When you own a privately held business, it helps the bottom line to be in a growing industry. Not only does make it easier to improve profits, but it also helps your company become more attractive to potential buyers of your business.
Ibis World issued a report back in February that identified the best industries in which to start a business in the U.S. Today we’ll reveal the eight growing industries and how current private business owners can take advantage of their anticipated growth.
First, let’s identify the eight hottest industries and their reported growth potential for 2013, according to Ibis.
- Social Games – 31.9% forecasted growth in 2013
- Virtual Data Rooms – 16%
- Online Shoe Sales – 14.5%
- Digital Forensic Services – 11.2%
- Information Technology Security Consulting – 8.8%
- Travel Agencies (Online) – 6.1%
- TV & Home Theater Installation Services – 4.1%
- Translation Services – 3.4%
The full report is available on the Ibis World website.
How Business Owners In Hot Industries Can Take Advantage of These Trends
If you own a business in one of these eight markets or any other rapidly expanding industry, demand is high for your products or services, and is expected to remain high for the next few years – great news.
While it’s easy to sit back and watch the cash roll in, now is the time to strategically map the next few years.
Ask yourself: What is my end game?
Do you want to remain in the day-to-day operation of your company? Would you like to cash out and move on to another venture? Do you want to retire?
Any of these outcomes are possible, but you can’t get the most favorable results unless you start planning now. Remember, the best time to sell is when the market tells you it is time. Don’t wait until circumstances beyond your control force you to sell when the timing is not right.
If you have even an inkling that you might want to sell your business, then you should immediately take steps to prep your company to be buyer ready. This includes doing things like getting a professional valuation done, start succession planning, and diversifying your client base.
How Other Business Owners Can Leverage the Market
Owners in other industries might be wondering: What in the world can I do to take advantage of these hot markets?
Well, it will take some creative thinking, but the Ibis report identified one key trend that I think you may have noticed: “The online retail marketplace is one of the fastest-growing industries in the United States.”
It’s very probable that at least one aspect of your business can be offered online. To help you determine if it’s something you could do, consider these questions:
- Do we currently sell our product or service online? If not, can we find a way to sell our product or service online? What hurdles are stopping us from doing this? How can we overcome them?
- Is there a new product or service that is related to a current offering that fits in with online culture and habits?
- Can we create a social game or app that can enhance our customers’ experiences or keep our brand top of mind?
- Can we add another branch of services that are in one of the growing fields?
You might think that your product is too traditional for online, but if companies can sell shoes successfully online, then your team can likely find a way to overcome the hurdles your company faces.
What can you do today so that your business will be appealing to buyers when you want to sell it? Learn what to do when you download a free copy of Building and Exiting a Desirable Business today.