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Teens
and teen culture seem to be everywhere, and with the U.S. Census Bureau
counting more than 32 million kids between the ages of 12 and 19 in 2000,
their opinions and discretionary spending are worth your attention.
According to market research firm Teen Research
Unlimited, teens spent or influenced spending to the tune of $175 billion in
2003-and not just on clothes and CDs. The following hot businesses show how
worthwhile catering to this market can be.
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Teen
Grooming Products. Primping and preening are nothing new when
it comes to teenage girls, but look out-teenage boys are now in the mix
like never before. Business intelligence and market research firm Global
Information Inc. reports that with an industry already boasting $6.9
billion in annual sales, youth hair-care, cosmetics, skin-care, and
ethnic health and beauty items are projected to ring up $8 billion in
sales by 2008.
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Teen
Hangouts. Number one on the list of things to envy about teens
has to be their free time. But when no appealing options are available
for this highly social set to congregate, suddenly youth can seem like
quite a drag. Teens looking for this "third place"-a place
other than home or work where they can gather to relax-have flocked to
coffeehouses and cybercafés. But they still yearn for establishments
that truly cater to them, which is why the mall has remained a favorite.
Malls have kids their own age, music shops, films, fast food, their kind
of clothing stores. Teens across the nation, especially those far
from metropolitan areas, are starving for hip third places, and the
opportunity for entrepreneurs is huge. Rather than try to create a
generic offering, discover what makes teens in your area tick.
Responding to teens' interests may give you all the business you can
handle.
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Financial
Aid/College Planning. Getting into the college of your dreams
has never been a walk in the park, but with rising numbers of students
heading there, competition is fiercer than ever. The National Center for
Education Statistics reports the total enrollment in degree-granting
institutions increased 17 percent from 1988 to 2000; and between 2000
and 2013, total enrollment is projected to increase another 19 percent,
to 18.2 million. Students and their parents are realizing that time and
care are essential in planning for college, and that's where
entrepreneurs come in. Families spend $5 billion annually researching
and applying to colleges, according to investment bank research firm
Legg Mason Investments. Assisting in researching and finding the
right school, filling out admission and financial aid applications, and
then evaluating acceptances and rewards helps students find the school
that fits their needs and creates an excellent business opportunity.
Article
chosen: The Hottest Teen Business for 2005
Copyright: 2004 Entrepreneur.com, Inc.
Publication: Entrepreneur.com
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