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Hot Business Opportunities for Your Side Business

Profit Magazine highlighted 17 trends that were likely to be huge in 2013. 2013 might be almost over, but these trends are just starting to gain momentum. If you look closely at the target market of each trend, you can find opportunities for your side business, that will tap into current events.

Opportunity 1: Focus on Generation Y
Generation Y comprises those born from 1980 to 2000. Also known as millennials, Generation Y is starting to grow up and are having children themselves.

Characteristics of this generation are:

  • stressed for time
  • connected via social media
  • willing to spend money on their own children
  • willing to invest in quality products

Since they are so connected to the internet and social media, millennials are also more likely to investigate products thoroughly before they purchase. So, companies now have an obligation to educate these consumers while selling products. In essence, they want the best, and are willing to pay for it.

Opportunity 2: Mobile technology
Anyone with a mobile device knows that this is a trend that won’t stop growing. We use mobile technology now mostly for consuming information, but the next hot thing is to use mobile technology to buy products. New payment systems, publications, and e-commerce channels will have to be developed to ensure mobile devices are secure and convenient to shop from.

Opportunity 3: Online retail
Following mobile technology, online retail continues to boom. There will continue to be a demand for virtual stores, and content for such stores, in the form of text, photos, video and animation. In addition, connecting retail to social media will go hand in hand.

Opportunity 4: Telecommuting
It’s not that we can’t telecommute now – the big challenge is changing the minds of traditional minded bosses. As these bosses start to retire, expect new forms of work to emerge. Profit magazine estimates that this field will grow from 25% in 2013 to about 83% in 2014.

What will be needed is training to work remotely, new guidelines to teach employers how to work with remote employees, HR policies adapted to external workers, security to protect company data, and software that enables remote work.

Opportunity 5: Social financing
Think Kickstarter or Indiegogo.com. And what better way to find out if your customers are willing to pay! Not only can entrepreneurs raise money through these sites, placing a request  also provides a great avenue for promoting one’s business, and pre-selling products before a business is even launched.

Opportunity 6: Endurance Races
If you’ve heard of Tough Mudder – you already know the sort of person who participates in such races: fit, educated, with money to spend. Services such people would be interested in include daycare, shuttle services, apps comparing performance to peers, sports gear, nutrition services…

I’ve summarized 6 opportunities here, you can find the rest at Profit Magazine.

Let us know what you think!