The Hidden Job Market: Real or Imagined?
The hidden job market has been touted as the place to go if you want to find the best jobs. It's been said that this sector of the job market accounts for seventy-five percent of all the job openings out there. If that is true, then what we see in the classifieds and on the Internet job sites account for only twenty-five percent of all job openings. So the question becomes, is the hidden job market a myth or does it truly exist? The hidden, or unadvertised, job market does exist, and can be located. When a company advertises a job opening in the classifieds and on the various job sites, it takes three to four months for that position to be filled. Since companies lose money every day a position remains open, advertising a job opening is seen by many as a non-viable approach. Roughly seventy-five percent of all job openings are therefore unadvertised, which means you will not see them posted on any of the job sites. You will not be aware of their existence. They are indeed hidden opportunities. It is absolutely worth your effort to find these opportunities. Companies have learned to search for viable candidates using three fundamental strategies other than advertising: networking, using recruiters, and probing the job sites. So how can you take advantage of these approaches to tap the hidden job market? Networking isn't an approach exclusive to hiring companies. You, too, can engage in networking with all the people you know. As an extremely powerful strategy accounting for roughly 80% of all job fills, networking allows you to get in doors that would otherwise be impossible to enter. You can network your way into potential opportunities that can turn into the right job created just for you. Networking is one of the best ways to tap the hidden job market! Screening and reviewing hundreds of resumes for accuracy and position viability is time-consuming. When the job-required personality doesn't materialize at the interview, more time is wasted. For this reason, more and more employers turn to recruiters for a more efficient hiring process. A recruiter uses exhaustive screening procedures as part of their candidate search process. They charge a fee to the employer for this service, but it is worth it in terms of time and effort. Recruiters utilizing keyword searches scour the top job sites in search of candidates to fill their unadvertised job openings. Recruiters will find you as long as your resume is a match to the qualifications of the position they need to fill. So one of the best ways to capitalize on a recruiter's mission, and to indirectly tap the hidden job market, is to post your resume to the top career sites. It's a simple yet powerfully effective way to avail yourself of all the unadvertised positions out there, and take your job search to a whole new level. Copyright © 2005 TopDog Group All rights reserved. David Richter is a recognized authority in career coaching and job search support. He has spent many years in recruitment, staffing, outplacement, counseling psychology and career management spanning most industries and professions. David founded TopDog Group in response to the needs of job candidates to have a higher quality of career coaching and support available on the Internet. David understands the mechanisms for success. He has formulated specific strategies anyone can use to secure interviews and receive offers. His extensive knowledge and experience sets David apart in this field, allowing him to offer a wealth of information and a vast array of tools, resources and strategies not found anywhere else. He has shown countless job seekers how to differentiate themselves and leverage their potential to the highest possible level, making a real difference in their careers. David holds both a Bachelors and Masters in Electrical Engineering and a Master of Arts in Counseling Psychology. David's website address is: http://www.procareercoach.com
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Some of the high tech businesses cited like mobile gaming or online learning tend to require six and seven figure start up costs. This can seem daunting (although not impossible) for the person just venturing into self-employment. So I've decided to focus on the markets, trends, and businesses that speak to someone operating on a somewhat more limited budget. Let's start with hot markets:
HOT MARKET: Middle-Aged Women
Since I've recently entered my last year in my 40s, I thought it only appropriate to start with this group (although like most boomers, I still have a hard time thinking of myself as anything close to "middle aged"). Not surprisingly, products and services for women in their 40s and 50s that center around anti-aging and menopause are hot. The magazine cites such promising areas as counseling, exercise spas, yoga, smoking cessation programs? any product or service that helps women stay healthy and feel good about themselves ? both inside and out.
The reference to smoking cessation got me thinking? Residential treatment facilities for other forms of substance abuse are common- place, but I've personally never seen a retreat, spa, or other residential-type place specifically aimed at people who need help quitting smoking, and who would benefit from doing so outside their home environment. I'm picturing morning walks, meditation, massage, support groups, good food, and of course, lots and lots of punching bags!
HOT MARKET: Toddlers/Tweens/Teens
According to market research firm Packaged Facts, last year 5 to 14 year olds spent $10 billion on food and beverages. Other favorite product areas for kids are sports, fashion, music, and technology.
And apparently home décor and remodeling isn't just for adults anymore (who knew?). Stores like IKEA and Pottery Barn are starting to selling home furnishing products aimed at teens.
With baby boomers having more discretionary income with which to spoil their grandchildren, babies and toddlers have also become hot markets. Online start-up ELittle Luxuries offers designer baby furniture and more than 600 other upscale baby items. (http://www.eLittleLuxuries.com)
HOT MARKET: Overweight People
After reading how much kids spend on food and beverages, it's no surprise that 15% of children and teens are overweight. But we adults have them beat. A whopping 64% of Americans are considered obese or overweight. Businesses that offer products and services to help people slim down and develop more healthy habits are the most obvious. But entrepreneurs willing to think outside the "solve the problem" box by looking for ways to make overweight people's lives easier verses trying to fix them, will also do well.
