The 6 Most Profitable Industries of 2017
If you’re looking to start a new company, you might as well go where the money is! Here are six sectors that research firm IBISWorld says will keep savvy entrepreneurs firmly in the black.
1. Commercial Leasing
If you haven’t quite grown into your new office space, consider leasing out some of it. More than three-quarters of companies in the commercial leasing space have five or fewer employees. IBISWorld says as of 2016, industry profits averaged 52.7 percent.
2. Emergency Vet Services
Regulatory changes allowing veterinarians to practice across state lines, as well as the increasing popularity of pet insurance, have combined to make emergency veterinary services an attractive field. Average profitability: 29 percent.
3. Translation Services
Globalization has increased demand for business translation services. At the low end, there are few barriers to entry, though the industry is starting to require postgraduate certifications in multiple languages for advanced translations. Average profit margin: 26.2 percent.
4. Snowplowing Services
Economic growth has been good for snowplowing– new businesses and storefronts mean more parking lots and walkways that need to be cleared. IBISWorld says snowplowing companies have average profit margins of just over 25 percent.
5. Solar Power
Decreasing equipment costs and state mandates for renewable energy have made the outlook for solar energy quite positive, at least for the next five years. IBISWorld estimates average profits of 30 percent in this industry.
6. Tugboat and Shipping Navigation
Increased globalization means more work ensuring the safe passage of ships in and out of harbors. This industry includes docking and piloting of marine vessels, as well as marine salvage. Average profits ring in at 23.3 percent.