In this day and age of downsizing and instability within the corporate world, job security is quickly becoming a thing of the past. A growing number of people have realized that the best path to a successful financial future is to own their own business. The problem is getting the business off the ground. Statistics show that on average, 55% of all startups fail within 5 years. 
One of the top reasons for a business failure is getting into the wrong kind of business in the first place. For example, you may be passionate about video rental. However, in case you have not noticed, the last of the major video rental companies closed its doors in late 2013. This is a prime example of an industry you would not want to be in because there is an ever-shrinking market share. No matter how passionate you are about the business, the numbers show that your chances of success would be minimal.
Conversely, the key to succeeding with your new business venture is to find a business in an industry that is projected to be strong for the near future. Another way to gain a greater probability of success is to buy into an existing business rather than starting one from scratch. It is better to find a business that has already gone through the startup phase and has proven its viability over a number of years.
Investing in an Existing Business: As business owners grow older, they want to sell their business to use the monies for retirement. This has created more investment opportunities than ever before. The abundance of business openings also means favorable buying terms, lower cost of acquisition, and more willingness on the part of sellers to finance.
For those looking to start or invest in a business, here are three of the hottest industries:
Senior Care: The retirement of the Baby Boomers will necessitate a growing number of in-home senior care agencies. With millions retiring and living longer (and healthier), the last thing they want to do is spend their golden years in a nursing home. In order to stay at home, many will require some level of assistance, be it companionship, grocery shopping/meal preparation, or professional nursing care.
Cleaning Services: One business that is always in demand and impossible to outsource overseas is cleaning. The great thing about cleaning is you can specialize in a number of areas. Some focus on commercial cleaning/office buildings, while others do residential, which can mean cleaning foreclosed houses, rentals/move outs, or just providing cleaning services for upscale families.
Accounting/CPA: A large number of CPA’s are entering their retirement years, leaving numerous practices for sale in most areas of the country. Those with an accounting degree and/or a background in the industry will find many opportunities to invest in existing (and successful) CPA practices.
Investing in a new business can be a great career move. Once you have identified the industry you want to go into, speak with a business broker in your area about existing opportunities to enter your chosen field.
