10 High-Growth Business Ideas
Most small businesses start with a great idea. However, we know that sometimes a great small business idea can be coaxed out with a bit of help. To whet your entrepreneurial appetite, we scanned trends in society, our economy and technology and government regulations and came up with a list of businesses expected to grow in the next 10 years. Your next great small business idea could be in this list!
Nanotechnology is a science that deals at the molecular level. Scientists and engineers are developing molecular machines, like microscopic level diagnostic chips that we can swallow to enable a doctor to track what’s happening in our body. Nanotechnology will open the door to thousands of new products and services that never existed before – so think small!
With rapid advances in artificial intelligence, processing speeds and integrated circuitry, the future of mobile “office on the go” devices seems positive. Many small businesses are being started that deal with wireless products, from smartphone applications to internet service networks.
Between spending their own money and influencing their parents’ purchase decisions, tweens – children between eight and 12 years old – control nearly $300 billion in annual North American spending. Cooking classes, dance lessons, golf lessons, clothing, books and spas serving the tween market are businesses that have tapped into this segment.
There are over 200 million dogs and cats in North America and consumers are willing to spend money to pamper their pets. Growth areas in this industry include services for pets such as dog walking and pet-sitting, special gourmet food treats, dog training and specialized medical care for pets such as chemotherapy and dental cleanings.
As we become more reliant on the web, the rise of internet-based home businesses will only continue. Here are some examples:
Instead of changing their overall spending habits and becoming thrifty in this economy, consumers are trading down to cheaper luxury products to cheer themselves up. The trend is clearly seen from soaring sales figures from the world's large cosmetic firms including Shiseido, L'Oreal and Estee Lauder. Affordable luxuries include products such as perfumes, belts, glasses and sunglasses, small ticket jewellery, shoes and handbags, wines and chocolates. In customers’ minds, affordable luxury is still a luxury – and they’re willing to buy.
A line of business almost opposite to affordable luxuries, financial planning is the long-term process of wisely managing your finances so that you can achieve your retirement goals and dreams. Businesses targeted to this reaction to the economic climate – designed to help people understand and manage their finances – are on the rise.
In today’s world of cybercrime and identity theft, we feel less secure, both online and offline. People are willing to pay for services to help protect them from identity theft. Businesses in this area include home security, document shredding and personal surveillance.
It’s no secret that the baby boomer populations of Canada, the U.K., Europe, Japan and the U.S. are aging. Products and services designed around the needs of older people will continue to grow — everything from dating services for older individuals to home health care to taxi services to drive elders to appointments. Making seniors’ lives easier can be a profitable and rewarding line of business.
As we cope with spending more time at work and less time at home, we’ll be more willing to spend reasonable amounts of money to have others do personal tasks for us. Potential businesses in the personal services arena include gardening, house cleaning, buying gifts, preparing meals and pick-up and delivery services for kids, pets, and elders.