Fastest-Growing Industries in the U.S.

December 2021

Here you’ll find the information you need to know about the fastest-growing industries in the U.S, and globally. Read on to learn some of the Industries that will grow this 2022 and beyond.

1. The Cleaning Industry

These past two years have increased our awareness about hygiene- everywhere. Cleaning services are vital for both the private and public sectors because we are taking care of our health and well-being. 

Types of Cleaning Services

  • Window washing

  • Floor cleaning

  • Vacuuming

  • Furniture cleaning

  • Carpet cleaning

  • Air duct cleaning

  • Water damage restoration.

This 2020, the floor care segment was the highest contributor to the market, and it is to keep growing and reach a value of $22,820.2 million by 2030.

The best business structure for the cleaning industry depends on your client and availability. Large businesses will typically work with contractual agreements with services providers for the private sector. The best way to charge your client depends on the type of service requested and the cleaning service frequency: daily, once a week, a month, semiannually, or annually. 

Cleaning Services Business Opportunities:  

If you’re venturing into the cleaning industry, you’ll have plenty of opportunities. Cleaning is required in homes, hospitals, health centers, big and small retail stores, restaurants, schools, and offices. The starting costs of this industry are low. However, you’ll need to buy cleaning equipment, products, vehicles, and plan a marketing strategy to find your customers. 

The sector with the highest demand for cleaning services is projected to be the commercial sector: offices, hospitals, clubs, among others. The residential sector is also expected to have a fast growth this couple of years.

Cleaning Industry Challenges:

  • Labor: One of the main challenges in the cleaning industry is keeping and finding the right team to help you out is often one of the biggest challenges in this industry. 

  • Budget: Take into consideration that you’ll need to have a budget in place for operational costs and maintenance of the cleaning equipment.

  • Safety of your employees and customers: Slip and fall accidents are the most common incidents, especially in industrial factories and commercial facilities. Make sure you train your employees about these safety practices. Check cleaning regulations by the US Department of Labor here.

2. The Digital Media Industry

These past two years have changed how small businesses interact with their customers. Especially if we’re talking about the retail sector, according to Oberlo’s Research, we’re closing this 2021 with 2.14 billion global digital buyers, which means that 27.2 percent of the world’s population is shopping online. So, the digital experience has come to stay.

Digital Media Industry Services:

o   Advertising

o   Marketing

o   Television

o   Online video

o   Web development

o   Graphic design

o   Social Media

Digital Media Business Opportunities:

The demand for digital media services is higher than ever. In fact, more than one-third of American companies still don’t have websites. Also, according to this same study by Oberlo 81 % of consumers conduct online research before purchasing online, e-commerce is on the rise.  Great news for website developers, content creators, and social media gurus.

If you want a versatile and flexible job, then start your own business in this industry. Thanks to the internet and technology, you can perform this type of job anywhere and at any time.

Digital Media Challenges:

You might already have extraordinary abilities, but the formula for digital media success is constantly changing. This means you’ll have to catch up with the market and learn new trends every day. The good news is that there are plenty of free or low-cost online courses for digital marketing, design, and copywriting. 

Sometimes getting your first customer, without having a reputation, is the hardest part. Grow your reputation first, work on your branding, and publish content through your own digital media channels. Show your customers the benefits of your creative and unique services. You might need to have a marketing budget in place.

3. Professional Services

The professional services industry is broad and indispensable for both the public and private sectors. If you’re an entrepreneur, with an academic or professional background find your niche and start your own professional service business. The opportunities to invest in are endless. Let’s go over some of the most profitable services in this industry.

Professional Industry Services:

  • Legal Services 

  • Accounting Services

  • Management consulting

  • Architectural services

  • Engineering services

Professional Services Industry Opportunities:

Jobs that don’t depend on products or tangible assets, but that rely on knowledge and skills are less risky. Additionally, professional services are most likely to be in high demand and could offer more job stability and career development. This industry gives you the opportunity to explore diverse areas and to explore what you enjoy the most about your job.

Professional Services Industry Challenges:

Some challenges you might face may include managing complex projects, where you’ll have to keep up with the quality of the service you’re offering. Keeping up you’re your customers’ expectations might be challenging at first. It’s essential to have a strategic plan in place. Also, keep in mind the benefits of continuously educating your employees. Invest in their capacitation, show them some project management skills!

Also, maintaining your clients and looking for new ones will be a continuous challenge. We live in a high-paced and competitive society, so you might have to work on a marketing plan and content marketing efforts.  Having a strategic marketing plan will bring potential clients to your business.

Get working capital to invest in your own business

You’ve got the vision, the will, and now know more about the fastest-growing industries. Once you finally venture and execute your vision into reality, don’t be afraid to invest in your business growth. One Park Financial works to help owners of small and mid-sized businesses with more than three months of operation. Our process is simple, and you don’t need a perfect credit score! Check if you pre-qualify in just minutes by clicking here