5 resources for Small Business Ideas
February 10, 2015
Small business ideas are highly personal choices. So the industry you pick for launching your small business is predicated in no small part on your interests, skills, and experience. But another important consideration is growth potential. It’s important that there’s demand in the marketplace for what you’re planning to offer, otherwise life could be challenging no matter how much work you put in. Make sure to consider the current growth of the industry, as well as its future growth potential. Here’s some advice from a few reputable small business sources: • Inc.’s list of five of the fastest growing small business sectors to invest in is a solid metric to consider, as they wouldn’t recommend investment in a stagnant of dying industry. It’s no surprise that four of the five are service businesses, as these are typically easier for one entrepreneur or a small group to start. Tops picks include accounting businesses and consulting. Consulting is a broad term that can be relevant in almost every field – meaning whatever your expertise is, it’s probably valuable to others. • The Fiscal Times has five picks of fast-growing industries for small business, with choices based on financial information firm Sageworks’ analysis of the recent financial statements of U.S. private companies. Like the Inc. piece above, they include accounting and consulting, along with architectural services, computer services, and employment firms. Many of the “big guys” in these industries started out as one-person, home-based shops! • Another Inc. piece focuses on industries that have a lot of promise for new entrants. Picks include food e-commerce, gamification, legal marijuana, and yoga instructors. Some of these choices are clearly for the more adventurous, but all have a lot of opportunity for long-term growth. • QuickBooks has eight recommendations too, and with their access to client books it’s fair to say their intelligence is accurate. With picks ranging from home health care to child day care and data recovery to translation, it’s clear that opportunities abound in a wide range of fields. • Hiscox’s six useful tips for starting a small business that can help, as well as small business insurance options to fit every need. If you’re already established in your small business we’d love to hear your advice for would-be entrepreneurs in the comments.