Top 5 Business Industries for Start-Up Companies

If you are thinking about starting a company, it’s important to first do your homework on which business industries are currently successful and in periods of growth. No matter if you are building a small or large company, it’s an investment – much like investing in property. You wouldn’t invest in property when it’s a “seller’s market” or putting money toward a property whose value will decrease in upcoming years. So why would you put time, energy, and money into business industries that are not performing well?

We’ve gathered the top five business industries that have shown growth and success over the past year. Take a look to see which of these might fit your entrepreneurial dream!

1. Technology – It’s not surprising that technology has the number one spot on our list of top business industries; over 850 million computers exist in the world. Technological consulting and maintenance alone has grown by 12% in the past year and hardware/ software development jobs are projected to nearly double in the next decade.Our daily lives revolve around being connected online through smartphones, laptops, and tablets. And larger businesses require advanced programming, security, digital forensics, and online marketing. Technology is a support to other business industries, as well as its own industry that constantly grows and changes to fit modern needs and desires, right down to the app and game development that allows us to fill the boredom of our busy schedules.

2. Financial Services/Accounting – With the constant government changes to taxes, health insurance, and other financial factors, it’s become almost a necessity to hire someone to keep track of your financials (and the rules). Financial advising is one of the best business industries to get into right now because of the increasingly confusing details and the widespread need for solid financial guidance.

3. Entertainment/Leisure – Over 90% of households own at least one television. As technology increases, manufacturing costs decrease and more families splurge on this type of home entertainment and leisure toys. Home theater and TV installation is just one type of service within these business industries. Baby boomers will soon become the richest retirees that the nation has ever seen. What will they do with the cash? Spend it on leisure activities like golf courses, theaters, and casinos among other types of entertainment.

4. Health Care – While nursing care facilities have seen a negative growth of about -2% in the past year, other types of business industries within health care have prospered. For instance, mobile healthcare has become a more popular option and alternative to nursing homes.

5. Labor – Residential construction has grown by 15% while landscaping, janitorial services, and similar labor positions grew over 10% in the past year. Why? The business industries within this category depend on other forms of growth and the economy. The country is just beginning to bounce back from the recession. An increasing number of people are now able to invest in building a new family house or dressing up a property with professional cleaning and landscaping.

Keep in mind that certain business industries will perform better than others depending on the location. Also, more and more business industries are finding increased success by going green, which is something to look into no matter which type or size of the company you plan to operate. In addition, even the most lucrative and successful business industries may face calamity or periods of low profit. Being an entrepreneur means sticking it out through the ups and downs, facing the challenges, managing losses well, and taking the risk to find opportunity.

In certain cases, an opportunity may present itself in the form of buying out a business within your industry that will enable your company to grow. Expansion like this is a tough decision, but can be very rewarding. Let Sunbelt Business Brokers guide you; find a broker and peruse the business industries and latest listings for sale online.