Fastest Growing Businesses

Business trends shift and change due to population and demographics changes. Whether it’s due to advances in technology, an increase in immigrants or an aging, some businesses have impressive growth over the past few years. The fastest growing businesses are from a multitude of different industries. These businesses are expected to continue with extensive growth in years to come.

Home Health Care

Businesses related to the health care industry are always in demand. However, they are especially in demand right now due to the aging baby boomer population. One of the fastest growing businesses in the health care industry is home health care. That is partially because many families do not want to put their loved ones into retirement homes. It’s also ideal for those that don’t necessarily need around-the-clock care. It is also less expensive than retirement home care. It allows people to be in the comfort of their own homes and also receive quality care. 

Another thing that has spawned from this growing industry is that there are particular niches that people can specialize in. Some business owners may want to specialize in meeting the emotional needs of those that need home health care, and others may specialize in assisting patients with cognitive issues in order to keep their minds sharp. Home health care businesses are certainly here to stay.

Yoga Products and Studios

Yoga started out as a trend but has truly become a lifestyle. At the present time there are billions spent annually on yoga DVDs, yoga clothing and classes. There are always trends in fitness but this one has been growing and will continue to grow. Yoga studios have cropped up all over the United States, especially in areas like the Pacific Northwest. These businesses may offer a variety of types of yoga. One of the most popular trends is heated yoga, also known as Bikram yoga. These fast growing businesses are not just for the ladies. Men are taking classes and buying yoga gear as well. 

For-Profit Schools

While there are critics of for-profit schools and universities there is no denying that they are one of the fastest growing businesses. The tuition is higher than many state universities, and the programs are not usually accredited. However, they have become quite popular their class offering are easier for working students and those with families. This business is growing and will continue to grow in the coming years. 

Accounting

Accounting firms have been experiencing exciting growth over the past ten years. That is especially the case now as businesses have started outsourcing their accounting business as a way to cut costs. Private accounting firms have become 20 percent more profitable in the past year. This is a service that is always in need and will continue to grow over the next several years.

Repair Businesses

Instead of going out and replacing broken appliances or automobiles, people are instead holding onto those items and seeking the help of repair people. This can mean plumbers, auto repair people or those that repair appliances such as dishwashers and dryers. Those in the repair industry typically have low overhead and are blessed with a high profit margin. 

Self-Improvement

It’s become quite popular to be openly focused on self-improvement. It’s no longer something that people keep quiet about. All you have to do is turn on the television to see talk show hosts and programs discuss how to start businesses, think and behave in a way to attract wealth, and how to become more spiritual. Some of the more common types of self-improvement businesses are life coaching, public speaking events, podcasts and instructional DVDs. Many people have started life coaching businesses while many entrepreneurs now sell speaking events, podcasts and instructional DVDs. Over the next few years it is projected that there will be continued growth of close to 10 percent.

Sustainable Building

Green is most certainly in. Whether its solar panels or green building construction this industry has certainly become more popular and profitable. The goal is often to build efficient buildings that can ultimately save the company money and promote environmentally friendly practices. In the past ten years eco-friendly building construction has grown almost 29 percent and is expected to continue growing. 

Online Eyewear

In previous times people had to purchase their contact lenses and eyeglasses at the optometrist’s office. Nowadays it’s possible to purchase them online with a valid prescription. This has led to huge cost savings for the consumer as well as huge growth for online eyewear businesses. There are extensive savings buying these items online and that’s why it is one of the fastest growing businesses. 

Hot Sauce

With the shift in demographics has come the need for more types of condiments. Hot sauce businesses have absolutely been booming at a rate of approximately 10 percent each year. This is due to the change in demographics and immigration. This has made hot sauce a true hot commodity.

 

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