Growth industries if you are starting a business
Are you considering starting a business? Here are seven growth industries to consider if you are starting a business.
It goes without saying that starting or buying a business during a recession may not be the smartest thing to do. However, history would suggest you are wrong. Some of our strongest and most successful companies started during a recession. For example, Hewlett Packard started out of a garage during the Great Depression.
If you’ve decided to start or buy your own business one of the best strategies would be to choose an industry that’s performing well in spite of the recession. An analysis of data by Sageworks’ found seven industries that are experiencing growth despite the recession.
These seven industries are as follows.
- Vehicle maintenance. Auto-repair shops increased sales an average of 2.4 percent over the past 12 months. In contrast, car dealers saw their sales drop 9.7 percent in the same period.
- Home remodeling. Sales rose 4.6 percent in the past year for contractors such as electricians, plumbers and heating specialists. On the flip side, home builders saw their sales fall at least 5 percent in the same period.
- Food stores. Grocery stores’ average sales increased 6.7 percent in the past year, while sit-down restaurants saw sales fall 3.9 percent.
- Specialty schools. In 24 months, technical and trade schools had top-line revenue growth of 7.8 percent, up from 5.9 percent in 2007.
- Dentists. The average dentists’ office saw sales increase 7 percent in the past year, up from 5 percent in 2007.
- Certified public accountants. The average revenue at accounting firms grew 10.2 percent in the past year, making the accounting industry among the top 20 sectors in the country by sales growth.
- Personal-care services. Skin-care specialists, nail salons, barber shops and hair salons saw average sales grow 4.5 percent in the past year.
As you consider your options make sure you understand your personality, the skills you bring and your resources. Your options include starting your business from scratch. This can be the least expensive option but you have to come up with an idea that’s currently not in the market and hope you can execute to make a profit before your capital runs out.
If you buy an existing business or buy the rights to a franchise, do your research. If you look at buying the rights to a franchise, make sure you interview as many franchise owners in that system as possible as this will give you great insight in determining the success of that franchise. Franchising is a great option for a business owner who doesn’t want to do everything and is particular attractive to those that have worked in Corporate America and developed highly specialized skills.
The franchisor brings their skills and experience they have developed over the years and generally bring this to you at a much cheaper price than you can acquire on your own. Before you invest too much time looking at a franchise, make sure it’s available in the area where you live. If the territory is sold, look for another opportunity.
There are an enormous range of franchises available. My office currently has over 120 different franchises for sale. If you would to see if one of these suits you, click on the following link Buy a franchise
Once the page loads, move towards the bottom of the page and click the link that points to the list of current franchises available. If I can help, give me a call today at (916) 570 2674.