We live in an age of entrepreneurs. Quirky and unbelievable new ideas are brought to our attention every day. Undoubtedly, though, we will never hear of or bear witness to hundreds if not thousands of start-ups here in Australia. The very nature of starting and building a business comes with countless challenges.
Incredibly, the HuffPost reported that a huge 95% of start-ups fail. So if you’re looking at starting a small business, particularly one that will maximise your chance of success, why not consider some of the most lucrative industries in Australia? Sure, many technology companies are growing at rapid rates, but what about the industries that have consistently been and will continue to be crucial to Australia’s economy?
Invoice2go recently compiled statistics of small and medium-sized enterprise (SME) growth by aggregating annual invoicing activity of over 23,000 SME in Australia, and the results were interesting.
At the top of the list of the most growth for SME was auto repair, recording an impressive growth of 78% from 2016 to 2017. The average invoice volume billed by mechanics and automobile service providers in 2016 was $72,469. This grew to an incredible $129,175 in just 12 months. The average invoice volume issued by building and construction companies grew to $139,275 from $87,793 – an impressive 59% growth, while landscaping and food industries recorded a strong 58% growth ($41,261 to $65,313) and 53% growth ($62,142 to $95,193) respectively in just 12 months, placing them third and fourth on the list. Coming in at fifth was glass and glazing, taking their average invoice volume of $106,627 in 2016 to $162,107 in 2017 – a solid 52% growth.
Invoicing their clients an average of $162,107 per annum placed glass and glazing on top of the list of the most lucrative SMEs from January to December 2017. Pool and spa contractors followed closely with invoicing on average $156,210 per annum, while building and construction, plumbing and security took out third, fourth and fifth.
These statistics reveal that aspiring small business owners and entrepreneurs shouldn’t discount the tried and tested industries. Sure, creating innovative and new ideas in up-and-coming industries is exciting but it’s hard to ignore trades that have been the backbone of society for generations and continue to demonstrate rapid and continual growth. They could be your safest bet yet.