Small Business Trends, Not Fads

by Caleb Page on February 13, 2013

So you have this restless part of you that wants to be your own boss. In command. In control. Choosing your own hours. You’re so ready to tell your employer to “Take this job and shove it” as the song goes. Only you don’t have a clue about what business you would start. You need an idea.

I’m going to share with you how to uncover at least one great key industry where you will be able to create a business that will provide for you and your loved ones over the long-term. It can be summed up in one expression, “Trends, not fads.”

Why is this important? Have you ever seen a restaurant open only to watch it close a year or two later? Remember Cabbage Patch Dolls? Beanie babies? Compact Discs? Buggy Whips? Do you have any friends who were travel agents, printers, or mortgage brokers? You can only imagine the level of uncertainty and doubt in their worlds as they watch their industries in decline.

Trends, not fads.

How do you identify a trend? Let’s take a look. What’s happening in California at this moment? According to the State of California’s Department of Finance, Hispanics will become the ethnic majority within six months.  The report states the population will continue to grow to Hispanics being 41% of the state population to whites’ 37% in 2020. The shift in consumer trends, political impact, and social changes will be gradual and permanent.

Trends, not fads.

What about nationally? Have you ever heard of renter nation? It’s been documented in a number of news outlets including USA Today. Home ownership is at its’ lowest rate in 15 years at 65.4% as reported by the US Census Bureau. The median asking rent is at its’ highest ever at $724. This may be due to both lack of supply and inflation, but the trend is unmistakable. There is a shift from owning a home to renting. Take a look at hydraulic fracturing and how it is affecting our oil and gas industries. The International Energy Agency forecasts the US will produce more energy than Saudi Arabia by 2020 and will be energy independent 10 years later.

Trends, not fads.

Global challenges to discuss? The World Health Organization reports 3.4 million people die each year from water related diseases. The World Bank continues to sound the alarm about rising food prices – grain is up 12% against the same time last year and almost at the all-time high it reached in 2008. Urban drift is the norm – the United Nations predicts by 2050 that 64.1%  of the developing and 85.9%developed world will be urbanized.

Trends, not fads.

You’re itching to make a move from your current situation by can’t find an idea that’s good enough to take the risk. Here are three general steps you can follow:

  1. Make a list of the things you like.
  2. Out of that list, figure out which ones of those are part of long-term trends.
  3. Start researching the field by reading everything available and interviewing anyone who will speak to you.

Guaranteed you will find the industry where you’ll want to apply your skills and passion for your next chapter in life.

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