As any successful entrepreneur will tell you the best businesses are ones that anticipate the next great economic trend.
Some fields may be on the upswing as other industries may be dying out. Figuring out the future might look difficult, but you can start by identifying ways in which the economy’s recent changes have already created opportunities.
The evergreen nuggets of wisdom still apply in the 21st century:
- Read the business press: newspapers and magazines and any trade journals that apply in your industry of choice (either in print or online).
- Poke around your own region to notice who’s succeeding and why.
- Pay attention to economic indicators that track growth in the U.S. economy, based on such areas as stock prices, payroll, sales and production, unemployment and inflation. Notice sectors that stand out.
- Consult the experts.
Your most important decision is in choosing which fork in the road to take. While Robert Frost may have had a point about taking “the one less traveled by,” when it comes to business, you probably want to choose a path on which people have a demonstrated track record of success.
The good news is we see some strong, lasting trends in our current economy that are less susceptible to short-term blips. In an age of down-sizing and out-sourcing, these are the support services that companies now require to accomplish many essential tasks.
Starting A Business? 4 Ways To Capitalize On Economic Trends
You will find many opportunities to start your own business with a franchise that has a strong history of success and offers good training and ongoing support. Here are four ways to capitalize on economic trends when starting a business:
1. Temp staffing
One of the fastest growing sectors of our economy is in temporary staffing. According to a report from the American Staffing Association, temporary and contract staffing services set a new annual record 2014, and growth is expected to continue into 2015 and beyond. There are many franchise companies in the temp staffing field. Your research needs to be very thorough to separate the strongest from the mediocre.
2. IT Support
While every large corporation has its own IT department, many small or medium-sized businesses cannot afford IT staff in-house. The solution is to contract out with an IT company that can handle security and maintenance to keep these essential computer systems humming. Franchise companies have made great inroads in filling this growing need.
3. Business Services
Firms that help other businesses improve efficiency have also shown strength in today’s economy. Since corporate America operates on a lean budget, they don’t have the resources to study their systems in-house and often rely on consulting companies. The investment can more than pay for itself.
4. Digital Advertising
Lots of established businesses whose long-time employees may not be savvy experts in social media hire out for this expertise, an integral component of 21st century marketing.
One great advantage of franchises in the business services arena is they often require lower startup costs, and you can save overhead by working from home, at least initially.
Wherever your interests lie, there’s no time like the present to recharge your career with a franchise.
This post was originally published at an earlier date
About the author
Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-5489.
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