Entrepreneur magazine has published their annual "Hot List" for 2006. It is an interesting source of trends and ideas for new businesses. One important caution, however, is that sometimes you may already be a little late when things hit lists like this, so make sure to do your homework. Some markets may already have several competitors operating these businesses. Even these great ideas have to be evaluated as true business opportunities (here is a post from earlier this year on how to properly examine ideas for their feasibility).
You also have to be clear if the idea is a fad. Fads have a very short business life. It is not a reason to reject an idea, but fads need to be managed carefully. Do not over-invest in overhead, as the business may only last a year or two. If you choose to start a fad business, it means that you should be thinking about your next business even as you start the current one so you keep your income flowing from deal to deal.
Here is a summary of their list of specific business ideas:
Food Related Opportunities: Teas, on-line specialty foods, do-it-yourself meal preparation, one product restaurants, chocolate cafes
Security Businesses: shredding, ID theft prevention, Internet security, data backup, surveillance cameras,
Tech and Home: mobile add-ons, iPod accessories, home staging, senior retrofitting
Business to Business: tech consulting, staffing, tech recycling
Products and Services for Kids: party/activity centers, child care, teaching toys, education and tutoring, cooking for kids, kids' hair salons, e-tailing to kids, "tween" tech
They also highlight a few miscellaneous business ideas that are worth a look.
Two useful features they include are a broad look at emerging industries and consumer trends. These could be rich sources of your own "hot idea" for 2006.
