2018’s 5 Most Profitable Industries to Buy a Business in
With significant market trends, there are a few industries to pay attention close to.
The new year is approaching faster than you think. With new popular ideas and significant market trends, there are a few industries to pay close attention to. While you might be interested in starting a business particular to your interest and expertise, it is always beneficial to see what other industries might be the most successful for acquiring. 2018 is projected to be one of the best years to acquire a business. If you’re thinking about buying a business in 2018, but you’re not sure where to begin, take a look at a few of the most significant and prosperous industries for the new year.
Technology
Technology continues to advance at an extremely fast pace, leaving ample opportunity for entrepreneurs to acquire their own tech companies. Ascending technologies are increasingly popular, and are predicted to have a dramatic impact on humanity within the next few decades. These technologies include robotics, augmented and virtual reality (AR) (VR), artificial intelligence (AI), and 3-D printing. Cybersecurity is steadily progressing, as well as cognitive technologies that consist of speech recognition. The use of VR and AR has the potential to be the basis of industries such as real estate, retail, and construction management. When it comes to buying a technology company, the possibilities are endless. VR simulation will most likely impact every field of industry, and will greatly impact future sales and profits for companies using it. VR and AR are the next big advancements and are changing the way that humans are processing information and investing in certain products. Automation is also changing the technology industry, and it reflects mainly on the advancement of AI. If you are thinking about buying a business in an industry other than technology, make sure that the business embraces new systems such as VR and AR – these capabilities can grow your business exponentially.
Pet Care
The majority of households in the United States own at least one pet. Owners care about their pets, almost as much as they care about family members and friends. Humanization of these beloved furry friends means big business for pet care retail and facility owners. Millennials tend to have the highest interest in the wellness of their pets, meaning that the pet care industry is here to stay. Pet retail, as well as grooming services and boarding, are all prosperous sectors of the pet care industry. According to the American Pet Products Association, total revenue in the pet industry is expected to be $69.36 billion in 2017 and is projected to increase in 2018. The average annual growth rate is 5.4% since 2002 and has continued to grow fixedly for the past two decades. If you decide to buy a pet care facility, a fondness for animals is clearly essential, and it is necessary to stay ahead of training, marketing, and technology. If you’re thinking about selling your pet care business as opposed to buying one, now is a perfect time. We have provided a few tips to secure the best price possible for your pet care facility.
Construction Management
Technology is influencing how construction management companies are doing business and achieving cost-efficient and timely results. VR and AR are both said to have a major impact on the construction industry in the next decade. It is predicted that construction management training could eventually be facilitated using VR and AR capabilities, and the use of VR will also be used for a 3-D simulation view of buildings and structures. As the construction management industry begins to morph into a sector of the future, more money will be spent on 3-D printers, drones, and self-driving equipment. These technologies are expected to improve construction trends and increase spending growth within the industry. According to Lorman.com, growth in the construction management industry has increased by 6.3% in the last year. The popularity of modular construction will continue to prosper, and energy efficiency will influence cost-saving strategies for projects.
Health Food
As people begin to become more aware of the food that they are consuming, significant changes are happening within the food industry. The food industry is never going out of business, and as consumers become more aware of what they put in their bodies, health-oriented companies are gaining quite a bit of profit. This is especially if you acquire a retail food store or restaurant that is located in a thriving area. Higher income consumers are likely to buy products that are labeled as organic or non-GMO. If you’re thinking about starting a health food store or restaurant, 2018 could be the ideal year for you to make the investment. The Specialty Food Association topped the sales of specialty foods at $127 billion in 2017, making it the most important year in grocery sales history. Shoppers now want to know exactly what ingredients are present in the food they buy, and they want to be supportive of brands that represent values like their own. Mindfulness plays a distinctive part in the way we are shaping the health food industry, and it is continuing to grow at a rapid pace. Health-oriented grocery stores such as Whole Foods Market and Trader Joes offer organic and non-GMO food options for consumers. Health food stores are making way for extreme growth and high profits for the new year.
E-Commerce
With the decline in retail shopping comes the evolving industry of e-commerce. Online is the way most consumers shop, and this applies to basically every necessity and want. Clothes, appliances, even food are all being sold online and are continuously making way for sites and applications. According to a recent article in Forbes, 51% of Americans favor online shopping. That’s right- the decline of retail is changing the way we buy products and emerging technology is the basis of the e-commerce industry. Most of the technology associated with e-commerce revolves around AI. Automated voice recognition systems such as the Amazon Alexa, Google Home, and Windows Cortana are all used for ordering products online through voice recognition. Amazon is the face of e-commerce and will continue to be the most popular platform for consumers to buy items online. Video content will increase the popularity of online shopping and is predicted to create steady competition between e-commerce websites and applications. Once again, technology is changing the face of American business.
If you’re thinking about buying a business in 2018, make sure to do your homework and research industries that will continue to advance over the next few decades. Viking Mergers & Acquisitions can assist you in buying your ideal business. View our businesses for sale.