Tuesday, May 09, 2006
Hot business startup ideas to capitalize on the latest trends
1. Writing coach / instructor
A recent New York Times headline read: "What Corporate America Can't Build: A Sentence". Employees at all levels of organizations are being asked to communicate more and more via email, and many of them simply aren't up to the task. Unfortunately, most high school and college English classes don't prepare students for this kind of communication, either. Individual coaching and small-group training on writing effective emails and other documents will be in growing demand as more and more companies realize the need in this area.
A second trend driving opportunity in this area is the growth of blogging. Whether internally or externally facing, a corporate blog needs to be well-written if it is going to be effective. A poorly-written public blog reflects poorly on the company, and a poorly-written internal blog for knowledge management doesn't serve the purpose of capturing knowledge for others to use. Corporations that are taking blogging seriously will also need to provide training in writing skills.
The third trend creating opportunity for writing coaches is the growth of self-publishing. While part of the attraction of self-publishing is the ability to control expenses, anyone wanting to be successful with self-publishing should recognize the value of being a better writer.
To get started, you'll need credentials - a degree in English, journalism, or related field, and a teaching certificate or verifiable teaching experience. You'll also need a simple, but well-written website demonstrating your writing abilities.
2. IT Privacy & Security Consultant
Information technology consultants are a dime a dozen, and the demand still hasn't quite caught up with the supply created by the recent economic situation and tech industry slowdown. However, in one niche area that's not the case: privacy and security.
A host of new regulatory compliance issues is driving this trend. In particular, the Health Insurance Portability and Accountability Act (HIPAA) mandates a number of privacy and data security measures for anyone dealing with electronic medical records, i.e., practically every doctor, clinic, hospital and pharmacy in the U.S. The Sarbanes-Oxley Act requires public companies to establish rigorous data capture and archive practices around email and instant messaging, among other things. This affects thousands of public companies, and many are unaware of the full implications.
Most larger companies will develop the expertise in-house or hire one of the larger IT consulting agencies. But the opportunity is wide open for servicing smaller companies, i.e., less than 200 employees. The key is to focus on the regulatory compliance issues, where you can be an expert, but they would have a huge learning curve.
3. Construction-Related Trades
New housing starts are up significantly in 2004 over the previous few years, and forecasts for 2005 are even higher. That means more opportunities for plumbers, electricians, framing carpenters, drywallers, and general contractors.
Note that the pay goes up significantly with progressively higher licensing. Journeyman electricians and plumbers can make $20 an hour in some areas, and master plumbers and electricians even more. You may also want to pursue a general contractor's license, as some locales are now requiring you to have a general contractor's license in order to run an electrical service company. Fortunately, evening classes are widely available, so that you can go to school for the next license while working full-time.
One important thing to plan for is that you'll need your own tools. As a journeyman, the master you're working under may provide any large, expensive specialty tools, but you'll be expected to have your own hammers, wrenches, screwdrivers, and basic power tools for the job. Don't skimp on these -- what works for occasional home use vs. constant daily professional use is very different. Buy professional-grade tools at the outset and you'll save yourself money in the long run.
4. Home Caregiver
Home Caregivers are number 7 on the US Labor Department's list of fastest growing jobs from 2000 to 2010 and the only non-computer related job in the top 10 on that list. This should peak at about 2007 and still continue to grow in large numbers through 2015. Caregivers supply personal needs to seniors in their homes including help with bathing and dressing, light housework, some cooking, transportation needs to doctors, stores, church and more.
As we grow older, we need help with tasks and the choice is often to get help from adult children, get outside caregiver help, or move into expensive senior living homes. Many seniors either don't have or are not close to adult children who can help, or those adult children do not have the time or ability themselves.
The qualifications at this time are relatively simple. You have to be able to take care of someone else like you do yourself, you have to have time, and you have to be organized and on time. In some areas of the country, you may take a licensing test which gives you additional credibility and this may be required at some future time.
To learn more about this opportunity, see Business Startup Idea: Home Caregiver.
5. Home Healthcare Nurse / Medical TechnicianClosely tied to the above trend, there is a growing need for nurses and medical technicians who can do housecalls, and many of these individuals are self-employed or work through small agencies. This kind of work generally requires more training and licensing than home caregiver work, but a medical technician program can usually be completed in less than nine months. This will set you up for considerably higher pay than basic home caregiver work.
Warning: this work is not for the squeamish. Some of the most common work done includes collecting specimens of blood and other bodily fluids, as well as administering injections and other treatments.
6. Virtual Assistant
While the number of people in this field has grown substantially in the last couple of years, the demand for this kind of service has grown even more. And as more and more people home office and work virtually, the demand will only continue to increase. Virtual assistants may do everything from bookkeeping to correspondence to research to marketing and publicity work. It can be exciting because of the variety, but it also requires a very diverse skill set.
