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Many entrepreneurs start their businesses based on a passion they have, such as making gift baskets or counseling youth. However, there is another set of entrepreneurs that watch the market closely for trends that could turn into big business. These may be short-lived fads like the Pet Rock or even longer term ventures like bakeries solely devoted to selling cupcakes. If you jump into the market when it’s already saturated you won’t make much money, but if you jump on the trend early, you could set yourself up for a very profitable entrepreneurial life. Think about Netflix. Those owners capitalized on the trend of people spending more time watching movies at home. Netflix took it a step further by taking away the inconvenience of late fees and having to go to a brick-and-mortar video rental store every time you wanted to rent a movie. Netflix changed this by offering plans where DVDs could be rented for a low monthly price and kept for as long as you liked, with no late fees.
The trend watchers at MSN’s Business on Main have been following a few industries to see if they will pick up. In “Is One of these Business Ideas the Next Big Thing?” there are 4 trends that could translate into a new business for you. From service-based businesses to new food ventures, one of these ideas may fit your market. Read the article, and let me know if you’re going to capitalize on one of these hot new trends, or have seen new trends of your own, by posting in the Business on Main’s comment section. Please preface your comments with “E-R” so that I know you’re coming from this blog. Who knows, you may be the next inventor of an Amazon.com, a cupcakery or a Snuggie. 🙂
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