Small businesses have been the primary engine of job growth in this country over the past two decades. Over time, however, as many of these small businesses have experienced unprecedented success, the job market has become saturated with many business types: retail, service, finance, insurance and entertainment. As a result, many small business owners have been looking for new ideas to create jobs, attract customers and expand their business.
Here are what many believe to be the top small business ideas of this decade. First, there is “Pandemic Medicine.” The concept is that all disease is created by the bacteria and that a pandemic is a predictable outbreak of a highly contagious disease. According to this concept, we can identify pandemic viruses before they emerge into the community and institute a strong preventative program to stop any future pandemics. This program will require research and ongoing funding but it is an excellent way to address the most pressing health issues of this century.
Second on the list is “E-Commerce.” Online businesses such as Amazon, eBay, Overstock, Yahoo! and Starbucks are all participating in the emerging global economic discussion. In fact, all of these companies operate largely online and deal in e-commerce. These businesses will benefit from the pandemic described above but will also face increasing competition from other online retailers as consumers become more demanding of online businesses that actually produce the goods and services they need.
Third is “Work from Home.” This concept is closely related to the previous two but focuses on the home based business movement rather than the online industry. Many small businesses are rethinking their employee leasing agreements as well as their working from home contracts because they recognize the value in allowing employees more flexibility and empowerment within their working environment.
Finally, the fourth item on the business planning iceberg is “Work from Home” or Work at Home Jobs. The internet has dramatically changed the way many employees work and therefore, the way their employers can manage their businesses. Employees are no longer satisfied with an hourly wage; they expect more. More importantly, they know they can get the work they need and want from their employer even when they are physically out of the office. These changes are forcing employers to reexamine their business plans and employee benefits packages and come up with new ways to attract and retain high quality employees by creating more “work from home” opportunities.
The recession has changed the face of business in many different ways but none more dramatically than the current global economic times. All business plans will be reviewed in light of the current economic conditions. A thorough review of your business model should be completed to determine if it will continue to operate within these challenging economic times. The basic premise upon which your business operates is based on your ability to successfully obtain market share. As a business owner, you must be prepared for any economic conditions that might arise. If you do not change your business model to reflect these ever changing economic times, you may find your business model outdated and unable to compete with new business opportunities coming online.
A small business idea that will continue to thrive during economic times is an auto repair and maintenance business. Millions of people are losing their jobs. While they are forced to look for new positions, they also face the unfortunate circumstance of not being able to pay their rising energy and car expenses. The need for reliable, efficient auto repair and maintenance personnel is great and this business will continue to grow as long as there are people looking for auto repair and maintenance services.
The best thing about many businesses is that the overhead for most is usually very low. This means that even a low dollar investment in materials and advertising will have a return on your investment. Some business owners invest their money in business cards, marketing and business forms. Others use their money in building inventory, hiring employees and building a website. One of the best ways to save money on overhead costs is to buy office furniture in bulk. Many small businesses today start out with a computer and basic office furniture and, after seeing how quickly their business can grow, they upgrade to more expensive office furniture.