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OK. So we as a nation are facing a rough road for the next couple of years and things look bleak near term for us. But we must admit to ourselves that the world will still keep spinning at 1,038 miles per hour (at the equator) and business across the U.S. will run. In fact there will be new business started with these hard times. Now some of these businesses maybe successful and some won't. But there will be new businesses and new 5 years plans for business growth.
Now with that in mind. Let me ask you guys.
If you could secure financing and whatever else you need to start a business without infringement. And let's say you can comfortable handle being in the red for 2 years.
What kind of business would you start today and why? And what would be your 5 year plan to be fairly profitable by 2013? (if not sooner)
Now let me just say at this point. I know this is tread is pretty much conjecture and speculation. But I would appreciate a somewhat realistic plan and/or outlook for your business. Basically I'm looking for ideas/plans/types of industries that will work in the really world. So please not to much pie in the sky stuff. hopeful is good but realism is better.
Now let me also ask the people that do own businesses out there(if you don't mind sharing.) What do you plan on doing for the next 5 years to either become profitable or to increase your profits?
I'm not a business owner but I'm gonna throw some ideas out there.
I believe we're going to have some hard times ahead economically..either via deflation or very high inflation. So you have to think..what would Joe Main Street need or do differently when they really have to watch their money and not spend like there's no tomorrow.
-Repair shops : more then likely they will keep things and get them repaired instead of throwing out or upgrading.
-Accounting: using an independent small business accounting firm rather than keep one hired full time in house.
-Return to USPS for shipping: messenger and delivery services that are local could thrive
-Thrift shops like goodwill: good quality second hand items are cheaper than new
I am more of a conservative person. Hopefully I can get a job doing accounting but if I can't I'll just do whatever.
As far as business goes I am going to try to pay off my future home entirely (as fast as possible). Hopefully it'll be your average 3 bed/2 bath on 20 acres. 1 acre for the home (and garden) and 19 acres for an orchard. The rest of my cash flows will be directed at buying paid off rentals.
As far as a business goes I'd say 100% rentals. We are going to be entering a time when real estate is going to get beat down due to difficulty financing and flood of foreclosures. As a result, real estate will be undervalued. When I say undervalued I mean the cost of the building vs the cash flows that can be generated from it. Avoid anything that is luxury and stick to the lower rent buildings. There is going to be a lot of people that will be looking for the basics - studio, 1 bedrooms or 2 bedrooms.
As far as other businesses anything that can provide the best value for money. Farmer's markets, repair, thrift, even fast food.
These are businesses that I think will do well in the near future....
Education courses on the Constitution - I believe people are going to want to get back to what are country was based on and learn the principals of our founding fathers.
Water purification - I agree with the above poster about this service.
Farmer's market - for the obvious reasons or classes that teach people how to grow and maintain gardens.
Handyman/Contractors - I believe that people that now own homes will stay in those home much longer than people have in the past years. The demand to remodel and convert rooms to allow for more family members will be needed.
Self defense - Reloading ammunition & other self defense items
Clothing Alteration - People will be altering their clothing and repairing items before dumping them.
Self improvement - I think people will be reflecting on their lives and wanting to learn better business leadership tools as well as personal improvement.
Parties - This sounds funny but I believe people will be wanting to get back to family activities and instead of having fancy parties it will be all about family. These party planners can focus on small parties at the clients homes, centered around family photos and slide shows. I also believe that these planner will be one man bands that also provide the food.
I think there will be a lot of college kids wondering what they are going to do with their degree that they thought would make them rich.
It's back to basics and as we know there were businesses that grew even during the depression but I think it's all about value.
I think there will be a lot of college kids wondering what they are going to do with their degree that they thought would make them rich.
I think it was CNBC that mentioned a short while ago there is only 1 job available for every 3 college grads today... Scary stuff !!! Based on that fact alone I look for all markets big and small, mostly small, to get flooded with every Tom, Dick and Harry looking to make a buck in some manner with what $$$ mommy and daddy have left to offer them. This will create pricing pressure on everything and also help deflation along.
I think the trick to growth in this inevitable future as a business owner is to look at what everyone in a particular market is doing, find what isn't being done well or even at all and specialize in that only with 100% dedication until good roots are established (provided that market doesn't become saturated before you become established). Then slowly diversify. Find that niche market and exploit it for as long as the market will allow.
And with the economy heading further down the toilet as it looks... eventually the niche you find will too one day become flooded and no longer be a niche ! Once that happens you best hope you have enough roots and diversification to weather the future or be prepared to move on to the next niche market you find along the way (if able to find one at all).
Bottom line... It's my opinion you need a niche to prosper greatly and grow in the future we face and the windows for them are becoming even more difficult to find and smaller than they have been for the last decade. And right now finding one is like hitting the lottery as far as I'm concerned. And for waht it's worth, this all comes from personal experience !
-Return to USPS for shipping: messenger and delivery services that are local could thrive
I get think this one. USPS is only cheaper when you are sending rather small light weight things. Otherwise UPS and Fedex are far better. The problem with these companies is that they don't have good retail fronts, but Fedex is changing that.
So far everyone has these sort of bottom of the barrel boom and gloom ideas about what would be a good business. But its good they aren't going to actually create businesses with these ideas as they aren't even historical sound. The guy that put all his money in horse feed during the depression because he thought people wouldn't be able to afford cars any more (Remember, both cars and exotic ways of financing them were big and new to the general public in the 20's...) would've been left with a lot of horse food.... The point being that even during the depression society didn't turn back the clock as far as living standards went and its very unlikely to happen again.
Seriously, I'd invest in teledildonics before any of the other things mentioned.
Anyhow, I don't think we are going to see a dramatic shift in the sorts of businesses that are successful, rather we will see a dramatic shift in the sorts of business models that are successful. Of course some industries are simply oversupplied, mostly those related to housing. And to some degree the market for luxury items should decline, now that the home ATM is closed.
Anyhow, my plan for the next 5 years is more of the same.
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