Have you ever wondered if your business is in the one of the highest paying industries? Many small business owners pick their field because they see an opportunity or are passionate about what they have created their business around. If you’re lucky, your small business may be in one.
Most small business owners leave to work for themselves because of one reason or another, and some may not consider the profitability of the industry or sector their new business will be in. However, choosing the right industry may determine your business’s long-term viability.
In a new study by the financial information company, Sageworks, a list was compiled of the 15 most profitable industries based on the company’s profit margins from the last twelve months ending in June. Not surprisingly, health care and real estate dominated the list, with other service-based industries making up most of the rankings.
Service-based industries often have an advantage here because of lower overhead – usually no specialized, heavy equipment is needed for their operation. Instead, they rely more on skilled employees to perform the core functions of the business.
To find out the top 15 most profitable business sectors, visit Fortune Magazine.
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