Thursday guest post: Our Thursday guest posts introduce you to one of our fabulous cafe members. Please show Jackie Nagel some small business awesomeness with a comment or hello on her post. Introduce yourself and by all means invite her to connect!
Blogger Bio: Jackie Nagel is the founder and president of Synnovatia®, a strategic business service firm specializing in helping small business entrepreneurs improve performance and accelerated business growth. Learn more about growing your business by visiting Synnovatia.com or calling 310.519.1947.
Oh, The Places Your Small Business Can Grow!
As a small business entrepreneur, you know the impact of the recent economic upheaval. With an average economic growth of .6% annually from 2007 – 2012, you’ve likely spent a sleepless night or two worried about meeting your financial obligations. It appears we’re turning the corner. Finally! The economic recovery projected for the next 5 years is 3.3% per year. Nevertheless, wouldn’t you like to get your small business growing ahead of the projected recovery?
Recently, IBISWorld, the world’s largest independent publisher of U.S. industry research, outlined the top industries projected to outpace the current economy recovery. What better way to grow your small business than by capitalizing on the projected growth in the following industries:
1. Solar Panel Manufacturing. With trends moving toward developing sources of clean, sustainable energy, the solar panel manufacturing industry is experiencing quite a growth spurt. Growth projections for solar panel manufacturing are 8.2% per year – 5% ahead of the overall projected economic growth.
2. Green and Sustainable Building Construction. As the desire for energy efficient building composed of sustainable materials grows, so does the green and sustainable building industry. The projected industry growth is 22.8% per year through 2017.
3. Self-Tanning Product Manufacturing. The recent scare of the increased risk of skin cancer from tanning beds has people turning to healthier alternatives. Over the next 5 years, they are looking for an average growth of 10.7% annually.
4. Pilates/Yoga Studios. We all want to get healthy and stay healthy. Between today and 2017, they are looking to continue their growth at 4.8% per year.
5. Social Networking Game Development. With the explosive growth of social networks, social gaming is following in its footsteps. Projected growth over the next five years is 22% annually.
6. Online Eyeglasses and Contact Lenses. Virtually ‘trying on’ lens wear is now possible. What’s in their ‘line of site’ for the next 5 years? They’ll be ‘seeing’ a projected growth of 8.8% annually. (Pun intended.)
7. 3-D Printers. It’s not just Raj and Howard from The Big Bang Theory enjoying 3-D printers. They are expanding their growth to 14.0% annually.
8. For Profit Universities. If there’s one thing business has learned, it’s the need to keep skills relevant. Online learning is a low cost option. This industry continues its growth by 5% annually over the next five years.
9. Generic Pharmaceutical Market. We’re getting older (not that I’m bitter or anything). A rise in the aging population means an increase in prescription drugs. The generic pharmaceutical market is projecting to grow 6.3% annually.
10. Hot Sauce Production. With the growth in diversity and the expanding palate of the consumer, hot sauce production is projecting growth of 4.1% per year over the next five years.
Strategies to Grow Your Small Business
1. Offer your product/service to the high growth industry. Most small business entrepreneurs have decided on a target audience. However, if the industry in which your target audience exists is not experiencing growth, so goes your small business. Consider marketing your products or services to high growth emerging markets.
2. Inform, enlighten and bolster your clients growth. Do your current clients exist within the identified growth industries? Does their business enjoy the same growth as the rest of their industry? This is your opportunity to shine! Enlighten your clients on the projected growth for their industry and, if possible, propose your services as a tool to bolster growth in their business.
3. Support realignment of your clients with the high growth industries. Armed with information of projected growth, you can support your clients in realigning their offering to the high growth and emerging industries. They’ll love you for it.
As you may guess, there are plenty of opportunities for small business growth to occur within the next five years. How will you leverage this news for your business?