If you’re getting a jump start on your New Year’s resolution, and have decided to launch a new small business or franchise, we’ve researched some industries you may want to consider. Some may seem obvious given the current socio-economic climate; others may surprise you. Whatever category strikes your fancy, just know there are wonderful small business funding programs and people in place to help you reach your goal.
1. Health and Wellness
The vast policy changes in U.S. healthcare, plus the trend in putting wellness first have made the demand for healthcare related businesses soar. From nutritious convenience food brands like Human Healthy Vending to traditional gyms like Anytime Fitness, which provide round-the-clock opportunities for self-improvement, Americans want to feel better and are willing to put their money toward making that happen.
2. Business Services
Per a report conducted by Sageworks, business services such as payroll, bookkeeping and tax preparation top the list for profit gain after a 12-month study. Franchises like Liberty Tax and BookKeeping Express are examples of companies thriving as more and more companies need support. As the economy bounces back, so do businesses, and that creates more jobs in related areas.
Because the U.S. drop-out rates are still unfortunately high, and teachers and parents are desperate to keep kids in school through to graduation, tutoring services like Mathnasium are excelling. There’s also a need for enhanced education technology in the classroom to keep the kids engaged — and prepared for the tech-heavy work world they’ll eventually enter.
4. Green Construction
With the housing market rebounding, there’s a huge trend in sustainable building that’s taking flight. According to INC, whether it’s maximizing the efficiency of energy or using materials that are safe for the environment, there are benefits both for our natural world and for buyers’ long-term finances. Additions like solar panels can save families and businesses thousands of dollars over time, not to mention tax incentives that make the practice attractive. Franchises like SuperGreen Solutions are leading the way in implementation.
5. Party Services
There will always be a need for celebrations in our world, and Small Business Opportunities cites party service companies as one of the Top 20 Businesses for 2015. Everything from children’s party destinations like Pump it Up to party-time extras geared toward adults like Tap Snap photo booths have the potential for amazing growth in the coming year.
As always, use your own financial advisers when making these decisions. Whatever type of business you decide upon, there are several small business financing options that exist to help you meet your goals. Take five minutes and get pre-qualified now to see which funding methods you could be eligible for.