Have you decided that 2016 will be the year you branch out on your own? Starting a business is a big undertaking, but there is no better time than the new year to take the leap.
If you have yet to pinpoint the industry you will join, now is the time for doing so. While some industries are especially high risk, others are in demand and growing.
Forbes, citing data from Factset, recently released its list of the 10 most profitable industries of 2016. "Pharma: Generic" is projected to lead the way as the most profitable industry with a 30 percent net profit margin.
As you make your way down the list, there are many other industries expected to perform at a high level in terms of profitability:
Pharma: Generic: 30%
Investment managers: 29.1 percent
Tobacco: 27.2 percent
Pharma: major: 25.5 percent
Internet Software and Services: 25 percent
Biotechnology: 24.6 percent
Savings Banks: 24 percent
IT Services: 23 percent
Regional Banks: 23 percent
Major Banks: 22.9 percent
Will your startup fit into one or more of these industries? If you have yet to decide which direction to move, you may want to seek an opportunity with the greatest profit potential.
Any business, regardless of industry, can be profitable with the right approach. However, some industries, such as those listed above, are growing fast and generating the highest level of profit.