Get business ideas from trends

Today’s Hottest Trends
Entrepreneurship expert Rieva Lesonsky, CEO of SMB Connects, shares the inside scoop on the hottest trends for today and into 2009—trends you could turn into a successful business.

What’s hot? That’s the question all startup entrepreneurs want the answer to. Before I answer that, you need to understand that just because something is “hot” doesn’t mean it’s a good business to start. There are many other factors you need to consider before you take the leap into business ownership. Sometimes hot becomes lukewarm and then ice-cold. Some trends turn into classic businesses which can make money for a long time; others are just fads which soon fade away.

I’m not trying to scare you off, just to make sure you’re aware of all the possibilities. Now that you’ve been warned, let’s see what’s hot now and into 2009.

One major trend that’s been around for a few years, but promises to keep going, is “Green.” Green or eco-friendly products and services cut across a variety of industries. Clothing, jewelry and other accessories, furniture, dishes, flooring, cosmetics and cleaning supplies are just a few of the products that have gone green. Service entrepreneurs can also find their niches here. You can help businesses and consumer go green, become an energy auditor, or be a recycling consultant. The possibilities are truly endless.

A new trend that’s growing fast involves men and cooking. Last year the number of men who prepared dinners increased 18 percent to a historical high. And an astounding 67 percent of men under 25 will prepare at least one out of every 10 meals they eat. This has led to an increase in year-round grilling and sales of grills and accessories. If the trend continues, there could be a need for men’s cooking accessories like larger oven mitts and potholders and more masculine (or at least neutral) styled pots, pans and cooking accessories.

Other demographically hot markets include:

• Seniors—the baby boom generation numbers 77 million strong. The oldest ones are only 62, the youngest are turning 44. That’s a lot of people who need products and services geared not only to their needs, but to help them take care of their aging parents as well. Think senior transportation services, elder-care services, household products like grip bars, comfortable clothing designed with Velcro or bigger buttons, or easy-to-use fitness products.
• Kids—this younger generation promises to be even larger than the baby boomers. There have been approximately 4 million or more born in the U.S. every year since 1988. This year’s incoming freshman college class is the largest in history. There are so many opportunities in every part of the under-21 market. Just pick the niche you’re excited about. For the college set, college planning consultants (helping teens and parents find the perfect college for them) is a relatively new industry that’s booming. Also aimed at teens, high school sports are hot. More than 7 million kids play high school sports, and millions more are on the sidelines cheering them on. Growing categories include apparel, transportation services (as more school districts face budget cuts), recruiting and online networking sites. On the younger end of the market, think name-brand licensing opportunities (who will be the next Hannah Montana?), child-care centers and clothing. And remember, the trend is KGOY—Kids Getting Older Younger. This means 9-year-old girls no longer play with Barbies and want to own brand-name clothing like Juicy and Lacoste.
• Young Adults—green is very important to this market. Today’s 20- to 28-year-olds represent $520 billion in buying power and say they’re willing to pay more for organic products. Tip for the future: The average age of women getting married is 25, and the leading edge of the Gen Y/Millennial generation turns 20 this year. This means there will be a growing demand for wedding products and services.

There’s always a food product or two that America embraces every year. Alcohol sales are still booming: Sales of craft beer are up by more than 16 percent; wine sales are up by about 6 percent and sales of hard liquor are expected to hit $19 billion this year.

This year’s hot food is actually a cold one: Frozen yogurt sales are up more than 33 percent this year. Look around your neighborhood, and if there isn’t a Pinkberry, Red Mango or Yogurtland shop there, there’s likely to be soon. Or you could beat the chains to the punch and open your own. Also in the sweets category, cupcake bakeries are still thriving.

And here’s a sizzling trend for you—bacon. Bacon is so hot, there’s actually a Bacon of the Month Club with over 5,000 members. The real opportunity here is using bacon as an unexpected ingredient in other foods like ice cream, donuts and chocolate.

These are just a few ideas to spark your creativity. Check in here regularly; we’ll bring you more trends in future months.