fastest growing industries to start a business

    fastest growing industries to start a business

    The following companies almost all use the internet in some capacity, whether they provide web based services or just use it to advertise and sell their products. Tech industry projected growth. TruBlue Total House Care Franchise is an excellent opportunity to get started in the exponentially growing market. You might know this industry because of how common the names of the biggest companies have become: LabCorp and Quest Diagnostics, for instance. According to the NAIC, businesses in the management, scientific and technical consulting services industry are involved in providing advice and assistance to businesses and other organizations on management, scientific, technical and environmental issues. Read: 5 Lessons You’ll Learn When Scaling Your Business. – #169 on the list is Security Industry top company DirectDefense, Englewood, CO, builds custom security protection systems for computer networks and platforms. Not only profitable today, … Some useful examples of establishments within industry include health screening services, physical fitness evaluation services, hearing testing services, smoking cessation programs and pacemaker monitoring services. – The Energy sector top performer is #2, EnviroSolar Power, Fort Worth, TX is an installer and manager of solar energy for commercial and residential buildings. – The fastest growing company in the travel industry at #63 The Air Travel Group, Orlando, Florida,  which negotiates airline fares for event travel for groups, corporate and sports franchise. April 27, 2020 ; Rinie Wilson; Posted in Editorial Opinions Startup; The current economic conditions due to the coronavirus have deteriorated considerably. This industry grew by 303,200 jobs over the last 10 years and is projected to add another 250,000-plus jobs by 2028. For example, startups can offer an online dressing room or better delivery options. From biotechnology to artificial intelligence, we count down five of the fastest growing industries. Founded in 2015, the e-sports start-up has raised $14 million till date. The ICT industry has shown consistent growth in this industry. Get more great articles straight to your inbox! The office of the industry called other health practitioners is composed of independent health practitioner businesses, excluding physicians and dentists. There are lots of great study options available to help you get your foot in the door in this growing industry. The industry for home care and maintenance has grown by 13% since 2016, making home and property maintenance the fastest growing industry to start a business in 2020 by Excellent Webworld. Technology. Related: How to Start a Business in Texas. #20 DGC International,  Vienna, VA, Offers intelligence, logistics and transportation, training, and global operations support to the military and federal agencies. The goal is to create greater utility for aspiring entrepreneurs; we think it’s a lot more helpful to know that the fastest growing industry is home healthcare services, rather than simply healthcare, which encompasses thousands of different business ideas. Major companies in this industry include DSV Solutions, Fedex Supply Chain Distribution Systems and CGB Enterprises. #29 TechAnax, Woodbridge, VA,  Provides program management, network design and engineering, information assurance, IT, data center hosting, unified communications, and other services to government agencies. Required fields are marked *. You may have noticed the greater appearance of outpatient care centers in recent years, often taking form as standalone medical buildings, unattached to a physical hospital. Check out the 15 best industries you can launch your business in, and become the industry leader with consistent efforts and the latest technology upgrades. Filled with powerful brand-building tips to help you come up with your PERFECT new business name :), Highlights: INC 5000 Fastest Growing Companies. Home » Entrepreneur » 16 Fastest Growing Industries to Start an Online Business In. The original dotcom era put software publishers on the map and developments over the last 10 years have made employment explode: From 263,600 jobs in 2008 to 407,900 jobs in 2018. To start a business in the health sector, focus on the hottest sub-sectors: biotechnology, health data management, and personalized health. Along with everything else a healthy business requires, this is a pretty important task. There was a recent article saying that, Trucking One of the 10 Fastest Growing Industries Forbes. One of the best ways to mitigate this risk is by starting a business within a growing industry, where the market is wide enough for new businesses and freelancers to capture their share of the profit. Professional Services. Launching a successful business as an entrepreneur means identifying unique opportunities in growing industries. Riding the healthcare boom into the future is the offices of the physicians’ industry. If you're dealing with razor-thin margins, consider building passive income streams. The global information technology industry is expected to grow at a rate of 3.7 percent in 2020, to $5.2 trillion. The medical marijuana industry has two of the fastest-growing businesses from 2018 to 2019—both growing and retail. We promise not to spam you. 101 Best Side Business Ideas to Start in 2021 (While Working a Full-Time Job) Now, let’s dive in. 5 Fast-Growing Industries Ripe for Entrepreneurs Next Article --shares; link ; Add to Queue Entrepreneur's New Year’s Guide. Plus many business owners just don’t have the time to learn the ins and outs of good bookkeeping practices. Recent Posts . Best States to Start a Business (2020 Study), Truck Driver Salaries in Every State — Study Reveals Best and Worst States for Truck Drivers, Cities with the Most Female Entrepreneurs, Computer Systems Design and Related Services, Management, Scientific and Technical Consulting, Data Processing, Hosting and Related Services, Other Professional, Scientific and Technical Services, Junior Colleges, Colleges, Universities and Professional Schools. { By 2018, that amount had more than doubled to $205.9 billion. One of the best examples of an e-sports start-up that has seen immense growth is smash.gg. It’s easy to see why it’s such a fast-growing sector. Thus, think of the abundance of online publishers and sites that have emerged over the course of the last 10 years. From a current output of $38.6 billion, the industry is forecasted to reach $50.5 billion worth of output. Over the next 10 years, it is projected to grow even more, by 713,700 additional jobs. #7 AutomotiveMastermind, New York City, Develops predictive analytics and marketing automation technology for the automotive industry. The key point is that these businesses store goods — they do not sell the goods they handle. In line with this trend, home healthcare services have been and will continue to experience incredibly fast growth in the coming decade. Another thing that is making the ICT industry thrive is the market for cell phones. Here are the fastest growing industries in the U.S.: Healthcare seems to be on an unceasing rise, especially with the large generation of baby boomers entering retirement and old age. 8 Fast-Growing Industries to Start a Business in 2014. “Other” industries also tend to overlap with businesses that handle outsourced work, like health evaluations or management consulting. Learn: 9 Effective Growth Strategies for Your Small Business. The forestry industry can be broken down into timber tract operations, forest nurseries and gathering of forest products. To get a better idea of the industry, here are some of the subsectors that fall under offices of other health practitioners: offices of chiropractors, optometrists, mental health practitioners, physical therapists, audiologists, podiatrists and all other miscellaneous health practitioners. You’ll definitely find one on this list. In 2017, 45% of corporate employers offered some form of health and wellness program to their employees in 2013, up 15% from 2005. Covid has disrupted the global economy, but ZM, AMZN, NVDA and AMD are among 27 fastest-growing companies expecting up to 711% growth in 2020. 1. Individual and family services is composed of establishments that are primarily involved in providing nonresidential social assistance services to children and youth. To start a new business effectively, you need to have a good idea or the fastest growing industries you’re preparing to enter. And outside of your personal skills and interests, there are real factors at play that can either limit or unleash your business’s success. Here’s another one of the fastest growing industries that’s an “other.” According to the NAICS, businesses in this industry are involved in the provision of professional, scientific or technical services, with many exclusions. 16 Fastest Growing Industries to Start an Online Business In. This industry has a fairly broad range. 44 percent of businesses plan to increase tech spending in 2020, up from 38 percent in 2019. Based on the title of the industry, the areas covered can seem vague. } Postal, printing and PC servicing, as well as office product sales, are all included in the wide-reaching industry of business services. 1. Top 5 Fastest Growing Industries To Start A Business In 2020 . The recession has mostly subsided, and the economy appears to be rebounding after a slow, cold winter. Industry output is forecasted to reach $230.9 billion in 2028. Keep reading for more details on why these industries are poised for growth in the coming decade. In most U.S. cities, one of the largest employers is always a school district. 1 – Renewable energy The price of renewable energy such as solar and wind power has declined in recent years and become more affordable, meaning that green power is now being seen as a more feasible option for many countries and companies. The “in-vehicle” technology market is expected to grow 6 percent in 2020, to $18.5 billion. The category of other information services is just one of several fast growing industries with “other” in its industry title. 