3 Things You Should Know About Small Business: April 12
3. Focus your business on these three hot demographics. While services and products for aging Baby Boomers still top the charts in terms of profitable consumer trends, three other age groups are impressively gaining ground: children, 20-somethings and seniors, according to Small Business Trends .
Education is a particularly hot area. Parents are "eagerly spending" on extracurricular programs to help their kids get into the increasingly competitive college landscape and job market. Language instruction is another hot area in the kid demographic, as the workforce expands globally, learning multiple languages are becoming crucial to career success.
For 20-somethings, the article points to the exploding wedding industry. "Based on population data, America is on the verge of a wedding boom that's expected to last for the next 23 years." This boom will not only bolster existing caterers, florists, photographers, but create new opportunities, such as a whole sub-industry catering to gay marriages, Small Biz Trends says.
Finally, as seniors (ages 85 and older) live longer and healthier lives, there is a need for services to help this group remain in their homes for as long as possible, the article says.
Are you capitalizing on these and other best business trends ?
-- Written by Laurie Kulikowski in New York.
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