Thinking of investing in or starting your own business this year? While most entrepreneurs’ passions fuel their desire to start up a business, investors tend to take a more pragmatic approach and invest in the strongest markets. Following is a list of 5 of the fastest growing small business sectors courtesy of Inc. Magazine:
- Accounting Services – Sometimes referred to as “recession proof”, skills in this area are critical in order to run a successful business. Even if you don’t have an accounting background, you can start this type of firm by finding a licensed accounting professional who you trust to handle the tactical side of the house while you focus your energies on growing and marketing the business.
- IT Support Services – Sales for IT support services increased over 15 percent last year making it a very lucrative small business venture. The increase is likely in direct correlation to cybercrime which is also on the rise.
- Consulting Services –The consulting field has experienced 11.4 percent sales growth since 2013 and is not expected to slow down anytime soon. Businesses today seek out firms for advice on security, SEO, marketing, human resources and other specialized skills and are willing to pay a premium.
- Architect Firms – The architect business took a nose dive during the recession, but is now on the upswing thanks to the recovery of the real estate market. In fact, the sector has had 14 percent growth in the last year and does not appear to be slowing down for a good while.
- Specialty Food Stores – Many Americans today love their specialty and gourmet food shops. Commonly referred to as “foodies”, these individuals are willing to pay big bucks for what they want making the gourmet food industry a great field for an entrepreneur.
Boitnott, John. “5 of the Fastest Growing Small Business Sectors to Invest In”. Inc.com. 1/19/2015.