HOT MARKET: Metrosexuals
With the enormous appeal of stylish soccer super star David Beckham and shows like Bravo's Queer Eye for the Straight Guy where gay men help straight men with fashion, grooming, home décor, and social skills, a growing number of heterosexual men are allowing themselves to tap into their fashionable side.
One enterprising guy who jumped into the metrosexual market early has seen phenomenal growth. With $20,000 and a dream, Tom Granese launched Regiments, an online store that sells high-end grooming products for men. Less than two years later, Tom opened his first storefront in Dallas with a projected $210,000 in first year in-store sales.
HOT MARKET: Hispanics
The Hispanic market is certainly nothing new ? in fact it's made Entrepreneur's list for many years now. The magazine cites opportunities in anything from food and entertainment, to financial services and Web services.
Now let's look at two of Entrepreneur's picks for hot trends in 2004?
HOT TREND: Outdoor Living Spaces
Into gardening or design? According to Joanne Kostecky of the American Nursery & Landscape Association, and president of her own garden design company, the concept of outdoor living rooms that is so popular in the south and some urban areas is beginning to reach the rest of the country. The fact that more consumers are investing in courtyards and elaborate gardens means the gardening and outdoor design businesses are bound to grow!
HOT TREND: Fast-Casual Food
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Idea: Back in my old softball days I always wished someone would cater to all those hungry players and fans by starting a high quality food wagon.
Other Hot Trends? Boating and water sports, the hunger for low- carb foods (a trend being taken seriously by restaurants, grocery stores, and food manufacturers), oils and sauces, and multiculturalism which includes the gay and lesbian markets.
Hot markets and hot trends lead to hot businesses. Here are some of Entrepreneur's picks?
HOT BUSINESS: Children's Enrichment Programs
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If you think opening your own place is financially out of reach, think again. While $12,000 is no small sum of money, it's a lot less than a lot of people might expect they'd need to shell out to start their own dance studio. But that's how much former dance student turned instructor Archer Alstaettter dug up in cash and credit cards to found Dance Emotion in Irvine, California. That was five years ago. Today Archer's studio has 500 clients and expects 600-plus to be enrolled by spring. You go Archer!
HOT BUSINESS: Home Improvement
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HOT BUSINESS: Yoga & Pilates
According to Entrepreneur, companies are bending over backwards to cater to the growing market of people practicing yoga. Clothes, mats, DVDs, music, and classes aimed at seniors, pregnant women and children as young as three are just a few products and services aimed at this growing market.
And with a reported 47 million Americans taking Pilates, a work out that builds abdominal muscles, opportunities abound for gym owners and instructors alike. If you like the idea of teaching Pilates, studio owner Maria Leone recommends starting out by keeping overhead low. She suggests renting space for one-on-one sessions from a small gym or chiropractic office. Fees for a typical Pilates session range from $50 to $70 an hour. Meditate on that!
HOT BUSINESS: Upscale Pet Services
According to the American Pet Product Manufacturers Association, Americans spent an estimated $31 billion on pets in 2003. A few of the luxury services cited include pet hotels complete with heated floors, limousine rides, day cruises, and personal shoppers. And apparently the spa trend has extended to the pet world with exfoliating treatments, aromatherapy, liposuction (I kid you not), and chiropractic services.
HOT BUSINESS: Outsourcing
Outsourcing is one of those good new-bad news things. If your job is being eliminated because it's cheaper for your company to outsource functions like HR, accounting, and network security, then outsourcing is a bad thing. Outsourcing is particularly hot in IT ? and when it comes to outsourcing jobs overseas, it's also controversial. The good news for freelancers is the federal government plans to open 850,000 jobs to outsourcing, with $85 billion in federal IT contracts to be awarded over the next three years
Other Hot Businesses: Spas, organic foods, online matchmaking, senior care, wireless, tech security, and voiceover IP (VoIP).
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If you don't already subscribe to Entrepreneur you can do so at http://www.Entrepreneur.com. The site also features a ton of free resources for anyone who already is ? or dreams of ? working for themselves. For other free resources for people who want to start their own businesses visit http://www.ChangingCourse.com/newbiz.htm
Okay, but what if you don't see a trend, market, or business here that speaks to you? Then find the one that does! I had a client who is crazy for horses and photography. It took me all of 30 seconds on Google.com to find a group called the Equine Photographers Network.
In addition to their conference this February in Florida, the group offers a free public online discussion group with over 700 members who range from top-of-their-field working pros to amateur photographers to magazine editors and writers to horse owners, all interested in improving their equine photography skill and knowledge. Learn all about the Equine Photographers Network at http://www.EquinePhotographers.net.
The way to find the "hottest" business idea for you is to get in touch with the passion that burns the brightest in your heart. Then make 2004 the year resolve to you take those first bold steps on behalf of your dream!
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Comment by Gary Chaison