Some Of The Fasted Areas For Small Businesses Growth Aren’t What You Might Think

Let’s put aside anything having to do with AI or health care. SMBs in those fields are expected to grow in 2024 and beyond. There’s plenty to read about those industries elsewhere. So let’s dig a little deeper as to other growing industries that might not immediately come to mind.?

Government offices like the Bureau of Labor Statistics, franchise and trade associations, and consultancies offer up some interesting findings on the fastest-growing small businesses today…and tomorrow. And you know what: our own experience with some of these same industries confirms that they are indeed “hot”. Let’s take a look at some of them, and their correspondingly need for contract support.?

Construction is on the march, though maybe in areas you may not have considered. For example, small businesses that sell, install and maintain solar panels that convert sunlight into electricity are projected to grow 22% through 2032.That’s significantly faster growth than the average business. Less white hot, but still primed for growth, are smart home services. They are expected to grow 11% through 2028. The average home has 20 wifi connected devices, including doorbells, appliances and lighting. And while the use of home connected devices will increase, the cost of intelligent technology will decrease over time.? That’s a perfect environment for small businesses to grow. Finally, while today’s higher borrowing rates decrease new construction, they have increased demand for home remodeling. Accordingly, 91% of homeowners say they expect to hire at least one SMB professional – contractor, electrician, plumber – to make improvements around their home.?

In the post pandemic era, people are returning to restaurants in droves. The food service industry alone is expected to grow by a half million employees in 2024. The well-reported increase in the cost of dining out doesn’t appear to have impacted pent up demand from three years of Covid and the desire to get out of the house. This is great news for SMBs since nine out of ten restaurants employ fewer than 50 persons.??

And it’s not just restaurants that are enjoying the post-Covid rebound, hotels and caterers and caterers are back in business with a vengeance. And it’s not just business travel. The nation’s largest wedding consultancy reports that 2024 is expected to see the number of weddings return to the pre-pandemic figure of 2.5 million weddings annually. That’s a lot of rings, gifts, planners, dresses, and hairstylists, most of which involve SMBs.?????

Financial services are also primed for growth. As the baby boomers are leaving the workforce and younger generations are planning for retirement, the range of financial services advisors – many of which are SMBs – are helping them navigate their futures. Small business owners in financial services are especially busy now since the market appears to be slowing and customers are exploring alternatives.?

SMBs focused on cybersecurity including infrastructure, cloud security, network breaches, incident response and data loss have a $2 trillion market that is focused on growth. SMBs operating in cybersecurity are proliferating due to reputation, specialization or location. Many small business owners report that it is difficult to find cyber talent???

All of these small businesses are having their moment. And did we miss other industries that are thriving in this economy? Don’t get us started. There’s pet care, hair stylists, and massage therapists. And more. What all these businesses share is the need for contracts and contract management, whether they involve employment, sales, procurement, real estate, licensing, etc. You name. From contract creation through administration, we’re here to help.?

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Robert Unterberger

VP - Solutions

Vyapi's contract professionals help small and medium-sized businesses stay on top of their contracts. 24/7.

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