One of the biggest financial decisions you make in your life is buying a business. Thus, it is important to understand the trends of different industries if you’re looking to make buying a business the next step in your career.
Research is needed to make an informed decision into which industry is right for you. Knowing which markets are performing well and the various benefits involved in each is important. This will also highlight which industry you’re most likely to find a business for sale in.
To assist in the market research, a ‘top five hottest industries’ list has been compiled by SEEK Business. The list was drawn from the number of ads and the numbers of enquires they receive. To see which industries are trending and the key benefits offered in each for buying a business, see below.
1. Coffee, Cafes & Restaurants
This is consistently the most popular industry on SEEK Business, and for good reason! Owning a business in this category is a great way to have an exciting work life while doing something you can really be passionate about.
The cafe and restaurant industry is always evolving with new trends and products constantly progressing, so every day is different. It’s an inherently social industry, but owning and running one of these businesses is also hard work.
On the plus side it’s a resilient sector that has weathered many financial downturns. So, if you love a fast-paced environment with a diverse set of challenges and learning opportunities, a cafe or restaurant could be for you.
2. Takeaway & Casual Dining
The takeaway industry shares many qualities with the cafe and restaurant industry in that it can be a great business for anyone to dive into. No set skills are required, except obviously a love of food and drink – and people!
Because many people are very passionate about food, casual dining has retained popularity over time – even increasing with millennials, who choose to eat out more regularly than any other generation. This is a key benefit of buying a business in this industry. So, whether you see yourself slinging fish and chips by the beach or finally having your own bakery, the odds are in your favour that you’ll find a good opportunity.
3. Business Services
This broad industry includes anything that supports a business but doesn’t produce a tangible commodity. So, anything from financial advice and plumbing to promotion or legal services. Because this sector is so large it’s always popular and has plentiful opportunities.
Business services often involve consulting, so it’s a perfect industry to choose if you have a specialised skill that you want to share by branching off into your own business. Many opportunities include training for specialised skills that may be needed, so it’s also an excellent way to grow or improve on your existing skill set. If you have some business acumen or experience in corporate roles with sales or management, this could be a great match for you.
See Finn Business Listings relating to business/professional services here.
4. Food Outlets
This sector differs from the other food categories in that it covers food that’s for sale but not necessarily ready to eat immediately. Butchers, delis, produce stores, fresh fish markets, specialty grocers and liquor stores all fall under this category.
Retail food outlets are great to buy as the products they tend to sell are typically always in demand. These businesses can combine the convivial energy of a neighbourhood cafe with the focus and specialised skill of a business service. If you’ve ever found yourself drawn to a particular type of food or drink, you’re sure to find a retail food outlet specialising in that product very enjoyable to own and run.
See Finn Business Listings relating to food outlets here.
5. Manufacturing, Wholesale & Distribution
This sector comprises a wide range of business opportunities that can include signage, printers, manufacturing warehouses of all kinds, and more in the business-to-business realm. There’s always a need for these services, so it’s generally a financially gratifying experience.
Whether you come from a trade or not, it can be personally rewarding to build a manufacturing, wholesale or distribution business. If you enjoy an unpretentious, active environment, you’re sure to enjoy getting hands-on in this industry.
When it comes to buying a business, passion is important, but so is opportunity. These five industries offer great prospects in terms of return on your investment and potential to purchase. So, take a look and see what they have to offer.