If you’re thinking of setting up your own business then it’s important to know which industries are safe and stable investments. Keep reading to discover the sectors to look out for when taking that entrepreneurial leap.
Whilst many decide to start a business because it’s always been a dream of theirs – perhaps wishing to turn their home into a luxurious B&B, to open up a Michelin star restaurant or to start a ground-breaking app business – it’s really all about supply, demand and opportunity. It’s all very well kick-starting a business because of passion, but if you want to invest in a business that will thrive, it’s important to learn the fastest growing small business industries in order for you to prevent wasting both time and money. So, which markets are picking up steam?
Architect Firms
This industry may have hit rock bottom a few years ago, but it’s back with a vengeance. And whilst it would be beneficial to have a background in architecture, it’s not essential when it comes to investment. It is possible to set up a business in this field without having a degree in architecture or a wealth of knowledge in this field.
So, why choose this industry? It has grown nearly 14% in the past year, with no signs of slowing down. From landscape architecture to surveying and mapping to drafting services, architect firms are a fantastic business opportunity.
Accounting Services
This sector is least sensitive to economic downturn, making it a recession-proof job. With that in mind, it’s pretty self-explanatory as to why accounting services make for a safe bet in terms of business investment.
However, it’s also an industry that is getting hotter due to the influx of entrepreneurs who need this skill on hand. Why? Well, established tax preparation companies just won’t cut it once you get into small business territory. Try and develop a good working relationship with an individual that you can trust and who knows your business on a personal level.
Having a background in accounting would put you at an advantage but it is not necessary to have one to start an accounting firm; instead you hire licensed professionals to do the dirty work for you.
Consulting
This sector experienced 11.4% sales grown from 2014 and it’s not likely to slow down any time in the near future. All businesses need help so whether you specialise in human resources, security, marketing, SEO or any other field, you will be able to supply expertise to a company willing to pay a premium for it. Ka-ching!
IT Support Services
Whilst it’s no surprise that computer technology is an industry that is relishing in healthy growth, IT services are performing especially well, whether it be for ordering on-site management systems or designing systems. In the past year, the sales growth shot up over 15% and it’s no wonder why when businesses are increasingly worrying about date protection, breaches and security. Businesses are turning to IT support companies for safety.
Speciality Food Stores
People love these types of stores and are willing to pay more to get specific types of produce: paleo, vegan, vegetarian, gluten-free, sugar-free or simply wholesome food. Therefore if you’re looking to jump on the entrepreneurial bandwagon, opening a foodie’s paradise is a brilliant investment.
Before setting up your business, it may be worth getting in touch with Pure Commercial Finance to learn more about the financial requirements. Call 02920 766 565 today to speak to a business finance broker who can offer much needed help and expert advice in this field.
