Recently Sageworks, Inc., a financial analysis company for privately held companies, conducted an analysis of companies with less than $5 million in annual revenues and found the top ten fastest growing sectors among small businesses for 2013. This article discusses the best business sectors to enter into within the current market and their revenue growth.
Four of the ten sectors related to housing which saw sales grow ranging from 10 % to 15%. Although the government shutdown had a slight impact on the number of mortgages being processed, it did not have a long-term affect on the housing business operations. One surprising result from the study is that grain farming showed the largest growth with nearly a 20% increase in sales. According to Sageworks analyst Libby Bierman, “there was a drought in 2012, so they increased prices dramatically because the supply was cut so much.” Bierman predicts that grain farming may not make a second appearance on the list of fast-growing small business sectors, but says “there’s room for another surprise”.
Here is the full list of the fastest-growing sectors of 2013:
1. Oilseed and Grain Farming
2. Building Finishing Contractors
3. Offices of Real Estate Agents and Brokers
4. Architectural, Engineering, and Related Services
5. Management, Scientific, and Technical Consulting Services
6. Computer Systems Design and Related Services
7. Other Fabricated Metal Product Manufacturing
8. Utility System Construction
9. Specialty Food Stores10. Foundation, Structure and Building Exterior Contractors