At KSBDC, we often receive questions from potential entrepreneurs related to what type of business they should start. As Catherine Clifford at Entrepreneur.com writes, “Past performance is no guarantee of future results, as the old business truism says. But you also may have heard that you can’t know where you’re going without knowing where you have been.”
Entrepreneur.com partnered with Sageworks.com to analyze financial data from small businesses across the US to produce these results. Here’s a look at the industries where U.S. companies with $10 million or less in annual sales have shown the highest and lowest percentage change from Jan. 1 to Dec 31, 2012. As a benchmark, the average growth rate across all U.S. small businesses in the time period was 8 percent, says Libby Bierman, an analyst at Sageworks.
Fastest-Growth Industries for U.S. Small Businesses in 2012
1.) Residential building construction: 14.77 percent
2.) Building custom software and servers for businesses: 14.29 percent
3.) Machinery, equipment, and supplies merchant wholesalers: 13.75 percent
4.) Management, scientific, and technical consulting services: 12.31 percent
5.) Architectural, engineering, and related services: 11.40 percent
6.) Foundation, structure, and building exterior contractors: 11.37 percent
7.) Building finishing contractors who make additions, alterations, maintenance and repairs: 11.32 percent
8.) General freight trucking: 10.41 percent
9.) Services to buildings and dwellings, including pest exterminators, janitorial services, and landscaping: 10.11 percent
10.) Other specialty trade contractors, including site preparation activities and other specialized trades: 10.04 percent
And, on the opposite end of the spectrum, they also list the slowest growth industries.
Slowest-Growth Industries for U.S. Small Businesses in 2012
1.) Skilled nursing care facilities: -3.29 percent
2.) Printing and related support activities: 1.86 percent
3.) Automotive repair and maintenance: 2.81 percent
4.) Offices of physicians: 3.00 percent
5.) Highway, street, and bridge construction: 4.24 percent
6.) Insurance agencies, brokerages, and other insurance-related activities: 4.32 percent
7.) Lessors of real estate: 5.07 percent
8.) Other miscellaneous manufacturing including jewelry and silverware, sporting and athletic goods, dolls, toys, and games, office supplies other than paper, and signs: 5.55 percent
9.) Offices of health practitioners other than physicians and dentists, including chiropractors, optometrists, mental health practitioners, speech and occupational therapists: 5.98 percent
10.) Other amusement and recreation services including bowling centers, golf courses, and recreational centers: 6.03 percent
LEXINGTON, Ky., (Feb. 14, 2017) – Kentucky Small Business Development Center is seeking nominations for the 2017 Pacesetter Awards. The recognition program was created to honor high performing, second-stage businesses that are changing Kentucky’s economic landscape. The deadline to submit nominations is March 15.
KSBDC encourages small businesses that meet the following minimum qualifications to apply:
· Privately held
· In business for three or more years
· Employ six or more full-time employees, including the owner
· Annual sales meet or exceed $500,000
· Located and headquartered in Kentucky
·Demonstrate the intent and capacity to grow evidenced by the judging criteria.
Pacesetters will be selected based on two or more of the following criteria:
· Growth in the number of employees
·Increase in sales and/or unit volume
· Innovativeness of the product or service
·Response to adversity
·Employee engagement and commitment
·Contributions by the nominee to aid community-oriented projects
Pacesetters will be recognized at the Kentucky Celebrates Small Business event held at the Capitol rotunda in Frankfort during the first week of May. Each honoree will receive an award inscribed with the business’s name and a promotional video for their own use that highlights the business. In addition, KSBDC will send a customized press release announcing the award to local media and trade associations. Honorees are given the rights to use the Kentucky Pacesetter logo and event photographs in promoting their business.
Anyone may submit nominations, including third parties associated with an eligible second-stage business. A business may self-nominate by completing the required form. Winners will be notified by March 27. Full nomination requirements and the application are online at https://www.ksbdc.org/kentucky-pacesetters1 .
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 12 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-0104
UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.