435 of the companies are located in Texas including these notables: #30 Spar Information Systems, Plano, TX, services in big data, business intelligence, data warehouse and software development. Costs to Start Jewelry Business: Store, Online & Handmade, Calculate Startup Costs: What It Costs to Start a Business, 33 Woodworking Business Ideas: Top Selling Projects with Pictures, Travel & Hospitality – 201% aggregate growth rate. "mainEntity": { Over the next 10 years, industry output is projected to exceed $280 billion. The industry with the highest growth rate is the tech industry, with software jobs, information jobs, and more growing year on year at 27% or more projected for the next five years. Many of these jobs are unique, exciting, and surprising-- so if you want some inspiration for creating your own small business, then you’ve come to the […] Experts estimate that the corporate wellness Industry will grow annually at 10% or more. And with over 28 million small businesses in the U.S., it’s no wonder these establishments that support commerce are all staying busy. Interestingly, a recent study by financial data firm Sagewell also indicates that five out of ten of the fastest-growing small business industries are related to construction. Operators in the Cotton Growing industry have endured extreme revenue volatility and fluctuating profit margins over the past five years, with a range of external factors influencing industry performance. Industrial 'Internet of things' A … Some key areas that individual and family services covers are foster care and adoption, life skills training, drug prevention and social development. Entrepreneurs looking to start a new venture would be wise to focus their ideas on fast-growing industries. Facebook Twitter LinkedIn Messenger So far, 2014 has been a promising year in terms of economic recovery. In the last 10 years, employment in outpatient care centers surged from 580,900 in 2008 to 934,400 in 2018. Hundreds of businesses are formed every year, but not all of them succeed. This is because of the never-ending technological inventions that have equally created a demand for technological products. Corporate health and wellness is a growing industry, as companies look for ways to keep employees healthier and happier. The biggest subsector is custom computer programming services — writing, modifying, testing and supporting software needs of a particular customer — with 109,028 businesses. This makes outsourcing a potentially lucrative field to break into. The transition to fiber optic cables for communication, for instance, has accounted for a significant percentage in this growth. Heavy demand for truck drivers has pushed up... Read More, Entrepreneurship has always been the backbone of American commerce. Though growth over the next decade is slower, the industry is still projected to add just under 350,000 more jobs. Transportation The 20 Fastest Growing Industries ... - Seek Business Capital Individual and family services falls under the social assistance part of the healthcare and social assistance sector. Club sports programs are no longer limited to peewee football — adults want in on the fun, too! Which industry has the highest growth rate? Here’s an industry that really isn’t going anywhere anytime soon. The increasing use of outsourcing by businesses has fueled a major growth in industries that handle outsourced tasks, such as recruiting, training, billing, accounting and many more related operations. Income potential: Anywhere from $50 to $100,000 per month. Marijuana-growing-based businesses grew 30%, and retail marijuana stores grew 27%. Let us make it up to you with better articles straight to your inbox. }, Your email address will not be published. We’re on your side, even if it means we don’t make a cent. 3. You can unsubscribe at any time. Bookkeeping Keeping track of expenses is something all businesses have to do. "text": "The industry with the highest growth rate is the tech industry, with software jobs, information jobs, and more growing year on year at 27% or more projected for the next five years. This way, you … The market created throug… This makes bookkeeping both a vital and in-demand skill that most businesses could benefit from. For instance, the industries in our ranking aren’t broad and unspecific like finance, education or energy. The office administrative services industry is a varied one. This means that there are many opportunities for entrepreneurs with more modest resources to take advantage of the wider growth expected in the sector. Demand for higher education in the U.S. has not really been blunted by the huge growth in costs and student loans. These themes and patterns could be used to help prospective entrepreneurs zero-in on potential business ideas. The computer systems design and related services industry is projected to add more than half a million jobs over the next 10 years. You might recognize some top names in this industry, such as Lynda and Learning Tree International. However, there is still hope that we will come out of it stronger. Launching in 2014, Next Business Energy has averaged annual growth rates in excess of 850 per cent and grown annual revenue from zero to more than $100 million. Employment growth in this industry has been strong but so has its output. However, with an annual rate of employment growth of 2.1 percent, the industry is expanding indeed. Save my name, email, and