Forbes’s list of top 12 fastest growing privately held companies in 2013 holds some hints for small businesses. The fastest growing industry right now is support activities for mining, certainly something that small businesses in West Virginia might want to continue. The mining support industry says a 32% growth in the last 12 months, according to Sageworks. Other fast growing industries that small businesses might want to enter include cattle ranching and farming, machine shops, employment services, gasoline stations, computer systems design and related services, and machinery, equipment, and supplies wholesalers (Biery, 2013).
Looking at the figures for a moment, each of these industries has grown more than 17% in the last year. That’s a pretty good track record considering the state of the economy. Further, many of these industries are ideally suited for small businesses. Within just a few miles if Ridgeley, there are probably small companies specializing in six to ten of these industries. And, as Sageworks pointed out, some of these industries tie together so that a company which participates in one industry can also participate in another. Machine shops, for instance, may be a natural outgrowth for a company that specializes in providing mining supports.
While the economy has continued to slowly recover, the key is to remember that the recovery really is occurring slowly. Employment agencies will be around for some time to come. Agencies specializing in temporary workers, particularly medical and technical workers, are especially valuable today. If your small company is seeking to expand or to solidify its position in the market today, you might want to consider one of these fast growing industries.
Biery, M. (2013) In 2013, check out these fast-growing industries. Forbes, December 31. 2012.