Editor’s note: This article was first published in August 2010; the construction slump, the forecast of government incentives for green materials, and Facebook, Twitter and Xing as the social networks businesses need help with all reflect that year.
Today we can tell with real certainty which businesses will have a future, especially if we look at neighboring countries and at the issues our governments are increasingly concerned about. Not long ago I read on Susan Ward’s website about how concern for the environment in Canada is giving rise to new businesses and bringing with it the future of green companies. Here are some business ideas that will be part of the businesses of the future.
1. Green building
Construction has clearly fallen far too sharply, but many building firms are already innovating with materials that do not pollute the environment. In time, the state will offer incentives or grants to individuals and companies that use non-polluting materials, which is a great business opportunity for the builders’ merchants and construction companies that start adopting these “green materials”.
2. Energy
We have been talking about solar energy for a while. In new buildings it is no longer an option but an obligation for residents’ associations, and in time it will be for individual homeowners too, who will be required to install alternative energy.
Then there are green technologies: anything that helps the environment, and any product that does not harm our planet, will in time be synonymous with success.
3. Caring for the elderly
The birth rate has fallen, so in a few years we will hit a record elderly population, and older people need care and attention. Any business related to caring for the elderly and making their lives more comfortable will be profitable, because there will be no shortage of customers. Which brings us to the next business.
4. Home renovation
Renovation companies have not stopped being profitable: as the economy slowed, people who could not move house had no choice but to renovate. If anything, renovation companies’ profitability may have been hit more by growing competition than by a lack of demand. Innovation is reaching this kind of company too, because the senior market will need homes made more comfortable for those who don’t want to end up in a care home. Companies are already innovating with renovations that add wheelchair ramps, replace stairs with lifts that are easy for an elderly person to use, and so on.
5. Diet and nutrition
Concern for health and for the food we eat has kept growing, so everything to do with health, nutrition and personal care is becoming a business that moves billions every year. We suggested some business ideas related to fitness and personal care; we hope you find them useful.
6. Business services
In a previous article we discussed some business ideas related to services for companies. To that I need to add a new concern and need that is emerging in companies.
New technologies, as we all know, are the future, and getting a company onto the internet has become a necessary technology.
If your company isn’t on the internet, in the eyes of many customers it is as if it didn’t exist or couldn’t be trusted. On top of that, it is important for a company to be on social networks, where it can keep consumers informed. This creates a new problem: many companies don’t know how to use social networks such as Facebook, Twitter or Xing effectively, so they will need a person or company to manage their entry into these markets, which will matter more over time than they do today.
There is no doubt the future is full of opportunities, but we have to know how to seize them. Remember that a profitable business can come either from rigorous research and years of planning or from an absurd idea you get off the ground in two days.
Further reading
- Ways to find business ideas
- Small businesses that have grown during the crisis
- How to start a business with no money
- The entrepreneur’s mindset
- How to be a successful businessperson
Featured image: Downtowngal, CC BY-SA 3.0, via Wikimedia Commons.
