For the past few months, your Small Business Information Guide, has extensively researched the best business opportunities for the new year. This year's top small business opportunities cover different markets from the sport compact performance market and music therapy to data storage.
These best business opportunities represent markets at an early age with huge profit potential to businesses with established markets and lower customer education costs. This year's picks outlines each business opportunity along with the driving forces, associated risks of entering that particular business and resource websites.
Selecting a business opportunity is part timing. Being in the right place at the right time in a booming industry can ease the start-up pains accompanying the launch of a new venture. So take a peek at what's hot in business today.
Business Opportunity: Hot Sales In Hot Rod Accessories
A revival of the muscle car days of past have fueled the rise of the sport compact performance market. Foreign cars such as Honda's are under going the modification craze with neon-lighting, high-end audio, and fancy fins. This market is served by 3 lines of business covering engine performance upgrades, exterior modifications, and interior improvements.
One such company to capitalize on this hot tread is StreetGlow. Founded by Jack Panzarella with $3,000 in 1991, Street Glow has grown by 733% to over $22 million in sales revenue.
According to Specialty Equipment Market Association (SEMA), this niche market had 60% growth in 2002. Sales in this specialty market have gone from $295 million in 1997, to $2.4 billion today.
Driving Force: The youth culture has embraced the concept of personalizing their vehicles spurred on by the popularity of the movie "The Fast and the Furious". These new auto enthusiasts will continue to grow with a rising youth market just beginning to get their drivers' licenses.
Risks: Appealing to a youth market, requires the ability to stay on top of trends. Overbuying on one product category that fizzles can balloon your inventory costs. Short product life cycles for manufacturers can hinder production capabilities. This business opportunity requires a close contact with understanding the wants of the customer base.
Continue to page 2: