From the tech sector to pet care and beyond, the exponential profit growth predicted makes these top business industries the highest in demand.

Are you interested in starting your own business? Forbes reported in October 2018 that 80% of small businesses fail within the first year. Don’t let this quash your entrepreneurial spirit.

One option to consider is buying an established business. This allows you to explore business industries and tap into a successful opportunity.

Continue reading to learn more about making a profitable business investment.

Considerations When Buying a Business

When considering buying a business, it’s important to ask questions. Why is the business for sale? Are industry outlooks rising or falling?

It’s important to know about the business’s debt. Debts can include liens, writing off bad debts, and past due accounts. Are there any lawsuits historically or ongoing?

Does the company have current contracts, and does it only operate through contracts? Is there zoning or other industries regulations you should know about?

Look into the business’s target market. Is this location providing a stable, growing, or shrinking buyer pool? Does the company have a diverse customer base or only a few key clients?

If the company owns the intellectual property, proprietary methods, or exclusive products, will the ownership transfer? Can you assume any leases or mortgages held by the company? How many employees currently work for the company and are they unionized?

An attorney and accountant can provide an in-depth investigation before you buy.

Profitable Business Industries to Explore

Buying a profitable business allows you to reap the benefits of the previous owner’s work in starting the company. Here are some industries with positive growth outlooks.

Pet Care Market

The Pet Care Market Report shows a predicted positive market growth. The compound annual growth rate (CAGR) is expected to be 5.4% between 2019 and 2025 worldwide.

This comprehensive study looked at market drivers and restraints, opportunities, and product demands. It also examined the market size, forecasts, and trends.

Identified market drivers include:

• Customer’s humanization of pets

• Increasing pet adoption rates

• Increased e-commerce for pet care products and service sites

The high price for pet care merchandise and services turns some customers away. This may be a market restraint in low-income areas.

Many customers now want “natural” pet products. Many people feel overextended with work and family commitments. They're showing more interest in pet care services and represent a market opportunity.

Remodeling Industry

The global remodeling market was valued at 3 trillion US dollars in 2017. The CAGR is expected to increase by 4% between 2018 and 2024.

The heightened focus on energy efficiency has driven the development of new technology. Consumers are remodeling to become more energy-efficient and decrease long-term costs.

Individuals also remodel for trendy designs, more durable materials, and increased security. Many customers have suffered a loss due to natural disasters. Employing new technologies that make homes and businesses more disaster-resistant makes customers feel secure.

Tech Industry

Technology is now part of our work and home life. New innovations and solutions will continue in this growing industry.

When considering the global economic trends in tech spending, Forrester reported mixed reviews. The weakening global economy leads economists to predicted a fall from 5% to 3.8% in tech spending by 2020.

However, positive trends are forecast for the U.S. tech industry’s growth. Forrester states that more than 2/5 of tech dollars worldwide go to U.S. companies.

The Forrester report projects consumer spending to reach $1.46 trillion in 2019. This represents a growth rate of 6.3% compared to the global rate of 3.3%.

Are You Interested in Buying a Business?

If you are ready to invest in established business industries, we have the resources you need. Our company provides a list of businesses for sale.

Before placing a business on our list, it must be fully vetted. Professional intermediaries examine each company to ensure we are offering valuable investments.

Our purchase price for listed businesses is comparable to other similar companies on the market. Professional business brokers or accountants provide the price range for each listing.

Continue looking through our site today for businesses or franchises that interest you.

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