Look for Shortages
You can enhance your chances of success in any type of business venture by understanding industry trends and focusing your efforts on meeting a demand that is increasing.
As an example, a recent Wall Street Journal article explores the sharp drop in the number of students preparing to enter accounting. This trend is paralleling the exodus of accountants that the field has already been experiencing.
There is currently a disconnect between market needs for accounting and levels of compensation. While I’m not an economist, I’m quite confident that economic principles will kick in soon enough and begin channeling more money toward professionals who can meet the growing demand.
If you have experience in accounting and you’ve considered starting a new business, the next few years may offer fertile ground.
The main graph in the article also indicates professions such as marketing specialists and management analysts in which compensation is growing. In these cases, salaries have already begun catching up with need, but the demand for hiring – and for consulting and professional services – may very well continue to grow.
Key Takeaways and Actions
- Stay current on job trends within your specific field by subscribing to newsletters (search for {name of industry} + newsletter) and printed journals and by attending events. You may gain a perspective that helps you identify a market pain point that your service can help address.
- Take advantage of U.S. Bureau of Labor Statistics data to stay abreast of job trends, which can provide another indicator of the need for consulting and service businesses. You can start by viewing the Employment Projections page and subscribing to the email updates.
