Ever wonder what the most profitable industries to enter for small business in Australia are?
Last week, Mobile App Invoice2go compiled the invoicing activity of more than 23,000 small businesses in Australia, to discover the most lucrative and profitable industries to enter.
Most of these businesses were one or two person businesses.
This data revealed the industry growth rates and average dollar amount invoiced per year.
5 most profitable industries to enter for small business in Australia
Table from Sydney Morning Herald
Auto repairs revealed the highest rate of growth over 2016 and 2017, while glass and glazing at the highest average dollar amount invoiced annually.
Overall, the average growth rate of these 5 industries was 60% – revealing extremely lucrative opportunities for small business owners in this space.
Greg Waldorf (Invoice2go chief executive) says:
“What we see broadly is that blue collar industries, or tradies as we’d call them in Australia, they want to take advantage of the same technology trends that white collar have been using for longer and they all have a smart phone or a tablet that they take with them everywhere.”
This high growth within the industries themselves is an important part of the economy, with the “tried and tested” industries seeing rapid growth.
“This is a trend that is going to keep going for a very long time.”
Greg Waldorf (Invoice2go chief executive)