Home elder care I. Thanks to the miracle of modern medicine, members of the so-called “greatest generation” are able to live independently, but frequently not without help. Businesses that provide personal services to the elderly -- grocery shopping, chauffeuring, physical therapy -- are good bets for the sole operator.
Home elder care II. Because of temporary or permanent illnesses and disabilities, part-time assistance may not be sufficient to allow the elderly to remain in their own homes. Sometimes round-the-clock skilled nursing care is required, and agencies that supply competent and honest help are and will be much in demand.
(It’s worth noting that businesses catering to the "greatest generation" will be well-positioned to serve their children, the baby boomers, who constitute the largest, wealthiest generation in U.S. history. Of course, before the boomers require living assistance, they’ll be spending plenty of loot as active retirees. Members of the generation’s leading cohort turn 59 in 2005 and their impending retirement represents a huge market opportunity.)
Retirement real estate. The elderly like it hot, and boomers will be no exception. Properties in temperate climates, particularly those within easy striking distance of the coast, have begun to go through the roof. (This would explain why in recent years West Palm Beach, Fla., emerged from urban decay to become the nation’s fastest appreciating single-family home market.) Selling retirement real estate, or providing services to firms that do, figures to be a growth industry.
Trust and investment services. Helping boomers manage the vast wealth they collectively possess will provide plenty of work for accountants, investment advisers, insurance agents, lawyers specializing in trusts and estates and everyone in between. Count on the government to keep the tax code so convoluted that professional advice is always needed.
Personal improvement. Long obsessed with how they look and feel,boomers won’t hesitate to spend retirement dollars on regimens and treatments that let them cling to at least the illusion of youth. Entrepreneurs who effectively deliver such nostrums as Pilates and yoga, Botox and other beauty treatments and nutritional counseling will tap into a gold mine.
Retirement recreation. One of the benefits of good health is the ability to remain active, and boomers will pursue vigorous activities in retirement as no generation before. Golf, fly fishing, hiking, bicycling are just a few of the pursuits on which retirees will drop lots of money. As with real estate, the watchword in this entrepreneurial market is location, location, location.
Resort services. Active boomers and younger enthusiasts will fuel a development boom in the most scenic parts of the country. Overcrowding in the national parks and the rapid development of the inter-mountain West are two signs of this. With more residents comes the need for more services: restaurants, dry cleaners, copy centers -- name it.
Outsourcing I. Not all of the jobs being outsourced by U.S. corporations are heading overseas. Plenty of the work is staying at home in the hands of independent contractors in the areas of accounting, law, human resources. An entrepreneur with in-demand expertise would do well to explore the corporate market.
Outsourcing II. Not all outsourcing takes place beyond the corporate walls. Often the work is performed by temps supplied to companies by agencies. An agency with a particular “hook” -- in other words the ability to provide competent workers a demonstrated sought-after skill -- figure to do well in the current and future business environment.
IT consulting. During the 2000-2010 decade, the Bureau of Labor Statistics predicts, eight of the 10 fastest growing jobs will involve computer technology. Clearly, the world is becoming more wired and consultants who can help users adopt new hardware and software products and resolve problems will not have a difficult time finding work.
Customer relationship management innovation
Customer Relationship Management (CRM) can be a millstone around the neck of small businesses. No business owner wants customers to feel like they can’t get a straightforward answer, or to lose business over their customers’ frustrations. Employing round-the-clock customer support staff is expensive, inefficient—and unavoidable.
Until now, that is. Small businesses are quickly gaining access to tools that put artificial intelligence and machine learning to work for them. CRM is one place these tools have started to make a huge difference.
Rather than staffing a support line, businesses are turning to a format more familiar to many of their millennial customers. The chat window. Customers can get answers to their questions in real time. By typing messages to an artificially intelligent “chatbot” that supplies the information they need. Machine learning algorithms allow these chatbots to become more effective over time. They learn what kinds of words and phrases are most often associated with different issues.
Large companies like Apple have built these bots from the ground up. They’re rapidly becoming available to small businesses as well.
It doesn’t take an A.I. to understand that the future of CRM is not a call center.
Small Business Trends: Subject matter expertise
Small businesses in the retail space have taken a pummeling in in the past from big box retailers, and many brick-and-mortar stores have been on deathwatch for a long time. But new research suggests that this trend may be changing.
Big box stores like Walmart and KMart continue to take their licks from online retailers like Amazon, which have them beat on price and convenience.
As big retailers flail against e-commerce giants, smaller retailers with local expertise, curated selections, and great customer engagement and education suddenly have more breathing room. A growing slice of the consumer market is hungry for information about the products they buy and especially for sustainable products. Big box retailers are nearly unbeatable when it comes to price, but have never been great at providing either of those things. Smaller retailers have stepped in to supply what Millennial customers want are rewarded with growing repeat business.
Enterprise technology for small business
A smorgasbord of powerful business programs has empowered small business owners to grow. All this at a rate much faster and smarter than ever before.
Once limited to only the largest firms (ones that could afford to dedicate an entire division to data management), enterprise technology services are democratizing big data and lowering the barriers to entry for the global market.
SaaS companies like Salesforce, Marketo, and Quickbooks can provide business infrastructures quickly and at scalable cost. This is a game-changer for small businesses. Businesses no longer have to rely on a large infusion of capital for technology investments.These types of SaaS platforms, termed “plug and play” technologies by Emergent Research, allow small businesses to raise their game almost overnight.
Many of 2017’s small business triumphs have come as leaders put these tools to work to leapfrog the growing pains of scaling up and joining the global economy.
Mobile payment platforms
As smartphones continue to dominate consumers’ waking lives, smart small businesses are following the money to the small screen.
One of 2017’s defining trends is the proliferation of mobile payment options. TechCrunch estimates that by 2020, 90 percent of mobile device users will have made a mobile payment. It makes perfect sense. If a company’s advertising and consumer engagement strategies are all geared toward mobile compatibility, why shouldn’t checkout and payment be just as seamless?
For all businesses, but especially those that target younger demographics, smooth integration with services like Square and Apple Pay is essential for increasing conversions.
Mobile payment applications have shown how willing customers are to part with conventional methods of payment. If your business hasn’t yet figured out how to get prospective customers to open up their wallets on the move, you’ve got options.
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