website in this browser for the next time I comment. Trucking companies and building contractors dominate the fastest-growing industries for small businesses, according to new data from Sageworks, a … Think blogging is no longer a viable source of income? The Australian invoicing business has crunched the numbers to reveal the most lucrative industries for small businesses in 2018. Step into a career in one of the Philippines' three fastest-growing industries. ", 1. The Media industries top-performer at #25 is The Penny Hoarder, St Petersburg, Florida a website focused on personal finance to help people save money in unusual ways. We believe everyone should be able to make financial decisions with confidence. According to the NAICS, there are 204,503 marketable businesses in this industry. In the next decade, an additional 221,600 positions will be added. Did you learn something from this article? These “other” industries tend to reflect evolving business practices and behaviors. In the last 10 years, the industry added nearly 200,000 jobs and is projected to add more than 100,000 over the next decade. Micro-Mobility. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. 3. Currently, there are close to 660,000 businesses in management, scientific and technical consulting. See: 6 Ways to Position Your Business or Growth in 2020. The fastest growing industries were analyzed in terms of (1) increase in employment over the next 10 years; (2) compound annual rate of change in employment; and (3) change in the value of industry output. Industries Spread the Love. The surge of outpatient facilities and employment is in many ways directly connected to the opioid epidemic in America. Bottom line? The FT Americas’ Fastest Growing Companies 2020 is a list of the top 500 companies in the Americas that have achieved the highest growth in revenues between 2015 and 2018. 2. Micro-Mobility. #1 Skillz, San Francisco,  a mobile platform developer for video game tournaments, #3 Gametime,  San Francisco, another mobile application, this for selling tickets last minute for sporting events. Capital Intensity: Low. On Sunday, March 15, 2020, the Federal Reserve Board made an emergency move, announcing another rate cut to the fed funds rate. Employment in this industry expanded by more than 415,000 from 2008 to 2018. Using data sourced from the Bureau of Labor Statistics (BLS), the study analyzed hundreds of industries in terms of their 2018-2028 projected growth in employment and compound annual growth rate in employment, as well as the value of industry output by 2028. The list (which follows) includes industries with forecasted growth rates between 118 and 135 percent and a projected 10-year stock growth rate between 56 and 296 percent. The restaurant industry has been hit hard by COVID-19. In particular, small businesses, which are defined as independently-owned businesses with fewer than 500 employees, are significant drivers of economic growth and job creation. A major engine of growth in this industry is the aging baby boomer population, the largest generation of Americans only exceeded recently by millennials. For example, the other information industry includes exclusive internet-based publishers and broadcasters, a field which has significantly cut into the more traditional industry of newspaper, periodical, book and directory publishers industry. In 2008, the output from the data processing and hosting industry totaled $87.8 billion. Let’s take a look at the fastest growing industries of 2019. According to IBISWorld, total revenue for the software publishing industry was $270 billion in 2019. Annual Revenue Growth (2011-2016): 9.8%. #16 Solera Specialty Pharmacy, Pompano Beach, FL, Dispenser of prescriptions for chronic illness such as multiple sclerosis, HIV, cancer and rheumatoid arthritis. Some overarching patterns of themes that emerge include the following: Healthcare is easily one of the fastest growing sectors and claims many of the fastest growing industries in the country. When it comes to starting a business many entrepreneurs are excited by the latest trends. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Deciding which idea of yours will make for the best business to start is a daunting task. 9 fastest growing industry in the U.S. Meal kit delivery is one of the fastest-growing industries from 2019 to 2020, with a revenue increase of 22.8%. 3. A great startup idea would be buying a few trucks, hiring a few truck drivers and starting your own transportation business. Cecilie_Arcurs / Getty Images . One great industry to start a small business in 2018 is that of building or home maintenance, as recently there was a 13% jump in sales, meaning it’s an industry in high demand. 10 of the Fastest-Growing US Companies in 2020. Business Finance. In 2018, it became a $100-billion industry with total output worth $101.9 billion. Try them out to get your online business going. 100 on the MountainWest Capital Network’s annual Utah 100 list of the state’s fastest growing companies. Real Estate. In this video, I will be going deep into the 10 fastest dying industries and the top 12 fastest growing industries. Some recognizable names in this industry include Booz Allen Hamilton, Accenture and Deloitte. 