.
To stay
in their homes seniors need various modifications to their living spaces
to cope with diminished mobility, hearing, and eyesight. For those
skilled in construction this opens up opportunities for the installation
of safety flooring, bathroom aids, wheelchair access modifications,
alarms, etc.
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Preparing For Climate Change - Drought Friendly Landscaping
Photo Credit: Image (c) David Madison / Getty Images
2015 was the driest year on record in many parts of western
Canada and the United States. Where I live there was virtually no rain
during the late spring and summer months, which is very unusual, causing
municipalities to enact very stringent water rationing.
If climate change
advocates are correct and drier weather is here to stay, business
owners that depend on water will need to change the way they run their
existing businesses to take advantage of new opportunities.
If you are thinking of starting a landscaping business (or already have one) the future is in drought-tolerant landscape design.
With water restrictions in place many existing sprinkling systems
cannot be used so there will be increased opportunities for irrigation
businesses to convert such systems. For instance, the business that
services my sprinkling system has offered to convert our existing system
to a drip system that has a fraction of the water usage and complies
with municipal water restrictions even at the height of summer.
If
you are thinking of starting a pressure washing business, there are
methods of water recovery that can enable you to reduce water usage and
still provide an excellent cleaning service, making it very attractive
to water-conscious customers.
And "waterless" products such as waterless car wash cleaners will be more popular than ever.
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Masonry
Photo Credit: Image (c) darren wise / Getty Images
Have you every tried to find a mason
to do some brickwork on your house, lay down a new patio, or repair
your chimney? In my town it's very difficult - most masons are
contracted several months or years in advance, and high growth in the
masonry trade is expected to continue in the coming years.
Masons work in brick or stone and create beautiful exterior walls, fireplaces, patios, walkways, and fences.
It is a skilled trade that is mostly learned on the job by apprenticeship
- it does not require years of schooling and is well paid.
A large percentage of masons are self-employed,
so if you are not afraid of hard, physical work and enjoy working with
your hands why not consider taking up masonry as a trade and opening your own business?
The demand for artisan foods
continues to increase in leaps and bounds, perhaps as a societal
backlash against the mass production of foods which are sold in giant
supermarket chains and fast food restaurants all over North America.
Artisanal
foods are generally described as very high-quality foods produced in
small quantities by hand, such as specialty chocolates, cheeses,
sausages, jams and jellies, coffee beans, etc.
Most artisanal food businesses start out as one-person cottage
industries, selling at farmers' markets and (with continued success and
growth) eventually to local restaurants and grocery stores, who are
always looking for locally-sourced, high quality food products.
If you are a food artist, why not turn your passion into a business?
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Electric Bike Sales and Service
Photo Credit: Image (c) mgs / Getty Images
One of my best business opportunities in previous years was
electric scooter sales and service for seniors with mobility problems.
The other big trend in the electric transportation market is electric
bicycles (e-bikes) and 2-wheel scooters. E-bike sales are expected to
hit close to 50 million units by 2018. E-bikes and scooters are the
perfect environmentally-friendly transportation vehicle for today's
traffic-clogged city streets.
I discovered the allure of e-bikes by accident recently -
while struggling up a hill on my pedal bike I was passed by a man 20
years older than I on his electric bicycle.
E-bikes can be pedaled
without electric power or use electric power to assist, whereas
electric scooters have pedals mostly for emergency purposes. Another
e-bike opportunity exists in selling kits that give regular pedal bikes
an electrical assist. (You replace the front or back wheel hub with one containing a small electric motor
and add a battery and cabling.)
As
the technology evolves, newer models are constantly coming on the
market, making E-bike/scooter sales, rentals, and service a good
business opportunity for years to come.
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Self Storage Units
Photo Credit: Image (c) NoDerog / Getty Images
The self-storage industry continues to be a booming business
across North America, fueled by a more transient workforce, downsizing
homeowners, the general trend for people to accumulate more and more
possessions, and reality shows such as Storage Wars.
Ironically,
the trend for businesses to reduce or eliminate storefront space has
also contributed to the demand for storage space. Plumbers and
electricians, for example, can store tools and equipment in self-storage
at a much lower cost.
Modern self-storage requires a climate-controlled environment, lighting, and security. Initial capital costs
for land and building construction are high but can be easily financed
from rental income assuming there is a steady demand for storage space
in your area - making your business plan attractive to banks and other potential investors.
Trachte Building Systems has a free web-based calculator for determining the profitability of self-storage based on estimated capital expenses, operating expenses, and rental income.
Most people have a vision of food trucks as serving
traditional fast food fare such as burgers, fries, and hot dogs, but
there is no reason that good, healthy, nutritious food cannot be sold by
mobile vendors.
For example, enormously successful Clover Truck
of Boston, MA runs a fleet of trucks that provide a seasonally changing
menu that serves vegetarian meals made from mostly locally sourced,
organic ingredients (and actually, they do serve french fries). GMonkey runs an "eco" food truck that uses biodiesel for fuel and serves delicious vegetarian fare to residents of Durham, CT.
If
you have a knack for creating tasty nutritious food and a desire to
"keep on truckin" why not consider a mobile food truck as a business?
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Microbreweries
Photo Credit: Image (c) Jack Andersen / Getty Images
Microbreweries continue to be hugely popular in North America. According to Beer Canada
statistics, the number of licensed breweries in Canada grew by 70% in
the 5 years leading up to 2014. In the United States, the craft beer
market has grown to $20 billion annually in sales. Many beer lovers
(myself included), much prefer a tasty local craft beer to a mediocre, generic brew from a national brewing giant.
If you have been successfully brewing beer as a hobby (and
have tried out your recipes on your friends and neighbors) you might
consider taking the next step and starting your own craft beer business.
Microbrewing is relatively capital-intensive to start, so you will need a great product and a solid business plan to secure financing for your foamy venture.
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Mobile Dog Grooming
Photo Credit: Image (c) Bill Holden / Getty Images
With dogs in over 50 million homes in Canada and the U.S. the
pet grooming business continues growing year to year. In addition to
basic grooming, today's pampered pooches can get a luxurious spa
treatment including specialty shampoos, tooth brushing, and facials.
I
first noticed mobile grooming services when my senior neighbor became
ill and could not take his dogs in for grooming - now he uses a mobile
grooming service and couldn't be happier.
Mobile grooming also works well for other
folks with busy schedules that don't have the time to take their dogs
into a commercial grooming location. In addition, grooming the dog in
its home environment reduces stress on the animal.
Pet grooming skills
are normally learned by apprenticeship with a certified dog groomer.
Various organizations in the U.S. States and Canada offer professional
certification in dog grooming, although this is normally voluntary. For
more information see the National Dog Groomers Association of America or the Canadian Professional Pet Stylists and the Pet Groomers Guide.
If you love dogs and are looking for a business opportunity why not consider a mobile dog grooming business?
There are no guarantees of success when starting a business, but you can dramatically increase your odds of success by preparation and due diligence. Have a business idea? Do some preliminary market research. Is there a demand for your product or service in your area or is the market already saturated?
Once you’ve chosen an idea, the best thing to do is write a business plan; it will help you determine if a particular opportunity is right for you.
None of these are get rich quick ideas or even the business ideas
that I think will make the most money. But in my opinion, these are
opportunities that are inline with business trends and demographics -
and if you want to start a successful business,
you need the demand for your products and services to continue to be
healthy to ensure your business is profitable for years to to come.
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