High-speed internet access and an up-to-date computer are a must, as are a high level of computer literacy and familiarity with Microsoft Office and other productivity software. Make sure you're comfortable working with a lot of autonomy and very few instructions -- the people who hire virtual assistants are looking for as much time savings as possible, and really want people who are self-starters and require minimal management. If that's not you, this isn't the field for you.
To learn more about working virtually, see The State of Virtual Professionalism
7. eBay Trading Assistant, etc.
Many people would love to sell a few items on eBay (or other auction sites or Amazon, etc.), but they're unfamiliar with the process and not properly set up for it. While the mechanics of eBay may seem very simple for an experienced trader, they can be quite daunting to the first-timer: deciding on the proper auction options, pricing, writing good ad copy, taking and uploading pictures, and shipping to the winning bidder.
eBay has created the Trading Assistants Program to let more experienced sellers help less experienced sellers and make money in the process. It has already attracted over 13,000 members, but with 100 million users worldwide and continued high growth, there's ample opportunity still. There's also an opportunity helping businesses start selling in Amazon Marketplace, Yahoo Shops, etc.
You'll need some first-hand trading experience under your belt before you start. You'll also want high-speed Internet access, a digital camera, and appropriate shipping supplies for whatever kind of merchandise you're selling.
8. Mobile Phone Applications and Content
They say that "the thumb is the new power digit". However attached we are to our computers at our office, we are even more attached to our cell phones. As of 2004, there are approximately one billion Internet users in the world, but nearly 1.5 billion mobile phone users. Mobile phones are selling at a rate of 600 million units a year, making them the most widespread communications devices, computing devices, and consumer-electronics products. And thanks to a history of competing standards, the U.S., potentially the largest market, still has much lower market saturation of mobile phones. As the U.S. moves in line with the global standards, expect to see a boom in the U.S. mobile phone market.
And all those phones aren't just being used for voice communications and person-to-person text messages. People are using them to access the Internet for all kinds of content and services: movie times, news, weather and more. In China, Linktone is now offering the "m-Novel" Channel, which delivers serial novels to cell phones via SMS messages. Games, art, social networking, you name it. It's a wide open medium. Be creative!
9. Wi-Fi Hotspots
While setting up your own nationwide wireless network may be a bit out of reach, you can cash in on the wireless Internet boom on a much smaller scale by setting up Wi-Fi hotspots. A few major players like Verizon have set up large wireless networks in a few major markets, but the opportunity is wide open to deliver high-speed Internet access to laptop users in hotels, restaurants, and other locations. Wi-Fi can also be used to deliver high-speed Internet to remote areas not served by DSL or cable.
On the low end, companies like Boingo allow you to register your wireless network as a hotspot for as little as $10 and start earning money right away. Others provide everything from basic services to billing and subscription management software to complete system hardware. And if none of those business models suit you, then you can sign up as an independent rep to sign up hotspot locations into the network. This is going to be a boom business for the next few years, and there are opportunities for all sizes of business, amounts of investment, and levels of experience.
10. Infopreneur
According to technology analysts IDC, the amount of information transmitted over the Internet is doubling every year, and it's not all spam! That kind of growth can only be supported by an increase in demand as well as supply. There is more demand for information now than ever before in history, and opportunities abound for people who can find a niche and effectively market to it. It's really a very simple formula, and it's fundamentally the way that most people who make money on the Internet do it. And, contrary to popular opinion, products about internet marketing are NOT the only things that are actually selling!
There are many different business models and media you can use to deliver your content. You may develop an e-book or audio program and then use free conference calls to promote them. Or maybe you give away a free e-book to promote your teleclasses and web seminars, which you give for a fee. Or maybe you do like many people who are now making money as bloggers (and like we do here at About) and give your content away and let advertisers pay to be put in front of their target audience.
You don't have to be a creative genius to succeed at this, either. Matthew Lesko of late-night TV fame makes his money repackaging information that's freely available from the government. He just organizes and markets it better. Tom Antion creates niche sites like InstantEulogy.com that make tens of thousands of dollars a year, and he sometimes doesn't even write the e-books himself - he hires a ghostwriter. Boing Boing is one of the most highly-trafficked blogs on the Internet and generates thousands of dollars in advertising revenue every month. Read closely, though, and you'll see that the posts only contain a minimal amount of original content -- most is snipped from the linked sites.
If you'd like a step-by-step for one possible business model, check out How To How to Really Make Money on the Internet With an Amazon.com Affiliate Site, which shows how you how to set up a product review site for less than $20 a year operating expenses.
If you'd like to explore more business opportunities, check out the links in the right sidebar. And may your business prosper in 2005!
