Is your Business Dying?

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Some of the industries won’t be a surprise, the newspaper industry has been replaced by the Internet and access on our IPhones.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

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