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Thursday, June 4, 2015

Looking to Start a New Business? Check Out These Top 10 Fastest-Growing Industries for Entrepreneurs!

Looking to Start a New Business? Check Out These Top 10 Fastest-Growing Industries for Entrepreneurs!
There are no guarantees and plenty of risks in starting your own business. Doing your homework certainly helps, like checking out what industries are hot and which ones are not.

According to a recent survey by Sageworks, a financial information company based in Raleigh, North Carolina, these are the top 10 fastest-growing industries for small business owners, and their growth rates. Keep in mind, the average growth rate for U.S. small businesses is 8 percent. These industries have far exceeded the national average.

#1 - Construction: Residential building comes in on top with an average growth rate of 14.77 percent.
#2 - Custom software and servers: rates second with a 14.29 percent growth rate.
#3 - Machinery and equipment: ranks number 3 with a growth rate of 13.75 percent.
#4 - Technical consulting services: comes in fourth with a 12.31 percent growth rate.
#5 - Architecture and engineering services: ranks number 5 with a 11.40 percent growth rate.
#6 - Foundation, structure, and building exterior contractors: at 11.37 percent, this industry ranks 6th.
#7 - Building finishing contractors: come in at number 7 with a 11.32 percent growth rate.
#8 - Freight trucking: ranks number 8 with a 10.41 percent growth rate.
#9 - Building and dwelling services: with a healthy 10.11 percent growth rate, this industry ranks number 9 and includes services such as pest exterminators, janitorial services, and landscaping.
#10 -Specialty trade contractors: this can include any site preparation services and other specialized trades and has a 10.04 percent growth rate.

Service industries growing fast

According to Sageworks, the fastest growth is in service businesses. Entrepreneurs can get into these industries without spending a lot of money on equipment and inventory.

To read more, visit www.entrepreneur.com/article/226256
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