Top 10 Small Business Industries to Start in 2018-Provided by Guidant Financial

Want to become a small business owner, but you’re not sure where start? Check out the Top 10 Small Business Industries to get started today.

According to the 2018 State of Small Business Survey the top reason for wanting to start a business was ‘Ready to Be My Own Boss.’ Men and women across the country of every age, income and education level are driven to entrepreneurship seeking a greater sense of autonomy in their careers. Some of these hopeful small business owners get started knowing exactly what they want to do, while some just know they want to work for themselves — neither path more or less worthy than the other.

If you find yourself in the ‘knowing you want to work for yourself’ category, thinking of small business ideas can be overwhelming, but there are many tools and processes to help you get started. For example, narrowing down a few top industries you’re interested in is a great way to begin your business search.

Our State of Small Business Survey gave us insights into which industries are most popular for successful business owners across the nation. Here are the top industries for the best businesses to start in 2018

1. The Business Services Industry

Postal, printing and PC servicing, as well as office product sales, are all included in the wide-reaching industry of business services. And with around 28 million small businesses in the U.S., it’s no wonder these establishments that support commerce are all staying busy. IBISWorld reports expected revenue for this industry in 2018 is $9.5 billion with 22,939 establishments in the U.S. However, aspiring business owners interested in opening a business services-based company should potentially focus on providing online-based services. IBIS also indicated that while the ecommerce sector of the business is growing, brick-and-mortar establishments have seen a -1.9 percent annual growth in recent years. Fortunately, launching an e-business can cost less upfront.

2. The Food and Restaurant Industry

If it seems like Americans are busier than ever, it’s because we are. With two parents working in over 60 percent U.S. families, more people working multiple jobs and an average 47-hour work week, making home-cooked meals isn’t an option for everyone. Fortunately, in today’s strong economy, more people are saving time by turning to delivery services, fast-casual dining and full service restaurants, making it a great time to break into the food and restaurant industry. According to a recent study by Deloitte, the key to finding and sustaining success as a restaurant owner is establishing customer loyalty. Whether your plan is to open a food truck, full service dining or fast food chain, you can find success just about anywhere in the U.S. if you service quality food and get creative with attracting repeat customers.

3. The General Retail Industry

If you’re interested in selling a good or product in a retail setting, there’s a market for it. In fact, IBISWorld describes this industry as selling a diverse range of products from cigars to grave markers. Fortunately, the general retail industry is another great example of businesses that can thrive in both brick-and-mortar and ecommerce business models. The key to finding success is understanding how people shop for your product. For example, consumers are more likely to want to physically see items like furniture, clothes and cosmetics before purchasing them. However, some retailers that take chances on non-traditional business models, like Warby Parker, have found success in unsuspecting white space. Though they initially sold eyeglasses online, they made it easy for customers to try on and return frames — selling out of their top 15 styles in just four weeks.

4. The Health, Beauty and Fitness Industry

Another niche that’s not just thriving in our strong economy, but growing without much ecommerce competition, is the health, beauty and fitness industry. From gym and fitness franchises to day spas, med spas and nutrition counseling, the options here are endless. Better still, according to IBISWorld, industry saturation has not yet peaked. No matter which industry specialty you choose to embark on, IBIS reports your focus should be on both specialization and accessibility. For example, more gyms are finding success offering boutique workouts like Pilates, barre or spin and the same goes for spas with more narrowed product lines like Botox or organic only products.

5. The Automotive Repair Industry

If you’re considering an auto repair or maintenance shop for your next small business, you may be on the fast track to success. According to an IBISWorld report, auto maintenance and repair franchises have grown 3.3 percent over the last five years, comprising an $8.1 billion industry. And several factors are contributing to this economy-proof industry’s growth. Cars are now built better and living longer, which means rather than buying a new car, people are taking their cars in for regular maintenance; this includes major body and paint services which accounts for about half of the industry’s market share. Other popular services in this industry include oil and lubrication, transmission work and mechanical repair. Because of the brick-and-mortar nature of these businesses, start-up costs in the auto repair industry can run higher than average, so take the time to understand your financing options before locking down your dream automotive business.

