Inc. has an interesting package of articles on the best industries for starting a business. The industries that made their list are quite eclectic, everything from cupcakes to ferryboats to environmental consulting.
I found self-storage leasingto be an interesting industry. According to article, 90% of the facilities are owned by small businesses. It is also an easy industry to enter and a good way to invest long term in real estate.
I have a friend who bought a number of Drive-In Movie sites around the Washington DC area many years ago. At one point I mentioned that Drive-In's seemed like a lousy business to be investing in. He told me it was, but he said it was also a cheap way to buy and hold real estate. He retired after selling off the land a decade or so later.
I found it interesting that few of the industries were tech related. Mobile applications development made the list, but that is it except for several categories of online retailing.
Is Your Industry Hot or Not discusses how to pick an industry. A growing industry is the best bet, and as the article points out, industry experience is clearly a plus.
I think this article is also an excellent resource for those starting their careers. Being part of a growth industry is a real career plus.
Wow! This was really interesting. I can see mobile app design, home healthcare, cupcakes, etc. But Ferry boats? This was an eye-opener. I also have a friend who retired from Corporate America today after joing Organo Gold, so the healty drinks industry didn't surprise me either.
Excellent post.
LaTonya @ http://latonyarecommends.com
Posted by: LaTonya Johnson@ The #1 Google Small Business Website | May 28, 2010 at 04:53 PM
I loved this article, thanks for posting. It is also good from the point of view of keeping an eye on what would be good industries to invest in as they develop and grow.
If you are in the services market you could also check these industries out for what types of services they will be needing as they grow. Great information all round.
Posted by: Business Intelligence Tools | June 01, 2010 at 07:24 AM
Self Storage IS a great industry to be in... but only if you get in at the right time, and have the experience to ride out a storm like this one. We own and operate 3 facilities: (North Phoenix Storage Solutions) http://www.nphxstorage.com, (Elliot Kyrene Storage Solutions) http://www.elliotkyrenestorage.com, and (I-17/Thunderbird Storage Solutions) http://www.i17tbirdstorage.com. Self storage is a business specific to each individual submarket. You really need to know and understand the saturation levels of the prospect market and whether or not it can maintain a "new build." If you are in the market to buy, CAP rates are all over the place, and buyer and sellers couldn't be further from a consensus as to the property values. If you can get through all of that, it is a relatively secure and recession resistant industry.
Posted by: James Appleton | June 03, 2010 at 05:13 PM