As the 21st century rolls on, the world is changing faster than anybody thought possible. Twenty years ago, computers were heavy, slow machines, just entering the home. Today, almost everyone has a computer in their pocket.
With the dawn of the technological age, consumers have become savvier than ever. With the touch a finger, we now have access to every bit of information known to man. With the rise of technology, the world has become small and more interconnected; we are becoming global citizens cognizant not only of each other, but of the planet itself.
Technology is not just creating a new industry, but revolutionizing all others. Businesses have more resources than ever before, and must serve a more knowledgeable, discerning customer. With the benefits of technology also come challenges, and anyone buying a business must not only know how to reap the rewards, but also navigate the difficulties, of this brave new world in which we live.
Beyond the tech revolution, we are witnessing a generational shift. Baby Boomers are retiring by the millions, making way for a new era of technology fluent, socially conscious leaders. As Baby Boomers retire, they will be selling well established, profitable businesses looking for new leadership. These baby boomer businesses are a goldmine waiting to be tapped! Now is the perfect time to buy a business. Here are a few of my top picks for the best industries to buy.
Construction is one of the biggest industries in America, with 650,000 employers employing more than 6 million people, according to the Association of General Contractors. Many of these employers are businesses owned by Baby Boomers, and they are for sale right now. As everyone knows, the country, and the world, are becoming more green-focused. Being environmentally friendly is a theme that’s here to stay, and it’s one that can be profitable for business owners.
Green construction is a rapidly expanding industry that is just waiting for business buyers to jump in. Over the coming years, consumers will be increasingly incentivized to build green. Green construction reduces heating and air-conditioning costs, water usage and other electrical costs, and may even result in lower taxes. New technology breakthroughs in renewable energy are further fueling this industry.
Along the same theme of environmentally friendly construction, businesses focused on individual and corporate health and wellness are centered on newer values. While this is a broad industry, healthy living is moving to the forefront of the public’s mind. All 100 of the top Fortune 100 businesses implement a corporate health system; many employ independent consulting firms to craft plans to help employees live a healthy life.
Any business focused of cultivating a healthy lifestyle is in high demand. Believe it or not, yoga is a growth industry. According to the National Institute of Health, the number of Americans who practice yoga has more than doubled over the last decade. But yoga is just one example. Indoor bike classes have become wildly popular, and the rise of athleisure — or wearing athletic clothing for casual wear — has grown so fast that Goldman Sachs recently published a report highlighting sports apparel as a notable growth industry.
Moving on to the more technical side of technology, cyber security-focused businesses are quickly becoming one of the most important industries out there. Every company conducts business online, and every consumer uses the internet almost constantly, so online protection is paramount.
While Silicon Valley in California is the traditional hotbed for tech companies, cities such as Austin, Nashville and our very own New Orleans are quickly becoming homes to technology companies. While startups are generally risky investments, many of these companies have been around long enough to have a proven track record.
Overall, there are countless great businesses to buy. Technology is the theme in business today, and it’s here to stay. I tell every client, “Don’t work for your business, build you business to work for you!” I believe that as technology further permeates our lives, it will become a tool to help business owners run their companies more effectively, and achieve the goal of owning a business that works for them.
The Four Tips To Buying the Top Biz Picks of 2016
The 21st century is witnessing a technological revolution unprecedented in human history. How is this affecting the business world, and what are the best industries for a business buyer?
1. Look to buy green — as both consumers and the government are becoming more environmentally conscious, green industries will greatly increase in value.
2. Baby Boomers are retiring by the millions and selling their well-established companies. Many Baby Boomer-owned businesses are great buys, but they might need a little updating for the 21st century.
3. Consumers and corporations alike are becoming more health focused; phone apps and fitness wearables are fueling this craze. From Fortune 500 businesses to college students, health and wellness is a trend that’s here to stay. Buying any business related to this industry is a smart move, whether it’s an organic food store or a yoga studio, demand is going through the roof.
4. Data security is one of the fastest growing industries in the world. As more data is stored online, businesses and consumers alike need to know their information is safe. Silicon Valley is not the only home to tech businesses. Cities across the country, from the Twin Cities to the Crescent City, are fostering great tech companies poised for huge growth. No matter what kind of business you own, data security is huge! Make sure you keep your business safe from all possible threats, cyber and otherwise.