Do you try and stay current with other businesses outside our industry? I try to. I read tons of financial and start-up company publications. It's always fun to see what new businesses are taking off and which ones are sinking. I put together a list of what the hottest biz ops of 2004. Some were surprising, some were not. How many of you are somehow involved in these industries?

Hot Sales In Hot Rod Accessories
A revival of the muscle car days of past have fueled the rise of the sport compact performance market. Foreign cars such as Hondas are under going the modification craze with neon-lighting, high-end audio, and fancy fins. This market is served by 3 lines of business covering engine performance upgrades, exterior modifications, and interior improvements.

According to Specialty Equipment Market Association (SEMA), this niche market had 60% growth in 2002. Sales in this specialty market have gone from $295 million in 1997, to $2.4 billion today.

Driving Force: The youth culture has embraced the concept of personalizing their vehicles spurred on by the popularity of the movie "The Fast and the Furious". These new auto enthusiasts will continue to grow with a rising youth market just beginning to get their drivers' licenses.

Risks: Appealing to a youth market, requires the ability to stay on top of trends. Overbuying on one product category that fizzles can balloon your inventory costs. Short product life cycles for manufacturers can hinder production capabilities. This business opportunity requires a close contact with understanding the wants of the customer base.

Male Insecurity Builds Men's Grooming Market
While body image has shaped female attitudes for decades, men are finally succumbing to the "look good" Hollywood image machine. The category of men's grooming products has experienced robust growth as both Generation X and savvy Generation Y adopt a higher standard of body image.

Male grooming products span several areas from skincare and deodorants - to fragrances and shower products. Market researcher, Packaged Facts, predicts American sales of $6 billion by 2008, from $3.5 billion today. A clean business opportunity for companies like MenEssentials.com, online retailer of men's grooming advice and products.

Driving Force: With the success of shows such as "Queer Eye for the Straight Guy", men are learning it's much easier than previously thought to dump the slob guy image. Not only are Gen X men driving demand for grooming products, but so is the younger generation. Young males bombarded with visuals of buff PlayStation physiques and Maxim bodies, understand that simple hair care and body care grooming are key to the whole "get the girl" package.

Risks: This rapidly growing market has attracted the attention of large corporations including: Unilever, Procter & Gamble, and L'Oreal. These companies have the big ad dollars to saturate the market. New upstarts are best to use guerilla tactics to outmaneuver the giants. Gain markets quickly and move out.

Organic Industry Sales Keep Sprouting
Signs of a strong business opportunity are industries where growth occurs consistently year after year. One such industry is the organic food business, which has experienced 20% growth per year for the last decade according to the Organic Trade Association. From its hippie hey-days, organics have gone mainstream reaching $23 U.S. billion worldwide (Organic Monitor 2003).

Opportunities abound in this industry from exporting/importing and growing - to consulting and niche markets such as organic baby products. Earth Mama Angel Baby provides natural pregnancy and baby care products to this growing organic market. Melinda Olson of Earth Mama Angel Baby attributes her success to "the growing public interest and education about the value of organic wellness. If ever there is a time when a woman scrutinizes the purity of what goes into and on her body, it's when she's nurturing a new life."

Driving Force: Driven by the health & wellness craze organics meets the need for natural food products to enhance health. An aging baby boomer market desiring greater health and longevity provides long-term growth to the organic business.

Risks: Business opportunities that have already experienced long-term growth have their share of established businesses and plenty of competition. Instead of taking on established companies like Whole Foods Market, niche players like Earth Mama Angel Baby, have taken the right approach to market entry.

Information Explosion Fuels Data Storage Growth
One of the biggest outputs of the Internet age is millions of people and companies have become content producers. Data production continues to grow, making storage and management of information big business. Big business to corporate giants like IBM or Hewlett-Packard, but also for small entrepreneurial companies such as IPR International with their DataGuardian service.

Driving Force: Thank companies like Enron for the changes in corporate environment evoking the Sarbanes-Oxley Act. This act makes data storage, back-up and recovery, a big issue for companies of all sizes. Another driving force is the fact that we are an information society producing high outputs of data yearly. Data storage is here to stay.

Risks: Out of all types of business opportunities, technology is associated with the highest risks due to obsolescence and rapid changes. Your odds of success are greater pursuing boring business like dry cleaning as opposed to losing your "shirt" on tech ventures.

Unlimited Demand for In-Home Care
The non-medical in-home care business offers an opportunity to provide support and care to people in need. "More than one quarter (26.6%) of the adult population has provided care for a chronically ill, disabled or aged family member or friend during the past year. Based on current census data, that translates into more than 50 million people." (National Family Caregivers Association)

Taking care of the chronically ill or a senior citizen can cover errand running, chores, companionship, and meal preparation. No single company has a foothold on this highly fragmented market. Two fast growing businesses in the home care market to emerge are Home Helpers and Comfort Keepers. These two franchisers have grown ten fold in the last 3 years; expanding from 50 to over 560 locations.

Driving Force: Many people prefer to stay at home whether an aging parent or someone undergoing illness. Additionally, most consumers have more time than money. Home care support will continue to expand.

Risks: The risk in a business opportunity full of unlimited demand is the ability to supply the service. In the home care business, the service is delivered by people. Finding and retaining home care staff will be the critical success factor for this industry.

information gathered at About.com