Thursday, June 4, 2015
Looking to Start a New Business? Check Out These Top 10 Fastest-Growing Industries for Entrepreneurs!
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