Hot New Business Ideas for 2007

What industries will be popular next year?

Entrepreneurs who are preparing to launch their own business are naturally interested in future trends. Businesses that go against trends and fashions are not likely to do well. With the change in consumer tastes, prospective business types also change.

We asked three experts in business startups on the prospective business items for the next year. They forecasted, “In the new year, fusion-type restaurants and environment related items will be a hit.”

“Target well-being and health”-

If you plan to launch a business next year, you could choose “well-being and health,” “environment-friendly,” and “fun item” businesses.

Consumers today are concerned about their health and the environment. Organic food stores, seafood restaurants, and skin care shops are potential investments. Environmentally friendly items are also good. These range from interior environment cleaning businesses using ozone, to cleaning businesses that specialize in building stairs.

One social trend of 2006 was “fun.” Many businesses adopted fun-added marketing strategies this year. This trend is likely to continue in 2007. Business items that fit this trend may be children’s educational books and games stores that provide educational programs through games.

Lee Sang-hun, director of the Institute of Business Incubation (www.icanbiz.co.kr)

Bright future for modern retro businesses-

“Modern Retro” dining is a prospective business idea. Modern retro means to return to the past, but integrate a modern style and atmosphere.

Restaurants that provide traditional menus with a modern flair, such as interior fusion snack bars and fusion stew and traditional wine restaurants that provide stews, gamjatang (pork rib soup), or aged kimchi have done well. To start businesses at a low point in recession times, it is better to focus on stability. This is why restaurant menus should comprise of familiar food such as seolrongtang (beef-and-rice soup), gamjatang, sundae (Korean styled sausages), and bossam (steamed pork).

The Avian Influenza (AI) incident has alarmed the poultry industry. Delivery-centered chicken stores are predicted to see a reduction in sales. But unlike 2003 when the AI was first became the public concern, consumers are less susceptible to alarm, which is why chicken and beer restaurants and barbecue stores have a bright future.

Kang Byung-oh, CEO of FC Business Start-up Korea (www.changupkorea.co.kr)

A retail revolution through smart marketing-

Recently, strong dining industries and the increase of large-scale distribution centers have prevented chances for retail business start-ups. But compared to dining businesses, it is easier to manage retail businesses and recoup investment costs at the same time.

Especially starting in 2006, functional products increased in variety, and with customized products on the rise, retail businesses are predicted to do well. Rather than selling just shirts or ties, counselor type clothing stores that act as fashion coordinators, as well as functional shoe stores have a rosy future.

Consumers these days willing to pay a lot of money on a certain item, but for ordinary products they also want to purchase at the lowest price possible. This is because “2000 won shops” or restaurants that boast low prices are expected to do well.

With the heightened interest on “green consumption,” organic food product businesses, particularly competitive brand chains, are forecasted to expand.

Lee Kyung-hee, Director of Korea Business Incubation Strategy Institute (www.changupx.com)