Best Businesses to Start in 2014!

What is the best business to start in 2014? What would you recommend as a good business to start? I’m often asked these questions and there is no one answer to give for them. Ideally you want a feasible small business with few barriers of entry. The lower the initial investment and the monthly operational costs the easier it is to manage and succeed. There are other contributing factors as well. Consumer trends and strength of market will always be important factors to weigh but additionally is the business something you can get excited about? Are you passionate about the business offerings? If so, you’re much more likely to work really hard to see the business succeed.

Global ecommerce topped $1 trillion in sales for the first time in 2012 and were predicted to top 1.25 trillion in 2013 according to Internet Retailer and is only expected to continue growing as consumers continue to shift purchasing from brick and mortar stores to ecommerce websites. (eMarketer) Developing ecommerce websites that target markets which show promising growth is a feasible small business. Add to that the relatively low initial cost of entry and the added bonus of no inventory when you use drop ship suppliers and you’re reducing barriers to entry. So what are the best online businesses to start in 2014? Here are three suggestions:

The American Pet Products Association reported actual spending of $55.62 billion in 2013 in the US alone and predicts this number will increase by 5% in 2014. The current trend of “pet parenting” largely due to baby boomers with empty nests who will spend money on their pet “children” means there is a market for upscale and boutique quality pet products making a pet internet business a great opportunity.

The last of the baby boomers turn 50 this year and as people live longer the number of elderly and retired continue to grow. There were 76 million births in the US from 1946 to 1964. The first baby boomers retired in 1996, according to CNN and the last will turn 65 in 2029. This is a huge window of opportunity. Besides sheer numbers you have additional incentives. Baby boomers are driven. They have money and they’re tech savvy so they shop online and they have the money to spend. Additionally they’re independent. They want to remain at home living independently. Sites which cater to senior care are an excellent opportunity.

The toy market is projected to increase at a steady rate according to Statista. While not seeing a huge increase it has shown a steady climb since 2009. Other industries haven’t. Additionally all those baby boomers will become grandparents if they aren’t already. It’s not just parents who buy toys. Parents and children are busier than ever and prefer online shopping. A toy internet business is a fun business to run and a great business opportunity.

What makes an online business opportunity a best business to start in 2014? Ease of entry, low overhead and opportunity for growth. Any business you start will require work and success doesn’t happen overnight but I believe these businesses present the opportunity for success for the right person.

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