Apr 11
19
The world is constantly changing…we know that things develop faster today then anytime in history. The Internet has allowed access to information to everyone with a Internet connection or, gasp, a library card. IBISWorld has looked at the top 10 dying business’s. To be a success in sales you need to be able to sell a product that people actually want. If you want your business to grow, you may have to re-invent your company in order to change with the times an keep yourself relevant.
I had mentioned in a previouss post how Blockbuster did not change with the times, a company once worth $8.4 Billion!!!! Is now worth next to nothing. If you sell, and have no opportunity to bring about real change in the company you work for, I suggest to look for a new profession. Imagine you did not see the writing on the wall with Blockbuster, you would be looking for a job in today’s economy, not something I would want to do.
Some of the industries won’t be a surprise, the newspaper industry has been replaced by the Internet and access on our IPhones. Record stores and Photofinishing places??? I did not even know they were still in existence. I do remember growing up there seemed like there was one on every corner. A few others we also knew were hurting and on a path to a slow death, Home Builders, and Mills. Take a look at the list below, do you see yourself or your company there? If so you may want to think about starting your own business or looking for a new job.
| Sector | Revenue 2010 (in millions) | Decline 2000-2010 | Forecast Decline 2010-2016 | Establish- ments 2010 | Decline 2000-2010 | Forecast Decline 2010-2016 |
| Wired Telecommunications Carriers | $154,096 | -54.9% | -37.1% | 23,474 | -10.5% | -15.9% |
| Mills | $54,645 | -50.2% | -10.0% | 9,553 | -23.6% | -12.8% |
| Newspaper Publishing | $40,726 | -35.9% | -18.8% | 6,128 | -28.6% | -17.6% |
| Apparel Manufacturing | $12,800 | -77.1% | -8.5% | 2,265 | -60.5% | -11.3% |
| DVD, Game & Video Rental | $7,839 | -35.7% | -19.3% | 17,369 | -34.8% | -11.2% |
| Manufactured Home Dealers | $4,538 | -73.7% | -62.0% | 3,968 | -56.7% | -58.7% |
| Video Postproduction Services | $4,276 | -24.9% | -10.7% | 1,789 | -43.2% | -37.8% |
| Record Stores | $1,804 | -76.3% | -39.7% | 2,916 | -77.4% | -11.6% |
| Photofinishing | $1,603 | -69.1% | -39.1% | 7,083 | -59.3% | -33.3% |
| Formal Wear & Costume Rental | $736 | -35.0% | -14.6% | 2,310 | -28.5% | -17.0% |
Courtesy of the WSJ
Although I am not in that list…what a depressing list! Makes you want to stay of your toes so you don’t go the way of Blockbuster. We were in one recently during its last days open, selling al inventory, etc. Pretty sad stuff.
Jen battaglino
Personalized Empowerment – Face Your Fear
Some industries clearly need to change their business model.
Thw world is in constant motion and change. Just the way it has always been.
http://www.foreverecofriendly.com
Brian, you look at the buggy whip companies of the early 1900′s and probably thought they would be around forever. great topic about looking how times will change.
I remember that great blog post about Blockbuster.
Maybe you could add a link in here back to that post so your new readers could find it easily?
Michael
Great blog topic! I’m surprised at the decline in apparel manufacturing – people are still buying clothes, although evidently not formal wear. Is this due to competition from low-end markets? If so, would that industry be on the incline in those competing countries?
Clare
For Everything Eco-Friendly
It does look depressing , however it is the normal way of things .
So sad….I thought that Blockbuster was changing with the times; with their movie kiosks and their online movie rentals and downloads…..great post.
The apparel industry surprised me, too…but so many of my friends now buy and resell their clothes on Ebay, at consignment stores and at yes, good will and thrift stores and estate sales and garage sales. My favorite tshirt last summer came from a garage sale and it was brand new with the tags still on it, never worn.$2.The secondary market in apparel has to be taking its toll.
And when/if they buy new it is more intentional and usually on sale.I know that when I was working in the Insurance industry I was a Neiman Marcus, Saks, Nordstrom shopper. Have not been in those stores in a while.Now I would rather buy a book:).
Sonya Lenzo
http://www.oldbooksmarket.com/honeybunch/
Indeed! Just yesterday I drove past the empty shell of a former shell of a Blockbuster Video store and thought of your discussion on that.
Good to keep flexible and aware of changing trends which impact your business.
Happy Dating and Relationships,
April Braswell
Facebook Dating
http://aprilbraswell.com/blog/category/socialnetworking/facebookdating
Great Post, Bryan and a valuable reminder that the world is changing – constantly evolving – and if we want to be part of the world, we need to change/evolve, too! I remember when Blockbuster offered, like Netflix, the opportunity to have movies sent directly to your home and I recall Netflix’s CEO just shrugging his shoulders and saying, that they ( Blockbuster ) was barely catching up and he had a few ideas of the direction Netflix would be taking … think 2 steps ahead might be a good rule to always remember.
Best, Neil
http://geneflora.com/yahoo-or-google-the-choice-is-clear/
Life is changing so fast that for many people is hard to follow the rythim. Many of the bussiness from when I was a kid have dissapeared in my hometown. The only ones that have never declined and are always full are coffee shops, will they dissapear too?
[...] employed or have given up looking for work all together. I had written in a post about some of the dying industries. There are other business’s that I would stay away from right now, business’s that are [...]