Fastest Growing Industries Provide Opportunities
When starting a small business, one of the first things you will do is choose an industry to enter. This is a big decision, as it will impact your company for many years to come.
You might guess that tech and Internet startups would be leading small business growth, but according to data from Sageworks, shared by Forbes, trucking companies and building contractors are among the fasting growing small business industries.
While you don't have to follow the trend, getting involved in an industry experiencing robust growth never hurts. These industries are growing fast, and for this reason there is plenty of room for new companies to make a dent.
Upon examination of the top 10 list, you will come across many interesting findings. For example, five of the industries are construction related. Along with this, general freight trucking is at the top of the list, thanks to 24.8 percent sales growth over the 12 month period ending on May 31, 2015.
Let's take a closer look at the list in its entirety, including the industry as well as its sales growth:
- General Freight Trucking: 24.8 percent
- Foundation, Structure, and Building Exterior Contractors: 19.4 percent
- Services to Buildings and Dwellings: 16.7 percent
- Specialized Freight Trucking: 16.3 percent
- Computer Systems Design: 13.8 percent
- Other Specialty Trade Contractors: 13.4 percent
- Utility System Construction: 13 percent
- Machinery, Equipment, and Supplies Merchant Wholesalers: 13 percent
- Residential Building Construction: 12.8 percent
- Building Equipment Contractors: 12.5 percent
Overall, this list is a good indication of what is happening within the United States small business economy. Privately held companies, on average, have experienced 10 percent growth over the past year.
When certain industries experience an increase in growth, such as construction, it helps to pull many sectors in the same direction. This allows for companies in related sectors to ride the coattails of this growth.
This list changes from year to year. Even so, if you are thinking about starting a small business, one of these industries may be a good place to start.