A desired situation to undertake is when demand exceeds supply. There are always those cases, except that most people want to play it safe and repeat the same businesses that others do assuming that the others are filling up with money.
But from the outside everything looks rosy.
Not only is “big business” not always what it seems, but if we never take the risk of trying new things, we’re never going to win anything.
That is why in business you have to know how to take thoughtful and therefore limited risks.
According to CNN Expansión, health, and tourism are two of the opportunity sectors in which you can start your business; entertainment and everything related to children are other fertile fields to undertake.
Four Fertile Markets to Start a Business
Table of Contents
The Health Market
The increase in life expectancy is a global trend in all countries with a certain level of development. A study by the US Department of Health and Human Services revealed that 90% of nursing homes in that nation are understaffed to care for the elderly.
The National Population Council (CONAPO) forecasts that by 2050 the elderly will represent 24% of the population; That means thinking about products and services that meet their needs. Although these data correspond to Mexico, these figures are similar in other countries in the region.
Specialized nursing services can be provided for specific conditions or a personalized care system to accompany them on trips. You can also think of articles for exercise, and entertainment workshops, among others.
But there are also other issues related to health, such as the rising trend towards obesity, a disease in developed countries, a consequence of a sedentary life, and inappropriate eating. It’s a huge market: specialty diets, food delivery, larger but trendy clothing sizes, fitness, lifestyle, and so on.
The Tourism Market
In recent years, alternative tourism has registered a growth rate of 30% worldwide. What is the suggestion here? Having a business that offers extreme activities (such as photographic safaris, horseback riding, and bicycle tours, among others) while promoting care for the environment. But there is also a huge rise in cultural tourism.
In this same market, there are an infinite number of niches: homosexual couples, couples who travel with children, older couples, those who travel to improve a skill (such as those who travel to learn or improve tango), dinks ( double income, n o k ids= childless couples with double income), etc.
The Entertainment and Beauty Market
According to a study conducted by The Economist, between 30% and 35% of men between the ages of 25 and 45 have metrosexual tendencies, they pay more attention to their appearance. Of course, one option is to create a product or service company designed to satisfy the demand of that generation of men. It can be anything from creating facials, hair products, or any other type of beauty routine.
Spa consumption has increased by 30%. It is possible to think of menus that adjust to the client’s demand, not only in anti-stress massages but also in packages for athletes, people in the post-operative process, the elderly, etc.
And what about successful bachelors and singles? The Food Marketing Institute reports that 46% of single consumers eat food at home that was prepared elsewhere. In addition, it is a reality that restaurateurs are prepared to serve groups, but do not know how to manage a table for one person. Small and exclusive sites can provide that service.
The same thing happens with the portions of food in supermarkets, in general, they tend to be divided taking into account the traditional type of family (mother, father, and two children) which is actually less and less traditional.
And the organization of specialized events? Until not long ago, if a company had to organize an activity, the task fell to a secretary, now no company deprives itself of hiring an event specialist. Not to mention that the preparation of something as personal as a wedding already has its specialists: wedding planning was a practically unknown activity 5 years ago.
The children’s market
The children’s market is super interesting, as there are segments for everything. With families that have fewer children, there are a large number of uncles, aunts, grandfathers, grandmothers, friends, etc. for each child; consequently, there is a huge market around the kids.
I remember that about 15 years ago I was working in the office of a graphic designer colleague and the fax would not stop printing, then he explained to me that he was a client with requirements for several new lines.
To my surprise, she explained the huge variety of baby products. When he created a new character, it was applied to the entire line: pacifiers, teats, bottles (several different models), teethers, plates to eat, cups, bibs, travel bags, shoes, hygiene products, cosmetics, and, Believe it or not, the list extends enormously, in addition to the packaging for each product.
But how many bottles can a baby use from birth to 2 years? So my colleague explained to me the role of direct and close relatives, each one buys a gift for his/her newborn and also the parents get excited about a new line and change everything again.
More and more women work outside their homes. It used to be more common to eat at home, however, today’s kids are heavily dependent on fast food. This is an opportunity for all those interested in the restaurant sector since not all places offer children’s menus. And those that offer quick service don’t always have healthy alternatives.
But also, why not offer home food delivery segmented by age? It would leave mothers calmer and children better fed. Well-thought-out menus (nutritious and attractive to the eye) and appropriate packaging are required, as well as punctual deliveries.
There are many possibilities for this large market, in addition to the usual children’s clothing and toys, you have to think about niches and needs: food, entertainment (software, content, etc.), socialization, etc.
Ideas, comments, suggestions? please share them below. Ideas alone die, they need the company of others, other points of view that enrich them.