Part 1: The Best Business Opportunities for Starting a Small Business

The Best Business Opportunities for 2007

1) Nutraceuticals

Consumers want more than just nutrition from their food – they want health benefits, too. We don’t just eat tomatoes because they’re tasty, but because we know they’re filled with lycopene which helps fight prostate cancer. The market for nutraceuticals and functional foods, says Agriculture Canada, is “large, global and growing”. In 2004 Canada's functional food market was estimated to be worth $2.7 billion.

2) Agritourism

Agritourism is another rapidly growing industry; there’s more interest in farm vacations and farm-related activities than ever before. If you have a farm, it’s easy to get in on this best business opportunity. Add a picnic site and playground to your farm and open a booth for on-site sales or create an event such as a hay ride or artist’s retreat. There’s also a great opportunity for tourist agencies in creating agritourism packages. The fastest growing part of the industry? Winery tours.

3) Human Resource Professionals

One of the predicted problems of the future is already here – a labour shortage. In fact, the CFIB (Canadian Federation of Independent Business) calls this the number one problem facing SMEs this year. Headhunters, recruiters, employment agencies - turn this top problem into a top business opportunity by being the person or people able to solve staffing problems for small and medium-sized businesses.

4) Personal Memoirs

I don’t think many of us spend much time thinking about writing our life stories. But the life stories of our parents or grandparents – now that’s another story. Many of us would appreciate having a record of our loved ones’ lives before it’s too late, but don’t have the time or talent to do it ourselves. Enter the memorialist, who will interview the subject and craft those stories into a handsomely bound book. Memoir companies also prepare all kinds of other personal stories, from pregnancy memoirs through pet histories.

5) Renovation Management

You already know that trades people are going to have another superlative year as the renovation boom continues. Conversely, this means that many consumers are going to have bad years (or at least extremely stressful, irritating ones) as they struggle to get through whatever renovation they have planned. If you’re a super-organized person who can get the right trades people to show up to work on time and finish their work by set dates, this could be a golden business opportunity for you.

What other business opportunities are excellent choices for those interesting in starting a business or investing in one this year? Here are five more of what I consider to be the best business opportunities of 2007:

6) Care Consulting

A parent has gotten to that certain age and stage where he really shouldn’t be living on his own anymore. But what are the options available and how much do they cost? Busy children don’t have the time to investigate them all or even know where to find out. Providing the answers and helping with the arrangements is an excellent business opportunity.

7) Baby gear

We may have a low birthrate but we sure do love to lavish attention and money on the children we do have. From cute togs through designer strollers, baby gear is big business.
While the obvious business opportunity here is the retail storefront, there are all kinds of permutations that could also be profitable, such as an eBay business or a consignment store for used baby gear.

8) Doggie daycare/hotels

And then there are the non-human children, also known as pets. Many of us obviously feel that our pets should be treated just as well as people and are willing to spend the bucks to ensure that this is so. Cash in on this best business opportunity by opening a doggie daycare that lets busy dog “parents” work without guilt or by opening a doggie hotel that offers pampering for traveling pooches. Fashion inclined? Go to the dogs and create a line of doggie duds that owners won’t be able to resist.

9) Financial planners

I know I listed this as a best business opportunity last year, too, but this is such a growing market. Boomers seem to have an almost insatiable appetite for financial advice, perhaps because so many of them are about to retire and have a real need to get their financial houses in order. Financial planners, retirement planners and investment advisers who are good at what they do will find that this year is very good to them.

10) Personal Catering

Business opportunities abound for meeting the catering needs of busy professionals and families. Relieving people of some of their daily meal preparation chores while ensuring that they have nutritionally healthy but tasty meals is sure to be a hit. Think along the lines of what the daily housekeeper used to do. You could offer pre-packed lunchboxes or a week’s worth of entrees delivered, for instance. And then there’s catering for special occasions.