10 industries startups will grow fastest in 2010-2011
As the economy seems to seep deeper into recession, waiting on the unemployment line and playing the resume lottery wont pay the bills. The next year will be the the year of startups.
Where should you start a new business?
Like Kiyosaki, I highly recommend you stay close to what you know. If you were in staffing, start a staffing company. If you were in wholesale, make jobs in that industry by creating a business to fill the needs there.
No better expert knows what your last industry needs. You are uniquely placed to consult back into the company which laid you off to provide the services that you know they cannot live without.
So, are you ready to make the leap? Do you need to ready, fire, aim and “don’t worry, be crappy” but get out there and start a company?
Which industries will be the top 10 best industries for startups in the next year?
- Business Services
- Oil Field Services
- Temporary Staffing
- Manufacturing
- Accounting Services
- Educational Services
- Environmental Remediation
- Business Intelligence
- Software
- Sales Process Outsourcing
So, pick one of these ten in no specific order. Pick one in close proximity to your expertise.
Now, start a company, get a site together, update your LinkedIn, Facebook and Twitter, publish a press release, email your close network and ask for 1on1s with as many super-connectors that you can.
I recommend getting legal help which can cost $900 from a good lawyer to create a firm. You can start with a DBA so you can get a bank account, but you will want to create a legal structure like C-Corporation or LLC in very short order.
You can easily create a professional wordpress site. It is a great place to go because you can outsource development to the millions of inexpensive php programmers out there. Don’t host on wordpress.com, but find a cheap host that will let you upload/install the latest wordpress.org software (free). There are plenty who can help you with this.
Update your social sites. Your profiles need refreshing, your statuses need to reflect your new activity. If you don’t, noone will know. Don’t forget a Fan Page on Facebook too.
There are many free ways to get your press release out. Be certain to find simple guides like life hacker’s on how to write the press release the right way. But, don’t forget to PDF the press release and email it to your list too.
Be sure to get out to networking open mixers with lots of new business cards. You can easily get 1000′s for cheap now. Start with simple. You can always pay for design later when you have revenue. Ask your network for 1on1s and sit down with well connected people to share what you are doing and ask for their help.
Then there is business development. There are two ways to grow a startup: organic growth, and acquisition.
Don’t pass up the acquisition opportunities out there today. The market is down. That means there are many deals where the owners are older and retiring and want to sell their company. Now isn’t the best time to sell, but it is a great time to buy. There are companies like American Prudential Capital, which can provide alternative funding for acquisitions where banks and investors are afraid to tread. Don’t forsake organic, but acquisitional growth can mean the difference between an $10MM company and a $100MM company.
Don’t be afraid of what you don’t know. Generate revenue. Exceed your clients’ expectations. Over deliver. Then you can afford to get good help to make up for what you are lacking in.
There are alot of gray hairs on the market today and they have lots of great experience. You will be able to afford them, and some may even be willing to consider sweat equity with the promise of a solid paycheck if they help you find and acquire good companies.
Will your company be one of the amazing stories of very successful companies coming out of this recession?
Eric Standlee