The Ins And Outs Of Small Business
We have come a long way since the late 2000s, when the country was in a Great Recession. Distinct small businesses have been affected in different ways by said recession. A few industries got through it better than others. If have thought about launching your own business, here is a list of the ins and outs of small business to help you out.
The first thing to consider is the industries that are hot right now. First there are yoga and pilates studios. These offer pilates and yoga classes, accreditation training and merchandise sales. This is a $7 billion industry with 9.5 per cent annual growth.
Luggage, handbag and clothing accessory stores are a $9 billion industry with 2.4 per cent annual growth. These include footwear, headwear, travel bags, watches, gloves, wallets and handbags.
Snack and coffee shops are a $28 billion industry wit a 1.2 per cent annual growth rate. Some ideas for these are donut shops, cookie shops, bagel shops, frozen yogurt shops, ice cream shops and coffee shops.
Auto parts stores are a $40 billion industry with a 1.1 per cent annual growth rate. These sell things like car accessories, performance parts, maintenance and similar services and items.
At the time of the recession, American wallets were tightened. This meant we were putting off buying replacements, items of higher quality and upgrades. In 2012, this has made a comeback.
The medical marijuana industry is flourishing, with a $10 – $40 billion market in almost a third of the US. Over the next five years, this market is projected to see a 99 per cent growth.
Niche shops that suffered in the wake of the recession are now improving. These include specialty food shops with a 2.3 per cent growth. Tire dealers have a 3.1 per cent growth and furniture stores have a 3.4 per cent growth.
Statistics have proven that Utah is one of the best places to start a business. This is because it tends to be the best state for a business to grow. Austin, TX is also a great place because it is thought to be the best city in the US to start a small business.
Industries to Avoid
Next we will take a look at bad business. It is good practice to look at the industries that have been declining over the past five years. The first are music shops with a 16.2 per cent decrease. Game, video and DVD rental shops have shrunk 9.8 per cent annually.
Men’s clothing shops have declined 4.2 per cent. Office supply stores have also shrunk 4.2 per cent. Shoe shops have declined 5 per cent and small specialty shops have shrunk 3.6 per cent. Consumer electronic shops, jewelry stores, hobby shops selling craft, sewing and fabric supplies and book stores have also seen a shrinkage. These have been the ins and outs of small business.