1. The best part about it is that if you offer multiple services in that realm, such as pest control to cleaning and landscaping, the potential for success grows. Steve Griffin, Deseret News Best Niche Industries. Entrepreneurs looking to start a new venture would be wise to focus their ideas on fast-growing industries. A list of the fastest-growing industries for all businesses would include manufacturing, says Bierman, but most successful manufacturers have more than $10 million in … "@type": "Question", } See: 7 Fears to Overcome Before Starting Your Business. 10 Dying Industries #1 Video Tape / Disc Rental #2 Libraries & Archives #3 Directories & Mailing List Publishers #4 Photofinishing #5 Newspaper Publishers #6 Telephone Apparatus Manufacturing #7 Sound Recording Studios #8 Book Stores & News Dealers #9 Stationery Product Manufacturing #10 Textile & Fabric Finishing Mills; 12 Growing Industries #1 VR / AR Barriers to Entry: Medium. How to Come Up with a Catchy Business Name, http://www.businessnewsdaily.com/9542-artificial-intelligence-businesses.html, guide on how to start a business by the experts at Wave, guide on how to start your business right, Cool Business Ideas for College Students to Start in University. This growth makes even more sense when you contrast it with another, adjacent industries in the information sector. From 2008 to 2018, employment in the home healthcare services industry rose by 511,300 jobs. Also, by 2028, the industry’s output is projected to be nearly $115 billion, compared to just $56.8 billion in 2008. This is broad, but it does exclude establishments that provide the staff to carry out the complete operations of a business. A startup can be difficult, let alone overcoming the growing pains in order to stick around well into the future. Here are the 15 best niche industries for startups. All Rights Reserved, This page may contain affiliate links. You can also get into aviation or train industry, creating apps or developing better infrastructure for other businesses. Some key areas that individual and family services covers are foster care adoption... Major growth in this video, I will be an asset to any company that... Through recessions. so far, 2014 feb 27, 2014 by Brandon Gaille than 100,000 the! In your general area s an industry that ’ s such a fast-growing sector is the of! Merchandise, refrigerated goods and other products to any company for instance, the industries the., June 19, 2020 going anywhere anytime soon us companies in forestry include Interfor, timber. These industries are poised for major growth in its fastest growing industries to start a business equivalent value industry... Lots of great study options available to help prospective entrepreneurs zero-in on potential business.. From biotechnology to artificial intelligence, we ’ re on your Side even... And energy place second and third in the door in this industry grew 303,200. Outsourcing is frequently the target of criticism for eliminating jobs, especially low-skilled labor industry is... Cell phones of it stronger down into timber tract operations, forest nurseries and gathering of products... Some big-name companies in this industry are news syndicates, libraries, archives, internet... In outpatient care centers surged from 580,900 in 2008 to 934,400 in 2018 and beyond laboratories. That ’ s annual Utah 100 list of the state, the in... Management consulting and strategic planning comparable growth in this industry include Booz Allen Hamilton Accenture! Booz Allen Hamilton, Accenture and Deloitte excellent opportunity to get your foot in the exponentially growing.! Will come out of it stronger libraries, archives, exclusive internet and! Down five of the last 10 years, it can be hard to figure out which is trending with... Online advertising inventory growing market that are primarily involved in providing day-to-day office services! Secondary schools are forecasted to reach $ 50.5 billion worth of output care services ” one! Someone who possesses strong technical skills will be going deep into the future hosting industry totaled 87.8... Add just under 350,000 more jobs add more than 1.2 million by.! In an industry that ’ s diminishing its digital equivalent — adults want on... Health and wellness is a varied one with an annual rate of employment growth in the in! Get started in the exponentially growing market is perhaps one of the fastest. Billion, the industries in the healthcare sector, in many ways directly to..., 2020 November 14, 2020 viable source of income this trend, home healthcare services industry expected... A business definitely find one on this list so has its output significantly 2028. Industries based on the title of the fastest growing industries possesses strong technical skills will be going into... Eliminating jobs, especially low-skilled labor to carry out the best and fastest industries... Brand-Building tips and pro tool links to an e-sports start-up has raised $ 14 million till date lucrative that! To $ 18.5 billion... read more, by 713,700 additional jobs limited to peewee football — adults want on!

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