ENTREPRENEURSHIP THROUGH ACQUISITION
A Reliable Alternative To Chasing Unicorns
Most Profitable Business Industries in Demand
From the tech sector to pet care and beyond, the exponential profit growth predicted make these top business industries the highest in demand.
Most Profitable Business Industries in Demand
From the tech sector to pet care and beyond
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.
BizNexus -Learn More From Our YouTube Playlist:
BUSINESS ACQUISITION
Have you checked out our podcast?
THE BIZNEXUS ROUNDUP
Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.
5 Ways on How to Exit/Sell Your Business Quickly
Here are some of the ways how you can exit your business smoothly, but make sure to leave the company in safe hands. Make sure that the business is profitable as it is easier to sell a company that guarantees a steady profit.
Sell Your Business Quickly
Here are 5 ways to sell or exit your business quickly
Exit or Sell Your Business Quickly
You had a good run with your company and plenty of success. However, it seems that you are not ready to stick around anymore. Here are some of the ways how you can exit your business smoothly, but make sure to leave the company in safe hands.
Find an Interested Buyer
If you set your mind on selling the company, you should start looking for interested buyers. Keep in mind that this process may require a bit of time and patience.
Here are some things that you can do to prepare your company for sale:
Make sure that the business is profitable as it is easier to sell a company that guarantees a steady profit.
Call your accountant and review the finances. Make sure that there are no issues, and everything is clean.
Prepare a report with revenues and expenses over the last year. You can even go and prepare a financial projection for the upcoming period.
You can put up your business for sale in an online marketplace, or spread the word among the people you know in your industry. Depending on the attractiveness of your company, interested buyers should appear soon.
Offer the Business to Existing Staff
An alternative way of selling the company can be offering it to the existing staff. You may have managers, accountants, and other people working for you.
Ask them if they would be interested in taking over the business full-time because you want to exit. If they have the necessary resources and desire to buy you out, they will respond positively to your offer. That is a great way of selling the company, but ensuring that it is in the hands of someone who knows it inside and out.
Pass the Company to a Family Member or a Friend
If you think it is time for the next chapter in your career, how about offering the current company to a family member or friend? Find someone in your surroundings who is capable of doing a good job and maintaining a profitable business. If you believe they are the right choice, go ahead and pass the company to them, or hire them as CEOs while you remain the owner formally.
Find a Business Partner
If you can’t find a buyer to purchase your business, how about finding a partner? That may mean you won’t exit the company completely, but the partner may take over the areas you don’t want to handle anymore.
That is a great way to remain in the business while finding a new dose of motivation. Who knows, that may be the boost you need to take the company to the next level.
Initial Public Offering
While this may be an enticing option, keep in mind your company needs to be attractive enough for the public. Believe it or not, less than 0.01% of US companies are public. If you estimate that this can be the right move, it may be an excellent way to earn a lot of money.
Liquidation and Bankruptcy
Finally, you can also go with liquidation or bankruptcy. However, keep in mind that this means you will not only exit, but also close the business. That is why it is important to assess all your options and use this one as a final resort.
BizNexus -Learn More From Our YouTube Playlist:
PREPARING TO EXIT YOUR COMPANY
Have you checked out our podcast?
THE BIZNEXUS ROUNDUP
Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.