Promising small business growth sectors in 2012

At a time when many frustrated unemployed workers are looking for ways to become self-sufficient, The Street recently identified several industries expected to be ripe with franchising and small business opportunities in 2012.

Industries that are projected to see significant growth over the next decade include elder care, health and wellness, warehousing and shipping/logistics.

According to Shelly Sun, CEO and founder of BrightStar Care, a rising number of families are looking for "higher quality, more affordable care in the home when they need it as an alternative to moving to facilities that can be much more expensive." And with Baby Boomers getting older every day, the country's elder care market is set to grow significantly.

At the turn of the century, economists predicted that wellness would be the next trillion-dollar business for the United States - and, according to Gina Payne, national director of wellness at employee benefits consultant CBIZ, "It is scheduled to hit this mark in 2012."

As economic uncertainties continue, companies are looking to cut costs and bolster their bottom line. Because of this, the warehousing industry is set to expand over the coming years as companies eschew owning their own spaces in favor of leasing.

Amid slow economic recovery, some small businesses are gradually getting back on their feet. The fact that they'll need to move larger shipments, in conjunction with the United States Postal Service's planned cutbacks, opens an avenue for shipping/logistics expansion.

According to AdviCoach, financial management snafus and cash flow restrictions are responsible for more than two-thirds (70 percent) of business failures within their first year. This underscores the need for prospective entrepreneurs to draw up comprehensive business plans before taking the plunge.