2008 Business Trends

I’ve often been asked how I was able to start a consulting business on the heels of the dot-com bust when other consulting companies were licking their wounds. The year 2000 had been a year of turbulence in the information technology arena. For once the IT folks had done something right and avoided a major catastrophe - but that success came with a price.

You see, IT companies had raised their pricing in anticipation of the year 2000 crisis and weren't willing to lower the prices once the crisis had been avoided. Corporations felt they had been raked over the coals during the lead up to the year 2000 and were pushing back. The telecom industry and the dot-coms went bust. Corporations around the world started downsizing the gluttonous IT staff they had built leading up to the year 2000. Hardware and software maintenance contracts were being slashed or canceled.

It was in the midst of these trends that I made the decision to start my company. I had generated and/or managed upwards of $40 million in professional services business. Through it all, my direct reports kept asking me to start my own company so they could come to work for me. I was being offered independent contracting opportunities. Others began telling me that they would do business with me if I started a company. So it was with a great business idea, market analysis and a sound business plan that I started my journey.

If you've thought about starting a business but just aren't sure whether there's a market for your product or service, check out this article in Entrepreneur Magazine on Hot Trends in 2008. They've compiled a list of the hottest industries, trends and business ideas for 2008. Perhaps there's one that fits your style!