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Despite the economy's growth at the pace of molasses these days, small businesses are still finding ways to thrive. In fact, there are many new industries that have grown at double-digit rates, according to Forbes.
As an associate at a small firm, the small business culture is certainly not foreign to you. While you may not represent huge corporations, small business owners will still likely turn to small and mid-sized firms for representation, so knowing which industry(ies) they will come from may help.
With that said, what are the top ten fastest growing small business industries?
A financial information company, Sageworks, recently conducted a study among private companies with annual sales of less than $5 million to determine which are the fastest growing. Based on their research, these business industries are:
- Oilseed and Grain Farming
- Building Finishing Contractors
- Offices of Real Estate Agents and Brokers
- Architectural, Engineering, and Related Services
- Management, Scientific, and Technical Consulting Services
- Computer Systems Design and Related Services
- Other Fabricated Metal Product Manufacturing
- Utility System Construction
- Specialty Food Stores
- Foundation, Structure and Building Exterior Contractors
While many other small firms may strive to get BigLaw corporate clients, your firm can use this list, and all the other advantages you have, to boost your client base. Or at least, prepare for any popular changes in the small business industries.
Consider this, for example -- specialty food stores? Real estate agents? It may seem daunting if you've never dealt with such industries, before, but what better time to start than now. Really, these particular industries may still revolve around issues from basic Black-letter law -- such as product liability (food poisoning from specialty food, for example) and property and real estate law (that real estate agents will have to know like the back of their hand).
Also, if you haven't caught on to this, yet, employment law is always going to be hot. There's always going to be a need, for one, especially with the bustling new industries cropping up these days.
Really, in the end, we should all remember that despite the economy being somewhat down, the need for the law to come in and help never really will be.
How has your firm been dealing with new growing industries? Tell us how by tweeting us @FindLawLP.
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