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Entrepreneur's Journal: What are the growth businesses today?

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With the chances of finding a job fairly slim, people are certainly thinking about starting -- or even buying -- a business. But, which industry to go into?

It's a tough decision. Yet, there are still opportunities. To get some insight on this, I had a chance to talk to Toon van Beeck, who is the senior analyst with IBISWorld. Let's take a look:

Education: Many industries are going through tremendous change. So, in order to compete effectively, employees need special skills.

Parents realize this but do not have the cash to spend on high-end education and tutoring. But there is an alternative: online tutoring.

With open source technologies, it's easier to setup this kind of business. You can also accept payment using PayPal. At the same time, many college graduates -- who would be excellent tutors -- want some extra money, right?

Vocational Rehabilitation Services: With millions and millions out of work, there will be a need for career services. This includes such things as retraining, counseling, and resume consulting. In fact, the federal government has programs to facilitate these services.

Repair: I recently talked to the CEO of an online advertising company. He said that searches for "repair" work have surged.

In other words, consumers are deferring major purchases. And this means they will need to extend the life of what they already own, such as their cars.

As a result, expect repair services companies to grow over the next few years.

Elderly and Disabled Services: It's become a cliché; that is, the baby boomers are getting older and, as a result, there will be a major shift in consumer patterns. No doubt, following the baby boomers has been a successful strategy over the decades. Why would this time be any different now?

According to IBISWorld, there is likely to be rising demand for medical equipment/products, renovations of facilities, and assisted living facilities/services. Plus, there will likely be lots of federal government support in these areas.

Tom Taulli is the author of various books, including The Complete M&A Handbook, and the founder of BizEquity, a free online business valuation tool for small businesses. You can reach him at his personal blog.

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Last updated: November 09, 2009: 06:19 AM

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