Fastest Growing Business

What are the fastest growing small businesses?

Because of inflation, labor and supply chain shortages, and geopolitical conflict, much of the economic momentum we expected in 2022 did not come about. However, despite this setback and the fear of recession, consumers are still traveling and spending. Even during an economic slow period, plenty of sectors in the small business community have been performing very well.

Certain sectors and industries in particular are enjoying growth, including healthcare services, construction, information technology, and personal services, as the Bureau of Labor Statistics reports.

Entrepreneurs who are looking to create a new business or expand their services and products should contact our business startup lawyer for assistance. Below is a list of today’s fastest growing small businesses.

1. Residential remodeling

Increasing mortgage rates have seriously affected the housing market and have reduced demand for housing. Homeowners have instead adopted the mentality that they would rather renovate than move. This is a trend that is expected to continue for some time.

The home design and remodeling website Houzz conducted a recent survey that revealed 37% of homeowners did a remodeling project in 2022. Twenty three percent of homeowners planned to begin a home improvement project over the next 12 months. It was noted that the average cost of renovation projects left from $13,000 in 2019 to $15,000 in 2022 to $18,000 in 2021. The survey indicated that bathrooms and kitchens were the most popular areas to be remodeled. A full 91% of homeowners expect to hire a minimum of one professional, including electricians, cabinet makers, and general contractors to assist them in achieving their vision.

2. Solar photovoltaic installers

This business is also referred to as solar panel installation. Technicians set up, assemble, and maintain solar panels that convert sunlight into energy. These days, more and more homeowners want to save money, decrease their energy consumption, and improve their current spaces. This would explain why the solar panel industry is experiencing record growth.

Job growth for solar panel installers is expected to grow a massive 27% through 2031.

It is fairly simple to enter into this field, and most people will only need a high school diploma. The median wage is $23 an hour. This is a good choice for entrepreneurs who are focused on sustainability.

The majority of installers learned the job while working with experienced professionals. Roofers and electricians may want to consider this kind of training in order to expand their services and skills.

3. Smart home installer

It is possible you already use smart technology in your house, whether it is thermostats and doorbells, or lighting and refrigerators. A recent survey showed that the typical house in the United States has about 20 connected devices. Therefore, it is not surprising that the smart home services market is projected to grow by 11% by the year 2028, as more and more individuals except intelligent technologies and the devices themselves become cheaper.

In addition to homeowners wanting to upgrade their living spaces with smart technology, home automation is becoming more commonplace for newly built homes. Also, as more millennials and Gen. Z start to buy homes, there will be a glut of smart home services, which will increase demand in this sector.

There are few barriers to entry for this kind of job, as training and education come with experience and on the job learning. You will, however, require certain certifications, including Schneider Electric and Cedia.

In addition, if you are already working in a related field such as page HVAC technician, security installation, appliance repair, lawn care, or electrician, you can transition fairly easily to this role, offer upgraded services, or expand your skills.

4. Home health care

Prior to the pandemic, home health care was already expanding at a phenomenal rate. This trend is therefore expected to continue. In-home caregivers and traveling nurses who are able to help patients with disabilities and the elderly with basic living needs can earn a healthy wage, even if they do not have much education.

The United States population continues to age and medical costs are rising for long term care facilities. As this happens, families will be on the hunt for cheaper alternatives to carrying for their relatives at home.

Since many personal care assistant and home health aide jobs demand only a high school diploma and these opportunities are projected to grow by 25%, this sector will be in demand for quite some time.

5. Fitness training

After the pandemic, many people still feel comfortable working out in the comfort of their own homes. If you are a fitness coach or enthusiast who is skilled with technology, then you may want to take advantage of the digital fitness craze. This industry is expected to grow to almost $25 billion by 2027.

Even if you do not want to train online, the demand for personal fitness trainers is as strong as ever, with an expected growth rate of 5% by 2032. Specifically, there is increased interest in home gym, outdoor, and functional fitness training.

The BLS projects that job growth for instructors and fitness trainers will increase by almost 20% through 2031 in the United States. This is a far greater rate compared to other job categories.

Another bonus is that no advanced education is required, and there is a median wage of almost $20 per hour. Thus, becoming a fitness trainer is a great choice for health-conscious entrepreneurs looking for a job with few entry barriers.

6. Digital content creators

While this field is not new, businesses are as reliant as ever on digital marketing to bring in new customers and retain them. This industry is projected to experience steady growth Over the next several years.

Companies require assistance with writing, graphic design, video production, and podcasts. If you are experienced in any of these areas, you can use these skills to begin a content creation company.

There are fairly low startup costs. Usually, the only things you need are an Internet connection, phone, some software, and a computer. Typically, you can run this business out of the comfort of your home.

7. Animal trainers and caretakers

In the United States, people spent $124 billion in 2021 on their pets. $9 billion was spent specifically on services such as boarding, grooming, and training. It is common to consider pets as family members, and many people are willing to splash the cash on their beloved dog or cat. Also, there are no signs that this kind of spending will slow down in the near future. The industry is expected to grow around 12% through 2030, with pet training projected to grow 6% over the next three years.

Job growth for service workers in the animal care industry is expected to grow by almost 30% through 2031. Depending on the services offered, pay varies. However, entering this field is fairly simple. In general, only a high school diploma is required, though certain specialized fields may request a bachelor’s degree in biology, animal science, marine biology, or a similar field. Professions like pet training or animal grooming may demand vocational training or certain certifications.

8. Manicure and pedicure technician

These days, both women and men are going to nail salons, spurred by the desire to lead healthier lifestyles with improved Wellness and grooming. Americans, regardless of income level, largely consider getting their nails done an affordable luxury. Nail trends are always changing, spurred by social media like Instagram and TikTok, which has boosted spending on nail services to $8 billion per year.

The increased demand for nail services has resulted in significant job growth for nail technicians. An advanced degree is not necessary to enter this field, though an individual will need to do a state approved training program and we’ll have to pass a licensing exam in the majority of states.

9. Cybersecurity business

As almost everyone has increased their time spent online, the demand for cybersecurity services has never been higher. This demand is universal, whether it is small businesses requiring IT solutions or individuals needing assistance after a security breach. If you are an IT specialist with a background in security, now is the time to find your niche and create your business.