Looking to start a new business? During tough economic times, many people have become entrepreneurs and opened small businesses. CNN Money recently reported that two of the most profitable small businesses were child care services and yoga studios. As these industries have grown over a short period of time, many solo practitioners and small business firms have new clients seeking legal services to help expand their businesses.
Child Care Services
According to CNNs survey, sales in the child care services sectors have seen an approximate increase of 7.8%, with 6% in profits. People who were having trouble finding a job decided to start a home-based business providing care for the infants and children of people who were still employed.
As money rolled in, many of these home-based business owners began to expand their small businesses outside of the home. The goal was to move to larger locations in areas accessible to more working people. A greater locality would of course bring in more customers.
The Business behind Yoga
If childcare is one worry many working individuals have, another is dealing with stress. In this economy, stress has taken over the workplace. Employees constantly stress over not getting a promotion or raise, experiencing cut backs in their pay checks, getting laid off, and not being able to pay the bills. This stress has brought many people to escape after work to a yoga studio.
Millions of Americans look to yoga to relieve stress. CNN reported on two sisters who began their yoga business in their 320 square foot garage, and quickly profited to earning annual revenues of over $100,000. Many entrepreneurs have similar stories where a small yoga studio in a garage boomed into larger studios, many locations, and the need to employ more yoga instructors.
According to IBISWorld, the yoga industry is expected to hit $6.5 billion in 2011, with small yoga studios representing 7.5% of the estimated annual growth.
The Need for Lawyers
With small businesses expanding, many small business owners have turned to the aid of attorneys to advise them as they expand their business and/or partner up with other small businesses. Attorneys, now more than ever, have received more cases dealing with incorporating small businesses, forming partnerships, or providing advice to small businesses owners about any and every inquiry. Libby Bierman, a financial analyst with Sagworks put it best when she stated that with growing small businesses comes the need for mediation, and where such a need exists, attorneys thrive.
Overall CNNs report on the entrepreneurial spirit of many small business owners proves that in a rough economy, the smartest thing to do is sense the need of those around you, start a business, and seek the advice of a lawyer for growth! If you sense stress, then make a business out of relieving the stress of others. After all, many small business owners have found sources of income that unemployment agencies, networking, or job search engines could not bring them.