Will a “Green Business” Keep You “In the Green”?
“Green Business” has been a buzzword for several years now, but the green may be fading. If you are a Baby Boomer looking for a business concept, you can find lots of opportunities to start a business selling “green” products, but you might find that “green” doesn’t sell like it used to. Green businesses may be overrated right now as people struggle with a down economy and fewer dollars to spend.
The concept of “green” actually started, as I remember, back in the 1960’s with the environmental movement. I first heard about it when I was in college, over 40 years ago. Incentives (“the carrot”) and fines/penalties (“the stick”) brought about massive changes in the way businesses worked; I remember the dramatic changes in the skyline of Cleveland, Ohio, where I lived at the time. Within a decade, you could actually see the sun over the Cuyahoga River valley, instead of pollution.
The environmental movement grew and changed, as these kinds of things do, and I remember 15 years later hearing about it when I lived down in Florida. People then were worried about the vanishing Everglades and the panther and alligator.
When I think of “green, I see “sustainable,” as in building with renewable (non-polluting) resources. It may also mean “green brands” – those products which are made from renewable resources and which conserve the environment.
While we all agree “green is good,” and we may be firmly in favor of the “green” movement, now may not be the time to start a green business.
Greenbiz (a website detailing green initiatives and stories about green businesses) says the green movement may be slowing down because of the market downturn. For example, the demand for recyclables has declined and the higher prices of green products are keeping many from buying.
Bottom line: Think carefully before you decide to put green products on the market. If you are charging higher prices for these products, you may need to find a way to market them as “money-saving” in the long run.
While “green” products are still marketable, it may be a while before consumers will buy them purely for their their eco-value.