From the latest financial analysis of Sageworks, a financial information company, has identified the five fastest-growing business sectors in the United States. Sageworks based their analysis and conclusion list with these industries' highest sales growth, from the recently released financial statement of American private companies.
The list from Sageworks, composed of the five fastest-growing small business sectors, provides the sales growth of each industry for the last twelve months. Based from their list, all of these small business sectors require a depth and specific skills, showing the need for a specific skill as a major foundation for these sectors. It also proves the complete consistency of demand for such skills that each sector requires to attain a certain business production.
Kevin Abbas, a Sageworks financial analyst, suggests how to expound the Sageworks' data for inspiring entrepreneurs. According to him, the other useful way to use the data is to identify and explore the "unmet needs for these industries that are growing and determine where you could provide support to them in some capacity, even if you are not directly in that industry." In other words, if you are starting a small business, tailor your business offerings to the needs of these five fast-growing small business industries. And the top five small business sectors with the highest sales growth in the last twelve months and their business coverage are:
1. Computer Services
Based from the financial report of the last 12 months, the computer service industry had an accumulated 15.3 percent growth in sales, leading other small industries on this list. Under this business sector includes software system designs, data processing or management, and data security. As cybercrime rises and technology continues to progress, this business industry will always be in demand.
2. Architectural Services
Second in the lead of the fast-growing small industries is the architectural service sector. It had a total of 13.6 percent of sales growth in the last 12 months. The architectural industry cover services like drafting services, building inspection, landscape architecture, engineering work, surveying and mapping. This broad industry will surely keep on progressing with the rising demand from the real estate market.
3. Employment Firms
From employment agencies to payroll services and benefits administration, this essential industry had an accumulated 13.4 percent sales growth in the span of the last 12 months, placing it under the architectural services. The growth on employment-related sector shows its essential appeal on other industries and the high economic progress.
4. Consulting Firms
This business industry includes management, human resources, energy security, logistics, distribution, and marketing. Businesses with consulting services gained 11.4 percent of sales growth, placing it on this list of the fastest-growing business sectors.
5. Accounting Services
Another essential and broad sector, accounting services, involves CPA firms, tax preparation, bookkeeping and payroll services. Gaining the last spot on this list, this small business industry had a total of 10.1 percent of sales growth.
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