5 Great Businesses to Start in 2014

Getting a new business off the ground is never easy, a fact backed up by the alarmingly high failure rate among start-up businesses.

However, launching a successful start-up can be even more challenging in an economy that has not yet fully recovered from one of history's most devastating recessions. Current economic growth, while encouraging, is hardly robust, making it even more important that you choose carefully the business sector you plan to enter.

Fortunately, even in this sluggish economy, there are certain sectors that are clearly outperforming others.

In many cases, these businesses cater to consumer needs that must be met -- at least to some degree -- even during hard economic times. In other cases, these are relatively new fields that have found success in meeting newly recognized or established needs among consumers.

You can find help in identifying up-and-coming business sectors by browsing through the 2012-2013 Occupational Outlook Handbook, in which the Bureau of Labor Statistics projects hiring trends through 2020.

Industries in which a sharp increase in employment is projected are probably going to perform well over the next several years.

Contrariwise, if the BLS projects a significant slowdown in the rate of hiring in a particular business sector, you can expect a similarly less stellar performance by that business.

Home Health/Personal Care

With the graying of America -- and most of the developed world as well -- the growing need for home health and personal care is something of a no-brainer. And this is a business sector that is likely to expand at a rapid rate for the foreseeable future.

While you may not be equipped with the skills to offer the type of specialized care that may be required by some of your clients, you can build a business by providing professional services to those in need.

In short, you provide the heart of the business, bringing together the nursing or personal care skills of professionals with the families of elderly or disabled patients in need of care.

The BLS projects that employment in this business sector will grow sharply moving forward. Specifically, the agency expects the number of personal care aides and home health aides to increase at rates of 70 and 69 percent, respectively, between 2010 and 2020.

While the most seriously debilitated patients may have no alternative to institutional care, the vast majority of those in need of limited health or personal care services would prefer to remain in their homes, creating an ever-growing market for such a business.

In addition to providing health/personal care services in the home, the health care sector has given birth to a variety of related businesses, according to Inc. magazine.

In a 2013 article, it notes that companies specializing in cognitive-fitness software programs have experienced sharp growth in recent years with 2008 revenues in excess of $265 million, up from $100 million in 2005. Citing data from SharpBrains, a market research firm, Inc. magazine says revenues in this niche are likely to hit $2 billion by 2015.

Home Fitness Training

Closely allied to the growth in home health/personal care is the rising demand for fitness coaching. To stay healthy and independent for as long as possible, baby boomers are trying to maintain a regimen of regular exercise.

Many who dislike the gym setting but want to stay fit are calling upon the services of home fitness trainers who can oversee their exercise routines and counsel them in the best ways to achieve their fitness goals, according to Under30CEO.

 While you may have only limited experience in physical fitness training, you can develop a business that takes advantage of this growing demand by matching experienced trainers with clients who need their services.

In essence, your business would serve as a booking agency for those interested in having fitness training in the privacy of their homes. 

Candy Shop

High on the list of recession-resistant businesses are candy shops, which cater to customers' cravings for sweets even against the backdrop of general economic weakness.

In its recommendation of this sector for new start-ups, Inc. magazine notes that some of America's favorite candy brands, including 3 Musketeers, Snickers and Tootsie Pops were launched in the early -- and grimmest -- years of the Great Depression.

Dan Johnson, owner of Choco-Logo in Buffalo, N.Y., told Inc. his company's sales had seen a 30 percent year-to-year increase in sales. "Chocolate is a comfort food," he noted.

E-Commerce Ventures

One of the most vibrant business sectors for the foreseeable future is e-commerce, or the sale of goods over the Internet.

As consumers grow more comfortable with the security of transactions on the Internet, online retail business is expected to continue to grow at a rapid rate.

Forrester Research, an international research and advisory firm based in Cambridge, Mass., predicts that e-commerce transactions will grow at a compound annual rate of 9 percent between 2012 and 2017. For 2013, the firm expects online retail transactions to reach $262 billion, up a whopping 13 percent from $231 billion in 2012.

Needless to say, the success of any individual e-commerce venture depends to a large degree on the type of goods or services being sold. Ideally, you would build your e-commerce business around a product or service that is not already widely available.

Failing that, you might want to focus on certain areas that have proven successful for others. Consider products that fall in the $100-200 price range, for example.

Rather than market big-ticket items such as computers and high-definition TVs, you might want to consider retailing some of the many accessories in high demand by computer and TV users. Information-related products and services are also big online sellers.

Repair Services

In an economy that remains somewhat sluggish, Americans and others are increasingly resisting the trend to replace aging products with brand new ones. This creates a market niche for those with the skills to restore electronic and mechanical products to working order. Shoe repair shops are also experiencing a sharp increase in business.

If you have this sort of experience or have friends who are handy and have some time available, you can create your own little repair business to meet the needs of budget-conscious consumers.

Another big plus for such a business is the ease with which it can be operated from home.

Furthermore, the biggest asset in such an operation is your know-how and expertise or that of the people you employ.