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Small Business

4 Fastest Growing Small Businesses: New Opportunities or Higher Competition?

min read

If you’re considering opening your own business, you’ll be pleased to hear that small businesses, as a whole, are growing in America. Reports have shown that these companies ended 2017 on a strong note and entered into 2018 optimistic about future growth. Interestingly, even in 2018, only 29 percent of fast-growing small businesses are in high-tech industries. The remaining 70 percent are in industries such as retail and construction. If you’re considering opening a small business, it’s a good idea to understand the industries that have been shown to support growth in recent years, as the most successful small business ideas stem from industries which are growing. 

Industries That Have The Fastest Growing Small Businesses

There’s a lot more than good luck and a good idea to launching a successful business. There is no one answer to which are the fastest growing businesses to start, although knowing which businesses tend to succeed can certainly impact your thinking. If you want to be the owner of one of the fastest growing businesses, you need to understand about timing, competition and market conditions. It’s well known that many businesses don’t succeed. So, how do you make sure that your business is one of the success stories people tell? Let’s look at the fastest growing industries to start a business. Even if you aren’t interested in these fields, looking into them can give you other ideas.

Construction

The construction industry is one of the fastest growing industries in the US, offering a huge range of small business opportunities. Many construction service companies have grown significantly in recent years, but even sub-sectors are growing, some at rates of more than double digits.

Home Health Care

As the population is aging and the demand for healthcare is increasing, the shortage of physicians is becoming more acute. Home health care services are becoming more common with health care aides, nursing practitioners and registered nurses in high demand. 760,400 new jobs are expected to open in the industry by 2024.

Personal Care Services

The personal care services industry has seen massive growth in the past decade, and is expected to grow 41% between 2016 and 2026, which is way faster than the economy as a whole is likely to grow. The top growing small businesses in this industry include hair styling, barbering, make-up artists, and manicurists.

Facilities Support Services

This industry is expected to include many of the fastest growing businesses in the coming years. This industry includes a range of services for businesses, such as moving, painting, cleaning, and more. The recent growth in the construction industry has further boosted this industry.

Growth in an Already Saturated Market

growing small businesses

Before you start a small business, you need to analyze the market to determine your chances of success. One of the most important factors to look at is demand and how your business will capture a market share, particularly in an industry where there is already competition. If you already own a business and you’re looking for ways to grow, you need to look at ways to boost your profitability and income. Make sure to set yourself up with small business insurance to give yourself the peace of mind to be able to focus on what you do best, in order to grow your business.

Because the fastest growing startups often operate within the fastest growing small business industries, it can be a challenge to grow despite the competition. On the other hand, many small businesses find the competition they face actually helps their business in many ways and contributes to their success. The fastest growing business ideas may sprout from the competition. Let’s look at how competition can help promote business growth.

  • Partnerships – Small businesses often fear large businesses and chains. However, large businesses can become important partners in buying and distributing products and services.
  • Generate new ideas – There’s nothing like competition to encourage and motivate you to think out of the box and come up with new ideas. It’s sometimes competition that leads to the development of a niche market that can really grow your business.
  • Saturation means demand – If there is high demand for your product or service, you have the potential to grow your business. All it means is that you need to find a way to market your product better than the next business. Create something valuable, whether it’s a unique product, a niche market or above-par customer support.

By understanding the current market conditions in the fastest growing small business industries, you can set your small business up for success from the beginning.

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