Owning a business is as popular as ever in the U.S.A! Thousands will buy a Business Opportunity or Franchise this year. Will you be one of them?
by Kevin James Culp
Here is a look at who is currently buying new businesses, the hottest sectors for profit and growth and how to enter those thriving areas.
Who Is Buying a Business Opportunity or Franchise You Ask?
According to SCORE, the Senior Corps of Retired Executives, people buying businesses cover every age group, gender and ethnicity. Most who are looking are currently working a full-time job, and almost half of them have owned a business in the past.
The “chance to own my own business” is the reason for over 60%. Most say they are seeking to earn more money, and about one-third are using the new business as a way to earn extra money.
What’s holding them back is raising the money to buy a business. About half pay cash for their business, while others seek bank loans or use seller financing.
Who Is Doing The Actual Buying You Ask?
Well, I’m happy that you asked because I have some stats that didn’t surprise me at all and some that were a complete surprise.
Sex: Strange to report but men buy opportunities more than woman. I say ‘strange’ since I speak to thousands of prospective business owners a year and I would say at least 60% of those calls are from woman not men.
Population Density: People who live in Suburban areas are more likely to buy a business opportunity, distributorship, licensee opportunity or franchise. Their counterparts located in Urban area purchased opportunities large and small at far slower pace. Rural buyers comprised less than 6% of all buys.
Income: The big dog stat and the metric that I love myself. The sweet spot I have found is to target buyers who have an income of between $50,000 to $124,999 because they make-up almost half the buyers in the market today.
Age: The metric that judges age seemed more defined by generation these days. Millennial’s seem to be buying in large numbers. The GenX buying community is still very strong. However, the big category to target is still the Baby Boomer generation with high disposable income, time and a need in many cases for a positive income stream or even a second one.
What Sectors Are Hot?
Five general areas that are getting lots of buzz are:
• Health and wellness, especially corporate wellness
• Business services of all types, including marketing, consulting, accounting, legal and office services
• Education, like tutoring
• Going green, especially construction
• Security, from fraud detection to video cameras
Buy Business Opportunity Franchise – How Can You Enter These Fields?
Buying a small business opportunity will let you get a toehold in these booming markets. Experts say there are big advantages to investing your time and money in a modest business. For example:
• You find out if you like it.
• You aren’t taking financial risks.
• You are not dogged by worries of scale so you can focus on learning the field and maximize your small business.
• You learn the basics from the inside so you have a solid foundation in the sector. It’s different doing it than just reading about it.
• Here are small opportunities that can return major benefits for a business opportunity.
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Thanks for Reading and Carpe Diem My Friends