Learn more about your funding options: Pre-qualify Today.

6. The In-Home Care Industry

The aging baby boomer generation is experiencing growing demand for in-home services. In fact, IBIS expects in-home senior care franchises to see 10.5 percent annual growth between now and 2022. With a wide range of needs, the in-home care industry includes everything from traditional nursing (57.3 percent of market share) to physical therapy, home hospice, personal services and more. With a growing consumer base and the low likelihood of private health insurance disappearing anytime soon, it’s a hot time to become a business owner in this high-demand industry.

7. The Technology Industry

Some aspiring business owners tend to shy away from the seemingly intimidating landscape of the technology industry, but you don’t have to start the next Google or Microsoft to find a tech business you love. From social networking sites, E-libraries and phone repair shops, you can apply your specialty — whether it be marketing, sales or operations — to a tech-based gig that’s sure to thrive in today’s digital world. Deloitte reports that while there is plenty of room for growth in the high-tech sector, expanding companies should focus on cyber security as well as regulatory considerations — sound advice for any business in today’s online world.

8. The In-Home Cleaning and Maintenance Industry

Among the many services in high demand due to a growing generation of aging and retired adults, along with increased disposable income nationwide, is in-home cleaning. And as long as our economy continues to be strong, you’re well positioned as the owner of a home cleaning service business. One of the easiest ways to get started is to open a franchise. IBIS reports that franchises in this industry saw 3 percent annual growth from 2012 to 2017 and, though this may slow as the industry become more saturated, the industry is expected to continue to grow.

9. The Travel and Lodging Industry

It’s safe to say that just about everyone (or someone they know) has thought a good way to retire would be to open a Bed and Breakfast. And as it turns out, it is! With younger generations looking for out-of-the-box experiences and older generations with more to spend on luxury accommodations, consumers are opting for boutique lodging experiences. IBIS reports this sect of the travel industry has seen almost five percent growth over the last five years and is expected to continue to perform well. Even if becoming the purveyor of a quaint inn isn’t in your future, the travel industry has room for growth and innovation in terms of technology, food and wellness.

10. The Sports and Recreation Industry

Starting a sports and recreation small business may not seem like the most lucrative idea, but this industry is quietly growing, and there’s room for more players. Club sports programs are no longer limited to peewee football — adults want in on the fun, too! Whether you’re interested in coaching, teaching, renting equipment or facilitating activities, it’s essential to have a creative and informative website, even if it’s simple, so that the tech-savvy generations can easily search your business.

No matter what type of business you start in 2018, there are so many growing and in-demand industries to choose from. And with a strong economy in place, there’s no better time to claim your spot on Main Street. Get started today by learning how much small business financing you’re qualified for — it’s probably more than you think.


Resources on help all #taxpayers #understand #tax #reform is a great place for taxpayers to visit when they have questions about the Tax Cuts and Jobs Act. The legislation, which was passed late last year, includes changes to many areas of the tax law. Here are some of the resources on that will help individual taxpayers, businesses and the tax community understand the law and its effect on their taxes:

  • Tax Reform Web Page. The Tax Reform page highlights what taxpayers need to know about the tax law changes and how these changes affect them. This page also links taxpayers and tax professionals to news releases, tax tips, publications, notices, and legal guidance related to the legislation.
  • Updated Withholding Calculator. The IRS encourages everyone to use the Withholding Calculator to perform a “Paycheck Checkup,” which is even more important this year because of the tax law changes. The calculator helps taxpayers determine if they’re having the right amount of tax withheld from their paychecks.
  • Updated Form W-4, Employee’s Withholding Allowance Certificate. Taxpayers who determine they need to make changes to their withholding can complete a Form W-4, which reflects the tax law changes. Employees will submit the completed Form W-4 to their employers.
  • Frequently Asked Questions. The IRS posted new FAQs to help people understand how to use the Withholding Calculator and the changes to the Withholding Tables.

More information about the tax law changes will be coming throughout the year. will be updated to reflect changes as they develop.

Share this tip on social media — #IRSTaxTip: Resources on help all taxpayers understand tax reform.

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