It Pays to Learn About Current Small Business Trends
Many times entrepreneurs start a business out of a personal passion or an opportunity that seems too good to pass up. But it can pay to investigate the current economy and how it is affecting small business trends before you invest time and money. Here is a look at 5 of the top growing small business sectors today.
The construction industry continues a strong showing in small business trends
According to Forbes, construction related industries are still showing faster growth than the average small business. Construction spending continues to be on the rise, and unemployment in this sector is at it’s lowest point in 10 years. Many segments of this industry, like those involved in site preparation, mechanical installation, remodeling and utilities all remain strong growth small businesses. Even areas such as pest control and janitorial companies have been on an upswing.
Computer related businesses are quickly climbing in the small business trends
Almost every area in our lives today are impacted by computers in some way. Even farmers rely on computers to help them track yields and soil quality data. There is a huge demand for IT support, to help with the inevitable issues that come with technology. Portable devices such as phones and tablets run on apps, and websites are a must for any business in today’s world. This makes for an impressive environment for businesses that develop apps and websites. Fraud detection companies are also in high demand. With all of the ways that computers are affecting our world, this is one small business trend that is projected to grow 22% by 2020.
Small business trends include consulting services
Inc.com sites consulting services have had 11.4% sales growth since 2013. These days, small consulting companies are popping up everywhere, while the top 4 grossing consulting companies, according to vault.com are: McKinsey, Boston Consulting Group, Bain and Deloitte Consulting. With such strong sales numbers, this small business trend won’t be slowing down anytime soon. Nearly every industry has a need for specialized consultants to help with legal matters, business growth, and marketing. This can be a great opportunity for someone who has a unique knowledge and talent set.
Specialty food stores are trending in small business sectors
Big box grocery stores will always have a necessity market, but stores that offer niche food products are on the rise in today’s health conscious society. Specialty stores that specialize in gluten free, paleo, local produce, and wholesome foods have had a steady growth trend in recent years.
Freight trucking continues to be a high growth small business trend
Whether you are buying something off of a shelf at a store, or if you are having a delivery direct to your home, most likely it arrived on a truck. Both general freight companies and specialty freight companies have been showing surprising growth rates the last several years, and continue with this trend.
The best recipe for small business success comes when you combine your passion and knowledge of a business with a complimentary niche that is thriving. Do your research about today’s small business trends and you will increase your chances of business success!